Plains All American Pipeline, L.P. (PAA) Key Metrics
PAA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $17.82B
- Enterprise value
- $25.51B
- P/E (TTM)
- 21.8 10-yr median 8.8
- Forward P/E
- 13.1
- PEG ratio
- 2.35
- Price / sales
- 0.3 10-yr median 0.3
- Price / book
- 1.6 10-yr median 1.2
- EV / EBITDA
- 8.3 10-yr median 7.4
- Dividend yield
- 6.61% $1.67 a year
- Beta
- 0.55
PAA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPAA valuation Price multiples at each fiscal year-end price.
PAA returns How much profit the business earns on the capital it uses.
PAA per-share figures Results divided by the shares outstanding at year-end.
PAA financial health Debt, liquidity and how easily interest is covered.
PAA efficiency & capital use Working capital cycle and where the cash goes.
PAA valuation history
PAA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PAA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PAA cash returned to shareholders
PAA price vs earnings per share
PAA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $12.64B | $11.99B | $10.59B | $8.24B | $6.69B | $6.00B | $14.71B | $16.01B | $14.82B | $15.05B |
| Enterprise value | $19.21B | $19.58B | $18.16B | $16.29B | $15.54B | $16.27B | $24.36B | $25.15B | $24.70B | $26.84B |
| P/E ratio | 8.8 | 15.5 | 8.6 | 7.9 | 11.3 | — | 6.8 | 7.2 | 17.3 | 20.7 |
| Price / sales | 0.3 | 0.2 | 0.2 | 0.1 | 0.2 | 0.3 | 0.4 | 0.5 | 0.6 | 0.7 |
| Price / book | 1.3 | 1.2 | 1.0 | 0.6 | 0.5 | 0.6 | 1.1 | 1.3 | 1.4 | 1.7 |
| Price / free cash flow | 5.5 | 6.4 | 4.9 | 4.2 | 4.0 | 7.7 | 11.1 | 16.4 | 10.0 | — |
| Price / operating cash flow | 4.3 | 4.8 | 3.9 | 3.4 | 3.4 | 4.0 | 5.9 | 6.1 | 5.9 | 20.7 |
| EV / sales | 0.4 | 0.4 | 0.4 | 0.3 | 0.4 | 0.7 | 0.7 | 0.7 | 0.9 | 1.3 |
| EV / EBITDA | 6.6 | 7.2 | 5.9 | 5.8 | 8.1 | — | 7.4 | 9.3 | 12.3 | 15.8 |
| EV / free cash flow | 8.4 | 10.5 | 8.4 | 8.3 | 9.4 | 21.0 | 18.4 | 25.8 | 16.7 | — |
| Earnings yield | 11.3% | 6.4% | 11.6% | 12.6% | 8.9% | −43.2% | 14.8% | 13.8% | 5.8% | 4.8% |
| Free cash flow yield | 18.1% | 15.6% | 20.5% | 23.7% | 24.8% | 12.9% | 9.0% | 6.1% | 10.0% | −4.0% |
| Dividend yield | 10.2% | 9.5% | 9.3% | 9.5% | 10.7% | 14.2% | 8.2% | 6.4% | 9.4% | 7.1% |
| Shareholder yield (dividends + buybacks) | 12.9% | 9.5% | 9.3% | 10.4% | 13.4% | 15.1% | 8.2% | 6.4% | 9.4% | 7.1% |
| Share price at fiscal year-end | $17.96 | $17.08 | $15.15 | $11.76 | $9.34 | $8.24 | $18.39 | $20.04 | $20.64 | $32.29 |
| Per share | ||||||||||
| Revenue per share | $62.87 | $71.33 | $69.69 | $81.80 | $58.77 | $31.99 | $42.09 | $42.62 | $36.52 | $43.31 |
| Earnings per share | $2.04 | $1.10 | $1.76 | $1.48 | $0.83 | −$3.56 | $2.71 | $2.77 | $1.19 | $1.56 |
| Operating cash flow per share | $4.17 | $3.55 | $3.90 | $3.44 | $2.79 | $2.08 | $3.13 | $3.26 | $3.48 | $1.56 |
| Free cash flow per share | $3.26 | $2.67 | $3.10 | $2.79 | $2.32 | $1.07 | $1.65 | $1.22 | $2.05 | −$1.30 |
| Cash per share | $6.72 | $0.50 | $0.64 | $0.57 | $0.63 | $0.03 | $0.06 | $0.08 | $0.05 | $0.10 |
| Book value per share | $13.97 | $13.98 | $14.91 | $19.01 | $17.89 | $13.38 | $16.49 | $15.02 | $15.26 | $18.92 |
| Tangible book value per share | $11.48 | $11.59 | $12.23 | $15.95 | $15.15 | $12.27 | $12.44 | $10.90 | $10.51 | $13.37 |
| Dividends per share | $1.84 | $1.63 | $1.41 | $1.12 | $1.00 | $1.17 | $1.50 | $1.29 | $1.93 | $2.28 |
| Capex per share | $0.91 | $0.88 | $0.80 | $0.65 | $0.47 | $1.01 | $1.48 | $2.05 | $1.43 | $2.86 |
| Debt per share | $16.05 | $11.30 | $11.48 | $12.05 | $12.98 | $14.14 | $12.11 | $11.53 | $13.82 | $25.41 |
| Shares outstanding | 704.0M | 702.0M | 699.0M | 701.0M | 716.0M | 728.0M | 800.0M | 799.0M | 718.0M | 466.0M |
| Change in shares outstanding | +0.3% | +0.4% | −0.3% | −2.1% | −1.6% | −9.0% | +0.1% | +11.3% | +54.1% | +17.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 14.6% | 7.6% | 10.4% | 7.9% | 5.3% | −22.6% | 17.2% | 19.3% | 8.7% | 8.7% |
| Return on invested capital (ROIC) | 8.4% | 5.8% | 7.1% | 5.2% | 3.7% | −8.8% | 8.8% | 10.0% | 5.3% | 4.8% |
| Return on assets (ROA) | 5.1% | 2.9% | 4.5% | 3.7% | 2.2% | −9.7% | 8.0% | 8.7% | 3.5% | 3.1% |
| Return on tangible assets | 5.1% | 3.1% | 4.8% | 4.0% | 2.2% | −10.9% | 8.5% | 10.0% | 3.9% | 3.4% |
| Free cash flow margin | 5.2% | 3.7% | 4.5% | 3.4% | 3.9% | 3.3% | 3.9% | 2.9% | 5.6% | −3.0% |
| Income quality (OCF / net income) | 2.05 | 3.23 | 2.22 | 2.32 | 3.37 | — | 1.15 | 1.18 | 2.92 | 1.00 |
| Financial health | ||||||||||
| Total debt | $11.30B | $7.93B | $8.03B | $8.45B | $9.30B | $10.29B | $9.69B | $9.21B | $9.92B | $11.84B |
| Cash & short-term investments | $4.73B | $348.0M | $450.0M | $401.0M | $449.0M | $22.0M | $45.0M | $66.0M | $37.0M | $47.0M |
| Net debt | $6.57B | $7.59B | $7.58B | $8.04B | $8.85B | $10.27B | $9.65B | $9.14B | $9.88B | $11.79B |
| Debt / equity | 1.15 | 0.81 | 0.77 | 0.63 | 0.73 | 1.06 | 0.73 | 0.77 | 0.91 | 1.34 |
| Debt / assets | 0.37 | 0.30 | 0.29 | 0.30 | 0.32 | 0.42 | 0.34 | 0.36 | 0.39 | 0.49 |
| Net debt / EBITDA | 2.26 | 2.77 | 2.48 | 2.89 | 4.61 | — | 2.95 | 3.40 | 4.92 | 6.92 |
| Current ratio | 0.96 | 0.97 | 0.98 | 0.91 | 0.98 | 0.86 | 0.92 | 1.02 | 0.88 | 0.92 |
| Quick ratio | 0.92 | 0.88 | 0.87 | 0.79 | 0.86 | 0.71 | 0.80 | 0.84 | 0.73 | 0.63 |
| Interest coverage | 2.6 | 2.7 | 3.9 | 3.2 | 2.0 | -5.4 | 4.7 | 5.3 | 2.3 | 2.1 |
| Working capital | −$198.0M | −$148.0M | −$90.0M | −$536.0M | −$95.0M | −$588.0M | −$405.0M | $77.0M | −$531.0M | −$392.0M |
| Invested capital | $16.41B | $17.40B | $18.00B | $21.37B | $21.66B | $20.01B | $22.84B | $21.14B | $20.84B | $20.61B |
| Tangible asset value | $11.33B | $11.42B | $11.86B | $11.18B | $10.85B | $8.93B | $9.95B | $8.71B | $7.55B | $6.23B |
| Net current asset value | −$12.36B | −$8.66B | −$8.71B | −$9.21B | −$9.66B | −$11.09B | −$10.87B | −$9.98B | −$10.39B | −$11.12B |
| Graham number | $25.31 | $18.60 | $24.30 | $25.15 | $18.26 | — | $31.73 | $30.62 | $20.23 | $25.75 |
| Graham net-net per share | −$13.22 | −$14.21 | −$14.42 | −$15.51 | −$15.96 | −$17.17 | −$15.53 | −$14.12 | −$16.33 | −$27.82 |
| Capital allocation | ||||||||||
| Dividends paid | $1.29B | $1.15B | $989.0M | $782.0M | $715.0M | $853.0M | $1.20B | $1.03B | $1.39B | $1.06B |
| Share buybacks (net) | $341.0M | $0 | $0 | $74.0M | $178.0M | $50.0M | $0 | — | $0 | $0 |
| Dividend payout ratio | 90.2% | 148.3% | 80.4% | 75.4% | 120.6% | — | 55.4% | 46.6% | 161.9% | 146.3% |
| Dividends + buybacks / free cash flow | 71.3% | 61.2% | 45.6% | 43.8% | 53.8% | 116.4% | 90.9% | 106.0% | 94.0% | — |
| Capex / revenue | 1.5% | 1.2% | 1.1% | 0.8% | 0.8% | 3.2% | 3.5% | 4.8% | 3.9% | 6.6% |
| Capex / operating cash flow | 21.9% | 24.9% | 20.5% | 18.9% | 16.8% | 48.7% | 47.2% | 62.7% | 41.0% | 183.7% |
| Capex / depreciation | 0.67 | 0.60 | 0.53 | 0.47 | 0.43 | 1.13 | 1.97 | 3.14 | 1.64 | 2.70 |
| Stock-based compensation / revenue | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.3% |
| SG&A / revenue | 0.8% | 0.8% | 0.7% | 0.6% | 0.7% | 1.2% | 0.9% | 0.9% | 1.1% | 1.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 32.3 | 27.9 | 28.7 | 27.4 | 31.5 | 48.3 | 32.9 | 29.4 | 36.9 | 36.7 |
| Days of inventory on hand | 2.9 | 3.7 | 5.1 | 5.0 | 6.5 | 10.3 | 7.2 | 7.8 | 15.1 | 21.8 |
| Days payables outstanding | 36.2 | 29.2 | 31.3 | 29.1 | 32.8 | 50.4 | 37.2 | 35.6 | 44.5 | 44.6 |
| Cash conversion cycle (days) | -1.1 | 2.5 | 2.5 | 3.2 | 5.2 | 8.2 | 2.9 | 1.6 | 7.6 | 13.9 |
| Receivables turnover | 11.31 | 13.07 | 12.71 | 13.32 | 11.59 | 7.55 | 11.10 | 12.42 | 9.88 | 9.93 |
| Payables turnover | 10.08 | 12.52 | 11.65 | 12.53 | 11.13 | 7.24 | 9.81 | 10.25 | 8.20 | 8.18 |
| Inventory turnover | 127.96 | 97.98 | 71.97 | 73.35 | 56.42 | 35.43 | 50.41 | 46.68 | 24.12 | 16.74 |
| Asset turnover | 1.56 | 1.86 | 1.76 | 2.03 | 1.58 | 0.88 | 1.24 | 1.34 | 1.06 | 0.87 |
| Average receivables | $3.91B | $3.83B | $3.83B | $4.31B | $3.63B | $3.08B | $3.03B | $2.74B | $2.65B | $2.03B |
| Average payables | $4.12B | $3.86B | $3.94B | $4.43B | $3.62B | $3.06B | $3.19B | $3.08B | $3.02B | $2.31B |
| Average inventory | $325.0M | $493.5M | $638.5M | $756.0M | $715.0M | $625.5M | $622.0M | $676.5M | $1.03B | $1.13B |
| Intangibles / total assets | 5.8% | 6.3% | 6.9% | 7.7% | 6.9% | 3.3% | 11.3% | 12.9% | 13.5% | 10.7% |
Computed from PAA's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PAA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Plains All American Pipeline traded at 8.8 times earnings, against a 10-year median of 8.8. Based on the latest twelve months, the trailing P/E is 21.8 and the forward P/E is 13.1. Plains All American Pipeline earned a return on equity of 14.6% and a return on invested capital of 8.4% in fiscal 2025. It ended the year with $11.3 billion of debt and $4.7 billion in cash and short-term investments, net debt of $6.6 billion. It returned $1.6 billion to shareholders: $1.3 billion in dividends and $341.0 million in share buybacks, 71% of free cash flow. The share count rose 51.1% from 466.0M to 704.0M over 9 years.
See the PAA income statement, the PAA chart for price history, or the PAA stock overview for the latest quote and news.
PAA key metrics FAQ
What is Plains All American Pipeline's P/E ratio?
Plains All American Pipeline's trailing P/E ratio is 21.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 13.1. At the end of fiscal 2025 it was 8.8, compared with a 10-year median of 8.8.
What is Plains All American Pipeline's EV/EBITDA?
Plains All American Pipeline's enterprise value was 6.6 times EBITDA at the end of fiscal 2025 (enterprise value $19.2 billion, EBITDA $2.9 billion); the current EV/EBITDA is 8.3.
What is Plains All American Pipeline's return on equity?
Plains All American Pipeline's return on equity (ROE) was 14.6% in fiscal 2025: net income of $1.4 billion on average shareholders' equity of $9.8 billion.
What is Plains All American Pipeline's ROIC?
Plains All American Pipeline's return on invested capital was 8.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Plains All American Pipeline have?
Plains All American Pipeline had total debt of $11.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.15 and $6.6 billion of net debt (2.26 times EBITDA).
What is Plains All American Pipeline's dividend yield?
Plains All American Pipeline's forward dividend yield is 6.61%. Plains All American Pipeline paid $1.3 billion in dividends in fiscal 2025 ($1.84 per share), a payout ratio of 90.2%.
Does Plains All American Pipeline buy back its shares?
Yes. Plains All American Pipeline spent $341.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.3% over the year, to 704.0M..
What is Plains All American Pipeline's free cash flow yield?
Plains All American Pipeline generated $2.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 18.1% on its market value at year-end ($12.6 billion).
What is Plains All American Pipeline's current ratio?
Plains All American Pipeline's current ratio was 0.96 at the end of fiscal 2025: current assets were 0.96 times current liabilities.