Plains GP Holdings, L.P. (PAGP) Key Metrics
PAGP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $6.40B
- Enterprise value
- $12.86B
- P/E (TTM)
- 62.4 10-yr median 16.3
- Forward P/E
- 12.1
- PEG ratio
- 0.70
- Price / sales
- 0.1 10-yr median 0.1
- Price / book
- 3.3 10-yr median 0.3
- EV / EBITDA
- 4.3 10-yr median 4.4
- Dividend yield
- 5.17% $1.67 a year
- Beta
- 0.52
PAGP key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPAGP valuation Price multiples at each fiscal year-end price.
PAGP returns How much profit the business earns on the capital it uses.
PAGP per-share figures Results divided by the shares outstanding at year-end.
PAGP financial health Debt, liquidity and how easily interest is covered.
PAGP efficiency & capital use Working capital cycle and where the cash goes.
PAGP valuation history
PAGP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PAGP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PAGP cash returned to shareholders
PAGP price vs earnings per share
PAGP key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.79B | $3.62B | $3.11B | $2.41B | $1.97B | $2.08B | $3.22B | $5.67B | $3.18B | $3.43B |
| Enterprise value | $14.95B | $11.21B | $10.68B | $10.76B | $10.74B | $12.27B | $12.87B | $14.81B | $13.06B | $15.22B |
| P/E ratio | 14.6 | 35.2 | 15.7 | 14.4 | 32.8 | — | 9.7 | 17.0 | — | 36.5 |
| Price / sales | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.2 | 0.1 | 0.2 |
| Price / book | 2.8 | 2.7 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.5 | 0.3 | 0.3 |
| Price / free cash flow | 1.7 | 2.0 | 1.5 | 1.2 | 1.2 | 2.7 | 2.4 | 5.8 | 2.2 | — |
| Price / operating cash flow | 1.3 | 1.5 | 1.1 | 1.0 | 1.0 | 1.4 | 1.3 | 2.2 | 1.3 | 4.8 |
| EV / sales | 0.3 | 0.2 | 0.2 | 0.2 | 0.3 | 0.5 | 0.4 | 0.4 | 0.5 | 0.8 |
| EV / EBITDA | 5.3 | 4.2 | 3.5 | 3.9 | 5.6 | — | 3.9 | 4.4 | 6.8 | 8.9 |
| EV / free cash flow | 6.5 | 6.1 | 5.0 | 5.5 | 6.5 | 15.9 | 9.8 | 15.3 | 8.9 | — |
| Earnings yield | 6.9% | 2.8% | 6.4% | 7.0% | 3.1% | −27.3% | 10.3% | 5.9% | −23.0% | 2.7% |
| Free cash flow yield | 60.4% | 50.9% | 68.8% | 80.8% | 84.1% | 37.1% | 40.9% | 17.1% | 46.2% | −18.1% |
| Dividend yield | 7.9% | 6.9% | 6.7% | 6.7% | 7.1% | 8.0% | 7.2% | 3.3% | 8.5% | 6.8% |
| Shareholder yield (dividends + buybacks) | 16.9% | 6.9% | 6.7% | 9.8% | 16.2% | 10.4% | 7.2% | 3.3% | 8.5% | 6.8% |
| Share price at fiscal year-end | $19.14 | $18.38 | $15.95 | $12.44 | $10.14 | $8.45 | $18.95 | $20.10 | $21.95 | $34.68 |
| Per share | ||||||||||
| Revenue per share | $223.55 | $254.18 | $249.81 | $295.58 | $216.90 | $94.67 | $198.05 | $120.76 | $180.85 | $203.86 |
| Earnings per share | $1.31 | $0.52 | $1.02 | $0.87 | $0.31 | −$2.31 | $1.95 | $1.18 | −$5.04 | $0.95 |
| Operating cash flow per share | $14.80 | $12.61 | $13.96 | $12.39 | $10.26 | $6.14 | $14.71 | $9.23 | $17.21 | $7.18 |
| Free cash flow per share | $11.56 | $9.36 | $10.97 | $10.05 | $8.53 | $3.14 | $7.76 | $3.44 | $10.15 | −$6.29 |
| Cash per share | $1.66 | $1.77 | $2.32 | $2.08 | $2.33 | $0.10 | $0.28 | $0.24 | $0.28 | $0.51 |
| Book value per share | $6.79 | $6.86 | $76.78 | $75.45 | $66.03 | $39.59 | $77.62 | $42.56 | $85.23 | $108.15 |
| Tangible book value per share | −$2.07 | −$1.65 | $67.16 | $64.40 | $55.93 | $36.31 | $58.52 | $30.88 | $61.71 | $82.03 |
| Dividends per share | $1.52 | $1.27 | $1.07 | $0.84 | $0.72 | $0.67 | $1.36 | $0.67 | $1.87 | $2.36 |
| Capex per share | $3.25 | $3.25 | $2.98 | $2.35 | $1.73 | $3.00 | $6.95 | $5.79 | $7.06 | $13.47 |
| Debt per share | $58.02 | $40.27 | $41.15 | $45.12 | $47.53 | $41.52 | $57.01 | $32.66 | $68.41 | $119.59 |
| Shares outstanding | 198.0M | 197.0M | 195.0M | 194.0M | 194.0M | 246.0M | 170.0M | 282.0M | 145.0M | 99.0M |
| Change in shares outstanding | +0.5% | +1.0% | +0.5% | 0.0% | −21.1% | +44.7% | −39.7% | +94.5% | +46.5% | +19.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 19.3% | 1.3% | 1.3% | 1.2% | 0.5% | −5.0% | 2.6% | 2.7% | −6.3% | 0.9% |
| Return on invested capital (ROIC) | 12.4% | 6.3% | 5.8% | 4.8% | 3.4% | −8.8% | 8.3% | 9.2% | 2.6% | 4.1% |
| Return on assets (ROA) | 0.9% | 0.4% | 0.7% | 0.6% | 0.2% | −2.1% | 1.2% | 1.3% | −2.8% | 0.4% |
| Return on tangible assets | 0.9% | 0.4% | 0.7% | 0.6% | 0.2% | −2.4% | 1.3% | 1.5% | −3.1% | 0.4% |
| Free cash flow margin | 5.2% | 3.7% | 4.4% | 3.4% | 3.9% | 3.3% | 3.9% | 2.8% | 5.6% | −3.1% |
| Income quality (OCF / net income) | 11.27 | 24.12 | 13.75 | 14.31 | 33.18 | — | 7.55 | 7.80 | — | 7.56 |
| Financial health | ||||||||||
| Total debt | $11.49B | $7.93B | $8.03B | $8.75B | $9.22B | $10.21B | $9.69B | $9.21B | $9.92B | $11.84B |
| Cash & short-term investments | $329.0M | $349.0M | $453.0M | $404.0M | $452.0M | $25.0M | $47.0M | $69.0M | $40.0M | $50.0M |
| Net debt | $11.16B | $7.58B | $7.57B | $8.35B | $8.77B | $10.19B | $9.64B | $9.14B | $9.88B | $11.79B |
| Debt / equity | 8.54 | 5.87 | 0.54 | 0.60 | 0.72 | 1.05 | 0.73 | 0.77 | 0.80 | 1.11 |
| Debt / assets | 0.37 | 0.29 | 0.28 | 0.30 | 0.32 | 0.42 | 0.34 | 0.36 | 0.37 | 0.45 |
| Net debt / EBITDA | 3.96 | 2.83 | 2.48 | 3.00 | 4.58 | — | 2.95 | 2.72 | 5.18 | 6.86 |
| 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 | 3.1 | 3.1 | 3.9 | 3.2 | 2.0 | -5.5 | 4.7 | 5.3 | 2.2 | 2.1 |
| Working capital | −$198.0M | −$148.0M | −$89.0M | −$535.0M | −$95.0M | −$588.0M | −$405.0M | $77.0M | −$530.0M | −$391.0M |
| Invested capital | $12.50B | $8.94B | $22.54B | $22.99B | $21.58B | $19.93B | $22.84B | $21.14B | $22.24B | $22.50B |
| Tangible asset value | $12.46B | $12.64B | $13.10B | $12.49B | $10.85B | $8.93B | $9.95B | $8.71B | $8.95B | $8.12B |
| 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 | $14.17 | $8.98 | $41.88 | $38.34 | $21.44 | — | $58.31 | $33.68 | — | $48.07 |
| Graham net-net per share | −$70.34 | −$50.49 | −$51.68 | −$56.03 | −$58.90 | −$50.80 | −$73.07 | −$40.00 | −$80.87 | −$130.96 |
| Capital allocation | ||||||||||
| Dividends paid | $301.0M | $251.0M | $209.0M | $162.0M | $140.0M | $166.0M | $231.0M | $189.0M | $271.0M | $234.0M |
| Share buybacks (net) | $341.0M | $0 | $0 | $74.0M | $178.0M | $50.0M | $0 | — | $0 | $0 |
| Dividend payout ratio | 115.8% | 243.7% | 105.6% | 96.4% | 233.3% | — | 69.8% | 56.6% | — | 248.9% |
| Dividends + buybacks / free cash flow | 28.1% | 13.6% | 9.8% | 12.1% | 19.2% | 28.0% | 17.5% | 19.5% | 18.4% | — |
| Capex / revenue | 1.5% | 1.3% | 1.2% | 0.8% | 0.8% | 3.2% | 3.5% | 4.8% | 3.9% | 6.6% |
| Capex / operating cash flow | 21.9% | 25.8% | 21.4% | 18.9% | 16.9% | 48.9% | 47.2% | 62.7% | 41.0% | 187.6% |
| Capex / depreciation | 0.67 | 0.62 | 0.55 | 0.47 | 0.43 | 1.12 | 1.96 | 3.14 | 1.97 | 2.59 |
| 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 | 30.9 | 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 | 3.9 | 5.1 | 5.1 | 6.6 | 10.8 | 7.6 | 8.1 | 15.9 | 23.3 |
| Days payables outstanding | 32.2 | 30.3 | 31.6 | 29.9 | 33.6 | 52.9 | 38.8 | 36.6 | 45.4 | 45.7 |
| Cash conversion cycle (days) | 1.6 | 1.5 | 2.2 | 2.7 | 4.5 | 6.3 | 1.6 | 0.9 | 7.4 | 14.3 |
| Receivables turnover | 11.80 | 13.07 | 12.71 | 13.32 | 11.59 | 7.55 | 11.10 | 12.42 | 9.88 | 9.93 |
| Payables turnover | 11.33 | 12.06 | 11.55 | 12.23 | 10.86 | 6.90 | 9.40 | 9.98 | 8.04 | 7.98 |
| Inventory turnover | 127.96 | 94.40 | 71.39 | 71.62 | 54.94 | 33.71 | 48.32 | 44.81 | 22.97 | 15.70 |
| Asset turnover | 1.50 | 1.78 | 1.69 | 1.98 | 1.58 | 0.88 | 1.24 | 1.30 | 0.99 | 0.80 |
| Average receivables | $3.75B | $3.83B | $3.83B | $4.31B | $3.63B | $3.08B | $3.03B | $2.74B | $2.65B | $2.03B |
| Average payables | $3.67B | $3.86B | $3.94B | $4.43B | $3.62B | $3.06B | $3.20B | $3.04B | $2.94B | $2.22B |
| 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 | 5.6% | 6.0% | 6.6% | 7.3% | 6.9% | 3.3% | 11.3% | 12.9% | 12.7% | 9.9% |
Computed from PAGP'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.
PAGP valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Plains GP traded at 14.6 times earnings, against a 10-year median of 16.3. Based on the latest twelve months, the trailing P/E is 62.4 and the forward P/E is 12.1. Plains GP earned a return on equity of 19.3% and a return on invested capital of 12.4% in fiscal 2025. It ended the year with $11.5 billion of debt and $329.0 million in cash and short-term investments, net debt of $11.2 billion. It returned $642.0 million to shareholders: $301.0 million in dividends and $341.0 million in share buybacks, 28% of free cash flow. The share count rose 100.0% from 99.0M to 198.0M over 9 years.
See the PAGP income statement, the PAGP chart for price history, or the PAGP stock overview for the latest quote and news.
PAGP key metrics FAQ
What is Plains GP's P/E ratio?
Plains GP's trailing P/E ratio is 62.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 12.1. At the end of fiscal 2025 it was 14.6, compared with a 10-year median of 16.3.
What is Plains GP's EV/EBITDA?
Plains GP's enterprise value was 5.3 times EBITDA at the end of fiscal 2025 (enterprise value $14.9 billion, EBITDA $2.8 billion); the current EV/EBITDA is 4.3.
What is Plains GP's return on equity?
Plains GP's return on equity (ROE) was 19.3% in fiscal 2025: net income of $260.0 million on average shareholders' equity of $1.3 billion.
What is Plains GP's ROIC?
Plains GP's return on invested capital was 12.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Plains GP have?
Plains GP had total debt of $11.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 8.54 and $11.2 billion of net debt (3.96 times EBITDA).
What is Plains GP's dividend yield?
Plains GP's forward dividend yield is 5.17%. Plains GP paid $301.0 million in dividends in fiscal 2025 ($1.52 per share), a payout ratio of 115.8%.
Does Plains GP buy back its shares?
Yes. Plains GP spent $341.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.5% over the year, to 198.0M..
What is Plains GP's free cash flow yield?
Plains GP generated $2.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 60.4% on its market value at year-end ($3.8 billion).
What is Plains GP's current ratio?
Plains GP's current ratio was 0.96 at the end of fiscal 2025: current assets were 0.96 times current liabilities.