Pembina Pipeline Corporation (PBA) Key Metrics
PBA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Canadian dollarsPBA returns How much profit the business earns on the capital it uses.
PBA financial health Debt, liquidity and how easily interest is covered.
PBA efficiency & capital use Working capital cycle and where the cash goes.
PBA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PBA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PBA cash returned to shareholders
PBA key metrics in Canadian dollars
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.9% | 11.2% | 11.3% | 19.8% | 8.5% | −2.0% | 9.6% | 9.1% | 8.1% | 5.9% |
| Return on invested capital (ROIC) | 7.1% | 7.9% | 8.0% | 12.9% | 6.0% | 0.0% | 7.2% | 6.9% | 6.3% | 5.0% |
| Return on assets (ROA) | 4.7% | 5.4% | 5.5% | 9.4% | 4.0% | −1.0% | 5.0% | 4.9% | 4.4% | 3.3% |
| Return on tangible assets | 7.0% | 6.3% | 6.7% | 11.7% | 4.9% | −1.3% | 5.6% | 5.7% | 4.3% | 3.8% |
| Free cash flow margin | 32.4% | 30.6% | 32.0% | 20.0% | 23.1% | 20.5% | 12.3% | 14.0% | −6.0% | −15.7% |
| Income quality (OCF / net income) | 1.95 | 1.72 | 1.48 | 0.99 | 2.13 | — | 1.70 | 1.77 | 1.70 | 2.31 |
| Financial health | ||||||||||
| Total debt | C$13.31B | C$13.32B | C$11.14B | C$11.28B | C$11.96B | C$11.65B | C$10.97B | C$7.54B | C$7.56B | C$4.15B |
| Cash & short-term investments | C$106.0M | C$141.0M | C$137.0M | C$94.0M | C$43.0M | C$81.0M | C$129.0M | C$157.0M | C$321.0M | C$35.0M |
| Net debt | C$13.20B | C$13.18B | C$11.01B | C$11.18B | C$11.92B | C$11.57B | C$10.84B | C$7.38B | C$7.24B | C$4.12B |
| Debt / equity | 0.79 | 0.76 | 0.70 | 0.72 | 0.84 | 0.78 | 0.66 | 0.53 | 0.55 | 0.50 |
| Debt / assets | 0.37 | 0.37 | 0.34 | 0.36 | 0.38 | 0.37 | 0.33 | 0.28 | 0.30 | 0.28 |
| Net debt / EBITDA | 3.49 | 4.15 | 3.31 | 2.56 | 4.21 | 16.53 | 5.47 | 3.02 | 4.82 | 3.88 |
| Current ratio | 0.61 | 0.54 | 0.82 | 0.67 | 0.52 | 0.56 | 0.68 | 0.68 | 0.89 | 0.86 |
| Quick ratio | 0.47 | 0.44 | 0.71 | 0.53 | 0.36 | 0.43 | 0.59 | 0.55 | 0.75 | 0.63 |
| Interest coverage | 4.8 | 3.8 | 5.6 | 8.0 | 4.8 | 0.0 | 7.7 | 7.1 | 6.7 | 7.2 |
| Working capital | −C$806.0M | −C$1.33B | −C$588.0M | −C$684.0M | −C$1.15B | −C$792.0M | −C$470.0M | −C$477.0M | −C$120.0M | −C$109.0M |
| Invested capital | C$29.98B | C$30.69B | C$26.82B | C$26.91B | C$26.22B | C$26.52B | C$27.55B | C$21.72B | C$21.02B | C$12.41B |
| Tangible asset value | C$5.44B | C$10.98B | C$9.75B | C$9.66B | C$8.12B | C$8.68B | C$10.34B | C$9.99B | C$9.13B | C$5.46B |
| Net current asset value | −C$17.52B | −C$16.88B | −C$14.17B | −C$14.32B | −C$15.85B | −C$15.41B | −C$15.40B | −C$11.25B | −C$10.70B | −C$6.04B |
| Capital allocation | ||||||||||
| Dividends paid | C$1.77B | C$1.70B | C$1.58B | C$1.65B | C$1.52B | C$1.53B | C$1.32B | C$1.25B | C$781.0M | C$351.0M |
| Share buybacks (net) | C$451.0M | C$0 | C$50.0M | C$633.0M | C$437.0M | C$0 | C$0 | C$0 | C$0 | C$0 |
| Dividend payout ratio | 104.6% | 91.3% | 88.9% | 55.6% | 122.5% | — | 88.7% | 97.6% | 87.7% | 75.3% |
| Dividends + buybacks / free cash flow | 88.3% | 75.3% | 80.3% | 98.3% | 98.3% | 125.1% | 149.2% | 121.1% | — | — |
| Capex / revenue | 10.1% | 12.9% | 9.6% | 5.2% | 7.6% | 17.3% | 22.8% | 16.7% | 34.0% | 40.9% |
| Capex / operating cash flow | 23.8% | 29.7% | 23.0% | 20.7% | 24.8% | 45.7% | 65.0% | 54.3% | 121.5% | 162.0% |
| Capex / depreciation | 0.79 | 1.11 | 0.91 | 0.89 | 0.91 | 1.47 | 3.22 | 2.94 | 4.81 | 5.96 |
| Stock-based compensation / revenue | 1.2% | 1.1% | 1.1% | 1.1% | 1.2% | 0.5% | 0.9% | 0.9% | 1.3% | 1.1% |
| SG&A / revenue | 6.1% | 6.0% | 6.7% | 3.4% | 3.5% | 4.1% | 4.1% | 3.8% | 4.4% | 4.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 45.0 | 47.1 | 43.8 | 23.2 | 30.0 | 40.0 | 29.5 | 25.1 | 32.0 | 33.8 |
| Days of inventory on hand | 22.3 | 28.4 | 31.5 | 13.9 | 18.2 | 16.1 | 12.3 | 13.3 | 16.2 | 16.8 |
| Days payables outstanding | 41.5 | 48.7 | 58.9 | 25.7 | 32.3 | 53.2 | 47.0 | 35.7 | 43.7 | 47.4 |
| Cash conversion cycle (days) | 25.8 | 26.9 | 16.4 | 11.4 | 15.9 | 2.8 | -5.2 | 2.7 | 4.5 | 3.2 |
| Receivables turnover | 8.11 | 7.74 | 8.33 | 15.73 | 12.17 | 9.12 | 12.39 | 14.53 | 11.42 | 10.80 |
| Payables turnover | 8.80 | 7.50 | 6.20 | 14.19 | 11.29 | 6.85 | 7.76 | 10.21 | 8.35 | 7.70 |
| Inventory turnover | 16.39 | 12.83 | 11.60 | 26.32 | 20.03 | 22.74 | 29.61 | 27.45 | 22.50 | 21.69 |
| Asset turnover | 0.22 | 0.22 | 0.20 | 0.37 | 0.27 | 0.18 | 0.24 | 0.28 | 0.27 | 0.31 |
| Average receivables | C$959.5M | C$953.5M | C$760.0M | C$738.0M | C$709.0M | C$652.5M | C$583.5M | C$506.0M | C$473.5M | C$395.0M |
| Average payables | C$544.5M | C$542.5M | C$563.0M | C$598.0M | C$529.5M | C$575.5M | C$618.0M | C$492.0M | C$470.0M | C$424.0M |
| Average inventory | C$292.5M | C$317.0M | C$301.0M | C$322.5M | C$298.5M | C$173.5M | C$162.0M | C$183.0M | C$174.5M | C$150.5M |
| Intangibles / total assets | 31.9% | 18.1% | 18.6% | 19.5% | 19.8% | 20.2% | 19.4% | 16.5% | 18.4% | 18.9% |
Computed from PBA'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 Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
PBA valuation and financial ratios
Pembina Pipeline earned a return on equity of 9.9% and a return on invested capital of 7.1% in fiscal 2025. It ended the year with C$13.3 billion of debt and C$106.0 million in cash and short-term investments, net debt of C$13.2 billion. It returned C$2.2 billion to shareholders: C$1.8 billion in dividends and C$451.0 million in share buybacks, 88% of free cash flow.
See the PBA income statement, the PBA chart for price history, or the PBA stock overview for the latest quote and news.
PBA key metrics FAQ
What is Pembina Pipeline's return on equity?
Pembina Pipeline's return on equity (ROE) was 9.9% in fiscal 2025: net income of C$1.7 billion on average shareholders' equity of C$17.1 billion.
What is Pembina Pipeline's ROIC?
Pembina Pipeline's return on invested capital was 7.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Pembina Pipeline have?
Pembina Pipeline had total debt of C$13.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.79 and C$13.2 billion of net debt (3.49 times EBITDA).
Does Pembina Pipeline buy back its shares?
Yes. Pembina Pipeline spent C$451.0 million on net share repurchases in fiscal 2025.
What is Pembina Pipeline's current ratio?
Pembina Pipeline's current ratio was 0.61 at the end of fiscal 2025: current assets were 0.61 times current liabilities.