Zacks Investment Research·Jun 22, 2026
Here's Why a Hold Strategy Is Apt for Pembina Pipeline Stock NowPBA's fee-based model, higher 2026 EBITDA outlook and growth projects support upside, but EBITDA pressure and leverage warrant caution.
Pembina Pipeline Corporation(PBA)Earnings, Financials & Key Ratios
PBA•NYSE
$46.66
25.0× P/E·Price updated Jul 6, 2026
AboutPembina Pipeline Corporation provides transportation and midstream services for the energy industry. It operates through three segments: Pipelines, Facilities, and Marketing & New Ventures. The Pipelines segment operates conventional, oil sands and heavy oil, and transmission assets with a transportation capacity of 3.1 millions of barrels of oil equivalent per day, ground storage of 11 millions of barrels, and rail terminalling capacity of approximately 105 thousands of barrels of oil equivalent per day serving markets and basins across North America. The Facilities segment offers infrastructure that provides customers with natural gas, condensate, and natural gas liquids (NGLs), including ethane, propane, butane, and condensate; and includes 354 thousands of barrels per day of NGL fractionation capacity, 21 millions of barrels of cavern storage capacity, and associated pipeline and rail terminalling facilities. The Marketing & New Ventures segment buys and sells hydrocarbon liquids and natural gas originating in the Western Canadian sedimentary basin and other basins. Pembina Pipeline Corporation was incorporated in 1954 and is headquartered in Calgary, Canada.Show more
- Revenue$7.78B+5.3%
- EBITDA$3.8B+20.8%
- Net Income$1.69B-9.1%
- EPS (Diluted)2.66-11.3%
- Gross Margin38.36%-14.6%
- EBITDA Margin48.8%+14.7%
- Operating Margin36.11%+16.9%
- Net Margin21.78%-13.7%
- ROE9.88%-11.7%
PBA Price & Volume
Pembina Pipeline Corporation (PBA) stock price & volume — 10-year historical chart
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Volatile Marketing Margins Challenge Infrastructure Cash Stability
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Moderate
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Basin egress capacity constraints
Key Thesis Takeaways
- Pembina Pipeline Corporation maintains a critical midstream footprint in the Western Canadian Sedimentary Basin, yet its reliance on a hybrid model exposes earnings to significant commodity price volatility.
- While the company maintains a relatively conservative debt-to-equity ratio of 0.82, investors should monitor the sustainability of dividend payouts that occasionally exceed free cash flow.
- Future performance remains tethered to the company's ability to manage basin egress constraints while balancing capital-intensive infrastructure reinvestment against fluctuating operational margins.
Verdict Logic
while the 4.5% dividend yield is attractive, the volatility in free cash flow margins, which dropped to 6.8% in 2026Q1, warrants caution regarding long-term payout sustainability.
PBA Growth Metrics
Pembina Pipeline Corporation (PBA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years5.31%
5 Years5.49%
3 Years-12.5%
TTM-7.22%
Profit CAGR
10 Years15.36%
5 Years-
3 Years-17.08%
TTM-12.28%
EPS CAGR
10 Years10.06%
5 Years-
3 Years-19.66%
TTM-13.03%
Return on Capital
10 Years7.16%
5 Years8.93%
3 Years8.26%
Last Year8.44%
PBA Recent Earnings
Pembina Pipeline Corporation (PBA) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 5/12 qtrs (45%)
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$0.59+13.5%
$0.52
Rev
$1.1B+4.5%
$1.1B
Q1 2026
Feb 26, 2026Metric
Actual
Est
EPS
$0.56+12.0%
$0.50
Rev
$1.0B-13.4%
$1.2B
Q4 2025
Nov 6, 2025Metric
Actual
Est
EPS
$0.31-31.1%
$0.45
Rev
$1.3B-9.0%
$1.4B
Q3 2025
Aug 7, 2025Metric
Actual
Est
EPS
$0.47+0.0%
$0.47
Rev
$1.3B+19.2%
$1.1B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $0.59vs $0.52+13.5% | $1.1Bvs $1.1B+4.5% |
| Q1 2026 | Feb 26, 2026 | $0.56vs $0.50+12.0% | $1.0Bvs $1.2B-13.4% |
| Q4 2025 | Nov 6, 2025 | $0.31vs $0.45-31.1% | $1.3Bvs $1.4B-9.0% |
| Q3 2025 | Aug 7, 2025 | $0.47vs $0.47+0.0% | $1.3Bvs $1.1B+19.2% |
Based on last 12 quarters of dataView full earnings history →
Latest PBA News
Recent stock market news and headlines for Pembina Pipeline Corporation (PBA)
Seeking Alpha·Jun 22, 2026
Pembina Pipeline: Energy Security Is Becoming A Bigger Growth DriverPembina Pipeline remains a buy, targeting a $53.55 price and 16% upside, supported by stable cash flows and strategic project development. PBA maintains 5%-7% annual EBITDA per share growth guidance through 2030, driven by asset utilization and sanctioned projects amid an evolving fee-based revenue mix. Q1 results showed a 3.9% revenue decline to C$1.29B, but facilities EBITDA grew; pipeline revenues were impacted by Alliance Pipeline's new toll structure.
Peers Comparison
Key metrics vs top competitors for Pembina Pipeline Corporation (PBA)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $46.66 | $27.12B | 24.96 | 5.34% | 21.78% | 9.88% | 4.59% | |
| $53.47 | $116.76B | 23.48 | 21.92% | 9.71% | 9.96% | — | |
| $66.95 | $69.75B | 29.13 | 10.29% | 21.83% | 9.23% | — | |
| $36.11 | $27.17B | 22.57 | 6.85% | 13.09% | 8.32% | — | |
| $72.82 | $89.06B | 34.03 | 13.78% | 23.82% | 18.98% | — | |
| $31.69 | $70.5B | 23.13 | 12.45% | 18.92% | 10.27% | — |
Compare PBA vs Peers
Pembina Pipeline Corporation (PBA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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PBA Frequently Asked Questions
Pembina Pipeline Corporation (PBA) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Pembina Pipeline Corporation's revenue?
Pembina Pipeline Corporation (PBA) reported $7.57B in revenue for fiscal year 2025. This represents a 6863% increase from $108.7M in 1998.
How fast is Pembina Pipeline Corporation growing?
Pembina Pipeline Corporation (PBA) grew revenue by 5.3% over the past year. This is steady growth.
Is PBA profitable?
Yes, Pembina Pipeline Corporation (PBA) is profitable, generating $1.69B in net income for fiscal year 2025 (21.8% net margin).
Dividend & Returns
Does PBA pay dividends?
Yes, Pembina Pipeline Corporation (PBA) pays a dividend with a yield of 4.59%. This makes it attractive for income-focused investors.
What is PBA's return on equity?
Pembina Pipeline Corporation (PBA) has a return on equity (ROE) of 9.9%. This is below average, suggesting room for improvement.
What is Pembina Pipeline Corporation's free cash flow?
Pembina Pipeline Corporation (PBA) generated $1.98B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.