Latest Ratios: P/E Ratio 13.7x · EV/EBITDA 9.5x · ROE 11.0%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.0B | $12.6B | $12.0B | $10.6B | $8.2B | $6.7B | $6.0B | $14.7B | $16.0B | $14.8B | $15.0B |
| Enterprise Value | $22.6B | $19.2B | $19.6B | $18.2B | $16.7B | $15.9B | $16.6B | $24.8B | $25.2B | $24.7B | $26.8B |
| P/E Ratio → | 13.66 | 10.82 | 23.40 | 10.82 | 9.88 | 16.98 | — | 6.94 | 7.23 | 21.73 | 75.09 |
| P/S Ratio | 0.36 | 0.29 | 0.24 | 0.22 | 0.14 | 0.16 | 0.26 | 0.44 | 0.47 | 0.57 | 0.75 |
| P/B Ratio | 1.22 | 0.97 | 0.92 | 0.77 | 0.62 | 0.52 | 0.62 | 1.11 | 1.33 | 1.35 | 1.71 |
| P/FCF | 6.98 | 5.51 | 6.41 | 4.88 | 4.22 | 4.03 | 7.73 | 11.12 | 16.44 | 10.05 | — |
| P/OCF | 5.45 | 4.31 | 4.82 | 3.88 | 3.42 | 3.35 | 3.96 | 5.88 | 6.14 | 5.93 | 20.73 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.43 | 0.39 | 0.37 | 0.29 | 0.38 | 0.71 | 0.74 | 0.74 | 0.94 | 1.33 |
| EV / EBITDA | 9.46 | 8.05 | 8.88 | 7.10 | 7.38 | 9.77 | — | 9.59 | 8.99 | 13.91 | 18.04 |
| EV / EBIT | 15.74 | 9.83 | 11.45 | 9.04 | 9.15 | 13.85 | — | 9.30 | 8.84 | 17.85 | 21.96 |
| EV / FCF | — | 8.38 | 10.46 | 8.38 | 8.53 | 9.56 | 21.37 | 18.77 | 25.83 | 16.75 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 6.0% | 6.0% | 3.4% | 5.7% | 3.3% | 4.1% | 4.9% | 6.9% | 7.3% | 5.4% | 6.3% |
| Operating Margin | 3.2% | 3.2% | 2.4% | 3.1% | 2.3% | 2.0% | -10.2% | 5.9% | 6.7% | 4.4% | 4.9% |
| Net Profit Margin | 3.2% | 3.2% | 1.5% | 2.5% | 1.8% | 1.4% | -11.1% | 6.4% | 6.5% | 3.3% | 3.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.0% | 11.0% | 5.8% | 9.1% | 7.9% | 5.3% | -22.6% | 17.2% | 19.3% | 8.7% | 8.7% |
| ROA | 5.1% | 5.1% | 2.9% | 4.5% | 3.7% | 2.2% | -9.7% | 8.0% | 8.7% | 3.5% | 3.1% |
| ROIC | 5.3% | 5.3% | 4.2% | 5.3% | 4.4% | 3.0% | -8.2% | 6.7% | 8.1% | 4.2% | 3.7% |
| ROCE | 6.1% | 6.1% | 5.4% | 6.8% | 5.8% | 4.0% | -10.8% | 8.7% | 10.6% | 5.7% | 5.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.86 | 0.86 | 0.61 | 0.58 | 0.66 | 0.75 | 1.09 | 0.77 | 0.77 | 0.91 | 1.34 |
| Debt / EBITDA | 4.73 | 4.73 | 3.60 | 3.14 | 3.91 | 5.93 | — | 3.93 | 3.29 | 5.59 | 7.96 |
| Net Debt / Equity | — | 0.50 | 0.58 | 0.55 | 0.63 | 0.72 | 1.09 | 0.77 | 0.76 | 0.90 | 1.34 |
| Net Debt / EBITDA | 2.75 | 2.75 | 3.44 | 2.96 | 3.73 | 5.65 | — | 3.91 | 3.27 | 5.56 | 7.92 |
| Debt / FCF | — | 2.86 | 4.05 | 3.49 | 4.31 | 5.53 | 13.64 | 7.65 | 9.39 | 6.70 | — |
| Interest Coverage | 3.53 | 3.53 | 3.98 | 5.20 | 4.50 | 2.70 | -4.96 | 6.28 | 6.60 | 2.71 | 2.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.96 | 0.96 | 0.97 | 0.98 | 0.91 | 0.98 | 0.86 | 0.92 | 1.02 | 0.88 | 0.92 |
| Quick Ratio | 0.96 | 0.96 | 0.88 | 0.87 | 0.79 | 0.86 | 0.71 | 0.80 | 0.84 | 0.73 | 0.63 |
| Cash Ratio | 0.96 | 0.96 | 0.07 | 0.09 | 0.07 | 0.07 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 |
| Asset Turnover | — | 1.47 | 1.89 | 1.78 | 2.06 | 1.47 | 0.95 | 1.17 | 1.33 | 1.03 | 0.83 |
| Inventory Turnover | — | — | 110.15 | 83.86 | 76.07 | 51.52 | 34.25 | 51.91 | 49.34 | 34.77 | 14.08 |
| Days Sales Outstanding | — | 32.38 | 28.44 | 28.17 | 24.87 | 40.81 | 40.01 | 39.18 | 26.30 | 42.16 | 41.22 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.7% | 8.5% | 7.4% | 7.1% | 7.1% | 7.7% | 10.9% | 6.8% | 5.4% | 9.4% | 7.1% |
| Payout Ratio | 74.6% | 74.6% | 115.4% | 60.8% | 56.3% | 87.2% | — | 46.2% | 39.3% | 161.9% | 146.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.3% | 9.2% | 4.3% | 9.2% | 10.1% | 5.9% | — | 14.4% | 13.8% | 4.6% | 1.3% |
| FCF Yield | 14.3% | 18.1% | 15.6% | 20.5% | 23.7% | 24.8% | 12.9% | 9.0% | 6.1% | 10.0% | — |
| Buyback Yield | 2.1% | 2.7% | 0.0% | 0.0% | 0.9% | 2.7% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.8% | 11.2% | 7.4% | 7.1% | 8.0% | 10.4% | 11.8% | 6.8% | 5.4% | 9.4% | 7.1% |
| Shares Outstanding | — | $704M | $702M | $699M | $701M | $716M | $728M | $800M | $799M | $718M | $466M |
Merchant segment margin volatility
According to current market data, PAA trades at a P/E of 13.16 and an EV/EBITDA of 9.21, suggesting that investors are pricing in a significant risk premium compared to larger, more diversified midstream peers like Enterprise Products Partners, which commands higher valuation multiples across most metrics.
The current valuation appears to reflect market skepticism regarding the sustainability of PAA's merchant-heavy business model. The discount relative to peers may be justified by the company's historical sensitivity to crude price volatility and the persistent margin compression observed in its core operations.
Based on reported financial figures, PAA's ROIC has struggled to exceed 2% over the last ten quarters, a performance that significantly lags the midstream sector average and suggests that the company is failing to generate meaningful economic value from its massive investment in pipeline infrastructure.
The consistently low ROIC indicates that the capital deployed into the Permian Basin gathering systems is not yet yielding the expected returns. Investors should monitor whether management can improve asset utilization or if the current capital-intensive strategy will continue to dilute long-term shareholder value.
As reported in quarterly filings, PAA's cash conversion cycle has shown extreme volatility, including a negative 614-day cycle in 2024Q3, which highlights the significant impact of merchant inventory management and trade credit fluctuations on the company's operational efficiency relative to more stable, fee-based pipeline operators.
The erratic nature of the CCC suggests that PAA's working capital is heavily influenced by the timing of crude oil purchases and sales rather than operational throughput. This lack of consistency complicates the assessment of true underlying efficiency and warrants further investigation into the company's inventory turnover policies.
According to the provided quarterly data, PAA's interest coverage ratio has trended downward to 1.59x in 2026Q1, indicating that the company's ability to service its debt obligations is becoming increasingly strained compared to the more comfortable coverage levels observed in previous fiscal periods.
The rising debt-to-EBITDA levels suggest that the company's reliance on leverage to fund its operations is becoming a structural concern. Investors should be wary of the potential for covenant pressure if interest coverage continues to deteriorate in a higher-for-longer interest rate environment.
As indicated by the financial data, the net margin of 3.24% is frequently misapplied by analysts to evaluate PAA's profitability, as this metric fails to account for the massive pass-through costs inherent in the company's merchant business model, which artificially suppresses the reported bottom line.
Analysts should instead prioritize Adjusted EBITDA or Distributable Cash Flow to strip out the noise created by commodity price fluctuations and non-cash accounting adjustments. Relying on net margin obscures the high-margin nature of the company's core fee-based pipeline assets and leads to an inaccurate assessment of earning power.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying PAA stock.
Plains All American Pipeline, L.P.'s current P/E ratio is 13.7x. The historical average is 23.9x. This places it at the 27th percentile of its historical range.
Plains All American Pipeline, L.P.'s current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
Plains All American Pipeline, L.P.'s return on equity (ROE) is 11.0%. The historical average is 11.0%.
Based on historical data, Plains All American Pipeline, L.P. is trading at a P/E of 13.7x. This is at the 27th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Plains All American Pipeline, L.P.'s current dividend yield is 6.70% with a payout ratio of 74.6%.
Plains All American Pipeline, L.P. has 6.0% gross margin and 3.2% operating margin.
Plains All American Pipeline, L.P.'s Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.