Latest Ratios: P/E Ratio 25.4x · EV/EBITDA 13.8x · ROE 9.9%. (1998–2025 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 | $27.7B | $22.2B | $21.2B | $19.0B | $18.8B | $16.7B | $13.0B | $19.0B | $15.1B | $15.6B | $12.2B |
| Enterprise Value | $37.1B | $35.4B | $34.4B | $30.0B | $30.0B | $28.6B | $24.6B | $29.9B | $22.5B | $22.9B | $16.3B |
| P/E Ratio → | 25.42 | 14.31 | 12.32 | 11.51 | 6.62 | 15.24 | — | 13.83 | 11.82 | 19.45 | 31.01 |
| P/S Ratio | 5.05 | 2.85 | 2.87 | 3.00 | 1.62 | 1.94 | 2.19 | 2.63 | 2.05 | 2.89 | 2.86 |
| P/B Ratio | 2.35 | 1.32 | 1.21 | 1.20 | 1.19 | 1.16 | 0.87 | 1.14 | 1.05 | 1.13 | 1.47 |
| P/FCF | 15.79 | 8.90 | 9.39 | 9.35 | 8.09 | 8.39 | 10.64 | 21.48 | 14.66 | — | — |
| P/OCF | 11.91 | 6.71 | 6.60 | 7.20 | 6.42 | 6.31 | 5.78 | 7.52 | 6.69 | 10.33 | 11.31 |
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 | — | 4.55 | 4.66 | 4.73 | 2.58 | 3.32 | 4.13 | 4.13 | 3.06 | 4.23 | 3.82 |
| EV / EBITDA | 13.83 | 9.31 | 10.94 | 9.03 | 6.83 | 10.09 | 34.92 | 12.79 | 9.18 | 14.18 | 14.68 |
| EV / EBIT | 18.69 | 12.66 | 14.85 | 11.27 | 8.15 | 13.60 | — | 20.26 | 11.09 | 20.43 | 21.25 |
| EV / FCF | — | 14.20 | 15.22 | 14.77 | 12.90 | 14.37 | 20.10 | 33.70 | 21.83 | — | — |
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 | 38.4% | 38.4% | 44.9% | 44.9% | 26.9% | 30.7% | 33.7% | 33.7% | 31.7% | 27.4% | 23.5% |
| Operating Margin | 36.1% | 36.1% | 30.9% | 41.9% | 31.9% | 24.5% | 0.1% | 25.2% | 27.5% | 22.5% | 18.9% |
| Net Profit Margin | 21.8% | 21.8% | 25.2% | 28.1% | 25.6% | 14.4% | -5.3% | 20.6% | 17.4% | 16.5% | 10.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.9% | 9.9% | 11.2% | 11.2% | 19.7% | 8.5% | -2.0% | 9.6% | 9.0% | 8.0% | 5.9% |
| ROA | 4.7% | 4.7% | 5.4% | 5.5% | 9.4% | 4.0% | -1.0% | 5.0% | 4.9% | 4.4% | 3.3% |
| ROIC | 6.9% | 6.9% | 5.9% | 7.4% | 10.4% | 6.0% | 0.0% | 5.5% | 7.1% | 5.5% | 5.2% |
| ROCE | 8.4% | 8.4% | 7.3% | 9.0% | 12.7% | 7.2% | 0.0% | 6.4% | 8.1% | 6.3% | 6.1% |
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 | 0.79 | 0.79 | 0.76 | 0.70 | 0.71 | 0.83 | 0.78 | 0.65 | 0.52 | 0.55 | 0.50 |
| Debt / EBITDA | 3.51 | 3.51 | 4.24 | 3.36 | 2.57 | 4.21 | 16.55 | 4.69 | 3.08 | 4.69 | 3.74 |
| Net Debt / Equity | — | 0.79 | 0.75 | 0.70 | 0.71 | 0.83 | 0.77 | 0.65 | 0.51 | 0.52 | 0.50 |
| Net Debt / EBITDA | 3.48 | 3.48 | 4.19 | 3.32 | 2.55 | 4.20 | 16.43 | 4.64 | 3.01 | 4.49 | 3.71 |
| Debt / FCF | — | 5.30 | 5.83 | 5.42 | 4.81 | 5.98 | 9.46 | 12.22 | 7.17 | — | — |
| Interest Coverage | 4.76 | 4.76 | 3.89 | 5.66 | 7.97 | 4.78 | 0.01 | 6.21 | 7.09 | 6.11 | 6.85 |
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 | 0.61 | 0.61 | 0.54 | 0.82 | 0.67 | 0.52 | 0.56 | 0.68 | 0.68 | 0.89 | 0.86 |
| Quick Ratio | 0.47 | 0.47 | 0.44 | 0.71 | 0.53 | 0.36 | 0.43 | 0.59 | 0.55 | 0.75 | 0.63 |
| Cash Ratio | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 | 0.02 | 0.05 | 0.09 | 0.11 | 0.28 | 0.04 |
| Asset Turnover | — | 0.22 | 0.21 | 0.19 | 0.37 | 0.27 | 0.19 | 0.22 | 0.28 | 0.21 | 0.28 |
| Inventory Turnover | 16.88 | 16.88 | 13.51 | 10.48 | 31.55 | 15.90 | 17.85 | 38.07 | 25.37 | 23.37 | 18.03 |
| Days Sales Outstanding | — | 39.23 | 53.53 | 47.51 | 21.88 | 33.00 | 39.12 | 33.67 | 24.83 | 34.56 | 37.23 |
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 | 4.5% | 8.0% | 7.4% | 7.7% | 8.1% | 8.3% | 10.6% | 6.9% | 8.3% | 5.0% | 2.9% |
| Payout Ratio | 104.6% | 104.6% | 84.2% | 82.2% | 51.3% | 111.6% | — | 88.7% | 97.6% | 87.7% | 75.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 7.0% | 8.1% | 8.7% | 15.1% | 6.6% | — | 7.2% | 8.5% | 5.1% | 3.2% |
| FCF Yield | 6.3% | 11.2% | 10.7% | 10.7% | 12.4% | 11.9% | 9.4% | 4.7% | 6.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.3% | 1.8% | 0.1% | 0.7% | 0.8% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 8.0% | 7.4% | 8.0% | 9.9% | 8.4% | 11.3% | 7.7% | 8.3% | 5.0% | 2.9% |
| Shares Outstanding | — | $582M | $574M | $551M | $554M | $551M | $550M | $514M | $509M | $432M | $389M |
Basin egress capacity constraints
Based on reported figures, PBA trades at a forward P/E of 15.43 and an EV/EBITDA of 9.90, suggesting that investors are pricing in the durability of its fee-based cash flows relative to peers like Enbridge, which commands a significantly higher EV/EBITDA multiple of 19.18.
The current valuation appears to reflect a basin-specific discount compared to larger, more diversified North American midstream operators. While the forward P/E suggests a more attractive entry point than historical averages, investors should monitor whether this discount is structural due to WCSB concentration or a temporary mispricing of the company's integrated value chain.
As reported in financial statements, PBA's ROIC has remained in a narrow range between 1.4% and 2.6% over the last ten quarters, indicating that the company's massive capital expenditure requirements for infrastructure maintenance and expansion continue to exert significant downward pressure on overall returns on invested capital.
The low ROIC figures suggest that the company's growth strategy is highly capital-intensive, requiring substantial reinvestment to maintain its competitive position in the Montney and Duvernay formations. This trend warrants further investigation into whether future projects, such as Cedar LNG, can generate returns that meaningfully exceed the company's weighted average cost of capital.
According to recent quarterly data, PBA's cash conversion cycle has fluctuated wildly, swinging from a positive 7 days in 2025Q1 to a negative 43 days in 2025Q4, which highlights the significant impact of the marketing segment's inventory and trade payable management on the company's overall operational efficiency.
The erratic nature of the CCC suggests that the marketing segment's 'buy-sell' activities introduce substantial noise into the company's working capital metrics. Analysts should interpret these shifts as a reflection of commodity price volatility rather than a fundamental change in the efficiency of the core pipeline and facilities business.
Based on institutional research standards, the P/E ratio is frequently misapplied to PBA because it fails to account for the significant non-cash depreciation charges inherent in a midstream business model, which can artificially depress earnings and obscure the company's true ability to generate recurring cash flow.
Investors should prioritize EV/EBITDA or Price-to-Distributable Cash Flow over P/E to better capture the underlying earning power of the infrastructure assets. Relying on P/E may lead to an inaccurate assessment of the company's valuation, as it ignores the substantial cash-generative capacity that is shielded by accounting-based depreciation and amortization.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying PBA stock.
Pembina Pipeline Corporation's current P/E ratio is 25.4x. The historical average is 20.4x. This places it at the 67th percentile of its historical range.
Pembina Pipeline Corporation's current EV/EBITDA is 13.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
Pembina Pipeline Corporation's return on equity (ROE) is 9.9%. The historical average is 9.6%.
Based on historical data, Pembina Pipeline Corporation is trading at a P/E of 25.4x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pembina Pipeline Corporation's current dividend yield is 4.50% with a payout ratio of 104.6%.
Pembina Pipeline Corporation has 38.4% gross margin and 36.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Pembina Pipeline Corporation's Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.