PA
Plains All American Pipeline LP
PAA—
Plains All American Pipeline LP AI Insights
Informational only. Not investment advice.Snapshot
- Asset turnover TTM of 1.7x vs industry median 0.3x - 5.7x more capital efficient, driving 11% ROE despite thin 2.3% net margin.[Asset Turnover]
- FCF TTM of 2.1B covers 1.46/unit distribution 1.4x over, with debt/equity at 0.99 - sustainable payout without leverage strain.[Free Cash Flow]
- Gross profit 1Y growth of 68% vs revenue 5Y CAGR of 15% signals margin expansion from higher-value throughput or cost discipline.[Gross Profit 1Y Growth]
Watch Triggers
- Gross Margin: Falls below 3.5% TTM — Already razor-thin at 4% - further compression signals volume/pricing pressure or cost inflation.
- Interest Expense: Exceeds 550M annually — Would pressure distribution coverage; current 5.9x EBITDA/interest could fall below 5x.
- Capital Expenditure: Rises above 900M TTM — Signals growth capex resumption, reducing FCF available for distributions.
Bull Case
PCF ratio of 4.3x vs industry median 8.2x - trading at 48% discount to peers on cash flow basis despite superior asset turnover.
PCF RatioAsset Turnover
Distribution yield of ~11.7% (1.46/unit on ~12.4B market cap) covered by FCF with room for growth as capex moderates.
Dividends Paid Per ShareFree Cash Flow
Bear Case
Gross margin TTM of 4.0% vs industry median 33% - commodity pass-through model leaves minimal buffer for volume or price shocks.
Gross MarginOperating Margin
Net debt of 8.3B at 2.8x EBITDA with 507M interest expense TTM - rate sensitivity material if refinancing at higher spreads.
Net DebtInterest Expense
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
FCF yield compression as Permian volumes peak and capex normalizes below 800M annually.
1-3ymed
- Capex TTM at 772M vs industry median 281M - elevated but declining
- EBITDA coverage of interest at 5.9x provides refinancing flexibility
- Working capital positive 218M despite high-volume commodity pass-through
FCF margin 4.5% on 46.9B revenue TTMPCF ratio 4.3x vs industry 8.2x medianEPS growth 1Y at 418% (low base effect)
Valuation Context
Caveats
Public Strategies Rankings
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PAA Fundamentals
Transportation and Warehousing → Pipeline Transportation
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$13.66B | — | ||
$22.11B | — | ||
17 | — | ||
$46.92B | -6.9% | — | |
$1.11 | -0.5% | — | |
3.13% | +0.1% | — | |
2.31% | +0.2% | — | |
$2.10B | -2.8% | — | |
0.11 | +0.6% | — | |
Beta 5Y (Monthly) | unknown | — |
PAA Dividend History
105 dividends
2026
$0.417501/30/26$0.4175
2025
$1.520010/31/25$0.3800
07/31/25$0.3800
05/01/25$0.3800
01/31/25$0.3800
2024
$1.270010/31/24$0.3175
07/31/24$0.3175
04/30/24$0.3175
01/30/24$0.3175
2023
$1.070010/30/23$0.2675
07/28/23$0.2675
04/28/23$0.2675
01/30/23$0.2675
2022
$0.832510/28/22$0.2175
07/28/22$0.2175
04/28/22$0.2175
01/28/22$0.1800
2021
$0.720010/28/21$0.1800
07/29/21$0.1800
04/29/21$0.1800
01/28/21$0.1800
2020
$0.900010/29/20$0.1800
07/30/20$0.1800
04/30/20$0.1800
01/30/20$0.3600
2019
$1.380010/30/19$0.3600
07/30/19$0.3600
04/30/19$0.3600
01/30/19$0.3000
2018
$1.200010/30/18$0.3000
07/30/18$0.3000
04/30/18$0.3000
01/30/18$0.3000
2017
$1.950010/30/17$0.3000
07/27/17$0.5500
04/27/17$0.5500
01/27/17$0.5500
2016
$2.650010/27/16$0.5500
07/27/16$0.7000
04/27/16$0.7000
01/27/16$0.7000
2015
$2.755010/28/15$0.7000
07/29/15$0.6950
04/29/15$0.6850
01/28/15$0.6750
2014
$2.550010/29/14$0.6600
07/30/14$0.6450
04/30/14$0.6300
01/29/14$0.6150
2013
$2.325010/30/13$0.6000
07/31/13$0.5875
05/01/13$0.5750
01/30/13$0.5625
2012
$2.110010/31/12$0.5425
08/01/12$0.5325
05/02/12$0.5225
02/01/12$0.5125
2011
$1.952511/02/11$0.4975
07/29/11$0.4913
04/29/11$0.4850
02/02/11$0.4788
2010
$1.877510/29/10$0.4750
07/30/10$0.4713
04/30/10$0.4675
01/29/10$0.4637
2009
$1.811310/30/09$0.4600
07/31/09$0.4525
05/01/09$0.4525
01/30/09$0.4462
2008
$1.747510/31/08$0.4462
07/31/08$0.4437
05/01/08$0.4325
01/31/08$0.4250
2007
$1.641210/31/07$0.4200
08/01/07$0.4150
05/02/07$0.4063
01/31/07$0.4000
2006
$1.435011/01/06$0.3750
08/02/06$0.3625
05/03/06$0.3538
02/01/06$0.3438
2005
$1.287511/02/05$0.3375
07/29/05$0.3250
04/29/05$0.3187
02/02/05$0.3063
2004
$1.151310/29/04$0.3000
07/30/04$0.2888
04/30/04$0.2813
01/30/04$0.2813
2003
$1.093810/31/03$0.2750
07/31/03$0.2750
05/01/03$0.2750
01/31/03$0.2687
2002
$1.056210/31/02$0.2687
08/01/02$0.2687
05/02/02$0.2625
01/31/02$0.2562
2001
$0.975010/31/01$0.2562
08/01/01$0.2500
05/01/01$0.2375
01/31/01$0.2313
2000
$0.912511/01/00$0.2313
08/02/00$0.2313
05/03/00$0.2250
02/03/00$0.2250
PAA Stock Splits
1 stock split
10/02/120.5:1 split
PAA SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/07/25 | 09/30/25 | 10-Q | |
08/08/25 | 06/30/25 | 10-Q | |
05/09/25 | 03/31/25 | 10-Q | |
02/28/25 | 12/31/24 | 10-K | |
11/08/24 | 09/30/24 | 10-Q | |
08/09/24 | 06/30/24 | 10-Q | |
05/10/24 | 03/31/24 | 10-Q | |
02/29/24 | 12/31/23 | 10-K | |
11/08/23 | 09/30/23 | 10-Q | |
08/09/23 | 06/30/23 | 10-Q | |
05/10/23 | 03/31/23 | 10-Q | |
03/01/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/10/22 | 03/31/22 | 10-Q | |
03/01/22 | 12/31/21 | 10-K | |
11/08/21 | 09/30/21 | 10-Q | |
08/06/21 | 06/30/21 | 10-Q | |
05/10/21 | 03/31/21 | 10-Q | |
03/01/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-Q | |
05/08/20 | 03/31/20 | 10-Q | |
02/27/20 | 12/31/19 | 10-K | |
11/07/19 | 09/30/19 | 10-Q | |
08/08/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
02/27/19 | 12/31/18 | 10-K | |
11/08/18 | 09/30/18 | 10-Q | |
08/09/18 | 06/30/18 | 10-Q | |
05/09/18 | 03/31/18 | 10-Q | |
02/27/18 | 12/31/17 | 10-K | |
11/09/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/10/17 | 03/31/17 | 10-Q | |
02/23/17 | 12/31/16 | 10-K | |
11/08/16 | 09/30/16 | 10-Q | |
08/08/16 | 06/30/16 | 10-Q | |
05/10/16 | 03/31/16 | 10-Q | |
02/25/16 | 12/31/15 | 10-K | |
11/06/15 | 09/30/15 | 10-Q | |
08/07/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
02/25/15 | 12/31/14 | 10-K | |
11/07/14 | 09/30/14 | 10-Q | |
08/08/14 | 06/30/14 | 10-Q | |
05/09/14 | 03/31/14 | 10-Q | |
02/28/14 | 12/31/13 | 10-K | |
11/06/13 | 09/30/13 | 10-Q | |
08/08/13 | 06/30/13 | 10-Q | |
05/08/13 | 03/31/13 | 10-Q | |
02/27/13 | 12/31/12 | 10-K | |
11/07/12 | 09/30/12 | 10-Q | |
08/09/12 | 06/30/12 | 10-Q | |
05/08/12 | 03/31/12 | 10-Q | |
02/28/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/05/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/06/09 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/31/09 | 10-Q | |
02/26/09 | 12/31/08 | 10-K | |
11/07/08 | 09/30/08 | 10-Q | |
08/08/08 | 06/30/08 | 10-Q | |
05/06/08 | 03/30/08 | Unknown | -- |
02/29/08 | 12/31/07 | 10-K | |
11/07/07 | 09/30/07 | 10-Q | |
08/09/07 | 06/30/07 | 10-Q | |
05/09/07 | 03/30/07 | Unknown | -- |
03/01/07 | 12/31/06 | 10-K | |
11/08/06 | 09/30/06 | 10-Q | |
08/04/06 | 06/30/06 | 10-Q | |
05/08/06 | 03/30/06 | Unknown | -- |
03/02/06 | 12/31/05 | 10-K | |
11/07/05 | 09/30/05 | 4 | |
08/05/05 | 06/30/05 | 8-K | |
05/09/05 | 03/30/05 | Unknown | -- |
03/03/05 | 12/31/04 | 5 | |
11/05/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/30/04 | Unknown | -- |
03/01/04 | 12/31/03 | 10-K | |
11/07/03 | 09/30/03 | 10-Q | |
08/11/03 | 06/30/03 | 10-Q | |
05/02/03 | 03/30/03 | Unknown | -- |
02/28/03 | 12/31/02 | 10-K | |
11/12/02 | 09/30/02 | 10-Q | |
08/09/02 | 06/30/02 | 10-Q | |
05/10/02 | 03/30/02 | Unknown | -- |
03/21/02 | 12/31/01 | 10-K | |
11/14/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
04/02/01 | 12/31/00 | 10-K405 | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |