What are the investment strengths of Plains GP Holdings LP (PAGP)?

FCF yield of 47% (2.1B FCF / 4.4B market cap) with P/CF ratio of 1.5x vs industry 8.2x median - extreme cash generation discount Revenue 46.9B (4x industry median) with 5yr growth 14.7% vs industry 5% - scale advantage in consolidating midstream

What are the investment risks for Plains GP Holdings LP (PAGP)?

Net margin 0.4% vs industry 12.3% with 7.2x leverage - minimal buffer if commodity spreads compress or volumes decline 5yr EPS CAGR of -37.6% despite revenue growth - structural earnings deterioration not yet reversed

Plains GP Holdings LP

PAGP

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Plains GP Holdings LP AI Insights

Informational only. Not investment advice.

As of 2025-12-12

Snapshot

Debt/equity of 7.2x with tangible book value negative (-225M) - equity is essentially leveraged claims on pipeline assets[Debt to Equity]
FCF TTM of 2.1B covers 47% of market cap - distributable cash yield of 47% before distributions[Free Cash Flow TTM]
Asset turnover 1.63x vs industry median 0.30x - 5.4x more efficient capital utilization than peers[Asset Turnover TTM]

Watch Triggers

Net Margin TTM: Falls below 0.2% or turns negative — At 0.4% margin, small revenue decline wipes out net income entirely
Interest Expense TTM: Exceeds 500M (currently 425M) — Interest already 23% of EBIT - refinancing risk in rising rate environment
Free Cash Flow TTM: Falls below 1.5B — Distribution sustainability depends on FCF exceeding 6x current dividend

Bull Case

FCF yield of 47% (2.1B FCF / 4.4B market cap) with P/CF ratio of 1.5x vs industry 8.2x median - extreme cash generation discount

Free Cash Flow TTMPCF Ratio

Revenue 46.9B (4x industry median) with 5yr growth 14.7% vs industry 5% - scale advantage in consolidating midstream

Total Revenue TTMTotal Revenue 5yr Growth

Bear Case

Net margin 0.4% vs industry 12.3% with 7.2x leverage - minimal buffer if commodity spreads compress or volumes decline

Net Margin TTMDebt to Equity

5yr EPS CAGR of -37.6% despite revenue growth - structural earnings deterioration not yet reversed

EPS Growth 5yr TTMTotal Revenue 5yr Growth

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

45%

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Forward Thesis

Distribution coverage remains sustainable despite thin 0.4% net margin due to FCF strength

1-3ymed

FCF of 2.1B TTM vs 340M annual distributions
Capex only 789M (27% of cash flow)
EPS growth 28% YoY shows operating leverage

FCF TTM 2.1B, dividend paid 75MEPS growth 1yr 28.4%Cash flow TTM 2.9B

Valuation Context

Caveats

Public Strategies Rankings

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PAGP Fundamentals

Transportation and Warehousing → Pipeline Transportation

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$4.79B		—
Enterprise Value	$13.24B		—
P/E Ratio	18		—
Total Revenue - TTM	$46.92B	-6.9%	—
Earnings Per Share (diluted) - TTM	$1.17	+28.4%	—
Operating Margin - TTM	3.12%	+0.1%	—
Net Margin - TTM	0.40%	+0.1%	—
Free Cash Flow - TTM	$2.08B	-3.4%	—
Return on Common Equity - TTM	0.13	+2.2%	—
Beta 5Y (Monthly)	unknown		—

PAGP Dividend History

49 dividends

2026

$0.4175

01/30/26$0.4175

2025

$1.5200

10/31/25$0.3800

07/31/25$0.3800

05/01/25$0.3800

01/31/25$0.3800

2024

$1.2700

10/31/24$0.3175

07/31/24$0.3175

04/30/24$0.3175

01/30/24$0.3175

2023

$1.0700

10/30/23$0.2675

07/28/23$0.2675

04/28/23$0.2675

01/30/23$0.2675

2022

$0.8325

10/28/22$0.2175

07/28/22$0.2175

04/28/22$0.2175

01/28/22$0.1800

2021

$0.7200

10/28/21$0.1800

07/29/21$0.1800

04/29/21$0.1800

01/28/21$0.1800

2020

$0.9000

10/29/20$0.1800

07/30/20$0.1800

04/30/20$0.1800

01/30/20$0.3600

2019

$1.3800

10/30/19$0.3600

07/30/19$0.3600

04/30/19$0.3600

01/30/19$0.3000

2018

$1.2000

10/30/18$0.3000

07/30/18$0.3000

04/30/18$0.3000

01/30/18$0.3000

2017

$1.9500

10/30/17$0.3000

07/27/17$0.5500

04/27/17$0.5500

01/27/17$0.5500

2016

$2.3953

10/27/16$0.5499

07/27/16$0.6151

04/27/16$0.6151

01/27/16$0.6151

2015

$2.3514

10/28/15$0.6151

07/29/15$0.6045

04/29/15$0.5912

01/28/15$0.5406

2014

$1.7835

10/29/14$0.5080

07/30/14$0.4884

04/30/14$0.4542

01/29/14$0.3330

PAGP Stock Splits

1 stock split

11/16/162.662968:1 split

PAGP SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/07/25	09/30/25	10-Q	0001581990-25-000028
08/08/25	06/30/25	10-Q	0001581990-25-000021
05/09/25	03/31/25	10-Q	0001581990-25-000013
02/28/25	12/31/24	10-K	0001581990-25-000006
11/08/24	09/30/24	10-Q	0001581990-24-000027
08/09/24	06/30/24	10-Q	0001581990-24-000020
05/10/24	03/31/24	10-Q	0001581990-24-000014
02/29/24	12/31/23	10-K	0001581990-24-000008
11/08/23	09/30/23	10-Q	0001581990-23-000022
08/09/23	06/30/23	10-Q	0001581990-23-000017
05/10/23	03/31/23	10-Q	0001581990-23-000011
03/01/23	12/31/22	10-K	0001581990-23-000005
11/08/22	09/30/22	10-Q	0001581990-22-000023
08/09/22	06/30/22	10-Q	0001581990-22-000018
05/10/22	03/31/22	10-Q	0001581990-22-000011
03/01/22	12/31/21	10-K	0001581990-22-000006
11/08/21	09/30/21	10-Q	0001581990-21-000027
08/06/21	06/30/21	10-Q	0001581990-21-000021
05/10/21	03/31/21	10-Q	0001581990-21-000013
03/01/21	12/31/20	10-K	0001581990-21-000007
11/06/20	09/30/20	10-Q	0001581990-20-000034
08/10/20	06/30/20	10-Q	0001581990-20-000026
05/08/20	03/31/20	10-Q	0001581990-20-000019
02/27/20	12/31/19	10-K	0001581990-20-000005
11/07/19	09/30/19	10-Q	0001581990-19-000013
08/08/19	06/30/19	10-Q	0001581990-19-000010
05/10/19	03/31/19	10-Q	0001581990-19-000007
02/27/19	12/31/18	10-K	0001581990-19-000004
11/08/18	09/30/18	10-Q	0001581990-18-000014
08/09/18	06/30/18	10-Q	0001581990-18-000011
05/09/18	03/31/18	10-Q	0001581990-18-000008
02/27/18	12/31/17	10-K	0001581990-18-000005
11/09/17	09/30/17	10-Q	0001581990-17-000021
08/08/17	06/30/17	10-Q	0001581990-17-000015
05/10/17	03/31/17	10-Q	0001581990-17-000009
02/23/17	12/31/16	10-K	0001581990-17-000004
11/08/16	09/30/16	10-Q	0001581990-16-000004
08/08/16	06/30/16	10-Q	0001104659-16-137857
05/10/16	03/31/16	10-Q	0001104659-16-119397
02/25/16	12/31/15	10-K	0001104659-16-100037
11/06/15	09/30/15	10-Q	0001558370-15-002421
08/07/15	06/30/15	10-Q	0001558370-15-001527
05/08/15	03/31/15	10-Q	0001104659-15-036070
02/25/15	12/31/14	10-K	0001104659-15-013899
11/07/14	09/30/14	10-Q	0001104659-14-078161
08/12/14	06/30/14	10-Q	0001104659-14-059798
05/13/14	03/31/14	10-Q	0001104659-14-037994
03/12/14	12/31/13	10-K	0001104659-14-018845
11/22/13	09/30/13	10-Q	0001104659-13-086626
10/16/13	06/30/13	424B4	0001047469-13-009701
07/29/13	03/31/13	S-1	0001047469-13-007875
10/16/13	12/31/12	424B4	0001047469-13-009701
11/22/13	09/30/12	10-Q	0001104659-13-086626
10/16/13	06/30/12	424B4	0001047469-13-009701
07/29/13	03/31/12	S-1	0001047469-13-007875