Health score, competitive moat, risk signals, and key metrics at a glance.
Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates through Crude Oil and Natural Gas Liquids (NGLs) segments. The company engages in the gathering and transporting crude oil using pipelines, trucks, and barges or railcars. It also provides terminalling, storage, and other related services. In addition, the company is involved in the natural gas processing and NGL fractionation, storage, transportation, and terminalling activities. PAA GP Holdings LLC operates as a general partner of the company. Plains GP Holdings, L.P. was incorporated in 2013 and is headquartered in Houston, Texas.
Competitive analysis based on 50 quarters of fundamental data
Operating margins are positive at ~2.8% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~1.2% on average, adequate but below the threshold typically associated with wide moats.
Data-driven red flags and warnings across 50 quarters
Margins are stable or improving at ~2.8% — no sign of cost or pricing stress.
FCF covers net income by 4.4x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 34.6% recently — increasing financial risk even if the current ratio is manageable.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
as of March 2026
Revenue, EBITDA, operating income, net income, EPS, and shares
Gross, EBITDA, operating, and net margin trends
P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield
Total assets, cash, debt, book value, and leverage
Operating cash flow, free cash flow, FCF margin, and earnings quality
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
