Plains All American Pipeline, L.P.PAA
NasdaqGS•Energy•Oil & Gas Midstream
Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, trucks, and on barges or railcars. This segment provides terminalling, storage, and other related services, as well as merchant activities. The NGL segment is involved in natural gas processing and NGL fractionation, storage, transportation, and terminaling. This segment also includes ethane, propane, normal butane, iso-butane, and natural gasoline derived from natural gas production and processing activities, as well as crude oil refining processes. Its NGL components are used for various applications, such as heating, engine, and industrial fuels. The company was founded in 1981 and is headquartered in Houston, Texas. Plains All American Pipeline, L.P. operates as a subsidiary of Plains GP Holdings, L.P.
Plains All American Pipeline, L (PAA) reported trailing twelve months revenue of $44.72B as of March 2026, a 10.7% decline year-over-year. Quarterly revenue reached $12.47B, reflecting a contraction in sales.
Plains All American Pipeline, L generated $1.14B in TTM net income, with quarterly EBITDA of $648.00M. The operating margin contracted from 4.4% to 3.2%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (3.2%) and net margin (1.2%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 3.7% a year ago, reflecting increased costs or interest expense.
PAA trades at a P/S of N/A.
The company generated $270.00M in free cash flow over the trailing twelve months, a 39.7% decrease year-over-year, indicating cash generation ability. The balance sheet shows $31.64B in total assets with $10.96B in long-term debt against $9.60B in stockholders equity for a debt-to-equity ratio of 1.1. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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 ~10.7% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~2.9% — no sign of cost or pricing stress.
FCF covers net income by 3.4x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 34.0% 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.