Plains All American (PAA) AI Stock Analysis

• Market Cap: $12.38B
• Dividend Yield: 8.61%
• Average Volume (3M): 2.66M
• Price to Earnings (P/E): 14.2
• Beta (1Y): 0.56
• Revenue Growth: -7.53%
• EPS Growth: 9.74%
• Country: US
• Employees: 4,200
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Midstream
• EPS (TTM): 0.39
• Shares Outstanding: 705,497,740
• 10 Day Avg. Volume: 3,450,968
• 30 Day Avg. Volume: 2,659,589
• PEG Ratio: -0.32
• Price to Book (P/B): 1.22
• Price to Sales (P/S): 0.24
• P/FCF Ratio: 6.41
• Enterprise Value/Market Cap: 2.08
• Enterprise Value/Revenue: 0.55
• Enterprise Value/Gross Profit: 14.30
• Enterprise Value/Ebitda: 8.93
• 1Y Price Target: $19.55
• Price Target Upside: 10.70% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 10
• EPS Forecast (FY): 1.7
• Revenue Forecast (FY): $48.02B

• Rating: 79 Outperform
• Price Target: $20.00 ▲(13.25% Upside)

Plains All American's overall stock score is driven by strong financial performance and positive technical indicators. The company's strategic acquisitions and high dividend yield further support the stock's attractiveness. However, temporary leverage increases and contract challenges present short-term risks.

Positive Factors

Strategic Acquisition

Acquiring EPIC Crude enhances operational capabilities and market positioning, leveraging existing capacity and potential for expansion.

Cash Flow Generation

Robust cash generation supports financial stability, enabling reinvestment in growth opportunities and debt management.

Operational Efficiency

Improved cost management enhances profitability, supporting sustainable margins and competitive pricing in the market.

Negative Factors

Rising Leverage

Increased leverage may strain financial flexibility, impacting the ability to fund new projects or weather economic downturns.

Revenue Decline

Declining revenue growth could signal challenges in maintaining market share or pricing power, affecting long-term profitability.

Contract Challenges

Contract rate resets may reduce revenue predictability, impacting cash flow and necessitating adjustments in operational strategy.

Plains All American Business Overview & Revenue Model

Company Description

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 in two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and at times on barges or railcars. This segment provides terminalling, storage, and other facilities-related services, as well as merchant activities. As of December 31, 2021, this segment owned and leased 18,300 miles of active crude oil transportation pipelines and gathering systems, as well as an additional 110 miles of pipelines that supports crude oil storage and terminalling facilities; 74 million barrels of commercial crude oil storage capacity; 38 million barrels of active, above-ground tank capacity; four marine facilities; a condensate processing facility; seven crude oil rail terminals and 2,100 crude oil railcars; and 640 trucks and 1,275 trailers. The Natural Gas Liquids segment engages in the natural gas processing, NGL fractionation, storage, transportation, and terminalling activities. As of December 31, 2021, this segment owned and operated four natural gas processing plants; nine fractionation plants; 28 million barrels of NGL storage capacity; approximately 1,620 miles of active NGL transportation pipelines, as well as an additional 55 miles of pipeline that supports NGL storage facilities; 16 NGL rail terminals and approximately 3,900 NGL rail cars; and approximately 220 trailers. 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.

How the Company Makes Money

Plains All American generates revenue through multiple streams, primarily from the transportation and storage of crude oil and refined products via its extensive pipeline network. The company charges fees based on the volume of oil transported through its pipelines, and it also earns revenue from storage services provided at its terminals. Additionally, the Supply and Logistics segment contributes to earnings by purchasing crude oil and selling it to refiners and other customers, often leveraging price differentials in various markets. Significant partnerships with oil producers and refiners enhance PAA's ability to secure long-term contracts, thus providing stable revenue. The company also benefits from its scale and operational efficiency, allowing it to maintain competitive pricing and optimize its logistics operations.

Plains All American Financial Statement Overview

Summary

Plains All American exhibits a strong financial performance with stable profitability and efficient cash flow management. Despite a slight decline in revenue, the company maintains solid margins and a healthy balance sheet. The overall financial health is robust, with effective leverage management and strong cash flow generation.

Income Statement

Plains All American shows a stable income statement with a slight decline in revenue growth rate at -2.44% TTM. Gross profit margin improved significantly to 28.51% TTM, indicating better cost management. Net profit margin is modest at 1.92% TTM, reflecting stable profitability. EBIT and EBITDA margins are 3.77% and 5.89% TTM, respectively, showing consistent operational efficiency.

Balance Sheet

The balance sheet reflects a stable financial position with a debt-to-equity ratio of 0.91 TTM, indicating manageable leverage. Return on equity is 9.30% TTM, showing effective use of equity to generate profits. The equity ratio is 46.22% TTM, highlighting a solid equity base.

Cash Flow

Cash flow analysis reveals strong free cash flow growth of 13.31% TTM, indicating robust cash generation. The operating cash flow to net income ratio is 2.53 TTM, suggesting efficient cash conversion. Free cash flow to net income ratio is 0.87 TTM, demonstrating good cash flow relative to earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	46.63B	50.07B	48.71B	57.34B	42.08B	23.29B
Gross Profit	1.80B	1.72B	2.76B	1.89B	1.74B	1.13B
EBITDA	2.88B	2.74B	3.06B	2.79B	1.92B	-1.51B
Net Income	1.13B	772.00M	1.23B	1.04B	593.00M	-2.59B
Balance Sheet
Total Assets	28.10B	26.56B	27.36B	27.89B	28.61B	24.50B
Cash, Cash Equivalents and Short-Term Investments	1.18B	348.00M	450.00M	401.00M	449.00M	22.00M
Total Debt	9.64B	7.93B	8.03B	8.82B	9.64B	10.61B
Total Liabilities	15.11B	13.47B	13.62B	14.57B	15.80B	14.76B
Stockholders Equity	9.76B	9.81B	10.42B	10.06B	9.97B	9.59B
Cash Flow
Free Cash Flow	2.22B	1.87B	2.17B	1.95B	1.66B	776.00M
Operating Cash Flow	2.88B	2.49B	2.73B	2.41B	2.00B	1.51B
Investing Cash Flow	-2.10B	-1.50B	-702.00M	-526.00M	386.00M	-1.09B
Financing Cash Flow	-247.00M	-1.08B	-1.98B	-1.93B	-1.98B	-435.00M

Plains All American Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 17.66
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PAA, the sentiment is Positive. The current price of 17.66 is above the 20-day moving average (MA) of 17.57, above the 50-day MA of 16.86, and above the 200-day MA of 17.06, indicating a bullish trend. The MACD of 0.21 indicates Positive momentum. The RSI at 57.93 is Neutral, neither overbought nor oversold. The STOCH value of 44.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PAA.

Plains All American Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WES	80 Outperform	$15.94B	11.56	40.29%	9.12%	5.81%	-13.58%
PAA	79 Outperform	$12.38B	14.23	9.78%	8.61%	-7.53%	9.74%
DTM	78 Outperform	$12.00B	29.92	9.04%	2.74%	20.39%	-3.85%
HESM	77 Outperform	$7.03B	12.03	59.81%	8.52%	10.78%	19.10%
PAGP	72 Outperform	$14.25B	21.34	10.33%	8.10%	-7.53%	11.27%
VNOM	69 Neutral	$13.63B	15.70	8.10%	6.06%	38.38%	3.35%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

Plains All American Corporate Events

Plains All American Secures $1.1 Billion Term Loan

On October 31, 2025, Plains All American Pipeline acquired EPIC Crude Holdings, including its crude oil pipeline operations, and subsequently terminated EPIC’s credit agreement by repaying all outstanding amounts by December 1, 2025. Following this, Plains All American entered into a new $1.1 billion term loan agreement on November 26, 2025, with PNC Bank, featuring terms that allow prepayment and include customary covenants and financial conditions. This strategic financial restructuring is aligned with the company’s operational focus and may impact its financial flexibility and stakeholder relations.

Plains All American Completes $750M Debt Offering

On November 14, 2025, Plains All American Pipeline, L.P. and PAA Finance Corp. completed a public offering of $750 million in debt securities, comprising $300 million of 4.700% Senior Notes due 2031 and $450 million of 5.600% Senior Notes due 2036. These notes are additional issuances to those initially issued on September 8, 2025, and will mature in 2031 and 2036, respectively. The offering aims to strengthen PAA’s financial position by increasing the total outstanding principal amount of these notes to $1 billion each. The notes are senior unsecured obligations, ranking equally with existing senior debt and are subject to certain covenants and events of default as outlined in the indenture agreements.

Plains All American Completes Major EPIC Acquisition

On October 31, 2025, Plains All American Pipeline, L.P. completed the acquisition of a 100% equity interest in EPIC Crude Holdings and its general partner, EPIC GP, through two transactions totaling approximately $2.9 billion. This strategic move allows Plains All American to fully control the EPIC Crude Oil Pipeline, which is a key infrastructure asset for transporting crude oil from the Permian and Eagle Ford basins to the Gulf Coast. The acquisition is expected to enhance Plains All American’s operational capabilities and market positioning by leveraging the EPIC Pipeline’s existing capacity and potential for expansion.

Plains All American Reports Strong Q3 2025 Results

On November 5, 2025, Plains All American Pipeline reported its third-quarter 2025 results, highlighting a net income of $441 million and an adjusted EBITDA of $669 million. The company completed the acquisition of a 100% equity interest in EPIC Crude Holdings, which is expected to enhance synergy capture and cost savings, with plans to rename the system Cactus III. Plains also announced the pending divestiture of its Canadian NGL business, aiming to streamline operations and focus on becoming a leading crude oil midstream provider. These strategic moves are anticipated to provide financial stability and growth opportunities despite market volatility.