PAA
Plains All American Pipeline, L.P.
PAA's fundamentals are strong and it looks cheap: trading at 8.1x earnings, below its usual 15x. Analysts expect earnings growth, though they disagree widely on how much.
PAA Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Stable | |
| Under pressure |
PAA's revenue and profitability are currently healthy, and its cash flow is stable, but its balance sheet is under pressure.
PAA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 8.1x | $24.31 | — |
| Cheap | 8.6x | $25.92 | +6.6% |
| Forward | 14x | $24.31 | — |
| Fair | 15x | $43.83 | +80% |
| Expensive | 20x | $59.55 | +145% |
Historical ranges are pointers, not guarantees.
PAA's PE is in its cheap range at 8.1x. On analysts' estimates for next year's earnings, today's price would be 14x, in its fair range.
PAA Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Strong growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for PAA, with profitability holding steady. However, they disagree widely on these estimates.
PAA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.72 | -43% |
| Q3 2026 | $3.00 | +148% |
| Q2 2026 | $3.61 | +310% |
| Q1 2026 | $1.31 | +41% |
| Q4 2025 | $1.66 | +127% |
| Q3 2025 | $1.21 | +7.1% |
| Q2 2025 | $0.88 | -21% |
| Q1 2025 | $0.93 | -21% |
| Q4 2024 | $0.73 | -48% |
PAA earned $3.00 per share over the past year, up 148% from the year before.
PAA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $15.2B | +31% |
| Q2 2026 | $17.7B | +66% |
| Q1 2026 | $12.5B | +3.8% |
| Q4 2025 | $10.6B | -15% |
| Q3 2025 | $11.6B | -9.1% |
| Q2 2025 | $10.6B | -18% |
| Q1 2025 | $12B | +0.1% |
| Q4 2024 | $12.4B | -2.3% |
PAA's revenue is growing: $15.2B last quarter, up 31% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 3.4% | -0.8 points |
| Q2 2026 | 2.3% | 0 points |
| Q1 2026 | 3.3% | -1.2 points |
| Q4 2025 | 3.4% | +2.6 points |
| Q3 2025 | 4.2% | +1.5 points |
| Q2 2025 | 2.3% | -0.6 points |
| Q1 2025 | 4.4% | +1.4 points |
| Q4 2024 | 0.7% | -2.6 points |
PAA's operating margin was 3.4% last quarter, down 0.8 points from the same quarter a year ago.
PAA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $530M | -16% |
| Q2 2026 | $817M | +42% |
| Q1 2026 | $288M | -36% |
| Q4 2025 | $638M | +14% |
| Q3 2025 | $632M | +18% |
| Q2 2025 | $575M | +12% |
| Q1 2025 | $448M | +71% |
| Q4 2024 | $561M | -34% |
PAA generated $2.3B in free cash flow over the past year, up 2.6% from the year before.
PAA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +2.4M shares |
| 1 year | +0.3% | +2.4M shares |
| 3 years | +1% | +6.9M shares |
| 5 years | -0.4% | -3.2M shares |
| Available history | -2.8% | -20.1M shares |
PAA has 708M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | $49M |
| Q1 2022 | $25M |
| Q4 2021 | $61M |
PAA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.4x | Elevated |
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 4.6x | High |
| Q4 2025 | 4.2x | High |
| Q3 2025 | 3.6x | Elevated |
| Q2 2025 | 3.7x | Elevated |
| Q1 2025 | 3.5x | Elevated |
| Q4 2024 | 3.3x | Elevated |
PAA's net debt is about 3.4 years of its operating earnings (EBITDA), about the same as a year ago.
PAA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.7 | Neutral |
| Stochastic | 50.8 | Neutral |
PAA's weekly RSI is 52 (neutral) and its Stochastic is 51 (neutral).
PAA PE vs Energy Sector
| Metric | PAA | Sector median | Relative |
|---|---|---|---|
| PE | 8.1x | 13x | 38% below |
| PE % | 13 | 61 | 48 pts below |
PAA is trading at 8.1x earnings, a 38% discount to the Energy sector's median of 13x.
PAA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $24.9 | 2.3% below |
| 20 week MA | $24.6 | 1.1% below |
| 50 week MA | $22.3 | 9.1% above |
| 100 week MA | $20.1 | 21% above |
| 200 week MA | $17.9 | 36% above |
PAA has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 36% above its 200-week average.
PAA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $18.8 | $8.85 | -53% |
| 2021 | $8.85 | $9.10 | +2.8% |
| 2022 | $9.10 | $11.7 | +29% |
| 2023 | $11.7 | $15.2 | +29% |
| 2024 | $15.2 | $16.8 | +11% |
| 2025 | $16.8 | $17.7 | +5.2% |
| 2026 YTD | $17.7 | $24.3 | +38% |
PAA has finished higher in five of the last six years. It's up 38% so far in 2026.