PBA
Pembina Pipeline Corporation
PBA's fundamentals are mixed: it turned 26% of its revenue into free cash flow, but its operating margin fell 3 points to 34%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
PBA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Under pressure |
PBA's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is under pressure.
PBA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 10x | $20.62 | -59% |
| Fair | 18x | $35.50 | -29% |
| Expensive | 23x | $46.53 | -7% |
| Current | 25x | $50.05 | — |
Historical ranges are pointers, not guarantees.
PBA's PE is 25x, but its earnings don't support one, so it isn't a reliable read right now.
PBA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect PBA's earnings to grow and its profitability to improve, with its revenue holding steady.
PBA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.99 | -4.8% |
| Q1 2026 | $1.87 | -13% |
| Q4 2025 | $1.87 | -11% |
| Q3 2025 | $1.97 | -15% |
| Q2 2025 | $2.09 | -8.7% |
| Q1 2025 | $2.16 | -1.4% |
| Q4 2024 | $2.11 | +0.5% |
| Q3 2024 | $2.31 | +48% |
PBA's earnings per share have fallen from their peak: $1.99 over the past year, against $3.68 in late 2022.
PBA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $1.5B | +20% |
| Q1 2026 | $1.5B | -10% |
| Q4 2025 | $1.3B | -11% |
| Q3 2025 | $1.3B | -2.9% |
| Q2 2025 | $1.3B | -3.4% |
| Q1 2025 | $1.6B | +37% |
| Q4 2024 | $1.5B | -13% |
| Q3 2024 | $1.3B | -20% |
PBA's revenue is recovering but still below its 2022 peak: $1.5B last quarter, up 20% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 37% | -0.7 points |
| Q1 2026 | 32% | -1.8 points |
| Q4 2025 | 35% | -7.1 points |
| Q3 2025 | 31% | -3 points |
| Q2 2025 | 38% | +32 points |
| Q1 2025 | 34% | -3.5 points |
| Q4 2024 | 42% | +4.5 points |
| Q3 2024 | 34% | +8.8 points |
PBA's operating margin was 37% last quarter, down 0.7 points from the same quarter a year ago.
PBA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $472.6M | +13% |
| Q1 2026 | $98.7M | -69% |
| Q4 2025 | $440.1M | -5.2% |
| Q3 2025 | $444.3M | +31% |
| Q2 2025 | $416.9M | +20% |
| Q1 2025 | $322.4M | +155% |
| Q4 2024 | $464M | -6.1% |
| Q3 2024 | $340.3M | +1.9% |
PBA generated $1.5B in free cash flow over the past year, down 5.7% from the year before.
PBA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -- |
| 3 years | +5.6% | +31M shares |
| 5 years | +5.6% | +31M shares |
| Available history | +13% | +69M shares |
PBA has 582M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $158.2M |
| Q3 2025 | — |
| Q2 2025 | $140.6M |
| Q1 2025 | $12.7M |
| Q4 2024 | — |
| Q3 2024 | — |
PBA spent $158M buying back its own shares over the past year, up 3.2% from the year before.
PBA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.7x | Elevated |
| Q1 2026 | 3.7x | Elevated |
| Q4 2025 | 3.5x | Elevated |
| Q3 2025 | 3.4x | Elevated |
| Q2 2025 | 3.3x | Elevated |
| Q1 2025 | 3.8x | Elevated |
| Q4 2024 | 4.1x | High |
| Q3 2024 | 4.2x | High |
PBA's net debt is about 3.7 years of its operating earnings (EBITDA), up from 3.3 years a year ago.
PBA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.1 | Neutral |
| Stochastic | 78.1 | Neutral |
PBA's weekly RSI is 56 (neutral) and its Stochastic is 78 (neutral).
PBA PE vs Energy Sector
| Metric | PBA | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 13x | 92% above |
| PE % | 96 | 61 | 35 pts above |
PBA is trading at 25x earnings, a 92% premium to the Energy sector's median of 13x, though its earnings don't support one.
PBA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $48.5 | 3.2% above |
| 20 week MA | $48.6 | 3.1% above |
| 50 week MA | $45.6 | 9.8% above |
| 100 week MA | $41.7 | 20% above |
| 200 week MA | $38.3 | 31% above |
PBA is in an uptrend: it's above all five of its weekly moving averages, and 31% above its 200-week average.
PBA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $37.1 | $24.1 | -35% |
| 2021 | $24.1 | $30.1 | +25% |
| 2022 | $30.1 | $33.9 | +12% |
| 2023 | $33.9 | $34.4 | +1.7% |
| 2024 | $34.4 | $36.6 | +6.2% |
| 2025 | $36.6 | $38.0 | +3.8% |
| 2026 YTD | $38.0 | $50.1 | +32% |
PBA has finished higher in five of the last six years. It's up 32% so far in 2026.