Plains All American Pipeline, L.P.

PAA

Oil & Gas Midstream · Energy

Price

$23.87

+0.12 (+0.51%)

Market Cap

$16.84B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−1.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 716.0M (2021) → 704.0M (2025)

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 servic

Winston Score History

Score breakdown

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Quality

Gross Margin

0.0%

Thin — 0.0% gross margin

Operating Margin

3.2%

Thin — 3.2% operating margin

ROCE

1.8%

Weak — 1.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-9.3%

Shrinking sales (-9.3% YoY)

EPS YoY

+111.1%

Earnings growing fast (111.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

175%

Turns 175% of profit into real cash

FCF Margin

5.0%

Thin free cash flow (5.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.74

Moderate — manageable debt (0.74)

Interest Cover

5.70x

Adequate interest coverage (5.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

12.1x

Attractive valuation — P/E 12.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+0.1

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

6.97%

Healthy income — 6.97% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+12.0%

Dividend growing fast (12.0% YoY)

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