Plains All American Pipeline, L.P. PAA
Plains All American remains deeply discounted versus midstream peers at 6.84x PE versus a peer median of 20.51x and 8.12x EV/EBITDA versus 13.45x, while FY2025 EPS jumped to $1.66 from $0.73 and free cash flow reached $2.29B. Q2 2026 adjusted EBITDA of $738M with reaffirmed full-year guidance of $2.88B ± $75M confirms the earnings trajectory, and the stock's technical structure is constructive above both the 50-day MA of $23.33 and 200-day MA of $21.02.
The principal caveat is that total debt expanded to $11.30B from $7.93B and 24-month insider net selling of 9.36M shares tempers enthusiasm, but the combination of extreme valuation compression, strong FCF coverage, and improving smart-money positioning supports a buy.
What could go wrong
- Leverage expansion. Total debt rose to $11.30B at FY2025 from $7.93B at FY2024, a significant increase that could pressure the balance sheet if commodity conditions deteriorate or if growth projects underperform.
- Insider net selling. Over the trailing 24 months insiders net sold 9.36M shares for net value of $36.26M, including recent code F dispositions by the CEO and multiple executives at $23.45 per share.
- Revenue decline. FY2025 revenue fell 11.61% year-over-year to $44.26B from $50.07B, and while net income grew, sustained revenue contraction could eventually pressure fee-based cash flows.
- Valuation re-rating exhaustion. The unit price has surged approximately 39% since late 2024 per news reports, and with RSI at 60.12 the stock may be approaching near-term overbought territory, limiting upside from multiple expansion.
What would change my mind
Where this comes from: peer_relative composite · peer_relative composite · FMP annual fundamentals · FMP annual fundamentals. Orin's read on PAA; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All PAA filings| Form | Filed | What it says | Read |
|---|---|---|---|
| 10-Q | 7 Aug | Plains All American Pipeline, L.P. | read |
| 8-K | 7 Aug | Plains All American Pipeline reported second-quarter 2026 net income of $1.830 billion, including a $1.6 billion gain from the Canadian NGL Business divestiture. | read |
| 8-K | 17 Jun | On June 12, 2026, Plains All American Pipeline, L.P. | read |
| 8-K | 2 Jun | Effective September 1, 2026, Russ Montgomery will be promoted to Vice President, Accounting and Chief Accounting Officer for Plains All American Pipeline, L.P. | read |
| 8-K | 22 May | Plains All American Pipeline, L.P. | read |
| 8-K | 13 May | Plains All American Pipeline, L.P. | read |
| 8-K | 12 May | Plains All American Pipeline, L.P. | read |
| 13G/A | 11 May | — | on file |
Largest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Invesco | $741.9M | 0.1% of fund |
| Blackstone | $449.3M | 1.4% of fund |
| Mirae Asset Global Etfs Holdings | $394.2M | 0.5% of fund |
| Goldman Sachs Group | $355.3M | 0.0% of fund |
| Tortoise Capital Advisors, L.L.C | $302.8M | 3.1% of fund |
| Morgan Stanley | $242.4M | 0.0% of fund |
42 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 64 Form 4 filings, net −$28.4M. Of the 50 on hand, 0 were open-market purchases and 1 a sale— the rest are grants, option exercises and tax withholding.
Ask Orin about PAA
Orin answers questions about PAA from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 6.8× | — | 51.1× |
| EV/EBITDA | 8.1× | — | — |
| P/S | 0.33× | — | — |
| P/B | 1.6× | — | — |
-5.8%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $2.3B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$26
$24 – $30 · +8% against today's price
- 24 buy or overweight
- 17 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| PAAPlains All American Pipeline, L.P. | $17B | 6.8× | 8.1× | 4.5% | 5.3% | 27% |
| AMAntero Midstream Corporation | $10B | 25.3× | 14.1× | 62.9% | 30.4% | 20% |
| DTMDT Midstream, Inc. | $13B | 27.1× | 14.6× | 63.2% | 35.7% | 10% |
| HESMHess Midstream LP | $8B | 13.3× | 9.4× | 80.8% | 23.3% | 69% |
| WESWestern Midstream Partners, LP | $19B | 14.1× | 12.0× | 66.5% | 29.2% | 34% |
The median is of the 4 peers listed above and nothing else — check it against the column. This company trades 65.4% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.