Plains All American Pipeline LP (PAA) Fair Value & Analysis
Energy · US · Market cap $15.1B · ISIN US7265031051
What is Plains All American Pipeline LP really worth?
Plains All American Pipeline LP
PAA · US
A solid business, but trading 24% above our fair value of $20.62.
Strengths
Risks
For context
Fair value as of: Aug 31, 2026
From 26 valuation models · updated 5 days ago
Share price +8.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($15.46 to $37.11) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.
How to read this chart
60‑month range $6.17 – $25.86 · fair‑value band $15.46 – $37.11 · the $25.53 price screens above the $20.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 31, 2026.
Analysis
Plains All American Pipeline LP (PAA) currently trades at $25.53, while our model-based Fair Value estimate is $20.62, implying the stock looks roughly 23.8% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Energy sector. Bull case: the DCF Models group reads highest at a median of $33.67 per share, and 16 of the 26 models we run sit above the $25.53 price. Bear case: the Asset-Based group reads lowest at $9.34, and 10 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Plains All American Pipeline LP generated revenue of $45.3B at a net margin of 2.5%. Revenue grew 8.7% year over year. It earns a return on equity of 10.4%. Net debt stands at $6.6B. Fundamentals as of Aug 31, 2026
Our scenario range runs from $15.46 (bear case) to $37.11 (bull case); at $25.53, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 73% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −46% fair-value upside, at −19%, PAA screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models ($33.67) versus Asset-Based ($9.34). Highest evidence: FCF DCF (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 31, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 58 · Market factors (momentum, volatility) 84
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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 through two segments, Crude Oil and NGL.
Full 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 through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, trucks, and on barges or railcars. This segment provides terminalling, storage, and other related services, as well as merchant activities. The NGL segment is involved in natural gas processing and NGL fractionation, storage, transportation, and terminaling. This segment also includes ethane, propane, normal butane, iso-butane, and natural gasoline derived from natural gas production and processing activities, as well as crude oil refining processes. Its NGL components are used for various applications, such as heating, engine, and industrial fuels. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Plains All American Pipeline LP reported revenue of $44.3B in FY2025 versus $42.1B in FY2021, a compound +1.3%/yr. Reported net income was $1.4B in FY2025, compounding +24.7%/yr from FY2021.
of which total revenue +5.7 % · buybacks/dilution −5.8 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
PAA screens 24% overvalued. Compare with Enbridge Inc →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Plains All American Pipeline (PAA) Stock Looks Undervalued Despite Mixed Broader Checks
- Plains All American Pipeline (PAA) After Earnings Pullback Faces Questions About Fair Value
- Are Plains All American’s Cost Wins And Permian Push Quietly Recasting PAA’s Risk‑Reward Profile?
Peer Group
Oil & Gas Midstream · 89 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 35/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Aug 31, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $50.72 | $35.83 | −29% |
| The Williams Companies, Inc WMB | $74.05 | $11.73 | −84% |
| Enterprise Products Partners L.P. EPD | $39.02 | $20.94 | −46% |
| TC Energy Corporation TRP | C$88.72 | C$24.53 | −72% |
| Kinder Morgan, Inc KMI | $31.60 | $10.92 | −65% |
| Energy Transfer LP, ET | $21.31 | $11.45 | −46% |
| MPLX LP owns and MPLX | $59.25 | $36.42 | −39% |
| ONEOK, Inc OKE | $95.69 | $58.62 | −39% |
| Targa Resources Corp TRGP | $286.91 | $79.61 | −72% |
| Cheniere Energy, Inc LNG | $280.80 | $199.99 | −29% |
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