Plains GP Holdings LP (PAGP) Fair Value & Analysis
Energy · US · Market cap $5.4B · ISIN US72651A1088
What is Plains GP Holdings LP really worth?
Plains GP Holdings LP
PAGP · US
A solid business, but trading 51% above our fair value of $18.39.
Strengths
Risks
For context
Fair value as of: Aug 28, 2026
From 25 valuation models · updated 8 days ago
Share price +8.8% 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 (51/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($13.79 to $33.81) 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 28, 2026.
How to read this chart
60‑month range $6.76 – $28.47 · fair‑value band $13.79 – $33.81 · the $27.68 price screens above the $18.39 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 28, 2026.
Analysis
Plains GP Holdings LP (PAGP) currently trades at $27.68, while our model-based Fair Value estimate is $18.39, implying the stock looks roughly 50.5% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Energy sector. Bull case: the Growth DCF group reads highest at a median of $67.43 per share, and 9 of the 24 models we run sit above the $27.68 price. Bear case: the Asset-Based group reads lowest at $4.55, and 15 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Plains GP Holdings LP generated revenue of $45.3B at a net margin of 0.4%. Revenue grew 8.7% year over year. It earns a return on equity of 9.1%. Net debt stands at $11.2B. Fundamentals as of Aug 28, 2026
Our scenario range runs from $13.79 (bear case) to $33.81 (bull case); at $27.68, 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 76% 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 −34%, PAGP 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 25 models by family
Widest divergence: Growth DCF ($67.43) versus Asset-Based ($4.55). Highest evidence: FCF DCF (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 85
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 GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates through Crude Oil and Natural Gas Liquids (NGLs) segments. The company engages in the gathering and transporting crude oil using pipelines, trucks, and barges or railcars.
Full company description
Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates through Crude Oil and Natural Gas Liquids (NGLs) segments. The company engages in the gathering and transporting crude oil using pipelines, trucks, and barges or railcars. It also provides terminalling, storage, and other related services. In addition, the company is involved in the natural gas processing and NGL fractionation, storage, transportation, and terminalling activities. PAA GP Holdings LLC operates as a general partner of the company. Plains GP Holdings, L.P. was incorporated in 2013 and is headquartered in Houston, Texas.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Plains GP Holdings LP reported revenue of $44.3B in FY2025 versus $42.1B in FY2021, a compound +1.3%/yr. Reported net income was $260M in FY2025, compounding +44.3%/yr from FY2021.
PAGP screens 51% overvalued. Compare with Enbridge Inc →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Plains GP Holdings LP (PAGP) (Q2 2026) Earnings Call Highlights: Strong EBITDA and Strategic ...
- Plains All American Reports Second-Quarter 2026 Results
- Plains GP Holdings LP's Dividend Analysis
- Plains All American Pipeline and Plains GP Holdings Announce Quarterly Distributions and Timing of Second Quarter 2026 Earnings
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.
VALUE 0: the price sits above our fair-value range.
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 28, 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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