Plains All American Pipeline LP (PAA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Plains All American Pipeline LP stock $25.72, price $23.92, upside +7.5%, quality 60 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
The stock costs about what our calculation considers fair.
Quality 60/100
Generates free cash flow
6.8% dividend yield · Sustainable
Revenue last quarter +66% vs. a year ago.
Fair value $25.72 · Fairly valued (+7.5%)
Mixed Growth(revenue 5y +8.3 %/yr in USD)
Thin margins · 5.3% net margin (TTM) · excl. one-off gain FY2025 2.5%
Moderate debt
Mixed vs. peers(5/11)
Insiders sold $51,495 (6M)
Some data
Narrow moat36/100
⟳ Cyclical
Risks from the AI analysis
🚩Powder River acquisition adding underutilized capacity in competitive basin🚩Decarbonization could cut oil transport demand🚩Peers like EPD and ET could win recontracts at lower rates
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $6.17 – $26.92 · fair‑value band $18.01 – $33.44 · the $23.92 price screens below the $25.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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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.
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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.
Stock analysis
Plains All American Pipeline LP (PAA) currently trades at $23.92, while our model-based Fair Value estimate is $25.72, so the stock looks roughly fairly valued today (gap 7.0%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of $49.06 per share, and 16 of the 26 models we run sit above the $23.92 price.
Bear case: the Asset-Based group reads lowest at $7.67, and 10 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $18.01 (bear) to $33.44 (bull), the price of $23.92 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap $16.9B Large · P/E ratio 39.9 · P/S ratio 1.29 · EPS (TTM) $0.6000 · Dividend yield 6.8% · Net margin 3.2% · Return on equity 10.2% · Return on assets (EBIT) 4.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (medium confidence).
What moves the price
The share trades about 11% below its 52-week high and 52% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −30% fair-value upside, at 8%, PAA screens cheaper than that median.
Fair Value models
Bear$18.01Fair Value $25.72Bull$33.44
Price $23.92 · Upside +7.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $51,495 and none bought.
SaleLawrence Michael ZiembaDirector2,346 shares at $21.95$51,495Jun 29, 2026
Plus 7 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.64/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.3%
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+5.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.6%
Dividend (yield on the price)6.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.2.9% vs −1.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−10% → 3%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 5.1%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−6.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −8.5% a year for the price and +7.4% for the forecasts.
AI conclusion: Fee-based midstream revenues provide some stability, but thin margins and limited differentiation leave only a weak overall moat.
Main risk: A shift toward renewables and electric vehicles could reduce long-term crude oil production and volumes through its Permian pipelines, squeezing utilization and margins.
Bull case: The company could adapt by expanding export infrastructure and capturing rising North American energy demand tied to data centers while optimizing its crude network for efficiency.
Bear case: Accelerating decarbonization combined with aggressive competition from larger peers could lead to structurally lower volumes and tariffs, eroding cash flows from its core Permian assets over time.
Plains has agreed to acquire Powder River Basin midstream assets that currently operate well below their full capacity. Success depends on ramping volumes and margins through integration, yet the extra infrastructure also adds integration and utilization risks in a competitive basin. Our models see the business as undervalued, but will the new assets lift returns more than the spare capacity weighs on them?
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Peer Groupⓘ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.Oil & Gas Midstream · 81 stocks
Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+7.5% · Above median
Profitability
Return on equity (12 months)10.2% · Below median
Return on assets4.8% · Above median
Net margin (12 months)5.3% · Below median
Operating margin (12 months)2.8% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)66.3% · Top 25%
Dividend yield (12 months)6.8% · Top 25%
Balance sheet
Debt / equity1.09× · Above median
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Plains All American Pipeline LP Fair Value". https://www.fairvalue-calculator.com/stock/PAA
Frequently asked questions
Is Plains All American Pipeline LP (PAA) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $25.72 versus a price of $23.92, about +8% upside (fairly valued).
What is the fair value of PAA?
Our model-based fair value for Plains All American Pipeline LP is $25.72 (as of Nov 7, 2026), built from audited fundamentals. The current price: $23.92.
What is the quality score of PAA?
Plains All American Pipeline LP has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Plains All American Pipeline LP (PAA)?
Our model-based price target is the fair value of $25.72 (as of Nov 7, 2026) from 26 valuation models. Cautious scenario $18.01, optimistic scenario $33.44. It is a calculation from audited fundamentals, not an analyst target.
What is the Plains All American Pipeline LP stock forecast for 2026?
Our models put fair value at $25.72, about +8% upside versus a price of $23.92 (fairly valued). Cautious scenario $18.01, optimistic scenario $33.44. The calculation is refreshed regularly with new filings.
What is the revenue of Plains All American Pipeline LP (PAA)?
Plains All American Pipeline LP reported trailing-twelve-month revenue of about $52.3B (latest available figure, as of Nov 7, 2026).
Does Plains All American Pipeline LP pay a dividend?
Plains All American Pipeline LP currently shows a dividend yield of 6.83% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Plains All American Pipeline LP (PAA) and when is the ex-dividend date?
Plains All American Pipeline LP pays a dividend of $1.63 per share a year, a dividend yield of 6.8%. The last ex-dividend date was Oct 30, 2026. A dividend has been paid every year since at least 1999. Free cash flow covers the dividend 1.99 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Plains All American Pipeline LP (PAA)?
For today's price to be fair in a discounted-cash-flow model, Plains All American Pipeline LP would have to grow free cash flow by -6.3 % per year for five years (discount rate 8.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.7 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of PAA use?
Our models discount Plains All American Pipeline LP at 8.2 %: a base by market capitalisation (large), damped by beta 0.54, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Plains All American Pipeline LP that is -6.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.2 %) and the same formula as our fair value.
How much growth has Plains All American Pipeline LP (PAA) delivered so far?
Over the past 5 years revenue at Plains All American Pipeline LP grew +13.7 % a year. The price currently implies free-cash-flow growth of -6.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Plains All American Pipeline LP (PAA) growing?
The median revenue growth in the sector is +14.1 % a year. That is the yardstick for the growth priced into Plains All American Pipeline LP (-6.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Plains All American Pipeline LP (PAA)?
The free-cash-flow yield on the price is 13.58 %: that much free cash flow Plains All American Pipeline LP produces per unit of market value. When it exceeds the discount rate of our models (8.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Plains All American Pipeline LP (PAA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Plains All American Pipeline LP it is $25.72 per share (as of Nov 7, 2026), against a price of $23.92. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Plains All American Pipeline LP stock overvalued or undervalued in 2026?
As of Nov 7, 2026, PAA trades below its calculated fair value: price $23.92, fair value $25.72, a gap of about +8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PAA?
No. The price is what the market pays today ($23.92); the fair value is what the company's own numbers justify ($25.72). For Plains All American Pipeline LP the two are $1.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is Plains All American Pipeline LP worth?
The market values Plains All American Pipeline LP at about $16.9B (market capitalisation, as of Nov 7, 2026). Per share that is $23.92; our models calculate a fair value of $25.72 per share.
What do the bullish and bearish scenarios say about PAA?
Our models span a range for Plains All American Pipeline LP: cautious scenario $18.01, base $25.72, optimistic $33.44 per share (as of Nov 7, 2026, price $23.92). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PAA?
Plains All American Pipeline LP trades at a price-to-earnings ratio of 39.9 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $25.72 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 15.5 (reported for FY2025: 11.8). Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings, 6 of the years ex one-offs: 10.3. Other multiples: PEG 2.4.
What is the PEG ratio of PAA?
The PEG ratio of Plains All American Pipeline LP is 2.35 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Plains All American Pipeline LP (PAA)?
Balance-sheet figures for Plains All American Pipeline LP (as of Nov 7, 2026): return on equity 10.2%, debt of 1.09 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is PAA from its 52-week high?
Plains All American Pipeline LP trades at $23.92, about 11% below its 52-week high of $26.92 and 52% above the low of $15.78 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $25.72 is for.
Which stocks are comparable to Plains All American Pipeline LP?
From the same area (Energy) we also value Enbridge Inc, The Williams Companies, Inc, Enterprise Products Partners L.P., Kinder Morgan, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Plains All American Pipeline LP stock attractive at the current price?
The data as of Nov 7, 2026: price $23.92, calculated fair value $25.72 (+8%), Quality Score 60/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PAA calculated?
We run Plains All American Pipeline LP through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $25.72 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Plains All American Pipeline LP currently trades 7% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Plains All American Pipeline LP (PAA)?
The closing price on Nov 6, 2026 was $23.92. Our model-based fair value is $25.72, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Plains All American Pipeline LP right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($18.01 to $33.44) leaves room in how you read the outcome.
Where does the earnings growth of Plains All American Pipeline LP (PAA) come from?
Earnings per share at Plains All American Pipeline LP grew −4.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.4 %, EBIT margin −5.2 %, tax rate +0.1 %, residual (interest, one-offs) +1.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Plains All American Pipeline LP
How large is the market capitalisation of Plains All American Pipeline LP (PAA)?
The market capitalisation of Plains All American Pipeline LP is $16.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Plains All American Pipeline LP (PAA)?
The price-to-sales ratio of Plains All American Pipeline LP is 1.29 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Plains All American Pipeline LP (PAA)?
Earnings per share at Plains All American Pipeline LP are $0.6000 (price ÷ EPS = P/E 39.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Plains All American Pipeline LP (PAA)?
The dividend yield of Plains All American Pipeline LP is 6.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Plains All American Pipeline LP (PAA)?
The net margin of Plains All American Pipeline LP is 3.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Plains All American Pipeline LP (PAA)?
The return on equity (ROE) of Plains All American Pipeline LP is 10.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Plains All American Pipeline LP (PAA)?
On an EBIT basis the return on assets of Plains All American Pipeline LP is 4.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Plains All American Pipeline LP (PAA)?
The operating margin of Plains All American Pipeline LP is 2.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Plains All American Pipeline LP (PAA)?
Revenue at Plains All American Pipeline LP is growing +66.3% versus a year earlier (3y avg −8.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Plains All American Pipeline LP (PAA)?
Earnings per share at Plains All American Pipeline LP are growing +10.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Plains All American Pipeline LP (PAA) carry?
The net debt of Plains All American Pipeline LP is $6.6B (fiscal year 2025, ≈ 2.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 7, 2026