Pembina Pipeline Corp (PBA) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Pembina Pipeline Corp stock $54.33, price $47.63, upside +14.1%, quality 62 out of 100. Rating: undervalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range $22.48 – $51.36 · fair‑value band $25.69 – $78.32 · the $47.63 price screens below the $54.33 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Pembina Pipeline Corporation provides energy transportation and midstream services. It operates through three segments: Pipelines, Facilities, and Marketing & New Ventures.
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The Pipelines segment operates conventional, oil sands and heavy oil, and transmission assets with a transportation capacity of 3.0 million of barrels of oil equivalent per day, and the ground storage capacity of 10 million of barrels serving markets and basins across North America.
The Facilities segment offers infrastructure that provides customers with crude oil, natural gas, condensate, and natural gas liquids (NGLs), including ethane, propane, butane, and condensate; and includes 430 thousands of barrels of NGL fractionation capacity, 21 million of barrels of cavern storage capacity, and various oil batteries, associated pipeline, and rail terminalling facilities and a liquefied propane export facility.
The Marketing & New Ventures segment buys and sells hydrocarbon liquids and natural gas originating in the Western Canadian sedimentary basin and other basins. Pembina Pipeline Corporation was incorporated in 1954 and is headquartered in Calgary, Canada.
Stock analysis
Pembina Pipeline Corp (PBA) currently trades at $47.63, while our model-based Fair Value estimate is $54.33, implying the stock looks roughly 12% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $43.51 per share, and 6 of the 25 models we run sit above the $47.63 price.
Bear case: the Multiples group reads lowest at $12.06, and 19 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: $25.69 (bear) to $78.32 (bull), the price of $47.63 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 62/100 (solid quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Pembina Pipeline Corp reported revenue of C$7.8B in FY2025 versus C$8.6B in FY2021, a compound −2.6%/yr. Reported net income was C$1.7B in FY2025, compounding +8.1%/yr from FY2021.
Key figures
Market cap $27.7B Large · P/E ratio 23.2 · P/S ratio 5.06 · EPS (TTM) $2.05 · Dividend yield 4.3% · Net margin 21.8% · Return on equity 10.5% · Return on assets (EBIT) 8.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 71 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 35% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −25% fair-value upside, at 14%, PBA screens cheaper than that median.
Fair Value models
Bear$25.69Fair Value $54.33Bull$78.32
Price $47.63 · Upside +14.1%
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.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+5.3%
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.
−12.5%
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.
+5.5%
Start year 2020 (pandemic). Over 10 years: +5.3% a year
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.
+17.1%
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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.
+13.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.4%
Dividend (yield on the price)4.3%
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.2.5% vs 9.6%, slowing
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.0% → 36%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 2.3%/yr over ~10Y (margins intact) ⓘ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
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more 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).
+7.3%
Yearly growth needed for the next five years to justify today's price.
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.
+4.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CAD, Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about +5.1% a year for the price and +2.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Moderate moat from infrastructure assets and contracts forms the core strength, while elevated total debt relative to equity stands as the primary weakness.
Main risk: Court challenges from Indigenous groups over consultation requirements could delay or block the Pacific Link pipeline project and limit access to new export volumes for Pembina.
Bull case: Pembina could use its execution expertise in the Pacific Link partnership to secure a larger role or faster approvals and expand its contracted volumes to Asian markets.
Bear case: Prolonged legal and regulatory disputes over Pacific Link could stall the project indefinitely, leaving Pembina without meaningful new export capacity and exposing its existing assets to greater competition.
Pembina holds a 10 percent interest in the Pacific Link project, recently designated a national interest initiative to advance a new one-million-barrel daily crude export pipeline to the West Coast. This opens potential access to Asian markets for Canadian oil while the company stays a minority partner alongside governments and Trans Mountain. Will the faster federal review process unlock meaningful volume growth or add layers of shared decision-making and extended timelines?
Price, fair value, quality and upside side by side.
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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 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside+14.1% · Above median
Profitability
Return on equity (12 months)10.5% · Below median
Return on assets4.8% · Above median
Net margin (12 months)22.4% · Above median
Operating margin (12 months)34.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)20.1% · Below median
Dividend yield (12 months)4.3% · Above median
Balance sheet
Debt / equity0.72× · Below median
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
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Is Pembina Pipeline Corp (PBA) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $54.33 versus a price of $47.63, about +14% upside (undervalued).
What is the fair value of PBA?
Our model-based fair value for Pembina Pipeline Corp is $54.33 (as of Nov 4, 2026), built from audited fundamentals. The current price: $47.63.
What is the quality score of PBA?
Pembina Pipeline Corp has a Quality Score of 62/100. 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 Pembina Pipeline Corp (PBA)?
Our model-based price target is the fair value of $54.33 (as of Nov 4, 2026) from 25 valuation models. Cautious scenario $25.69, optimistic scenario $78.32. It is a calculation from audited fundamentals, not an analyst target.
What is the Pembina Pipeline Corp stock forecast for 2026?
Our models put fair value at $54.33, about +14% upside versus a price of $47.63 (undervalued). Cautious scenario $25.69, optimistic scenario $78.32. The calculation is refreshed regularly with new filings.
What is the revenue of Pembina Pipeline Corp (PBA)?
Pembina Pipeline Corp reported trailing-twelve-month revenue of about C$8.0B (latest available figure, as of Nov 4, 2026).
Does Pembina Pipeline Corp pay a dividend?
Pembina Pipeline Corp currently shows a dividend yield of 4.32% relative to its recent price (as of Nov 4, 2026).
What growth is priced into Pembina Pipeline Corp (PBA)?
For today's price to be fair in a discounted-cash-flow model, Pembina Pipeline Corp would have to grow free cash flow by +7.3 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.5 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of PBA use?
Our models discount Pembina Pipeline Corp at 8.7 %: a base by market capitalisation (large), damped by beta 0.75, 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 Pembina Pipeline Corp that is +7.3 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Pembina Pipeline Corp (PBA) delivered so far?
Over the past 5 years revenue at Pembina Pipeline Corp grew +5.5 % a year. The price currently implies +7.3 % per year free-cash-flow growth a 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 Pembina Pipeline Corp (PBA) growing?
The median revenue growth in the sector is +14.2 % a year. That is the yardstick for the growth priced into Pembina Pipeline Corp (+7.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Pembina Pipeline Corp (PBA)?
The free-cash-flow yield on the price is 6.40 %: that much free cash flow Pembina Pipeline Corp produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pembina Pipeline Corp (PBA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pembina Pipeline Corp it is $54.33 per share (as of Nov 4, 2026), against a price of $47.63. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Pembina Pipeline Corp stock overvalued or undervalued in 2026?
As of Nov 4, 2026, PBA trades below its calculated fair value: price $47.63, fair value $54.33, a gap of about +14% (undervalued). 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 PBA?
No. The price is what the market pays today ($47.63); the fair value is what the company's own numbers justify ($54.33). For Pembina Pipeline Corp the two are $6.70 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pembina Pipeline Corp worth?
The market values Pembina Pipeline Corp at about $27.7B (market capitalisation, as of Nov 4, 2026). Per share that is $47.63; our models calculate a fair value of $54.33 per share.
What do the bullish and bearish scenarios say about PBA?
Our models span a range for Pembina Pipeline Corp: cautious scenario $25.69, base $54.33, optimistic $78.32 per share (as of Nov 4, 2026, price $47.63). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PBA?
Pembina Pipeline Corp trades at a price-to-earnings ratio of 23.2 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $54.33 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 19.1 (reported for FY2025: 23.0). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2020 ex one-offs: 16.5. Other multiples: PEG 1.7, P/B 2.3, P/S 4.9, EV/EBITDA 14.5.
What is the PEG ratio of PBA?
The PEG ratio of Pembina Pipeline Corp is 1.70 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Pembina Pipeline Corp (PBA)?
Balance-sheet figures for Pembina Pipeline Corp (as of Nov 4, 2026): return on equity 10.5%, debt of 0.72 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is PBA from its 52-week high?
Pembina Pipeline Corp trades at $47.63, about 7% below its 52-week high of $51.36 and 35% above the low of $35.31 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $54.33 is for.
Which stocks are comparable to Pembina Pipeline Corp?
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 Pembina Pipeline Corp stock attractive at the current price?
The data as of Nov 4, 2026: price $47.63, calculated fair value $54.33 (+14%), Quality Score 62/100, from 25 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 PBA calculated?
We run Pembina Pipeline Corp through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $54.33, 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 15.5% above its aggregate fair value. Pembina Pipeline Corp currently trades 12% 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 Pembina Pipeline Corp (PBA)?
The closing price on Nov 5, 2026 was $47.63. Our model-based fair value is $54.33, about +14% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pembina Pipeline Corp right now?
The model range is unusually wide ($25.69 to $78.32). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Pembina Pipeline Corp (PBA) come from?
Earnings per share at Pembina Pipeline Corp grew +11.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.2 %, EBIT margin +10.5 %, tax rate +2.6 %, residual (interest, one-offs) −0.5 %. 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 Pembina Pipeline Corp
How large is the market capitalisation of Pembina Pipeline Corp (PBA)?
The market capitalisation of Pembina Pipeline Corp is $27.7B. 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 Pembina Pipeline Corp (PBA)?
The price-to-sales ratio of Pembina Pipeline Corp is 5.06 (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 Pembina Pipeline Corp (PBA)?
Earnings per share at Pembina Pipeline Corp are $2.05 (price ÷ EPS = P/E 23.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Pembina Pipeline Corp (PBA)?
The dividend yield of Pembina Pipeline Corp is 4.3% (payout 82.3%, on adjusted earnings, reported 99.0%). 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 Pembina Pipeline Corp (PBA)?
The net margin of Pembina Pipeline Corp is 21.8% (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 Pembina Pipeline Corp (PBA)?
The return on equity (ROE) of Pembina Pipeline Corp is 10.5% (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 Pembina Pipeline Corp (PBA)?
On an EBIT basis the return on assets of Pembina Pipeline Corp is 8.2% (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 Pembina Pipeline Corp (PBA)?
The operating margin of Pembina Pipeline Corp is 34.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pembina Pipeline Corp (PBA)?
Revenue at Pembina Pipeline Corp is growing +20.1% versus a year earlier (3y avg −12.5%). 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 Pembina Pipeline Corp (PBA)?
Earnings per share at Pembina Pipeline Corp are growing +26.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Pembina Pipeline Corp (PBA) carry?
The net debt of Pembina Pipeline Corp is C$13.2B (fiscal year 2025, ≈ 5.3 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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Broad data
Nov 4, 2026