Plains All American Pipeline LP (PAA) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Plains All American Pipeline LP $29.46, price $24.44, upside +20.5%, quality 58 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $6.17 – $26.10 · fair‑value band $20.62 – $38.30 · the $24.44 price screens below the $29.46 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 Sep 23, 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. The company operates through two segments, Crude Oil and NGL.
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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. 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 $24.44, while our model-based Fair Value estimate is $29.46, implying the stock looks roughly 17.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $38.62 per share, and 17 of the 26 models we run sit above the $24.44 price.
Bear case: the Asset-Based group reads lowest at $9.34, and 9 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $20.62 (bear) to $38.30 (bull), the price of $24.44 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 58/100 (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 $17.2B · P/E ratio 22.0 · P/S ratio 0.71 · EPS (TTM) $1.11 · Dividend yield 6.5% · Net margin 3.2% · Return on equity 10.4% · Return on assets (EBIT) 4.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (medium confidence).
What moves the price
The share trades about 6% below its 52-week high and 64% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −11% fair-value upside, at 21%, PAA screens cheaper than that median.
Fair Value models
Bear $20.62Fair Value $29.46Bull $38.30
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.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.
+6.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.3%
Dividend (yield on the price)6.5%
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.3% vs −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%
Start year 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%
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.
+3.8%
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 +1.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (91 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.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Compare Plains All American Pipeline LP with another stock
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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 · 86 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+20% · Top 25%
Profitability
Return on equity (TTM)10% · Below median
Return on assets3% · Below median
Net margin (TTM)3% · Bottom 25%
Operating margin (TTM)3% · Bottom 25%
Growth and dividend
Revenue growth9% · Below median
Dividend yield (TTM)6.5% · 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 Sep 23, 2026, our model estimates a fair value of $29.46 versus a price of $24.44, about +21% upside (undervalued).
What is the fair value of PAA?
Our model-based fair value for Plains All American Pipeline LP is $29.46 (as of Sep 23, 2026), built from audited fundamentals. The current price: $24.44.
What is the quality score of PAA?
Plains All American Pipeline LP has a Quality Score of 58/100. 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 $29.46 (as of Sep 23, 2026) from 26 valuation models. Cautious scenario $20.62, optimistic scenario $38.30. 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 $29.46, about +21% upside versus a price of $24.44 (undervalued). Cautious scenario $20.62, optimistic scenario $38.30. 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 $45.3B (latest available figure, as of Sep 23, 2026).
Does Plains All American Pipeline LP pay a dividend?
Plains All American Pipeline LP currently shows a dividend yield of about 6.53% relative to its recent price (as of Sep 23, 2026).
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 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of PAA use?
Our models discount Plains All American Pipeline LP at 8.1 %: a base by market capitalisation (large), damped by beta 0.46, 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 a year over ten years, using the same discount rate (8.1 %) 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 -6.3 % 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 Plains All American Pipeline LP (PAA) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Plains All American Pipeline LP (-6.3 % 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 Plains All American Pipeline LP (PAA)?
The free-cash-flow yield on the price is 13.33 %: 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 (8.1 %), 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 $29.46 per share (as of Sep 23, 2026), against a price of $24.44. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Plains All American Pipeline LP stock overvalued or undervalued in 2026?
As of Sep 23, 2026, PAA trades below its calculated fair value: price $24.44, fair value $29.46, a gap of about +21% (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 PAA?
No. The price is what the market pays today ($24.44); the fair value is what the company's own numbers justify ($29.46). For Plains All American Pipeline LP the two are $5.02 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 $17.2B (market capitalisation, as of Sep 23, 2026). Per share that is $24.44; our models calculate a fair value of $29.46 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 $20.62, base $29.46, optimistic $38.30 per share (as of Sep 23, 2026, price $24.44). 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 22.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $29.46 is built from several models across several years. Other multiples: PEG 2.4, P/B 1.8, P/S 0.4, EV/EBITDA 9.8.
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 Sep 23, 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 Sep 23, 2026): return on equity 10.4%, debt of 1.09 per unit of equity. They feed the Quality Score of 58/100, 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 $24.44, about 6% below its 52-week high of $26.10 and 64% above the low of $14.89 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $29.46 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 Sep 23, 2026: price $24.44, calculated fair value $29.46 (+21%), Quality Score 58/100, 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 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 $29.46, 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 14.1 % above its aggregate fair value. Plains All American Pipeline LP currently trades 21 % 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 Sep 23, 2026 was $24.44. Our model-based fair value is $29.46, about +21% upside (undervalued). 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?
Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($20.62 to $38.30) 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 $17.2B. 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 0.71 (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 $1.11 (price ÷ EPS = P/E 22.0). 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 6.5% (payout 144%). 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 10.4% (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 +8.7% 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 −70.9% 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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Broad data
Sep 23, 2026