Plains GP Holdings (PAGP) Fair Value & Analysis
Energy · US · Market cap $5.4B
Plains GP Holdings
PAGP · US
Fair value as of: Jul 21, 2026
From 25 valuation models · updated 20 days ago
Share price −0.8% over the past month.
A solid business, but screening 26% overvalued on our models.
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 $27.92) 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 Jul 21, 2026.
How to read this chart
60‑month range $6.51 – $26.66 · fair‑value band $13.79 – $27.92 · the $24.74 price screens above the $18.39 fair value. Dashed = 300-day average. As of Jul 21, 2026.
Analysis
Plains GP Holdings (PAGP) currently trades at $24.74, while our model-based Fair Value estimate is $18.39, implying the stock looks roughly 25.7% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Plains GP Holdings 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 Jul 21, 2026
Our scenario range runs from $13.79 (bear case) to $27.92 (bull case); at $24.74, 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 about 5% below its 52-week high and 57% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -35% fair-value upside, at -26%, 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 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.
All 25 models by family
Widest divergence: Growth DCF ($67.43) versus Asset-Based ($4.55). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 77
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.
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 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 26% overvalued. Compare with Enbridge Inc →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- 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
- Plains All American's 2025 Schedule K-3 Now Available
- Plains All American Pipeline and Plains GP Holdings Provide Updated Capital Spending Guidance for 2026
Peer Group
Oil & Gas Midstream · 87 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
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $56.46 | $47.20 | -16% |
| The Williams Companies, Inc WMB | $73.38 | $12.03 | -84% |
| Enterprise Products Partners L.P. EPD | $38.31 | $24.74 | -35% |
| TC Energy Corporation TRP | C$97.79 | C$42.00 | -57% |
| Kinder Morgan, Inc KMI | $32.54 | $11.12 | -66% |
| Energy Transfer LP, ET | $19.91 | $17.69 | -11% |
| ONEOK, Inc OKE | $93.52 | $64.05 | -32% |
| Targa Resources Corp TRGP | $273.35 | $79.61 | -71% |
| MPLX LP owns and MPLX | $57.17 | $37.05 | -35% |
| Cheniere Energy, Inc LNG | $255.83 | $211.18 | -17% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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