Plains GP Holdings LP (PAGP) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Plains GP Holdings LP $22.51, price $26.69, upside -15.7%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Plains GP Holdings LP for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $6.76 – $28.47 · fair‑value band $13.79 – $33.81 · the $26.69 price screens above the $22.51 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 24, 2026.
Follow Plains GP Holdings LP in your weekly email
Every Wednesday you see whether Plains GP Holdings LP is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
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.
Show more
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.
Stock analysis
Plains GP Holdings LP (PAGP) currently trades at $26.69, while our model-based Fair Value estimate is $22.51, implying the stock looks roughly 18.6% overvalued today.
Show more
Valuation
Bull case: the Growth DCF group reads highest at a median of $76.80 per share, and 9 of the 25 models we run sit above the $26.69 price.
Bear case: the Asset-Based group reads lowest at $4.55, and 16 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: $13.79 (bear) to $33.81 (bull), the price of $26.69 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 51/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap $5.3B · P/E ratio 29.8 · P/S ratio 0.18 · EPS (TTM) $0.7800 · Dividend yield 6.0% · Net margin 0.6% · Return on equity 9.1% · Return on assets (EBIT) 4.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 6% below its 52-week high and 68% 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 −16%, PAGP screens richer than that median.
Fair Value models
Bear $13.79Fair Value $22.51Bull $33.81
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.72/100
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 14 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.
+4.8%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
−6.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.3%
Dividend (yield on the price)6.0%
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 0%, 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 11.0%/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).
−11.7%
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.
+4.8%
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 −13.8% a year for the price and +2.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (84 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.
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 87 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside−16% · Below median
Profitability
Return on equity (TTM)9% · Below median
Return on assets3% · Bottom 25%
Net margin (TTM)0% · Bottom 25%
Operating margin (TTM)3% · Bottom 25%
Growth and dividend
Revenue growth9% · Below median
Dividend yield (TTM)6.0% · Above median
Balance sheet
Debt / equity7.95× · Highest 25%
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
P/E (TTM)29.8× · Priciest 25%
P/B3.93× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Plains GP Holdings LP Fair Value". https://www.fairvalue-calculator.com/stock/PAGP
Frequently asked questions
Is Plains GP Holdings LP (PAGP) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $22.51 versus a price of $26.69, about −16% upside (overvalued).
What is the fair value of PAGP?
Our model-based fair value for Plains GP Holdings LP is $22.51 (as of Sep 24, 2026), built from audited fundamentals. The current price: $26.69.
What is the quality score of PAGP?
Plains GP Holdings LP has a Quality Score of 51/100. 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 GP Holdings LP (PAGP)?
Our model-based price target is the fair value of $22.51 (as of Sep 24, 2026) from 25 valuation models. Cautious scenario $13.79, optimistic scenario $33.81. It is a calculation from audited fundamentals, not an analyst target.
What is the Plains GP Holdings LP stock forecast for 2026?
Our models put fair value at $22.51, about −16% upside versus a price of $26.69 (overvalued). Cautious scenario $13.79, optimistic scenario $33.81. The calculation is refreshed regularly with new filings.
What is the revenue of Plains GP Holdings LP (PAGP)?
Plains GP Holdings LP reported trailing-twelve-month revenue of about $45.3B (latest available figure, as of Sep 24, 2026).
Does Plains GP Holdings LP pay a dividend?
Plains GP Holdings LP currently shows a dividend yield of about 5.98% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Plains GP Holdings LP (PAGP)?
For today's price to be fair in a discounted-cash-flow model, Plains GP Holdings LP would have to grow free cash flow by -11.7 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PAGP use?
Our models discount Plains GP Holdings LP at 8.5 %: a base by market capitalisation (mid), damped by beta 0.42, 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 GP Holdings LP that is -11.7 % per year a year over ten years, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Plains GP Holdings LP (PAGP) delivered so far?
Over the past 5 years revenue at Plains GP Holdings LP grew +13.7 % a year. The price currently implies -11.7 % 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 GP Holdings LP (PAGP) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Plains GP Holdings LP (-11.7 % 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 GP Holdings LP (PAGP)?
The free-cash-flow yield on the price is 43.30 %: that much free cash flow Plains GP Holdings LP produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), 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 GP Holdings LP (PAGP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Plains GP Holdings LP it is $22.51 per share (as of Sep 24, 2026), against a price of $26.69. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Plains GP Holdings LP stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PAGP trades above its calculated fair value: price $26.69, fair value $22.51, a gap of about −16% (overvalued). 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 PAGP?
No. The price is what the market pays today ($26.69); the fair value is what the company's own numbers justify ($22.51). For Plains GP Holdings LP the two are $4.18 per share apart. That gap is exactly why we show both numbers side by side.
How much is Plains GP Holdings LP worth?
The market values Plains GP Holdings LP at about $5.3B (market capitalisation, as of Sep 24, 2026). Per share that is $26.69; our models calculate a fair value of $22.51 per share.
What do the bullish and bearish scenarios say about PAGP?
Our models span a range for Plains GP Holdings LP: cautious scenario $13.79, base $22.51, optimistic $33.81 per share (as of Sep 24, 2026, price $26.69). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PAGP?
Plains GP Holdings LP trades at a price-to-earnings ratio of 29.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $22.51 is built from several models across several years. Other multiples: PEG 0.7, P/B 3.9, P/S 0.1, EV/EBITDA 6.7.
What is the PEG ratio of PAGP?
The PEG ratio of Plains GP Holdings LP is 0.70 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Plains GP Holdings LP (PAGP)?
Balance-sheet figures for Plains GP Holdings LP (as of Sep 24, 2026): return on equity 9.1%, debt of 7.95 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is PAGP from its 52-week high?
Plains GP Holdings LP trades at $26.69, about 6% below its 52-week high of $28.47 and 68% above the low of $15.88 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $22.51 is for.
Which stocks are comparable to Plains GP Holdings 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 GP Holdings LP stock attractive at the current price?
The data as of Sep 24, 2026: price $26.69, calculated fair value $22.51 (−16%), Quality Score 51/100, 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 PAGP calculated?
We run Plains GP Holdings LP 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 $22.51, 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 GP Holdings LP itself currently trades above fair value. 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 GP Holdings LP (PAGP)?
The closing price on Sep 23, 2026 was $26.69. Our model-based fair value is $22.51, about −16% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Plains GP Holdings LP right 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.
Key figures of Plains GP Holdings LP
How large is the market capitalisation of Plains GP Holdings LP (PAGP)?
The market capitalisation of Plains GP Holdings LP is $5.3B. 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 GP Holdings LP (PAGP)?
The price-to-sales ratio of Plains GP Holdings LP is 0.18 (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 GP Holdings LP (PAGP)?
Earnings per share at Plains GP Holdings LP are $0.7800 (price ÷ EPS = P/E 29.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Plains GP Holdings LP (PAGP)?
The dividend yield of Plains GP Holdings LP is 6.0%. 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 Plains GP Holdings LP (PAGP)?
The net margin of Plains GP Holdings LP is 0.6% (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 GP Holdings LP (PAGP)?
The return on equity (ROE) of Plains GP Holdings LP is 9.1% (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 GP Holdings LP (PAGP)?
On an EBIT basis the return on assets of Plains GP Holdings LP is 4.3% (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 GP Holdings LP (PAGP)?
The operating margin of Plains GP Holdings 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 GP Holdings LP (PAGP)?
Revenue at Plains GP Holdings 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 GP Holdings LP (PAGP)?
Earnings per share at Plains GP Holdings LP are growing −76.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Plains GP Holdings LP (PAGP) carry?
The net debt of Plains GP Holdings LP is $11.2B (fiscal year 2025, ≈ 4.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Plains GP Holdings LP in the live analysis
One click puts Plains GP Holdings LP on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Broad data
Sep 24, 2026