Start here if you're new
what it is
Plains moves, stores, and markets crude oil and natural gas liquids across North America.
how it gets paid
Last year Plains All Amer made $44.3B in revenue.
why it's growing
Revenue grew 318.9% last year. Indeed, the company transported a higher volume of crude, but at a lower price.
what just happened
Quarterly EPS came in at $0.26, missing the $0.40 estimate by 35.0%.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
15/100 earnings predictability — expect surprises
15.3x trailing p/e — the market's not buying it — or you found a deal
7.8% dividend yield — cash in your pocket every quarter
12.0% return on capital — nothing to write home about
xvary composite: 57/100 — below average
What they do
Plains moves, stores, and markets crude oil and natural gas liquids across North America.
This business wins because pipes already in the ground are hard to replace. Plains owns or leases 18,800 miles of pipelines plus 72 million barrels of crude storage, so if you need to move oil at scale, you usually use the system that already exists. That asset base turns ugly commodity logistics into steady fee collection.
How they make money
$44.3B
annual revenue · their business grew +318.9% last year
total revenue
$44.3B
+318.9%
The products that matter
transports and stores crude oil
Crude Oil Logistics
$44.3B revenue
it's the entire revenue picture shown here — a $44.3B business built around moving barrels, not selling software. that scale matters, but the 2.9% net margin tells you this is still an efficiency game.
core
Key numbers
7.8%
distribution yield
You are being paid 7.8% a year in cash while you wait. That is the whole appeal here.
$44.3B
annual revenue
Plains is huge on a sales basis, but only a 3.3% net margin turns into profit. Big revenue, thin take.
12.0%
return on capital
Jargon → return on capital → profit earned on money invested in the business → so what: 12.0% is solid, not elite.
$8.4B
long-term debt
Debt equals 42% of capital, which is tolerable, but it matters when energy markets get sloppy.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 65 / 100
- long-term debt $8.4B (42% of capital)
- net profit margin 3.3% — keeps 3 cents of every dollar in revenue
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in PAA 3 years ago → it's now worth $19,530.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Quarterly EPS came in at $0.26, missing the $0.40 estimate by 35.0%.
Management moved more crude oil, but did it at lower prices. Cold weather also disrupted production and transport, which is a polite way of saying the pipes were ready but the barrels were not.
$10.6B
revenue
$0.26
eps
35.0%
eps surprise
the number that mattered
The 35.0% EPS miss matters most because this stock only has 14% upside to $22, so one weak quarter can wipe out the whole valuation case.
-
plains all american posted disappointing results in the fourth quarter.the master limited partnership’s (mlp) top and bottom lines came in well below wall street’s consensus expectations. much of the blame for the shortfall can be attributed to the resetting of several long-haul permian basis contracts.
-
indeed, the company transported a higher volume of crude, but at a lower price.
-
unusually cold weather also led to disruption of energy production that needed to be transported.
-
overall weakness in the energy patch didn’t help, either.
-
the mlp will soon become almost a crude pure-play.
source: company earnings report, 2026
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What could go wrong
the #1 risk is crude oil volume and margin sensitivity.
high
crude oil volume and margin sensitivity
Plains runs a massive crude-focused system, but it only kept 2.9% of $44.3B in revenue as profit. If volumes soften or tariffs compress, earnings feel it fast.
thin margins mean even modest operating pressure can matter
med
balance sheet drag
$8.4B of long-term debt equals 42% of capital. That's manageable when the system is humming. It gets less comfortable if the operating picture slips.
debt limits flexibility more than the B++ grade suggests
med
earnings volatility
A 15/100 earnings predictability score is blunt. The business may be asset-heavy, but reported results are not especially smooth.
expect more noise here than the word pipeline usually implies
low
regulatory and environmental exposure
Pipelines and storage assets live under permits, safety rules, and environmental oversight. Delays or incidents can raise costs and complicate growth.
not the daily driver, but always in the background
The combined risk picture is simple: $8.4B of debt and a 2.9% net margin leave less room for a misstep than the $44.3B revenue figure makes it seem.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
margin more than revenue
Revenue already jumped to $44.3B. The real question is whether Plains can hold or improve a 2.9% net margin on that scale.
trend
whether $47B actually shows up
The street expects fy2026 revenue of $47B. If that estimate starts slipping, the "steady throughput story" gets shakier.
risk
debt discipline
$8.4B of long-term debt is fine until it isn't. Watch for debt moving up without a matching improvement in margins or earnings quality.
calendar
next update on volumes and guidance
The next useful data point is simple: are crude volumes holding, and is management still talking like $47B revenue is realistic.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts do not see a strong near-term edge here.
risk profile
average
stability score 3 — neither especially safe nor especially wild. Middle-of-the-pack is the right label.
chart momentum
average
technical score 3 — the chart is not screaming anything unusual. It looks like a stock waiting for a better narrative.
earnings predictability
15 / 100
Low predictability means the reported numbers can move around a lot. Pipeline asset base, yes. Smooth earnings stream, not really.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 151 buyers vs. 119 sellers in 3q2025. total institutional holdings: 0.3B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$16
$28
$19
current price
$22
target midpoint · +14% from current · 3-5yr high: $35 (+80% · 23% ann'l return)
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