Plains All American AI Stock Analysis
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Plains All American (PAA) AI Stock Analysis
Plains All American
(NASDAQ:PAA)
PAA’s score is driven primarily by strong financial performance—especially robust free cash flow and improved TTM profitability—supported by attractive valuation (low P/E and ~7% yield). These positives are partially offset by weaker near-term technical signals (price below key moving averages with low RSI/Stoch) and some earnings-call risks around a softer Q4 outlook and timing/costs of the Silver Spur ramp.
Plains All American (PAA) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $17.15B
- Dividend Yield
- 6.87%
- Average Volume (3M)
- 2.62M
- Price to Earnings (P/E)
- 8.2
- Beta (1Y)
- 0.23
- Revenue Growth
- 19.31%
- EPS Growth
- 143.26%
- Country
- US
- Employees
- 3,900
- Sector
- Energy
- Sector Strength
- 65
- Industry
- Oil & Gas Midstream
Plains All American Business Overview & Revenue Model
Company Description
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 se...
How the Company Makes Money
PAA primarily makes money by providing midstream logistics services—moving, storing, and handling crude oil and NGLs—for customers under contracted arrangements. Key revenue streams typically include: (1) Transportation fees: PAA earns tariff-based o...
Plains All American Earnings Call Summary
The call was predominantly positive. Plains reported strong third-quarter EBITDA, reaffirmed 2026 guidance, advanced its crude-focused strategy, expanded its Permian and Rockies footprints, captured Cactus III synergies, and improved distributable cash flow through balance-sheet optimization. The principal challenges were a modestly lower fourth-quarter EBITDA outlook, Silver Spur transition costs and delayed ramp, Permian pipeline utilization near 90%, volatile geopolitical and commodity conditions, and the possibility that some 2026 market benefits will not repeat in 2027.
Q3-2026 Updates
Positive Updates
Negative Updates
Company Guidance
For 2026, Plains is on track to achieve its guidance targets, narrowing the EBITDA range to plus or minus $50 million with a midpoint of $2.88 billion, and expects to be at or slightly above the midpoint of the range for the year; implied fourth-quarter adjusted EBITDA is about $700 million, down about $10 million from the third quarter. The company has captured $50 million of synergies in connection with the Cactus III Pipeline acquisition and remains on track to deliver $50 million of efficiencies across the organization by year-end 2026. Permian production growth is expected to be towards the high end of the previous range, about 200,000 barrels a day on a year-end exit-to-exit basis for 2026, with 200,000 to 300,000 barrels a day of growth for the foreseeable future; additional brownfield expansions are expected in that '28 to '29 time period, or sometime in 2028 to early 2029. Silver Spur is expected to ramp into 2028, with system buildout through 2027, 2028 forward described as a great thing for the asset, and EBITDA at roughly 9 to 10x in the first 12 months. Guidance for 2027 will be provided on the call in February.
Plains All American Financial Statement Overview
Summary
Overall fundamentals are solid, led by strong cash generation (TTM operating cash flow ~$2.67B; free cash flow ~$2.52B; ~94% FCF-to-net-income conversion) and improved profitability versus prior years (TTM net margin ~4.8%). Balance sheet trends are supportive with debt down versus 2025 (~$10.1B TTM vs. ~$11.3B), but thin gross margins (TTM ~3.3%) and historically choppy revenue/leverage metrics temper the score.
Income Statement
74PositiveBalance Sheet
70PositiveCash Flow
82Very Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 55.81B | 44.26B | 50.07B | 48.71B | 57.34B | 42.08B |
| Gross Profit | 2.70B | 2.67B | 1.72B | 2.76B | 1.89B | 1.74B |
| EBITDA | 3.04B | 2.91B | 2.74B | 3.06B | 2.79B | 1.92B |
| Net Income | 2.69B | 1.44B | 772.00M | 1.23B | 1.04B | 593.00M |
Balance Sheet | ||||||
| Total Assets | 29.47B | 30.17B | 26.56B | 27.36B | 27.89B | 28.61B |
| Cash, Cash Equivalents and Short-Term Investments | 879.00M | 4.73B | 348.00M | 450.00M | 401.00M | 449.00M |
| Total Debt | 10.10B | 11.30B | 7.93B | 8.03B | 8.82B | 9.64B |
| Total Liabilities | 16.82B | 17.09B | 13.47B | 13.62B | 14.57B | 15.80B |
| Stockholders Equity | 9.46B | 9.84B | 9.81B | 10.42B | 10.06B | 9.97B |
Cash Flow | ||||||
| Free Cash Flow | 2.27B | 2.29B | 1.87B | 2.17B | 1.95B | 1.66B |
| Operating Cash Flow | 2.83B | 2.94B | 2.49B | 2.73B | 2.41B | 2.00B |
| Investing Cash Flow | 1.11B | -3.69B | -1.50B | -702.00M | -526.00M | 386.00M |
| Financing Cash Flow | -4.22B | 724.00M | -1.08B | -1.98B | -1.93B | -1.98B |
Plains All American Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PAA, the sentiment is Neutral. The current price of 24.44 is below the 20-day moving average (MA) of 25.23, below the 50-day MA of 24.77, and above the 200-day MA of 22.38, indicating a neutral trend. The MACD of -0.17 indicates Positive momentum. The RSI at 43.91 is Neutral, neither overbought nor oversold. The STOCH value of 25.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PAA.
Plains All American Risk Analysis
Plains All American disclosed 67 risk factors in its most recent earnings report. Plains All American reported the most risks in the "Finance & Corporate" category.
- Finance & Corporate31
- Tech & Innovation1
- Legal & Regulatory14
- Production10
- Ability to Sell4
- Macro & Political7
Latest Risks Added
3 New RisksPlains All American Peers Comparison
Overall Rating
EPD76Outperform
OKE75Outperform- PAA74Outperform
MPLX74Outperform
ET70Outperform
TRGP68Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| EPD | 76Outperform | $80.14B | 12.49 | 22.00% | 5.94% | 22.14% | 13.83% |
| OKE | 75Outperform | $55.59B | 13.85 | 17.87% | 4.82% | 38.10% | 18.34% |
| PAA | 74Outperform | $17.09B | 8.15 | 26.88% | 6.87% | 19.31% | 143.26% |
| MPLX | 74Outperform | $57.51B | 13.23 | 30.86% | 7.85% | 7.12% | -9.38% |
| ET | 70Outperform | $66.99B | 11.98 | 17.19% | 6.37% | 56.13% | 20.88% |
| TRGP | 68Neutral | $62.60B | 26.16 | 71.58% | 1.60% | 5.22% | 52.09% |
| Sector * | 65Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| PAA | Plains All American Pipeline | 24.44 | 8.77 | 55.93% | |
| ET | Energy Transfer Equity | 19.40 | 3.61 | 22.86% | |
| EPD | Enterprise Products Partners | 38.28 | 8.37 | 28.00% | |
| OKE | Oneok Inc | 89.75 | 24.15 | 36.81% | |
| TRGP | Targa Resources Corp. | 297.33 | 132.12 | 79.97% | |
| MPLX | MPLX LP | 57.25 | 8.43 | 17.27% |
Plains All American Corporate Events
Plains All American Reports Third-Quarter Results, Distribution Rises
PositiveOn November 6, 2026, Plains All American Pipeline and Plains GP Holdings reported third-quarter results. PAA posted $363 million in net income attributable to PAA, $669 million in operating cash flow and $711 million in adjusted EBITDA, while paying...
Plains All American appoints new chief operating officer
PositiveOn September 29, 2026, Plains All American Pipeline and Plains GP Holdings announced that veteran executive Dean Liollio will become Executive Vice President and Chief Operating Officer effective October 2, 2026, succeeding Chris Chandler, who is res...
Plains All American Completes $1.5 Billion Note Offering
PositiveOn September 14, 2026, Plains All American Pipeline completed a $1.5 billion public offering of junior subordinated notes, issuing $700 million of 6.750% Series A Notes and $800 million of 7.000% Series B Notes, both maturing on December 15, 2056. In...
Plains All American Announces Junior Subordinated Notes Offering
PositiveOn September 9, 2026, Plains All American announced it had priced an underwritten public offering of $700 million in 6.75% Series A Junior Subordinated Notes due 2056 and $800 million in 7.00% Series B Junior Subordinated Notes due 2056, with closing...
Plains All American details EPIC Cactus III acquisition
PositiveOn October 31, 2025, Plains All American completed the acquisition of a 55% non-operated equity stake in EPIC Crude Holdings, LP and its general partner from subsidiaries of Diamondback Energy, Inc. and Kinetik Holdings Inc., followed by the November...
Plains All American Posts Strong Q2 Results, Boosts Distribution
PositiveOn August 7, 2026, Plains All American reported second-quarter 2026 results marked by net income of $1.83 billion, boosted by a roughly $1.6 billion gain from the sale of its Canadian NGL business, and operating cash flow of $956 million. Adjusted EB...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Nov 07, 2026