| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 89 | 6.7x | 17.4x | Top tier | |
Growth | 54 | 14.2% | 7.1% | Around median | |
Quality | 49 | 8.0% | 4.5% | Around median | |
Safety | 60 | 2.9x | 2.6x | Around median | |
Capital Return | 81 | 7.88% | 0.18% | Top tier | |
Momentum | 88 | 52.8% | 1.3% | Top tier | |
Sentiment | 77 | 7 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
46% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 5.31% as of 2026-10-05. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Plains All American Pipeline, L.P. operates infrastructure for gathering and transporting crude oil and connecting it to storage, refining, and export hubs in North America, with a major presence in the Permian Basin and routes to Corpus Christi, Houston, and Cushing. Following the sale of its Canadian natural gas liquids business in May 2026, the company has become more focused on crude oil; its revenue and cash flows come from gathering systems, pipelines, and related contracts, as well as marketing opportunities that capitalize on timing, quality, and location differentials and market volatility.
In fiscal Q2 2026, the company reported revenue of $17.7 billion, gross profit of $1.1 billion, and net income of $1.8 billion, equivalent to a gross margin of approximately 6.2% and a net income margin of approximately 10.2%. Adjusted earnings before interest, taxes, depreciation, and amortization attributable to Plains were approximately $738 million, including $690 million from the crude oil segment and $40 million from the natural gas liquids segment, noting that the latter segment's contribution reflects the closing of its sale in mid-May 2026.
For the last 12 months ended in 2026, revenue was $45.3 billion, gross profit was $3.8 billion, and net income was $1.1 billion, compared with revenue of $44.3 billion and net income of $1.4 billion in fiscal year 2025. Fiscal Q2 2026 results reflect improvement in the crude oil segment driven by Cactus III savings, efficiencies, and market opportunities, and also included a nonrecurring environmental remediation expense of $14 million.
The analysts' average price target is $24.88, within a relatively narrow range of $23 to $27, and the stock has a consensus “Buy” rating. The average target is close to the upper end of the 52-week range of $15.69–$25.75, while the highest target exceeds that level; no price-to-earnings ratio is available to use in validating the valuation, and the positive targets should be weighed against unchanged 2026 earnings guidance and higher capital spending.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Plains generated revenue of $17.7 billion, gross profit of $1.1 billion, and net income of $1.8 billion in fiscal Q2 2026. Adjusted earnings before interest, taxes, depreciation, and amortization attributable to Plains were approximately $738 million, including $690 million from the crude oil segment. Management attributed the segment's improvement to Cactus III savings, efficiencies, market opportunities, and the absence of headwinds that appeared in fiscal Q1 2026. Results also included a nonrecurring environmental remediation expense of $14 million, which the company does not expect to recur in the second half of 2026.
The expansion adds 75 thousand barrels per day to Cactus III, increasing its total capacity to 725 thousand barrels per day. Management said on the August 7, 2026 call that it was completed faster and at a lower cost than expected and that its cost was in the tens of millions of dollars, excluding the announced earn-out amount. The marketing affiliate can quickly fill the new capacity and benefit from market volatility, but the long-term goal is to convert it to term contracts. Subsequent expansions will take longer and require firm customer commitments.
Automated analysis for informational purposes only — not investment advice.
Plains expects growth of between 100 thousand and 200 thousand barrels per day in 2026 compared with 2025 on an exit-to-exit basis, up from a previous forecast of nearly flat production. Management attributed the increase primarily to gas takeaway capacity coming online earlier than expected and also noted that observed volumes from July to August 2026 were trending positively toward this range. Nevertheless, the company maintained 2026 adjusted earnings before interest, taxes, depreciation, and amortization guidance at $2.88 billion, plus or minus $75 million. Management believes the greater impact of volume growth will provide momentum to the business in 2027 rather than justify an increase to 2026 guidance.
Plains closed the sale of the Canadian natural gas liquids business in mid-May 2026. The transaction contributed to reducing debt by approximately $2.9 billion and bringing pro forma leverage at the end of fiscal Q2 2026 to 3.3 times. The natural gas liquids segment recorded adjusted earnings before interest, taxes, depreciation, and amortization of $40 million in that quarter, a contribution reflecting the mid-May closing date. The company is considering beginning to report adjusted earnings before interest, taxes, depreciation, and amortization within a single segment in fiscal Q3 2026.
Plains expects to generate approximately $1.75 billion in free cash flow in 2026. It increased growth capital spending from $350 million to a range of $400–450 million to fund expansions in the Permian, Canada, and Cactus III, while reducing maintenance capital to $175 million. Its capital allocation priorities are to increase targeted distributions by $0.15 per unit annually, pursue additional acquisitions and accretive organic projects, and maintain a strong balance sheet. Spending on some projects that take between 18 and 24 months may extend into 2027 and potentially 2028.
The impact of the company's increasing concentration in crude oil following the sale of the Canadian natural gas liquids business in May 2026 should be monitored because results have become more closely tied to crude oil volumes and price differentials. In addition, 2026 earnings guidance remained unchanged despite the increase in the Permian production forecast, while growth spending rose to $400–450 million. The new Cactus III capacity needs to transition gradually from use by the marketing affiliate to term contracts, while any subsequent expansions require firm customer commitments. Market volatility remains influential because only approximately 70% of pipeline loss allowance revenue for the remainder of 2026 was hedged at an average WTI price of approximately $62.
