# Plains All American Pipeline, L.P. Common Units representing Limited Partner Interests (PAA) — Stock CV

Plains All American Pipeline, L.P. Common is a $17.2B industrial company. Revenue shrank 11.9% over the last year, it keeps 5¢ of every dollar of sales as profit, and its net debt equals ~4.7 years of free cash flow. It trades at 6.2× earnings — around the middle of its own history.

> Plains All American Pipeline LP, through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL.

## Identity

- **Ticker**: PAA
- **Sector**: Industrials
- **Industry**: Pipe Lines (No Natural Gas)
- **Headquarters**: HOUSTON, TX
- **Employees**: 4 200
- **Website**: https://www.plainsallamerican.com
- **Market cap**: $17.2B
- **Last price**: $24.34
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $52.3B
- **Net income**: $2.66B
- **Free cash flow**: $2.38B
- **Net debt**: $11.2B
- **P/E**: 6.2
- **Revenue growth (YoY)**: -11.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 95 |
| Growth | 46 |
| Profitability | 48 |
| Health | 52 |
| Quality | 82 |
| Moat | 24 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [ ] Revenue growing — -11.9% YoY
- [x] Profitable — $2.66B TTM
- [x] Profit growing — +11.3% YoY
- [x] Generates cash — $2.38B TTM
- [x] Debt under control — ~4.7y of cash flow to repay
- [x] Established company — $17.2B market cap
- [x] Not printing shares — +1.0% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [x] Financially stable — Altman Z 1.8 — grey
- [x] Pays a dividend — yield 7.79%
- [x] Valuation not extreme — P/E 6.2

## Experience (career milestones)

- **FY2022** — Revenue crossed $50B: $57.3B for the year
- **FY2018** — Became debt-free: cash now exceeds total debt
- **FY2018** — Best year on record: $2.22B net income
- **FY2017** — Positive free cash flow every year since: 9-year streak
- **FY2016** — First recorded profitable year: $726M net income
- **FY2016** — Revenue already above $10B: $20.2B in first reported year

## Strengths

- Interest covered 42.2× by operating earnings

## Watch-outs

- Revenue shrinking 11.9% year over year
- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $42.1B | $593M | $1.66B |
| FY2022 | $57.3B | $831M | $1.95B |
| FY2023 | $47.3B | $976M | $2.32B |
| FY2024 | $48.9B | $514M | $2.04B |
| FY2025 | $44.3B | $1.17B | $2.29B |

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Source: https://stockcv.com/PAA — derived from company filings; may be delayed or incomplete. Information, not investment advice.