Plains All American Pipeline PAA

Nasdaq · Pipe Lines (No Natural Gas) · $17.8B

$24.53−2.70%Nov 5 close · Databento

Every report since 2023 →

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PAA Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $24.531D −2.70%3M +5.46%SMA20 $25.64SMA50 $25.26RSI(14) 39.3

24.53

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 39.3

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$17.8B

EV / True FCF10.6x

Revenue$44.3B −9.5%

True FCF (ex-SBC)$2.2B +12.3%

Rule of 40-4.3%

ROIC26.9%

True FCF Yield12.6%

Modern Valuation (EOD)

Market Cap$17.8B

Enterprise Value$23.8B

EV / True FCF10.61

EV / FCF10.39

EV / Gross Profit—

EV / EBIT16.61

EV / Sales0.54

P / E (GAAP)10.05

P / FCF7.76

P / Oper. CF6.06

P / Book—

Owner & Cash Yields

True FCF Yield12.6%

FCF Yield12.9%

Owner Earn. Yield11.4%

Earnings Yield10.0%

Shareholder Yield−0.2%

Buyback Yield0.0%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$3.25

EPS (diluted)—

Compounder & Returns

Rule of 40-4.3%

ROIC26.9%

Cash ROIC (CROIC)43.5%

GP / Assets—

ROE-235.1%

ROA5.9%

Gross Margin—

Oper. Margin3.2%

Net Margin4.0%

FCF Margin5.2%

True FCF Margin5.1%

Quality & Dilution

Cash Conversion130%

Accrual Ratio−3.9%

SBC % of FCF2.1%

SBC % of Rev0.1%

Reinvest. Rate22%

Sales Growth Y/Y−9.5%

Sales 3Y CAGR−8.3%

EPS Growth Y/Y—

FCF Growth Y/Y+12.3%

FCF 3Y CAGR+5.5%

Share Change Y/Y—

Balance Sheet & Scale

Revenue (FY)$44.3B

Gross Profit (FY)—

Oper. Income (FY)$1.4B

GAAP Net Income$1.8B

True FCF (ex-SBC)$2.2B

Cash & Equiv$328.0M

Total Debt$6.4B

Net Cash (Debt)$-6.0B

Net Cash % MCap−33.9%

Debt / FCF (yrs)2.8y

Current Ratio0.96705.57M sh

Price & Technicals (EOD)

Perf Week−8.86%

Perf Month+1.83%

Perf Quarter+7.54%

Perf Half Y+11.05%

Perf YTD+17.03%

SMA 20 Dist−4.34%$25.64

SMA 50 Dist−2.88%$25.26

SMA 100 Dist+0.82%$24.33

Window High−8.86%$26.92

Window Low+17.03%$20.96

RSI (14) · Vol39.325%v

Income Distribution & Cash Flow ConversionHow every dollar of PAA revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$40.4B ($91.3 / $100)

Operating Expenses$2.4B ($5.4 / $100)

Tax & Non-Operating$0 ($0.0 / $100)

Net Profit Kept$1.8B ($3.2 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$1.8B (4.0% margin)

Operating Cash Flow (OCF)$2.9B(6.6% of rev)

Less: Capital Expenditures−$643.0M(1.5% of rev)

Standard Free Cash Flow (FCF)$2.3B(5.2% margin)

Less: Stock-Based Comp (SBC)−$49.0M(2.1% of FCF)

True FCF (Owner Cash ex-SBC)$2.2B(5.1% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$42.1B	$57.3B	$47.3B	$48.9B	$44.3B	−9.5%	+1.3%
Cost of Revenue (COGS)	$38.5B	$53.2B	$43.9B	$45.2B	$40.4B	−10.5%	+1.2%
Operating Income (EBIT)	$851.0M	$1.3B	$1.3B	$868.0M	$1.4B	+65.2%	+13.9%
Interest Expense	$425.0M	$405.0M	$386.0M	$430.0M	$554.0M	+28.8%	+6.9%
Income Tax Expense	$73.0M	$189.0M	$61.0M	$87.0M	$15.0M	−82.8%	−32.7%
GAAP Net Income	$648.0M	$1.2B	$1.5B	$1.1B	$1.8B	+59.5%	+28.6%
Diluted Shares	—	—	—	—	705.6M	—	—
Balance Sheet
Cash & Equivalents	$453.0M	$401.0M	$450.0M	$348.0M	$328.0M	−5.7%	−7.8%
Inventory	$783.0M	$729.0M	$548.0M	$261.0M	$211.0M	−19.2%	−28.0%
Total Current Assets	$6.1B	$5.4B	$4.9B	$4.8B	$4.7B	−1.4%	−6.3%
Total Assets	$28.6B	$27.9B	$27.4B	$26.6B	$30.2B	+13.6%	+1.3%
Total Current Liabilities	$6.2B	$5.9B	$5.0B	$5.0B	$4.9B	−0.4%	−5.7%
Total Debt (Short + Long Term)	$6.6B	$7.0B	$6.2B	$6.2B	$6.4B	+2.5%	−1.0%
Total Liabilities	$9.2B	$9.2B	$9.2B	$9.2B	$9.2B	+0.0%	+0.0%
Stockholders' Equity	$-753.0M	$-753.0M	$-753.0M	$-753.0M	$-753.0M	+0.0%	—
Net Cash / (Net Debt)	$-6.2B	$-6.6B	$-5.8B	$-5.9B	$-6.0B	−3.0%	—
Invested Capital	$5.4B	$5.8B	$5.0B	$5.1B	$5.3B	+3.5%	−0.6%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$2.0B	$2.4B	$2.7B	$2.5B	$2.9B	+17.9%	+10.1%
Depreciation & Amortization (D&A)	$774.0M	$965.0M	$909.0M	$901.0M	$953.0M	+5.8%	+5.3%
Stock-Based Compensation (SBC)	$23.0M	$40.0M	$50.0M	$50.0M	$49.0M	−2.0%	+20.8%
Capital Expenditures (CapEx)	$336.0M	$455.0M	$408.0M	$448.0M	$643.0M	+43.5%	+17.6%
Free Cash Flow (FCF)	$1.7B	$2.0B	$2.3B	$2.0B	$2.3B	+12.3%	+8.4%
True FCF (ex-SBC Owner Cash)	$1.6B	$1.9B	$2.3B	$2.0B	$2.2B	+12.7%	+8.2%
Share Repurchases (Buybacks)	$178.0M	$74.0M	$0	$0	$8.0M	—	−54.0%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what PAA did at the next close after each story

No Wire story has named PAA yet.

What happened · big days

11 big days in a year, and what we hold on each

A big day is a close more than 2.56% from the one before, three times PAA’s median day (0.85%). On 7 of the 11, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.56%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayPAAWhat we hold that dayGroup (median of 4) · each

1 Feb 6, 2026−2.85%
Resultsgroup −0.1%, did not move with it
1Feb 6, 2026−2.85%
ResultsFirst close after the Feb 6 results filing
−0.1% did not move with itPAGP −2.3 · MPLX −0.7 · SOBO +0.6 · DINO +3.5
2 Mar 10, 2026−2.68%
Before our storiesgroup −0.6%, did not move with it
2Mar 10, 2026−2.68%
Before our stories
−0.6% did not move with itPAGP −2.9 · SOBO −1.0 · MPLX −0.3 · DINO +0.6
3 May 1, 2026−2.87%
Before our storiesgroup +1.0%, did not move with it
3May 1, 2026−2.87%
Before our stories
+1.0% did not move with itPAGP −2.6 · MPLX +0.6 · SOBO +1.4 · DINO +2.9
4 May 14, 2026+2.70%
Before our storiesgroup +1.5%, moved with PAA
4May 14, 2026+2.70%
Before our stories
+1.5% moved with PAAPAGP +2.6 · SOBO +1.6 · MPLX +1.4 · DINO −1.0
5 Jul 13, 2026+2.84%
Nothing on PAAgroup +2.5%, moved with PAA
5Jul 13, 2026+2.84%
Nothing on PAANo PAA story, brief or results filing in our record that day
+2.5% moved with PAADINO +4.7 · SOBO +3.1 · PAGP +2.0 · MPLX +0.5
6 Aug 4, 2026−2.69%
Nothing on PAAgroup −0.3%, did not move with it
6Aug 4, 2026−2.69%
Nothing on PAANo PAA story, brief or results filing in our record that day
−0.3% did not move with itPAGP −2.1 · DINO −0.5 · SOBO −0.2 · MPLX +2.7
7 Aug 7, 2026−3.02%
Nothing on PAAgroup −2.2%, moved with PAA
7Aug 7, 2026−3.02%
Nothing on PAANo PAA story, brief or results filing in our record that day
−2.2% moved with PAAMPLX −2.6 · PAGP −2.5 · DINO −1.8 · SOBO +0.8
8 Aug 26, 2026+3.77%
Nothing on PAAgroup +3.2%, moved with PAA
8Aug 26, 2026+3.77%
Nothing on PAANo PAA story, brief or results filing in our record that day
+3.2% moved with PAAPAGP +3.6 · DINO +3.5 · SOBO +2.8 · MPLX +1.6
9 Oct 23, 2026+2.82%
Nothing on PAAgroup +2.0%, moved with PAA
9Oct 23, 2026+2.82%
Nothing on PAANo PAA story, brief or results filing in our record that day
+2.0% moved with PAASOBO +2.5 · PAGP +2.4 · MPLX +1.6 · DINO −0.5
10 Nov 2, 2026−3.17%
Nothing on PAAgroup −2.7%, moved with PAA
10Nov 2, 2026−3.17%
Nothing on PAANo PAA story, brief or results filing in our record that day
−2.7% moved with PAAPAGP −3.2 · DINO −2.9 · SOBO −2.5 · MPLX −2.0
11 Nov 5, 2026−2.70%
Nothing on PAAgroup −4.3%, moved with PAA
11Nov 5, 2026−2.70%
Nothing on PAANo PAA story, brief or results filing in our record that day
−4.3% moved with PAASOBO −7.2 · DINO −6.5 · PAGP −2.0 · MPLX +0.5

A story on the same day is not a cause, and a group move is not proof either. Group: the median of MPLX, DINO, SOBO and PAGP that day, the largest companies in PAA’s SEC industry; “moved with PAA” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). Day 1 is the first close after each filing: the next day’s for a filing after the close, the same day’s otherwise. 1 of 4 times, day 6 ended on the same side as day 1.

Reported Nov 5, 2025

day 1−0.43%day 6+0.49%

Reported Feb 6, 2026

day 1−2.85%day 6+0.90%

Reported May 8, 2026

day 1−1.67%day 6+3.67%

Reported Sep 8, 2026

day 1−0.44%day 6−2.10%

Next report: expected early FebruaryEstimated from the dates of its last four results filings. Not announced. Four reports is a small sample.

Every report since 2023 →

Each line is PAA’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

PAA against four same-industry peers, a year at 100

PAA is up 47.5% in a year. HF Sinclair is up 78.6% and Plains GP 50.6%. Of these four, South Bow (+21.6%) and MPLX (+10.3%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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PAA +47.5%. HF Sinclair +78.6%, Plains GP +50.6%, South Bow +21.6%, MPLX +10.3%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in PAA’s SEC industry (Pipe Lines (No Natural Gas)) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

MPLX	MPLX	$57.0B	+0.53%
DINO	HF Sinclair	$18.6B	−6.50%
SOBO	South Bow	$7.1B	−7.17%
PAGP	Plains GP	$5.3B	−2.01%
DKL	Delek Logistics Partners	$2.8B	−2.05%
GEL	Genesis Energy	$1.6B	−5.81%