Plains GP PAGP
Nasdaq · Pipe Lines (No Natural Gas) · $5.3B$26.39−2.01%Nov 5 close · Databento
PAGP 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 $26.391D −2.01%3M +4.93%SMA20 $27.65SMA50 $27.41RSI(14) 37.1
26.39
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 37.1
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 DatabentoMarket cap$5.3B
EV / True FCF3.0x
Revenue$44.3B −9.5%
True FCF (ex-SBC)$2.2B +12.4%
Rule of 40-4.3%
ROIC230.0%
True FCF Yield42.0%
EPS, diluted$0.47 +370.0%
Modern Valuation (EOD)
Market Cap$5.3B
Enterprise Value$6.7B
EV / True FCF2.98
EV / FCF2.91
EV / Gross Profit—
EV / EBIT4.67
EV / Sales0.15
P / E (GAAP)3.01
P / FCF2.33
P / Oper. CF1.82
P / Book—
Owner & Cash Yields
True FCF Yield42.0%
FCF Yield42.9%
Owner Earn. Yield38.1%
Earnings Yield33.2%
Shareholder Yield−0.8%
Buyback Yield0.2%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh$11.56
EPS (diluted)$0.47
Compounder & Returns
Rule of 40-4.3%
ROIC230.0%
Cash ROIC (CROIC)394.5%
GP / Assets—
ROE-235.1%
ROA5.7%
Gross Margin—
Oper. Margin3.2%
Net Margin4.0%
FCF Margin5.2%
True FCF Margin5.1%
Quality & Dilution
Cash Conversion129%
Accrual Ratio−3.7%
SBC % of FCF2.2%
SBC % of Rev0.1%
Reinvest. Rate22%
Sales Growth Y/Y−9.5%
Sales 3Y CAGR−8.3%
EPS Growth Y/Y+370.0%
FCF Growth Y/Y+12.4%
FCF 3Y CAGR+5.5%
Share Change Y/Y+392.4%
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$329.0M
Total Debt$1.7B
Net Cash (Debt)$-1.3B
Net Cash % MCap−25.0%
Debt / FCF (yrs)0.7y
Current Ratio0.96197.90M sh
Price & Technicals (EOD)
Perf Week−8.43%
Perf Month+0.69%
Perf Quarter+6.67%
Perf Half Y+11.68%
Perf YTD+16.31%
SMA 20 Dist−4.55%$27.65
SMA 50 Dist−3.71%$27.41
SMA 100 Dist+0.10%$26.36
Window High−8.59%$28.87
Window Low+16.31%$22.69
RSI (14) · Vol37.123%v
Income Distribution & Cash Flow ConversionHow every dollar of PAGP 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)−$50.0M(2.2% 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 | Trend |
|---|---|---|---|---|---|---|---|---|
| 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) | $842.0M | $1.3B | $1.2B | $862.0M | $1.4B | +65.7% | +14.1% | |
| Interest Expense | $425.0M | $405.0M | $386.0M | $382.0M | $467.0M | +22.3% | +2.4% | |
| Income Tax Expense | $112.0M | $246.0M | $129.0M | $124.0M | $92.0M | −25.8% | −4.8% | |
| GAAP Net Income | $648.0M | $1.2B | $1.5B | $1.1B | $1.8B | +59.5% | +28.6% | |
| Diluted EPS | — | — | — | — | $0.47 | — | — | |
| Diluted Shares | — | — | — | — | 197.9M | — | — | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $456.0M | $404.0M | $453.0M | $349.0M | $329.0M | −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 | −1.5% | −6.4% | |
| Total Assets | $30.0B | $29.2B | $28.6B | $27.8B | $31.3B | +12.7% | +1.1% | |
| Total Current Liabilities | $6.2B | $5.9B | $5.0B | $4.9B | $4.9B | −0.4% | −5.8% | |
| Total Debt (Short + Long Term) | $1.9B | $2.3B | $1.5B | $1.5B | $1.7B | +10.4% | −3.6% | |
| Stockholders' Equity | $-753.0M | $-753.0M | $-753.0M | $-753.0M | $-753.0M | +0.0% | — | |
| Net Cash / (Net Debt) | $-1.5B | $-1.9B | $-1.1B | $-1.2B | $-1.3B | −15.2% | — | |
| Invested Capital | $712.0M | $1.1B | $339.0M | $404.0M | $580.0M | +43.6% | −5.0% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $2.0B | $2.4B | $2.7B | $2.5B | $2.9B | +18.0% | +10.2% | |
| Depreciation & Amortization (D&A) | $777.0M | $968.0M | $912.0M | $901.0M | $953.0M | +5.8% | +5.2% | |
| Stock-Based Compensation (SBC) | $24.0M | $41.0M | $51.0M | $52.0M | $50.0M | −3.8% | +20.1% | |
| Capital Expenditures (CapEx) | $336.0M | $455.0M | $408.0M | $448.0M | $643.0M | +43.5% | +17.6% | |
| Free Cash Flow (FCF) | $1.7B | $1.9B | $2.3B | $2.0B | $2.3B | +12.4% | +8.4% | |
| True FCF (ex-SBC Owner Cash) | $1.6B | $1.9B | $2.3B | $2.0B | $2.2B | +12.8% | +8.2% | |
| Share Repurchases (Buybacks) | — | — | — | $0 | $8.0M | — | — | |
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.
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