Plains All American Pipeline LP (PAA) intrinsic value & 10-year financials
Plains All American Pipeline LP (PAA) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 9.1% a year to $44.3B.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $25.25
- Revenue (FY2025)
- $44.3B
- Revenue growth (10-yr CAGR)
- 9.1%
- Free cash flow (FY2025)
- $2.3B
PAA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $44.3B | $1.4B | — | $2.3B | 3.2% | — |
| FY2024 | $50.1B | $772.0M | — | $1.9B | 2.4% | — |
| FY2023 | $48.7B | $1.2B | — | $2.2B | 3.1% | — |
| FY2022 | $57.3B | $1.0B | — | $2.0B | 2.3% | — |
| FY2021 | $42.1B | $593.0M | — | $1.7B | 2.0% | — |
| FY2020 | $23.3B | -$2.6B | — | $776.0M | -10.2% | — |
| FY2019 | $33.7B | $2.2B | — | $1.3B | 5.9% | — |
| FY2018 | $34.1B | $2.2B | — | $974.0M | 6.7% | — |
| FY2017 | $26.2B | $856.0M | — | $1.5B | 4.4% | — |
| FY2016 | $20.2B | $726.0M | — | -$601.0M | 4.9% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PLAINS ALL AMERICAN PIPELINE LP is a consistent compounder, expanding top-line revenue at 9.1% annually over the past decade.
PLAINS ALL AMERICAN PIPELINE LP 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.
PLAINS ALL AMERICAN PIPELINE LP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, PLAINS ALL AMERICAN PIPELINE LP is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment.