Plains All American Pipeline, L.P. (PAA)
POSITIVEファンダメンタル
64
株価
$24.83
時価総額
$17.36B
パート1 · 企業の価値
概要
Plains All American gathers, transports, stores and markets crude oil and natural gas liquids across the United States and Canada, mostly out of the Permian Basin in West Texas. It owns pipelines, storage terminals, rail and trucking assets that move oil from wellheads to refineries and export docks. It is structured as a master limited partnership, so unitholders receive its earnings mostly as large periodic cash distributions rather than through share buybacks or dividend growth in the ordinary sense.
収益の仕組み
Two very different revenue streams sit inside the same segments. Pipeline transportation earns a contracted fee per barrel moved, largely independent of the oil price. Alongside it, Plains buys crude oil from producers and resells it to refiners at close to market price — a business that books enormous revenue because it passes through the full commodity price, but keeps only a thin margin. That mix is why segment revenue figures look dominated by trading rather than by the pipeline economics that actually drive profit.
競争優位性(moat)
規模の経済 · 狭いBuilding a new pipeline network across the Permian Basin requires billions of dollars, years of permitting and secured rights of way, so an established gathering system is hard to replicate quickly. But several large rivals have built competing pipelines out of the same basin, so the advantage protects Plains' existing footprint more than it keeps competitors from entering new corridors.
需要を左右する要因
景気循環型Pipeline volumes follow how much oil producers are pumping, which follows the price of oil — when producers cut drilling, less crude needs moving. Long-term contracts and minimum-volume commitments cushion the tariff business from quarter-to-quarter swings, but the marketing side is directly exposed to oil price moves, so overall results still rise and fall with the commodity cycle.
主なリスク
- Revenue concentrated in one customer — ExxonMobil accounted for 30% of 2024 revenue and the share has grown each of the prior two years; a change in that single relationship would move results materially.
- Exposed to crude oil prices and drilling activity — Pipeline volumes and the marketing business both depend on how much crude producers extract and ship, which falls when oil prices or drilling economics weaken.
- Concentrated in the Permian Basin — A large share of assets and growth sits in one producing region; a slowdown, infrastructure bottleneck or regulatory setback there affects the company more than a diversified peer.
- Regulatory and permitting opposition — New pipeline capacity requires government permits and rights of way that face growing environmental and community opposition, which can delay or block projects the company is counting on.
顧客集中度
主要顧客が売上高の30%を占める
In its 2024 fiscal year, ExxonMobil and its subsidiaries alone accounted for 30% of revenue, up from 26% in 2023 and 20% in 2022 — a concentration that has been rising, not falling.
強気材料
Buyers argue that long-term contracts and minimum-volume commitments make the tariff business more stable than the headline commodity exposure suggests, and that Permian production growth keeps filling a pipeline network that would cost billions to replicate.
弱気材料
Sellers fear that a slowdown in Permian drilling would leave pipeline capacity underused, that a large share of revenue riding on one customer's decisions is a structural weakness, and that the thin margins on the commodity marketing side leave little room for error.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$52.31B
直近12か月(2026/6/30まで)
純利益
$2.77B
直近12か月(2026/6/30まで)
フリーキャッシュフロー
$2.29B
自己資本合計
$9.84B
負債合計
-
流動比率
1.12
利払い倍率
2.59
負債/EBITDA
3.62
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$31.40
現在株価
$24.83
安全マージン
+20.9%
適正価値レンジ
$20.41 - $42.39
推定方法
バリュエーション指標
P/E レシオ
14.45
ROE
11.8%
P/B レシオ
-
P/FCF
7.42
粗利益率
8.7%
ROIC
5.5%
収益性レーダー
Value Creation (Economic Moat)
ROIC
5.5%
WACC
7.0%
ROIC − WACC
-1.4 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格(15)
- ROIC 5.6%
- P/FCF 7.42
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 11.8%
- Revenue Growth 5Y 13.7%
- Analyst Consensus 50% Buy
- Earnings Surprise avg 3.6%
- Earnings Quality (OCF/NI) 1.08
- Net Margin Trend 5.3% vs 2.0%
- Piotroski F-Score 5/9
不合格(5)
- Price CAGR -2.68%
- Gross Margin 8.7%
- Operating Margin 3.1%
- CapEx intensity
- DCF valuation (Fairly valued)
データなし(7)
- EPS data insufficient
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-スコア
まちまちのシグナル:一部の領域に注意が必要
利益の質
高品質:利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Wilfred C.W. Chiang | President, CEO & Chairman of Plains All American GP LLC | 64 |
| Mr. Al P. Swanson | Executive VP & CFO of Plains All American GP LLC | 61 |
| Mr. Christopher R. Chandler | Executive VP & COO of Plains All American GP LLC | 53 |
| Mr. Richard Kelly McGee | Executive VP, General Counsel & Secretary of Plains All American GP LLC | 64 |
| Mr. Gregory L. Armstrong | Senior Advisor to the CEO & Director of Plains All American GP LLC | 67 |
| Mr. Harry N. Pefanis | Senior Advisor to CEO & Director of Plains All American GP LLC | 68 |
| Mr. Jeremy L. Goebel | Executive VP & Chief Commercial Officer of Plains All American GP LLC | 47 |
| Mr. Chris Herbold | Senior VP of Finance & Chief Accounting Officer of Plains All American GP LLC | 53 |
| Mr. Blake Michael Fernandez | Vice President of Investor Relations | - |
| Mr. Scott Sill | Senior VP of Operations - Plains Midstream Canada Ulc - Plains All American Gp Llc-General Partner | 62 |
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for PAA, sourced from Markets Gazette.
- 5/8/2026POSITIVEPlains All American Banks On Oil Strength, Raises Profit Outlook
Plains All American Pipeline, L.P. (PAA) has raised its profit outlook, signaling strong confidence in its business performance and the prevailing oil market conditions. While Q1 2026 results showed a revenue beat at $12.47 billion, the EPS figure fell short of expectations. However, the company's decision to increase its profit forecast suggests that management anticipates robust operational execution and favorable commodity prices to more than offset any short-term earnings discrepancies. This forward-looking guidance is a key indicator for investors, pointing towards potential future value creation and stability.
- 5/8/2026NEUTRALPlains All American Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
Plains All American Pipeline is set to report its Q1 earnings on May 8th. Analysts project earnings per share (EPS) of $0.42 on revenue of $12.02 billion. Recent analyst ratings show a generally positive sentiment, with Raymond James maintaining an 'Outperform' rating in February 2022 and Bernstein upgrading the stock to 'Outperform' from 'Market Perform' in January 2022. While these ratings suggest a favorable outlook, the upcoming earnings report will be crucial for confirming investor expectations and potentially driving future stock performance. The market will be closely watching the company's financial results and forward guidance.
via Markets Gazette