Plains GP Holdings, L.P. (PAGP) Stock

Plains GP Holdings, L.P. (PAGP) is a Industrials stock trading at $27.28 (as of 2026-08-24), with a market capitalization of $5.40B and a trailing P/E of 27.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Plains GP Holdings, L.P., through Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. It operates in Crude Oil and Natural Gas Liquids segments, providing transportation, storage, terminalling, throughput, fractionation/isomerization, and processing services for crude oil, NGLs, and natural gas.

Understand Plains GP Holdings, L.P.: how it makes money

Plains GP Holdings operates midstream energy infrastructure that transports and handles crude oil and NGLs in the United States and Canada, earning money from moving these commodities through its pipelines, gathering systems, tanks, and trucks.

The profit engine is transporting crude oil and NGLs through owned and leased midstream assets (pipelines, gathering systems, tanks, and trucks), with segment results reflected in segment adjusted earnings for Crude Oil and NGLs.

Revenue by segment (latest quarter)
Crude Oil	$10.4B
NGLs	$2.1B

Business quality (Weak): Segment value split is allocated from the provided Crude Oil and NGL segment adjusted EBITDA figures to reconcile to the provided total revenue (12.5B), because segment revenue by line item was not directly provided.

Valuation: At 24× earnings, PAGP trades 36% above the Transportation average (18×). Note: one-time items can distort reported P/E.

Bull case

Asset base supports midstream service: The company owned and leased 18,300 miles of crude oil and NGL pipelines and gathering systems, 38 million barrels of above-ground tank capacity, and 1,275 trailers (as of December 31, 2021).
Contract structure can help stabilize cash flow: The provided operating KPIs include weighted average contract duration for the Permian long-haul portfolio (5.0) and weighted average contract tenor across Fort Saskatchewan fractionation capacity and co-Ed pipeline (10.0).

Bear case

Results depend on the crude oil and NGLs segments: The business is operated in two segments, Crude Oil and Natural Gas Liquids (NGLs), with segment-level adjusted earnings provided for each, so weakness in either segment can pressure consolidated performance.
NGL economics and exposed volumes can be pressured: The provided NGL segment KPI includes reduction in Frac Spread exposed volumes (15.0), which can indicate unfavorable NGL market conditions impacting segment economics.
Profitability is relatively low on an operating basis: For the latest quarter, operating margin is 3.2% (gross margin is 7.8%).

Valuation — source: SEC EDGAR (first-party)
Price	$27.28
Market Cap	$5.40B
P/E Ratio	27.5
EV / EBITDA	3.0
Price / Sales	0.12
FCF Yield	39.4%
DCF Value (model)	$235.31
DCF Upside vs Price	762.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$44.26B
Net Margin	0.6%
Revenue Growth (YoY)	3.8%
FCF Growth (YoY)	-35.6%

Financial Health — source: SEC EDGAR
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	27.5
Sector P/E (Industrials)	26.0
Industry P/E (Transportation)	17.0
vs Sector	6.0%
vs Industry	62.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	TORTOISE CAPITAL ADVISORS, L.L.C. ($286.48M)
Institutional Holders Tracked	10
Congressional Trades (recent)	2

Company
Sector	Industrials
Industry	Transportation
CEO	Wilfred Chiang
Employees	5,000
Country	US
IPO Date	2013-10-16

Related Companies (Transportation; 8 comparable transport companies)

Data as of 2026-08-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.