Plains GP Holdings L.P. Class A Units representing Limited Partner Interests (PAGP)

FairStock Score: 43/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I start with the business, not the story. Plains GP Holdings owns midstream crude oil and NGL infrastructure—pipelines, terminals, storage—so it earns fees and spreads from moving and handling energy. That can be a sturdy toll-road-like business, but the numbers show only modest returns: FairStock calculates ROE of 8.31% and ROCE of 3.42%. In fiscal 2025, the year ended 2025-12-31, revenue was $44.3B and net income $260.0M. In fiscal 2024, the year ended 2024-12-31, revenue was $48.9B and net income $103.0M, so profit improved while revenue fell. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $17.7B and net income $389.0M, but in fiscal Q1 2026, the quarter ended 2026-03-31, net income was only $20.0M—lumpy indeed. Financial health is mixed: D/E is 0.56 and Altman Z is 0.88, a warning sign, while Piotroski is 8/9. Cash generation is the attraction: TTM FCF is $2.3B, a 43.7% FCF yield, and EV/EBITDA is 4.33. But at the 2026-10-13 close of $27.09, FairStock's P/E is 77.4 and P/B is 3.39. Graham Number is $7.93, leaving a -241.61% margin of safety. The 5.90% yield and 0.45 beta add appeal, but this is not a classic bargain unless cash flows are durable.

In plain English: Plains GP Holdings runs pipelines, storage, and other oil and gas handling assets. The business generates a lot of cash, but it earns low returns, carries debt, and profits move around a lot. At $27.09, the price looks expensive compared with its earnings and accounting value, even though the payout yield is attractive.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q4 2025 10-K (period ended 2025-12-31) · fiscal Q3 2025 10-K (period ended 2025-09-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer