Plains GP Holdings LP (PAGP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+112.4%

$58.35

vs $27.47 price

Levered DCF

$298.58

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.16

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.61×	35.35×	15.64×	14.3×	32.71×	-2.77×	9.62×	9.48×
P/B	2.82×	2.68×	2.01×	1.58×	1.28×	1.07×	1.45×	3.06×
P/S	0.09×	0.07×	0.06×	0.04×	0.05×	0.07×	0.09×	0.09×
EV / EBITDA	5.31×	4.18×	3.5×	3.89×	5.82×	-8×	4.09×	3.65×
Gross margin	6.0%	7.0%	6.4%	5.6%	6.6%	9.5%	10.7%	11.0%
Operating margin	3.2%	2.3%	3.1%	2.2%	2.0%	-10.2%	5.9%	6.7%
Net margin	0.6%	0.2%	0.4%	0.3%	0.1%	-2.4%	1.0%	1.0%
Current ratio	0.96×	0.97×	0.98×	0.91×	0.98×	0.86×	0.92×	1.02×
Debt / equity	8.54×	5.87×	5.18×	5.79×	6.29×	7.25×	4.67×	8.81×
Interest coverage	3.06×	3.07×	3.89×	3.17×	1.98×	-5.47×	4.66×	5.27×
Dividend yield	7.9%	6.9%	6.7%	6.7%	7.1%	10.6%	7.3%	6.0%
Payout ratio	115.8%	243.7%	105.6%	96.4%	233.3%	-29.2%	69.8%	56.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.3%	7.6%	12.8%	11.0%	3.9%	-38.8%	15.1%	32.2%
Return on invested capital	4.9%	4.2%	5.5%	4.3%	2.9%	-9.9%	7.1%	9.0%
Return on assets	0.8%	0.4%	0.7%	0.6%	0.2%	-2.2%	1.1%	1.3%
Free cash flow yield	60.4%	50.9%	68.8%	80.8%	84.1%	49.1%	41.4%	30.5%
Earnings yield	6.9%	2.8%	6.4%	7.0%	3.1%	-36.1%	10.4%	10.5%
Enterprise value	$14.9B	$11.2B	$10.7B	$10.8B	$11.1B	$12.1B	$13.4B	$12.2B
Net debt / EBITDA	3.96×	2.83×	2.48×	3.03×	4.8×	-6.96×	3.11×	2.7×
Cash conversion cycle (days)	1	1	2	3	3	9	3	1