Pembina Pipeline Corporation (PBA) 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

-18.9%

$41.09

vs $50.66 price

Levered DCF

$39.11

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.64

Distress zone

Rating

B-

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	19.63×	17.71×	15.11×	8.94×	19.17×	-52.95×	17.88×	16×
P/B	1.81×	1.74×	1.58×	1.62×	1.47×	1.11×	1.47×	1.43×
P/S	3.91×	4.12×	3.94×	2.19×	2.44×	2.79×	3.41×	2.78×
EV / EBITDA	11.53×	13.73×	10.82×	8.39×	11.67×	40.24×	17.89×	11.38×
Gross margin	38.4%	44.9%	44.9%	26.9%	30.7%	33.7%	33.7%	31.7%
Operating margin	36.1%	30.9%	41.9%	31.9%	24.5%	0.1%	25.2%	27.5%
Net margin	21.8%	25.2%	28.1%	25.6%	14.4%	-5.3%	20.6%	17.4%
Current ratio	0.61×	0.54×	0.82×	0.67×	0.52×	0.56×	0.68×	0.68×
Debt / equity	0.79×	0.76×	0.7×	0.72×	0.84×	0.78×	0.66×	0.53×
Interest coverage	4.79×	3.83×	5.65×	8.02×	4.81×	0.01×	7.67×	7.07×
Dividend yield	5.8%	5.6%	6.3%	6.5%	7.2%	9.2%	5.4%	6.1%
Payout ratio	104.6%	91.3%	88.9%	55.6%	122.5%	-484.2%	88.7%	97.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.1%	10.6%	11.2%	18.9%	8.7%	-2.1%	8.9%	8.9%
Return on invested capital	6.3%	6.6%	7.2%	11.4%	5.2%	0.0%	5.6%	5.8%
Return on assets	4.8%	5.2%	5.4%	9.4%	3.9%	-1.0%	4.5%	4.8%
Free cash flow yield	8.3%	7.4%	8.1%	9.1%	9.4%	7.4%	3.6%	5.0%
Earnings yield	5.6%	6.1%	7.1%	11.7%	5.9%	-1.9%	6.1%	6.3%
Enterprise value	$43.6B	$43.6B	$35.9B	$36.6B	$33B	$28.2B	$35.5B	$27.8B
Net debt / EBITDA	3.49×	4.15×	3.31×	2.56×	4.21×	16.53×	5.47×	3.02×
Cash conversion cycle (days)	18	33	24	9	18	19	-11	2