PLAINS ALL AMERICAN PIPELINE LP(PAA)Stock Analysis
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Rank #1,045 of 2,879 stocksTOP 50%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
PAA Stock Analysis & AI Quality Score
AI stock analysis and institutional research for PLAINS ALL AMERICAN PIPELINE LP (PAA), a Energy sector company. 13F Pro's AI-powered ranking engine scores PAA at 57.4/100 on a 32-signal composite quality model, placing it at rank #1,045 of 2,879 stocks — the top half of the AI-ranked universe. PAA scores in the top quartile across revenue scale (97.0), institutional flow (84.3). Areas of concern include revenue growth (26.1), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), PLAINS ALL AMERICAN PIPELINE LP reports quarterly revenue of $12.5B, net income of $152.0M, an operating margin of 3.3%. Top institutional holders of PAA by reported 13-F value include ALPS ADVISORS, Invesco Ltd., Blackstone, based on the most recent SEC filings. PAA trades on the Nasdaq exchange and files with the SEC under CIK 1070423. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate PAA daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for PLAINS ALL AMERICAN PIPELINE LP directly from SEC EDGAR. PLAINS ALL AMERICAN PIPELINE LP's 13F Pro composite quality score has ranged between 34 and 68 since 2021, currently 57.4 — an improving long-term trajectory across 30 quarterly and live scoring snapshots.
Revenue
Q1 2026
$12.5B
Net Income
Q1 2026
$152.0M
Free Cash Flow
Q1 2026
$288.0M
Operating Margin
Q1 2026
3.3%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
-9.5% YoYNet Income
+29.3% YoYOperating Income
+65.2% YoYTotal Assets
+13.6% YoYTotal Debt
+47.8% YoYOp. Cash Flow
+17.9% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $44.26B -9.5% | $48.89B +3.3% | $47.34B -17.4% | $57.34B +36.3% | $42.08B +80.7% | $23.29B |
| Net Income | $1.44B +29.3% | $1.11B -26.0% | $1.50B +22.0% | $1.23B +107.4% | $593.0M +122.9% | $-2.59B |
| Operating Income | $1.43B +65.2% | $868.0M -31.0% | $1.26B -2.6% | $1.29B +51.8% | $851.0M +135.8% | $-2.38B |
| Total Assets | $30.17B +13.6% | $26.56B -2.9% | $27.36B -1.9% | $27.89B -2.5% | $28.61B +16.8% | $24.50B |
| Total Debt | $11.26B +47.8% | $7.62B -1.7% | $7.75B -8.2% | $8.45B -8.4% | $9.22B -9.7% | $10.21B |
| Operating Cash Flow | $2.94B +17.9% | $2.49B -8.7% | $2.73B +13.2% | $2.41B +20.6% | $2.00B +31.8% | $1.51B |
AI Insight: PAA Financial Trends
Total debt surged 31% from $8.6B to $11.4B in six months while Q1 2026 operating cash flow collapsed to a five-quarter low of $418M, raising leverage concerns.
• Total debt jumped from $8,682M in Q1 2025 to $11,376M in Q1 2026, a $2.7B increase in four quarters.
• Operating cash flow fell sharply to $418M in Q1 2026, down from $817M in Q3 2025 — the lowest reading in the dataset.
• Operating income recovered to $405M in Q1 2026 after collapsing to $61M in Q2 2025, signaling sequential operational improvement.
• Revenue declined from $12,933M in Q2 2024 to $10,108M–$12,470M range recently, with no sustained upward trajectory.
⚠ Debt rose $1,810M in just Q4 2025–Q1 2026; without clarity on use of proceeds, leverage trajectory is a key risk.
⚠ Q1 2026 operating CF of $418M vs. $11.4B debt implies thin coverage — monitor whether Q2 2026 CF rebounds toward prior levels.
⚠ Operating margin compression in Q2 2025 ($61M op income on $10.1B revenue) warrants tracking for recurrence in lower-revenue quarters.
AI Insight: PAA Ratio Trends
PAA's profitability is highly seasonal and volatile, with ROIC swinging from 2.8% in Q2 2025 to 24.6% in Q1 2025 — making trend-reading difficult.
• ROIC is extremely volatile, ranging from 2.8% in Q2 2025 to 24.6% in Q1 2025, suggesting strong seasonal patterns rather than structural improvement.
• Net profit margin fell sharply to 1.2% in Q1 2026 from 3.8% in Q3 2025, reversing recent gains.
• ROA dropped to 1.9% in Q1 2026, down from 6.3% in Q3 2025 and below the TTM level of 3.6%.
⚠ Q2 typically shows margin compression — Q2 2025 operating margin collapsed to 0.6%; watch Q2 2026 for a repeat.
⚠ ROIC of 14.2% in Q1 2026 is below Q1 2025's 24.6% — monitor whether year-over-year deterioration persists.
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Available Research
13F Pro tracks comprehensive data for PLAINS ALL AMERICAN PIPELINE LP including:
Top Institutional Holders of PAA
ALPS ADVISORS INC
$1.6B73,107,070 shInvesco Ltd.
$745.5M33,385,562 shBlackstone Inc.
$418.5M18,740,802 shMIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.
$380.8M17,051,582 shGOLDMAN SACHS GROUP INC
$369.4M16,540,807 shMORGAN STANLEY
$254.6M11,401,038 shTORTOISE CAPITAL ADVISORS, L.L.C.
$241.0M10,792,532 shUBS Group AG
$195.8M8,768,404 shKAYNE ANDERSON CAPITAL ADVISORS LP
$138.5M6,200,636 shBANK OF AMERICA CORP /DE/
$109.5M4,902,155 sh
| Fund | Value | Shares |
|---|---|---|
| ALPS ADVISORS INC | $1.6B | 73,107,070 |
| Invesco Ltd. | $745.5M | 33,385,562 |
| Blackstone Inc. | $418.5M | 18,740,802 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $380.8M | 17,051,582 |
| GOLDMAN SACHS GROUP INC | $369.4M | 16,540,807 |
| MORGAN STANLEY | $254.6M | 11,401,038 |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $241.0M | 10,792,532 |
| UBS Group AG | $195.8M | 8,768,404 |
| KAYNE ANDERSON CAPITAL ADVISORS LP | $138.5M | 6,200,636 |
| BANK OF AMERICA CORP /DE/ | $109.5M | 4,902,155 |
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Popular Research
Is PAA a good stock to buy?
13F Pro's AI-powered analysis of PLAINS ALL AMERICAN PIPELINE LP (PAA) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Energy sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for PAA are available on the PAA stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own PAA?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling PAA. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of PLAINS ALL AMERICAN PIPELINE LP's investment landscape.