PEMBINA PIPELINE CORP
PBA, PBNAF, PBPRF, PMBPF, PMMBF, PPLAF, PPLOF · Oil & Gas Field Exploration Services · EDGAR filings ↗
Grade
B80Scaled Canadian midstream franchise with top-decile margins and cash generation but only mid-pack equity returns.
Strengths
- Top-decile operating margin (95th pct) and OCF margin (91.5th pct) reflecting durable fee-based infrastructure
- Solid revenue growth (+10.6%, 60th pct), healthy interest coverage (70th pct) and ROA (76th pct)
Risks
- Modest ROE (~10%, 61st pct) and slightly negative net income growth (-5%) keep it short of an A
- Weak liquidity (current ratio 14th pct, quick ratio 14th pct) and integration of Alliance/Aux Sable acquisition
Notable findings
- Weak liquidityCurrent ratio 0.61 (<1)
Key metrics
Gross margin
41.1%
Operating margin
36.1%
Net margin
21.8%
Return on equity
10.1%
Return on assets
4.8%
ROIC
7.8%
Revenue growth (QoQ)
10.6%
Net-income growth
-5.0%
Debt / equity
0.7×
Interest coverage
4.7×
Current ratio
0.6×
Tangible book value
$8.6B
Cash & investments
$77M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 40-F | 2026-02-27 | 2025-12-31 | 0001546066-26-000014 ↗ |
| 40-F | 2025-02-27 | 2024-12-31 | 0001546066-25-000007 ↗ |
| 40-F | 2024-02-23 | 2023-12-31 | 0001628280-24-006460 ↗ |
| 40-F | 2023-02-23 | 2022-12-31 | 0001628280-23-004885 ↗ |
| 40-F | 2022-02-25 | 2021-12-31 | 0001628280-22-003875 ↗ |
| 40-F | 2021-02-25 | 2020-12-31 | 0001628280-21-003332 ↗ |
| 40-F | 2020-02-28 | 2019-12-31 | 0001628280-20-002497 ↗ |
| 40-F | 2019-02-22 | 2018-12-31 | 0001628280-19-001709 ↗ |
| 40-F | 2018-02-23 | 2017-12-31 | 0001279569-18-000323 ↗ |
| 40-F | 2017-02-24 | 2016-12-31 | 0001279569-17-000319 ↗ |
| 40-F | 2016-02-26 | 2015-12-31 | 0001279569-16-002783 ↗ |
| 40-F | 2015-02-27 | 2014-12-31 | 0001279569-15-000372 ↗ |