PLAINS GP HOLDINGS LP
PAGP · Pipe Lines (No Natural Gas) · 197.9M shares · EDGAR filings ↗
Grade
B71Large-scale crude-oil midstream franchise generating top-decile free cash flow with sharply improved earnings.
Strengths
- FCF $2.29B (95th pct); net income $1.69B, up 213% (88th pct); revenue +282% (94th)
- Extensive Permian-anchored pipeline/terminal network and 25+ strategic JVs; investment-grade focus, rising distributions
Risks
- Thin reported margins (gross 8.7%, net 0.6%) and modest ROA 0.8% reflecting commodity pass-through
- Current ratio 0.96 (24th pct); commodity, volume and regulatory exposure; Canadian NGL divestiture pending
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Weak liquidityCurrent ratio 0.96 (<1)
- Strong balance sheetStrong balance sheet — $329M cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
8.7%
Operating margin
3.2%
Net margin
0.6%
Return on assets
0.8%
Revenue growth (QoQ)
18.0%
Net-income growth
152.4%
Net debt / EBITDA
0.6×
Current ratio
1.0×
Free cash flow
$2.3B
EBITDA
$2.4B
Cash & investments
$329M
Stock comp / revenue
0.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-08-14 | PAA GP Holdings LLC | Grant | 144K | — |
| 2025-08-14 | Ziemba Lawrence Michael | Option exercise | 7.7K | — |
| 2025-08-14 | Ziemba Lawrence Michael | Option exercise | 12K | — |
| 2025-08-14 | SHACKOULS BOBBY S | Option exercise | 7.7K | — |
| 2025-08-14 | SHACKOULS BOBBY S | Option exercise | 12K | — |
| 2025-08-14 | RAYMOND JOHN T | Option exercise | 7.7K | — |
| 2025-08-14 | RAYMOND JOHN T | Option exercise | 12K | — |
| 2025-08-14 | Pruner Alexandra | Option exercise | 7.7K | — |
| 2025-08-14 | Pruner Alexandra | Option exercise | 12K | — |
| 2025-08-14 | PETERSEN GARY R | Option exercise | 7.7K | — |
| 2025-08-14 | PETERSEN GARY R | Option exercise | 12K | — |
| 2025-08-14 | McCarthy Kevin S | Option exercise | 7.7K | — |
| 2025-08-14 | McCarthy Kevin S | Option exercise | 12K | — |
| 2025-08-14 | DeSanctis Ellen | Option exercise | 7.7K | — |
| 2025-08-14 | Burk Victor | Option exercise | 7.7K | — |
| 2025-08-14 | Burk Victor | Option exercise | 12K | — |
| 2025-08-11 | ARMSTRONG GREG L | Gift | 100K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-17 | Material agreement1.02Debt obligationExhibits | filing ↗ |
| 2026-06-02 | Exec/director change | filing ↗ |
| 2026-05-22 | Shareholder vote | filing ↗ |
| 2026-05-13 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-05-12 | 1.02Acquisition/dispositionReg FDExhibits | filing ↗ |
| 2026-05-08 | ResultsReg FDExhibits | filing ↗ |
| 2026-03-03 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-02-06 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-17 | 2026-06-12 | 0001104659-26-075189 ↗ |
| 8-K | 2026-06-02 | 2026-06-01 | 0001104659-26-069164 ↗ |
| 8-K | 2026-05-22 | 2026-05-20 | 0001104659-26-065743 ↗ |
| 8-K | 2026-05-13 | 2026-05-11 | 0001104659-26-060360 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001104659-26-059512 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001581990-26-000017 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001581990-26-000015 ↗ |
| 8-K | 2026-03-03 | 2026-02-26 | 0001104659-26-022839 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001581990-26-000012 ↗ |
| 8-K | 2026-02-06 | 2026-02-06 | 0001581990-26-000009 ↗ |
| 8-K/A | 2026-01-16 | 2025-10-31 | 0001581990-26-000004 ↗ |
| 8-K | 2025-12-03 | 2025-11-26 | 0001104659-25-118148 ↗ |