# Plains GP Holdings, L.P. (PAGP)

> Source: Nexqual · https://nexqual.com/PAGP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Plains GP Holdings, L.P. (PAGP), nexqual.com/PAGP" · informational, not investment advice.

**Price:** USD 27.93 (+0.04% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 27.92 · day 27.51–28.16 · 52w 16.89–28.7 · market cap $6.51B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $52.3B, net income $554M (1.1% margin), free cash flow $2.37B (SEC filings).
- Valuation: P/E 11.7x, EV/EBITDA 5.3x, net debt $7.38B.
- Analysts: Hold (mean 2.79 on a 1–5 scale) (14 analysts), mean target USD 26.46 (range 20–30).
- Total return with dividends: 1Y +69.0% vs S&P 500 +14.9%; 5Y +241.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 0.48, revenue estimate $13.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $42.1B | $57.3B | $47.3B | $48.9B | $44.3B | $52.3B |
| Gross profit | $3.57B | $4.17B | $3.40B | $3.73B | $3.83B | — |
| Operating income | $842M | $1.28B | $1.25B | $862M | $1.43B | $1.64B |
| Net income | $60.0M | $168M | $198M | $103M | $260M | $554M |
| Free cash flow | $1.66B | $1.95B | $2.31B | $2.04B | $2.29B | $2.37B |
| Gross margin | 8.5% | 7.3% | 7.2% | 7.6% | 8.7% | — |
| Operating margin | 2.0% | 2.2% | 2.6% | 1.8% | 3.2% | 3.1% |
| Net margin | 0.1% | 0.3% | 0.4% | 0.2% | 0.6% | 1.1% |
| Revenue growth | +80.7% | +36.3% | -17.4% | +3.3% | -9.5% | — |
| Cash + short-term investments | $452M | $404M | $453M | $349M | $329M | — |
| Total debt | $9.22B | $8.45B | $7.75B | $7.62B | $1.66B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.7x · P/S 0.1x · EV/EBITDA 5.3x · EV/Sales 0.3x · P/FCF 2.7x · FCF yield 36.42% · Earnings yield 8.51% · Net debt $7.38B · EV $13.9B

## Analysts
Consensus Hold (mean 2.79 on a 1–5 scale), 14 analysts; mean target USD 26.46 (low 20, high 30).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | UBS | Target raised | Buy | $26 → $30 |
| 2026-09-21 | Barclays | Target raised | Underweight | $23 → $24 |
| 2026-09-21 | Mizuho | Target raised | Outperform | $27 → $30 |
| 2026-09-17 | Citigroup | Target raised | Neutral | $23 → $27 |
| 2026-09-03 | JP Morgan | Target raised | Neutral | $24 → $27 |
| 2026-08-18 | Morgan Stanley | Target raised | Equal-Weight | $26 → $28 |
| 2026-07-16 | Barclays | Target raised | Underweight | $21 → $23 |
| 2026-07-15 | Truist Securities | Target raised | Buy | $23 → $25 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +69.0% | +241.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +69.3% | +27.8% |
| Volatility (annualized) | 17.8% | 26.8% |
| Max drawdown | -10.4% (May 2026→Jun 2026) | -19.1% (Feb 2025→Oct 2025) |

## Peers (Oil & Gas Midstream)
HESM (Hess Midstream LP) USD 30.04 -3.32% · SOBO (South Bow Corporation) USD 34.57 -0.52% · INSW (International Seaways, Inc.) USD 108.42 -2.46% · CMBT (CMB.TECH NV) USD 18.08 -1.42% · KNTK (Kinetik Holdings Inc.) USD 54.64 -1.89% · GLNG (Golar LNG Limited) USD 44.03 -2.13%

## More
Full page: https://nexqual.com/PAGP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name PAGP in their own reports (relationship from PAGP's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | PLAINS ALL AMERICAN PIPELINE LP (PAA) | 10-K 2026-02-27 | "(1)Each Class C share represents a non-economic limited partner interest in PAGP." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Crude Oil | $17.73B | 100.2% | +66.4% |
| NGL | $22.0M | 0.1% | -15.4% |
| Total revenue | $17.69B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product sales revenues | $17.27B | 97.6% | +68.8% |
| Services revenues | $472.0M | 2.7% | +6.1% |
| Transportation | $358.0M | 2.0% | +5.3% |
| Terminalling, Storage and Other | $102.0M | 0.6% | +17.2% |
| Total revenue | $17.69B | 100% | — |
The lines above cover 102.9% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $39.76B | 89.8% | -8.7% |
| Canada | $4.50B | 10.2% | -15.9% |
| Total revenue | $44.26B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 31% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.48 | $0.53 | -9.5% | $13.91B | 4 |
| Next quarter (ends 2026-12-31) | $0.52 | $0.54 | -4.3% | $12.96B | 4 |
| Current fiscal year (ends 2026-12-31) | $2.23 | $1.95 | +14.2% | $57.49B | 5 |
| Next fiscal year (ends 2027-12-31) | $2.07 | $2.16 | -4.4% | $57.31B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±4.8%; last 8 reports averaged ±1.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 20.4% | ±4.8% |
| 2026-12-18 | 56 | 21.3% | ±6.8% |
| 2027-01-15 | 84 | 21.2% | ±8.1% |
| 2027-02-19 | 119 | 19.9% | ±9.5% |
| 2027-05-21 | 210 | 20.9% | ±13.0% |