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Plains All American Pipeline, L.P. PAA Return on invested capital

Other financials

Income statement

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Revenue$12.5B+8.6%
Gross profit$977.0M+1.8%
Operating income$405.0M+13.8%
Net income$152.0M-65.7%

Balance sheet

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Cash & equivalents$171.0M-60.0%
Total debt$12.0B+26.8%
Total equity$12.8B-0.3%
Total assets$31.6B+16.9%

Cash flow

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Operating cash flow$418.0M-34.6%
CapEx$130.0M-7.1%
Free cash flow$288.0M-42.3%

Valuation

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Market cap$15.23B+11.9%
Enterprise value$27.05B+19.4%
P/E13.3×-1.0×
P/S0.3×+0.1×

Profitability

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Gross margin8.5%+0.8pp
Operating margin3.3%+1.5pp
Net margin2.5%+0.6pp

Returns & leverage

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Return on equity8.9%+1.8pp
Debt / equity0.9×+0.2×
Current ratio0.9×-0.1×

Where this comes from

Calculated from Plains All American Pipeline, L.P.’s reported figures.

Based on trailing twelve months.

The official record: Plains All American Pipeline, L.P.’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Plains All American Pipeline, L.P.'s return on invested capital?
Plains All American Pipeline, L.P. (PAA) reported return on invested capital of 6.4% in Q1 2026.
How has Plains All American Pipeline, L.P.'s return on invested capital changed year-over-year?
Plains All American Pipeline, L.P.'s return on invested capital increased by 73.7% year-over-year, from 3.7% to 6.4%.
What is the long-term trend for Plains All American Pipeline, L.P.'s return on invested capital?
Over 4 years (2021 to 2025), Plains All American Pipeline, L.P.'s return on invested capital has grown at a 14.2% compound annual growth rate (CAGR), from 10.6% to 18.1%.
What does return on invested capital mean?
The after-tax return the business earns on all the capital — debt and equity — invested in it.
How do you interpret return on invested capital?
The cleanest measure of business quality: ROIC sustained above the cost of capital creates value, below it destroys value. Compare against WACC, not against zero.
How does return on invested capital compare across companies?
Highly comparable across companies as a quality screen. Sector-sensitive definitions of invested capital mean banks/insurers are best excluded.