MeritValue

PLAINS ALL AMERICAN PIPELINE LP

PAAdata completeness 75%19 fiscal years on file

Data notes: no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$42.1B1$57.3B2$47.3B3$48.9B3$44.3B3
Net income$593M4$1.04B5$1.23B6$772M6$1.44B6
Operating cash flow$2B7$2.41B8$2.73B9$2.49B9$2.94B9
Capital expenditure$336M10$455M11$408M12$448M12$643M12
Free cash flow (derived)$1.66B7$1.95B8$2.32B9$2.04B9$2.29B9
Total debt$822M13$1.16B14$446M15$407M16$563M16
Cash & equivalents$449M17$401M18$450M19$348M20$328M20
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has fallen 32% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001070423-24-000008 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001070423-25-000006 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001070423-26-000014 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001070423-24-000008 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001070423-25-000006 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001070423-26-000014 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001070423-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001070423-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001070423-26-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001070423-24-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001070423-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001070423-26-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001070423-23-000006 (DebtCurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001070423-24-000008 (DebtCurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001070423-25-000006 (DebtCurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001070423-26-000014 (DebtCurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001070423-23-000006 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001070423-24-000008 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001070423-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001070423-26-000014 (CashAndCashEquivalentsAtCarryingValue)