PLAINS ALL AMERICAN PIPELINE LP vs PLAINS GP HOLDINGS LP, two Pipelines stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
These two are the same Plains crude-oil network wearing two different structures. Plains All American is the operating limited partnership that issues a K-1; Plains GP Holdings is the corporation-form holder of that partnership, built for investors who want the same business without partnership tax paperwork. Their free-cash yields track almost exactly, 13.51% for the partnership against 13.44% for the holder, as they should, since the cash comes from one set of pipelines. Reported net margins differ, 2.53% against 0.43%, an artifact of where each sits in the ownership stack. At $15.4B and $15.5B, the market values the two claims within a hair of each other.
Comparison updated 2026-07-11.
| Metric | PAA | PAGP |
|---|---|---|
| Price | $22.89 | $24.75 |
| Market cap | $16.1B | $16.1B |
| Sector | Pipelines | Pipelines |
| Stage | Mature | Mature |
| Implied growth (priced in) | -4.0% | — |
| P/S | 0.36 | 0.36 |
| EV/EBITDA | 6.7 | 7.1 |
| Revenue growth | -6.8% | -6.8% |
| Operating margin | 3.3% | 3.2% |
| Net margin | 2.5% | 0.4% |
| Return on assets | 3.6% | 0.6% |
| Return on invested capital | 352.0% | 94.9% |
| FCF yield | 12.9% | 12.9% |
| Current ratio | 0.94 | 0.94 |
| Altman Z (solvency) | 7.46 | 7.41 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.