Plains All American Pipeline Lp's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Plains All American Pipeline Lp (PAA) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Plains All American Pipeline Lp vs Its Competitors
- TTM: Trailing 12-month revenue of 52,306M vs 25,045M combined for its competitors (67.6% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+35.3% annualized vs trailing 12 months), vs accelerating (+33.4%) for its tracked peer group.
- Growth: Plains All American Pipeline Lp generated 66.3% revenue growth year over year in Q2 2026, vs 42.5% for its competitors combined.
- Profitability: Its 10.9% net margin compares with 1.9% for the peer group.
- Scale: Plains All American Pipeline Lp ranks #16 of 45 companies by market capitalization in the Natural Gas Utilities industry, holding 1.6% of industry market cap.
- Peer revenue share: Plains All American Pipeline Lp accounted for 67.9% of combined revenue among its tracked peer group, up from 64.5% a year earlier.
- Peer differentiation: Revenue per employee of $13.41M compares with $2.87M for the peer group (4.7x).
- Structure: Plains All American Pipeline Lp operates in the following segments: Natural Gas Liquids.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
PAA Sales vs. its Competitors, Q2 2026
Plains All American Pipeline Lp reported revenue growth of 66.26 % year on year in Q2 2026, above its competitors' combined revenue growth of 42.50 %.
With a net margin of 10.88 %, Plains All American Pipeline Lp achieved higher profitability than its competitors (1.88 %).
Plains All American Pipeline Lp generated 67.93 % of the combined sales of its peer group, up from 64.48 % a year earlier.
API endpoints for this dataset
Plains All American Pipeline Lp vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Plains All American Pipeline Lp reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Plains All American Pipeline Lp and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Plains All American Pipeline Lp | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (10) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Plains All American Pipeline Lp's competitor groups requires a Commercial License.
For context: the Natural Gas Utilities industry grew revenue 42.9% year over year, combined, vs 66.3% for Plains All American Pipeline Lp. Plains All American Pipeline Lp's share of combined industry revenue moved from 5.12% to 5.96%, a gain of 0.84 percentage points.
Plains All American Pipeline Lp's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Plains All American Pipeline Lp | Yes | Yes | Yes | No |
| Competitors combined (6) | ||||
| High-Confidence Competitors (1) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
PAA Stock Performance relative to its Competitors
PAA Stock Performance relative to High-Confidence Competitors
PAA Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Pembina Pipeline Corporation | 282.9% | Outperformed |
| 2 | Crossamerica Partners Lp | 282.9% | Outperformed |
| 3 | Txo Partners L p | 282.9% | Outperformed |
| 4 | Global Partners Lp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Plains All American Pipeline Lp's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Plains All American Pipeline Lp's Comment on Competition and Industry Peers
Publicly Traded Peers of Plains All American Pipeline Lp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Plains All American Pipeline Lp |
- | 52,306.00 |
 Pembina Pipeline Corporation |
28,104.78 | 5,568.41 |
 Crossamerica Partners Lp |
757.66 | 2,413.36 |
 Txo Partners L p |
728.01 | 360.17 |
 Martin Midstream Partners L p |
79.08 | 807.18 |
 Global Partners Lp |
- | 21,456.19 |
| SUBTOTAL | 29,669.53 | 82,919.12 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Plains All American Pipeline Lp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Plains All American Pipeline Lp's Competitors Named by the Company
Competitive relationships identified from Plains All American Pipeline Lp reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| South Bow Corporation | Company report | 85% |
| Martin Midstream Partners L p | Company report | 85% |
| Pembina Pipeline Corporation | Company report | 85% |
| Crossamerica Partners Lp | Company report | 85% |
| Global Partners Lp | Company report | 85% |
Company report basis, confidence, active dates and source counts for Plains All American Pipeline Lp's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Plains All American Pipeline Lp's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Plains All American Pipeline Lp | Natural Gas Liquids 0.12 % |
| Crossamerica Partners Lp | Retail Segment 53.57 % |
| Txo Partners L p | Reportable Segment 100.00 % |
| Martin Midstream Partners L p | Specialty products 38.65 % |
| Global Partners Lp | Wholesale segment 70.91 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Plains All American Pipeline Lp's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Plains All American Pipeline Lp | - | 13,411,795 | 797,949 |
| Pembina Pipeline Corporation | 28,105 | 2,086,327 | 454,389 |
| Crossamerica Partners Lp | 758 | 792,046 | 18,133 |
| Txo Partners L p | 728 | 1,559,190 | -319,935 |
| Martin Midstream Partners L p | 79 | - | - |
| Global Partners Lp | - | 4,565,146 | 41,533 |
| PEERS TOTAL | 29,670 | 2,872,583 | 129,684 |
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Plains All American Pipeline Lp's Position in Industry Market Structure
Market-capitalization share and concentration across all 44 companies in Plains All American Pipeline Lp's industry classification, broader than the peer set above. Market cap in millions of $.Plains All American Pipeline Lp ranks #16 of 44 companies by market capitalization in its industry, holding 1.60 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 525, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Enbridge Inc | 102,689 | 10.67 % |
| 2 | Enterprise Products Partners L p | 80,911 | 8.41 % |
| 3 | Williams companies inc | 78,498 | 8.16 % |
| 4 | Kinder Morgan Inc | 66,661 | 6.93 % |
| 5 | Energy Transfer Lp | 1,234 | 5.2% |
| 6 | Tc Energy Corporation | 1,234 | 5.2% |
| 8 | Cheniere Energy Inc | 1,234 | 5.2% |
| 10 | Targa Resources Corp | 1,234 | 5.2% |
| 11 | Oneok Inc | 1,234 | 5.2% |
| 12 | Venture Global Inc | 1,234 | 5.2% |
| 16 | Plains All American Pipeline Lp | 15,423 | 1.60 % |
Market cap and industry share for the rest of Plains All American Pipeline Lp's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-06-26.
Plains All American Pipeline Lp's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 11 | Oneok Inc | 53,840 | 29.49 % |
| 12 | Venture Global Inc | 30,474 | 48.65 % |
| 13 | Atmos Energy Corp | 29,339 | -0.18 % |
| 14 | Hf Sinclair Corporation | 17,436 | 87.45 % |
| 15 | Western Midstream Partners Lp | 1,234 | 12.3% |
| 17 | Dt Midstream Inc | 1,234 | 12.3% |
| 18 | Antero Midstream Corporation | 1,234 | 12.3% |
| 19 | Ugi Corporation | 1,234 | 12.3% |
| 20 | National Fuel Gas Company | 1,234 | 12.3% |
| 21 | Southwest Gas Holdings Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Plains All American Pipeline Lp's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Plains All American Pipeline Lp's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Natural Gas Utilities industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (100 companies). See the full Natural Gas Utilities industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 7.28 % | 41.15 % (avg) | -33.9 pp |
| Operating Margin | 3.14 % | industry median | -12.4 pp |
| EBITDA Margin | 5.84 % | 30.82 % (avg) | -25.0 pp |
| Capital Intensity (Capex / Revenue) | 1.15 % | 21.06 % (avg) | -19.9 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Plains All American Pipeline Lp's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 29.93 % | 29.87 % | -1.13 % | 58.89 % | 36.28 % | -15.05 % | 0.36 % | -9.46 % |
| Operating Margin | 4.40 % | 6.69 % | 5.90 % | 2.02 % | 2.25 % | 3.10 % | 1.78 % | 3.24 % |
| Return on Invested Capital | 2.72 % | 5.20 % | 4.01 % | 2.07 % | - | - | - | - |
| P/E | 19.7x | 9.0x | 6.6x | 15.9x | 9.5x | 10.3x | 21.2x | 9.8x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Plains All American Pipeline Lp's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Plains All American Pipeline Lp falls in the Dog quadrant: relative market share of 0.15x vs its largest competitor, in an industry growing revenue 6.5% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Plains All American Pipeline Lp's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 525 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 1.15 % vs industry average 21.06 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Plains All American Pipeline Lp's dedicated Suppliers and Customers pages, not here.
Plains All American Pipeline Lp's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Plains All American Pipeline Lp falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Plains All American Pipeline Lp's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+35.3% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Operating margin 12.4 points below the industry median.
- Low relative market share vs the industry leader (0.15x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Plains All American Pipeline Lp's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Plains All American Pipeline Lp | 0.12 | 1.01 | 1.03 |
| Pembina Pipeline Corporation | 0.05 | 0.61 | 0.71 |
| Crossamerica Partners Lp | 0.03 | 0.74 | - |
| Txo Partners L p | 0.19 | 0.67 | - |
| Martin Midstream Partners L p | 0.00 | 1.22 | - |
| Global Partners Lp | 0.02 | 1.16 | 2.08 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Plains All American Pipeline Lp's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Plains All American Pipeline Lp | Q2 2026 | +66.3 % | +548.1 % |
| Pembina Pipeline Corporation | Q4 2025 | +3.3 % | -11.4 % |
| Crossamerica Partners Lp | Q2 2026 | +24.1 % | -17.3 % |
| Txo Partners L p | Q3 2026 | -45.4 % | - |
| Martin Midstream Partners L p | Q3 2026 | +37.3 % | - |
| Global Partners Lp | Q2 2026 | +46.8 % | +181.6 % |
| PEERS TOTAL | +44.0 % | +86.5 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Plains All American Pipeline Lp's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Plains All American Pipeline Lp | Q2 2026 | +69.7 % | -18.8 % |
| Pembina Pipeline Corporation | Q4 2025 | +6.9 % | - |
| Crossamerica Partners Lp | Q2 2026 | +23.8 % | -37.1 % |
| Txo Partners L p | Q3 2026 | - | +85.2 % |
| Martin Midstream Partners L p | Q3 2026 | +67.6 % | +61.2 % |
| Global Partners Lp | Q2 2026 | +48.4 % | +132.2 % |
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Plains All American Pipeline Lp's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Plains All American Pipeline Lp | 10.45% | 12.11% | 26.11% |
| Pembina Pipeline Corporation | 4.68% | 6.69% | 9.92% |
| Crossamerica Partners Lp | 5.60% | 5.68% | - |
| Txo Partners L p | - | - | - |
| Martin Midstream Partners L p | - | - | - |
| Global Partners Lp | 4.92% | 5.59% | 27.70% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Plains All American Pipeline Lp's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Plains All American Pipeline Lp | 17.30 | - |
| Pembina Pipeline Corporation | 18.15 | 5.05 |
| Crossamerica Partners Lp | 14.43 | 0.31 |
| Txo Partners L p | - | 2.02 |
| Martin Midstream Partners L p | - | 0.10 |
| Global Partners Lp | 14.42 | - |
| PEERS AVERAGE | 6.60 | 0.36 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.