Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Plains All American Pipeline LPPAA -0.28%73 Debt-to-EBITDA is 3.89 as of Mar. 2026, which is 19% above its 10-year median of 3.27. GuruFocus rates PAA with a GF Score™ of 73/100 and a GF Value™ of $17.28 (Significantly Overvalued). The stock has 14 warning signs investors should review. Among 705 Oil & Gas companies, Plains All American Pipeline LP ranks worse than 73.33% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Plains All American Pipeline LP's Debt-to-EBITDA or its related term are showing as below:
PAA'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: -7.03 Med: 3.27 Max: 6.82
Current: 3.98
During the past 13 years, the highest Debt-to-EBITDA Ratio of Plains All American Pipeline LP was 6.82. The lowest was -7.03. And the median was 3.27.
PAA's Debt-to-EBITDA is ranked worse than 73.33% of 705
companies
in the Oil & Gas industry
Industry Median: 2.04
vs PAA: 3.98
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Plains All American Pipeline LP Debt-to-EBITDA Related Terms
Plains All American Pipeline LP Debt-to-EBITDA Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Plains All American Pipeline LP Debt-to-EBITDA Chart
For the Oil & Gas Midstream subindustry, Plains All American Pipeline LP's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Plains All American Pipeline LP Debt-to-EBITDA vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Plains All American Pipeline LP's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Plains All American Pipeline LP's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Plains All American Pipeline LP (PAA) has a Debt-to-EBITDA of 3.89 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Plains All American Pipeline LP. This is 19% above median its historical median of 3.27. According to the industry distribution chart, Plains All American Pipeline LP ranks #517 out of 705 companies in the Oil & Gas industry, placing it in the top 73.3%.
Is Plains All American Pipeline LP's Debt-to-EBITDA too high?
Plains All American Pipeline LP's current Debt-to-EBITDA of 3.89 is 19% above median its 10-year median of 3.27. The Oil & Gas industry median Debt-to-EBITDA is 2.04. Plains All American Pipeline LP's value of 3.89 is 90.7% above this industry median. Based on the distribution chart, Plains All American Pipeline LP ranks #517 out of 705 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Plains All American Pipeline LP has a GF Score™ of 73/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Plains All American Pipeline LP's Debt-to-EBITDA compare to WES and DTM?
According to the Oil & Gas industry distribution chart, Plains All American Pipeline LP ranks #517 out of 705 companies for Debt-to-EBITDA. This places Plains All American Pipeline LP in the lower half of its industry. The industry median Debt-to-EBITDA is 2.04. Plains All American Pipeline LP's value of 3.89 is 90.7% above this benchmark. While the company's 10-year median is 3.27 vs. the industry median of 2.04, Plains All American Pipeline LP has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for an Oil & Gas company?
The median Debt-to-EBITDA among Oil & Gas companies is 2.04, based on 705 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Plains All American Pipeline LP's current Debt-to-EBITDA of 3.89 is 90.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Plains All American Pipeline LP. For the Oil & Gas industry, the median Debt-to-EBITDA is 2.04 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Plains All American Pipeline LP's current Debt-to-EBITDA is 3.89, which is 19% above median its own 10-year median of 3.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Plains All American Pipeline LP stock overvalued right now?
Based on GuruFocus' analysis, Plains All American Pipeline LP (PAA) is currently considered Significantly Overvalued. The stock's GF Value™ is $17.28, compared to a current price of $24.82 — trading 43.6% above its estimated fair value. The current Debt-to-EBITDA is 3.89, which is 19% above median its 10-year median of 3.27 and 90.7% above the Oil & Gas industry median of 2.04. Plains All American Pipeline LP's overall GF Score™ is 73/100 with 14 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Plains All American Pipeline LP (PAA), the current Debt-to-EBITDA is 3.89 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Plains All American Pipeline LP (PAA) Overvalued in 2026?
Based on GuruFocus' analysis, Plains All American Pipeline LP stock appears to be overvalued.
The current stock price of $24.82 is trading 43.6% above its estimated GF Value™ of $17.28.
GuruFocus considers Plains All American Pipeline LP to be Significantly Overvalued.
Key valuation signals for PAA:
Debt-to-EBITDA: 3.89 (19% above median its 10-year median of 3.27)
GF Value™: $17.28 vs. price of $24.82 (43.6% above fair value)
Industry Position: 90.7% above the Oil & Gas median (#517 of 705)
No single metric tells the full story. See the PAA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Plains All American Pipeline LP, through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, barges, or railcars. The NGL segment is involved in natural gas processing and NGL fractionation, storage, transportation, and terminalling. It generates the majority of its revenue from the Crude Oil segment.
73GF Score
Get the complete analysis for PAA
Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
PAA has been successfully added to your 
