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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Plains GP Holdings LP's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-139.00.
The industry rank for Plains GP Holdings LP's Net-Net Working Capital or its related term are showing as below:
PAGP's Price-to-Net-Net-Working-Capital is not ranked *
in the Oil & Gas industry.
Industry Median: 6.99 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Plains GP Holdings LP (NAS:PAGP) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Plains GP Holdings LP Net-Net Working Capital Related Terms
Plains GP Holdings LP Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Plains GP Holdings LP's Net-Net Working Capital can be seen below:
* 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 GP Holdings LP Net-Net Working Capital Chart
PAGP vs HESM, GLNG, INSW: Net-Net Working Capital Comparison
For the Oil & Gas Midstream subindustry, Plains GP Holdings LP's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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 GP Holdings LP Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Plains GP Holdings LP's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Plains GP Holdings LP's Price-to-Net-Net-Working-Capital 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 calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-139.00 mean?
Plains GP Holdings LP (PAGP) has a Net-Net Working Capital of $-139.00 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Plains GP Holdings LP According to the industry distribution chart, Plains GP Holdings LP ranks #999999 out of 193 companies in the Oil & Gas industry.
Is Plains GP Holdings LP's Net-Net Working Capital too high?
Plains GP Holdings LP's current Net-Net Working Capital is $-139.00. Based on the distribution chart, Plains GP Holdings LP ranks #999999 out of 193 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Plains GP Holdings LP has a GF Score™ of 75/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Plains GP Holdings LP's Net-Net Working Capital compare to HESM and GLNG?
According to the Oil & Gas industry distribution chart, Plains GP Holdings LP ranks #999999 out of 193 companies for Net-Net Working Capital. This places Plains GP Holdings LP in the lower half of its industry. The industry median Net-Net Working Capital is 6.99. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for an Oil & Gas company?
The median Net-Net Working Capital among Oil & Gas companies is 6.99, based on 193 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Plains GP Holdings LP For the Oil & Gas industry, the median Net-Net Working Capital is 6.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Plains GP Holdings LP's current Net-Net Working Capital is $-139.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Plains GP Holdings LP stock overvalued right now?
Based on GuruFocus' analysis, Plains GP Holdings LP (PAGP) is currently considered Significantly Overvalued. The stock's GF Value™ is $19.78, compared to a current price of $26.51 — trading 34% above its estimated fair value. The current Net-Net Working Capital is $-139.00. Plains GP Holdings LP's overall GF Score™ is 75/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Plains GP Holdings LP (PAGP), the current Net-Net Working Capital is $-139.00 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 GP Holdings LP (PAGP) Overvalued in 2026?
Based on GuruFocus' analysis, Plains GP Holdings LP stock appears to be overvalued.
The current stock price of $26.51 is trading 34% above its estimated GF Value™ of $19.78.
GuruFocus considers Plains GP Holdings LP to be Significantly Overvalued.
Key valuation signals for PAGP:
Net-Net Working Capital: $-139.00
GF Value™: $19.78 vs. price of $26.51 (34% above fair value)
No single metric tells the full story. See the PAGP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Plains GP Holdings LP owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids (NGL), and natural gas. The group manages its operations through two operating segments: Crude Oil segment operations generally consist of gathering and transporting crude oil using pipelines (including gathering systems), trucks, and, at times, on barges or railcars; and NGL segment operations involve NGL storage and terminalling from NGL assets located in the Southwestern United States. It generates the majority of its revenue from the Crude Oil segment. Its geographic markets are the United States and Canada. It generates the majority of its revenue from the United States.
75GF Score
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