Plains GP Holdings LPPAGP +1.24%74 ROC (Joel Greenblatt) % is 11.17% as of Mar. 2026, which is 9% above its 10-year median of 10.25. GuruFocus rates PAGP with a GF Score™ of 74/100 and a GF Value™ of $19.60 (Modestly Overvalued). The stock has 11 warning signs investors should review. Among 1,000 Oil & Gas companies, Plains GP Holdings LP ranks better than 59.5% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Plains GP Holdings LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 11.17%.
The historical rank and industry rank for Plains GP Holdings LP's ROC (Joel Greenblatt) % or its related term are showing as below:
PAGP'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -13.96 Med: 10.25 Max: 19.49
Current: 11.61
During the past 13 years, Plains GP Holdings LP's highest ROC (Joel Greenblatt) % was 19.49%. The lowest was -13.96%. And the median was 10.25%.
PAGP's ROC (Joel Greenblatt) % is ranked better than 59.5% of 1000
companies
in the Oil & Gas industry
Industry Median: 8.415
vs PAGP: 11.61
Plains GP Holdings LP's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Plains GP Holdings LP (NAS:PAGP) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Plains GP Holdings LP ROC (Joel Greenblatt) % Related Terms
Plains GP Holdings LP ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Plains GP Holdings LP's ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % Chart
PAGP vs HESM, GLNG, INSW: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas Midstream subindustry, Plains GP Holdings LP's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Plains GP Holdings LP's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Plains GP Holdings LP's ROC (Joel Greenblatt) % falls into.
Plains GP Holdings LP ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT 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.
What does a ROC (Joel Greenblatt) % of 11.17% mean?
Plains GP Holdings LP (PAGP) has a ROC (Joel Greenblatt) % of 11.17% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Plains GP Holdings LP and its competitors. This is near median its historical median of 10.25. According to the industry distribution chart, Plains GP Holdings LP ranks #405 out of 1000 companies in the Oil & Gas industry, placing it in the top 40.5%.
Is Plains GP Holdings LP's ROC (Joel Greenblatt) % too high?
Plains GP Holdings LP's current ROC (Joel Greenblatt) % of 11.17% is near median its 10-year median of 10.25. The Oil & Gas industry median ROC (Joel Greenblatt) % is 8.42. Plains GP Holdings LP's value of 11.17% is 32.7% above this industry median. Based on the distribution chart, Plains GP Holdings LP ranks #405 out of 1000 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Plains GP Holdings LP has a GF Score™ of 74/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Plains GP Holdings LP's ROC (Joel Greenblatt) % compare to HESM and GLNG?
According to the Oil & Gas industry distribution chart, Plains GP Holdings LP ranks #405 out of 1000 companies for ROC (Joel Greenblatt) %. This puts Plains GP Holdings LP in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 8.42. Plains GP Holdings LP's value of 11.17% is 32.7% above this benchmark. While the company's 10-year median is 10.25 vs. the industry median of 8.42, Plains GP Holdings 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 ROC (Joel Greenblatt) % for an Oil & Gas company?
The median ROC (Joel Greenblatt) % among Oil & Gas companies is 8.42, based on 1,000 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Plains GP Holdings LP's current ROC (Joel Greenblatt) % of 11.17% is 32.7% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Plains GP Holdings LP and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Plains GP Holdings LP's current ROC (Joel Greenblatt) % is 11.17%, which is near median its own 10-year median of 10.25. 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 Modestly Overvalued. The stock's GF Value™ is $19.60, compared to a current price of $24.43 — trading 24.6% above its estimated fair value. The current ROC (Joel Greenblatt) % is 11.17%, which is near median its 10-year median of 10.25 and 32.7% above the Oil & Gas industry median of 8.42. Plains GP Holdings LP's overall GF Score™ is 74/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Plains GP Holdings LP (PAGP), the current ROC (Joel Greenblatt) % is 11.17% 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 $24.43 is trading 24.6% above its estimated GF Value™ of $19.60.
GuruFocus considers Plains GP Holdings LP to be Modestly Overvalued.
Key valuation signals for PAGP:
ROC (Joel Greenblatt) %: 11.17% (near median its 10-year median of 10.25)
GF Value™: $19.60 vs. price of $24.43 (24.6% above fair value)
Industry Position: 32.7% above the Oil & Gas median (#405 of 1000)
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.
74GF Score
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