Plains GP Holdings LP
Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). It engages in the gathering and transporting crude oil using pipelines, trucks, and barges or railcars, as well as providing terminalling, storage, a… Read more
Plains GP Holdings LP (PAGP) - Net Assets
Latest net assets as of December 2025: $14.22 Billion USD
Based on the latest financial reports, Plains GP Holdings LP (PAGP) has net assets worth $14.22 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($31.28 Billion) and total liabilities ($17.06 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $14.22 Billion |
| % of Total Assets | 45.45% |
| Annual Growth Rate | 6.62% |
| 5-Year Change | 10.98% |
| 10-Year Change | 32.77% |
| Growth Volatility | 13.76 |
Plains GP Holdings LP - Net Assets Trend (2011–2025)
This chart illustrates how Plains GP Holdings LP's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Plains GP Holdings LP (2011–2025)
The table below shows the annual net assets of Plains GP Holdings LP from 2011 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $14.22 Billion | -0.70% |
| 2024-12-31 | $14.32 Billion | -4.38% |
| 2023-12-31 | $14.97 Billion | +2.28% |
| 2022-12-31 | $14.64 Billion | +14.27% |
| 2021-12-31 | $12.81 Billion | +31.55% |
| 2020-12-31 | $9.74 Billion | -26.20% |
| 2019-12-31 | $13.20 Billion | +9.94% |
| 2018-12-31 | $12.00 Billion | -2.88% |
| 2017-12-31 | $12.36 Billion | +15.42% |
| 2016-12-31 | $10.71 Billion | +15.95% |
| 2015-12-31 | $9.23 Billion | -1.57% |
| 2014-12-31 | $9.38 Billion | +13.31% |
| 2013-12-31 | $8.28 Billion | +18.81% |
| 2012-12-31 | $6.97 Billion | +20.26% |
| 2011-12-31 | $5.79 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Plains GP Holdings LP's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 0.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $1.34 Billion | 100.00% |
| Total Equity | $1.34 Billion | 100.00% |
Plains GP Holdings LP Competitors by Market Cap
The table below lists competitors of Plains GP Holdings LP ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Frontdoor Inc
NASDAQ:FTDR
|
$4.51 Billion |
|
A2A S.p.A
OTCGREY:AEMMF
|
$4.51 Billion |
|
Lundin Mining Corporation
PINK:LUNMF
|
$4.52 Billion |
|
Bank Ozk
NASDAQ:OZK
|
$4.52 Billion |
|
Wix.Com Ltd
NASDAQ:WIX
|
$4.50 Billion |
|
Monotaro Co Ltd
PINK:MONOY
|
$4.50 Billion |
|
Banco Bpm SpA
LSE:0RLA
|
$4.49 Billion |
|
WHITE MTNS INS. GRP DL 1
F:WNI
|
$4.49 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Plains GP Holdings LP's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,351,000,000 to 1,345,000,000, a change of -6,000,000 (-0.4%).
- Net income of 260,000,000 contributed positively to equity growth.
- Dividend payments of 301,000,000 reduced retained earnings.
- Share repurchases of 341,000,000 reduced equity.
- Other factors increased equity by 376,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $260.00 Million | +19.33% |
| Dividends Paid | $301.00 Million | -22.38% |
| Share Repurchases | $341.00 Million | -25.35% |
| Other Changes | $376.00 Million | +27.96% |
| Total Change | $- | -0.44% |
Book Value vs Market Value Analysis
This analysis compares Plains GP Holdings LP's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 3.44x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has increased from 0.19x to 3.44x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2011-12-31 | $120.54 | $23.40 | x |
| 2012-12-31 | $144.97 | $23.40 | x |
| 2013-12-31 | $167.02 | $23.40 | x |
| 2014-12-31 | $173.72 | $23.40 | x |
| 2015-12-31 | $111.25 | $23.40 | x |
| 2016-12-31 | $108.15 | $23.40 | x |
| 2017-12-31 | $85.23 | $23.40 | x |
| 2018-12-31 | $3.68 | $23.40 | x |
| 2019-12-31 | $85.21 | $23.40 | x |
| 2020-12-31 | $45.49 | $23.40 | x |
| 2021-12-31 | $73.08 | $23.40 | x |
| 2022-12-31 | $75.45 | $23.40 | x |
| 2023-12-31 | $7.94 | $23.40 | x |
| 2024-12-31 | $6.86 | $23.40 | x |
| 2025-12-31 | $6.79 | $23.40 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Plains GP Holdings LP utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 19.33%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 0.59%
- • Asset Turnover: 1.42x
- • Equity Multiplier: 23.25x
- Recent ROE (19.33%) is above the historical average (4.57%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2011 | 0.03% | 0.01% | 2.22x | 2.66x | $-577.40 Million |
| 2012 | 0.57% | 0.11% | 1.96x | 2.76x | $-656.80 Million |
| 2013 | 0.18% | 0.04% | 1.97x | 2.59x | $-812.90 Million |
| 2014 | 0.75% | 0.16% | 1.81x | 2.56x | $-868.10 Million |
| 2015 | 1.28% | 0.51% | 0.96x | 2.61x | $-805.40 Million |
| 2016 | 0.88% | 0.47% | 0.77x | 2.44x | $-976.70 Million |
| 2017 | -5.92% | -2.79% | 0.98x | 2.16x | $-1.97 Billion |
| 2018 | 32.18% | 0.98% | 1.33x | 24.58x | $230.20 Million |
| 2019 | 2.29% | 0.98% | 1.17x | 1.98x | $-1.12 Billion |
| 2020 | -5.08% | -2.44% | 0.95x | 2.19x | $-1.69 Billion |
| 2021 | 0.42% | 0.14% | 1.47x | 2.02x | $-1.36 Billion |
| 2022 | 1.15% | 0.29% | 1.96x | 2.00x | $-1.30 Billion |
| 2023 | 12.79% | 0.41% | 1.70x | 18.47x | $43.20 Million |
| 2024 | 7.62% | 0.21% | 1.80x | 20.54x | $-32.10 Million |
| 2025 | 19.33% | 0.59% | 1.42x | 23.25x | $125.50 Million |
Industry Comparison
This section compares Plains GP Holdings LP's net assets metrics with peer companies in the Oil & Gas Midstream industry.
Industry Context
- Industry: Oil & Gas Midstream
- Average net assets among peers: $1,230,397,219
- Average return on equity (ROE) among peers: 2202.95%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Plains GP Holdings LP (PAGP) | $14.22 Billion | 0.03% | 1.20x | $4.50 Billion |
| Antero Midstream Partners LP (AM) | $142.86 Million | 0.00% | 0.21x | $7.58 Billion |
| AltaGas Ltd (ATGFF) | $2.83 Billion | 7.11% | 1.57x | $8.06 Billion |
| ATGPF (ATGPF) | $7.86 Billion | 8.56% | 1.98x | $4.11 Billion |
| Avance Gas Holding Ltd (AVACF) | $603.79 Million | 27.09% | 0.91x | $7.70K |
| CBL International Limited Ordinary Shares (BANL) | $12.11 Million | 30.42% | 1.11x | $3.17 Million |
| BP Prudhoe Bay Royalty Trust (BPT) | $863.00K | 22418.66% | 0.16x | $2.99 Million |
| Brooge Holdings Ltd (BROG) | $78.49 Million | 16.31% | 4.83x | $32.39 Million |
| Brooge Energy Limited (BROGW) | $56.77 Million | -85.14% | 7.56x | $5.67K |
| Willow Biosciences Inc (CANSF) | $1.10 Million | -405.25% | 0.17x | $2.85 Million |
| Cool Company Ltd (CLCO) | $715.51 Million | 11.75% | 1.88x | $145.96 Million |