Plains GP Holdings LP (PAGP) - Net Assets
Based on the latest financial reports, Plains GP Holdings LP (PAGP) has net assets worth $15.31 Billion USD as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($30.23 Billion) and total liabilities ($14.92 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. Check how strategically is Plains GP Holdings LP's equity deployed to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $15.31 Billion |
| % of Total Assets | 50.65% |
| 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. For live market cap and overall valuation, see market cap of Plains GP Holdings LP.
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. Also explore PAGP net asset momentum to track the company's year-over-year net asset growth rate.
| 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 |
|---|---|
|
Shanxi Xishan Coal and Electricity Power Co Ltd
SHE:000983
|
$5.48 Billion |
|
GalaxyCore Inc
SHG:688728
|
$5.48 Billion |
|
Astor Enerji AS
IS:ASTOR
|
$5.49 Billion |
|
Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd
SHG:600863
|
$5.49 Billion |
|
Murphy Oil Corporation
NYSE:MUR
|
$5.47 Billion |
|
Colgate Palmolive (India) Limited
NSE:COLPAL
|
$5.47 Billion |
|
Koninklijke Vopak NV
AS:VPK
|
$5.47 Billion |
|
Hangzhou First PV Material Co Ltd
SHG:603806
|
$5.47 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: 4.07x
- 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 0.23x to 4.07x 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 | $27.68 | x |
| 2012-12-31 | $144.97 | $27.68 | x |
| 2013-12-31 | $167.02 | $27.68 | x |
| 2014-12-31 | $173.72 | $27.68 | x |
| 2015-12-31 | $111.25 | $27.68 | x |
| 2016-12-31 | $108.15 | $27.68 | x |
| 2017-12-31 | $85.23 | $27.68 | x |
| 2018-12-31 | $42.56 | $27.68 | x |
| 2019-12-31 | $77.62 | $27.68 | x |
| 2020-12-31 | $39.59 | $27.68 | x |
| 2021-12-31 | $66.03 | $27.68 | x |
| 2022-12-31 | $75.45 | $27.68 | x |
| 2023-12-31 | $76.78 | $27.68 | x |
| 2024-12-31 | $6.86 | $27.68 | x |
| 2025-12-31 | $6.79 | $27.68 | 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 (1.81%), 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 | 2.78% | 0.98% | 1.33x | 2.13x | $-866.20 Million |
| 2019 | 2.51% | 0.98% | 1.17x | 2.17x | $-988.50 Million |
| 2020 | -5.83% | -2.44% | 0.95x | 2.52x | $-1.54 Billion |
| 2021 | 0.47% | 0.14% | 1.47x | 2.23x | $-1.22 Billion |
| 2022 | 1.15% | 0.29% | 1.96x | 2.00x | $-1.30 Billion |
| 2023 | 1.32% | 0.41% | 1.70x | 1.91x | $-1.30 Billion |
| 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: $966,700,459
- Average return on equity (ROE) among peers: 35.59%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Plains GP Holdings LP (PAGP) | $15.31 Billion | 0.03% | 0.97x | $5.48 Billion |
| Antero Midstream Partners LP (AM) | $2.29 Billion | 14.50% | 1.42x | $10.04 Billion |
| CBL International Limited Ordinary Shares (BANL) | $8.43 Million | 42.35% | 2.20x | $12.00 Million |
| BP Prudhoe Bay Royalty Trust (BPT) | $4.96 Million | 112.81% | 0.07x | $2.99 Million |
| Brooge Holdings Ltd (BROG) | $61.21 Million | 7.25% | 6.93x | $284.93 Million |
| BW LPG Limited (BWLP) | $1.07 Billion | -4.02% | 1.29x | $3.30 Billion |
| Cheniere Energy Partners LP (CQP) | $712.93 Million | -44.74% | 17.00x | $29.93 Billion |
| Cheniere Energy Partners LP (CQP) | $715.00 Million | 164.34% | 26.11x | $25.77 Billion |
| DHT Holdings Inc (DHT) | $737.89 Million | 14.27% | 0.93x | $2.56 Billion |
| Dynagas LNG Partners LP (DLNG) | $45.34 Million | 41.51% | 9.68x | $136.80 Million |
| DT Midstream Inc (DTM) | $4.02 Billion | 7.63% | 1.03x | $12.24 Billion |
About 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. It operates through Crude Oil and Natural Gas Liquids (NGLs) segments. The company engages in the gathering and transporting crude oil using pipelines, trucks, and barges or railcars. It also provides terminalling, storage, and o… Read more