Stock fact sheet · data as of
Plains GP Holdings LP (PAGP): fair value, margin of safety and Wheel Score
Ticker symbol PAGP · Energy · Oil & Gas Midstream · United States · Partnership units · Value Income
PAGP trades as units of Plains GP Holdings LP, a limited partnership: owners receive a K-1 tax form instead of a 1099, and the payouts are distributions rather than dividends.
Is PAGP undervalued?
Plains GP Holdings LP (PAGP) closed at 26.93 on 5 Nov 2026. The GLS average fair value - the simple average of the 9 valuation models that produced a positive number - is 67.82, which puts the price 60% below it. 5 of the 9 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.
The 9 models disagree widely: GLS Growth gives 4.26 while 10 Cap gives 287.70. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, PAGP is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 60, growth score 6, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for PAGP
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 59.22 | +120% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 22.41 | -17% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 45.14 | +68% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 11.19 | -58% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 4.26 | -84% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 287.70 | +968% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 124.84 | +364% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 24.57 | -9% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 31.09 | +15% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -62.43 | -332% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 27.67 | +3% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - PAGP passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 3.2 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are thin or negative - ROIC 2.0%, ROE 19.3%, ROA 0.8% - with debt at 8.54 times equity and a free-cash-flow yield of 49.2%. Debt of 8.54 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is high at 6.20% (payout ratio 27%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Product 97%, Service 3% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 2.0% |
|---|---|---|---|
| GLS Moat | 3.2 / 10 | ROE | 19.3% |
| Debt / equity | 8.54 | ROA | 0.8% |
| Free-cash-flow yield | 49.2% | Payout ratio | 27% |
| Institutions | 10 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 41: Weak
PAGP scores 41 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 5, can repay its debt - 3.6 years to repay its debt (over 3); and filter 7, a premium worth selling - implied volatility 24% (under 25%), and the parts are thin too - value strong, premium weak, moat weak, health good, red flags fair, option trading strong, stability good. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility on the near-the-money contracts is 24%, below the 25% the Wheel Trade Filter on premium asks for: a put pays too little to be worth selling. The option chain is deep: 79,780 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 2.9M shares a day on a market cap of $5.3B, with a beta of 0.45 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Fails | 3.6 years to repay its debt (over 3) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | implied volatility 24% (under 25%) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 60% below fair value | |
| Premium | Weak | implied volatility 24% | |
| Moat | Weak | moat 3.2/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Fair | Red Flags score 72/100 | |
| Option trading | Strong | 16,764 contracts a day, 79,780 open interest | |
| Stability | Good | beta 0.45, $5.3B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Plains GP Holdings LP reports earnings on 6 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Oil & Gas Midstream
The 12 companies below are the closest to Plains GP Holdings LP by market cap within the Oil & Gas Midstream industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| GLNG Golar LNG Limited | 44.88 | 34.79 | -29% | 40Weak | $4.6B |
| HESM Hess Midstream LP | 31.80 | 50.30 | +37% | 54Fair | $6.6B |
| KNTK Kinetik Holdings Inc. | 51.17 | 203.51 | +75% | 47Weak | $4.1B |
| SOBO South Bow Corporation | 34.05 | 45.58 | +25% | 50Fair | $7.1B |
| EE Excelerate Energy, Inc. | 34.29 | 63.78 | +46% | 80Good | $3.9B |
| AM Antero Midstream Corporation | 19.86 | 27.31 | +27% | 44Weak | $9.4B |
| DKL Delek Logistics Partners, LP | 52.31 | 50.17 | -4% | 34Weak | $3.0B |
| DTM DT Midstream, Inc. | 117.58 | 81.85 | -44% | 34Weak | $12.0B |
| LPG Dorian LPG Ltd. | 49.43 | 84.86 | +42% | 80Good | $2.1B |
| NGL NGL Energy Partners LP | 15.52 | 36.03 | +57% | 43Weak | $1.9B |
| VNOM Viper Energy, Inc. | 41.06 | 47.78 | +14% | 74Good | $14.7B |
| GEL Genesis Energy, L.P. | 13.26 | 33.67 | +61% | 48Weak | $1.6B |
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about PAGP
Is PAGP undervalued right now?
By the GLS models, yes: at 26.93 the stock is 60% below the average fair value of 67.82 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of PAGP and what does it mean?
PAGP scores 41 out of 100 (Weak) - it fails Wheel Trade Filters 5, 7. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for PAGP?
67.82 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Plains GP Holdings LP report earnings next?
The next earnings report is due on 6 Nov 2026 (before the open), 1 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does PAGP have listed options, and how liquid are they?
Yes. The nightly snapshot found 116 listed contracts with 79,780 open interest across all expiries and implied volatility of 24% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.
Is PAGP a partnership?
Yes. PAGP trades as units of Plains GP Holdings LP, a limited partnership: owners receive a K-1 tax form instead of a 1099, and the payouts are distributions rather than dividends.