Tearsheet

Pembina Pipeline (PBA)

Market Price (11/7/2025): $37.065 | Market Cap: $21.5 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Pembina Pipeline (PBA)

Market Price (11/7/2025): $37.065
Market Cap: $21.5 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 7.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 12%	Weak multi-year price returns 2Y Excs Rtn is -22%, 3Y Excs Rtn is -37%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18%		Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.8%, Rev Chg QQuarterly Revenue Change % is -3.4%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 3.5 Bil, FCF LTM is 2.6 Bil
3	Low stock price volatility Vol 12M is 23%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 7.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 12%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 3.5 Bil, FCF LTM is 2.6 Bil
3	Low stock price volatility Vol 12M is 23%
4	Weak multi-year price returns 2Y Excs Rtn is -22%, 3Y Excs Rtn is -37%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59%
6	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.8%, Rev Chg QQuarterly Revenue Change % is -3.4%

Market Valuation & Key Metrics

	11/7/25	2024	2023	2022	2021
Share Price CYE	$37.06	$35.53	$31.40	$29.12	$24.61
Market Cap CYE ($ Bil)	21.5	20.7	17.3	16.1	13.5
Total Debt ($ Bil)	13.4	13.3	11.1	11.3	12.0
Total Cash ($ Bil)	0.2	0.1	0.1	0.1	0.0
Enterprise Value ($ Bil)	34.7	34.0	28.4	27.4	25.5
Valuation Ratios
P/S TTM	2.7	2.9	3.0	1.6	1.9
P/EBIT TTM	7.2	9.2	7.1	5.1	7.9
P/E TTM	11.5	11.4	10.7	6.3	13.4
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5	1.2	1.3
P/EBIT TTM (Sector)	6.8	6.5	5.4	4.0	4.4
P/E TTM (Sector)	10.4	9.4	8.1	5.2	3.6

	11/7/25	2024	2023
Share Price CYE	$37.06	$35.53	$31.40
Market Cap CYE ($ Bil)	21.5	20.7	17.3
Total Debt ($ Bil)	13.4	13.3	11.1
Total Cash ($ Bil)	0.2	0.1	0.1
Enterprise Value ($ Bil)	34.7	34.0	28.4
Valuation Ratios
P/S TTM	2.7	2.9	3.0
P/EBIT TTM	7.2	9.2	7.1
P/E TTM	11.5	11.4	10.7
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5
P/EBIT TTM (Sector)	6.8	6.5	5.4
P/E TTM (Sector)	10.4	9.4	8.1

	PBA	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	8.1
Rev Chg Q	-3.4%	7.1%
Rev Chg LTM	18.4%	6.0%
Rev Chg 3Y Avg	-7.8%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	3.0
CFO LTM ($ Bil)	3.5
Net Inc LTM ($ Bil)	1.9
Op Mgn LTM	37.1%	18.8%
CFO/Rev LTM	42.7%	20.5%
Net Inc Mgn	23.2%	12.9%
VALUATION	LOW
P/S	2.7	3.1
P/CFO	6.2	15.1
P/FCF	8.4	19.7
P/E	11.5	23.5
STABILITY	POOR
Debt/Equity	0.62	0.21
Cash/Assets	0.01	0.07

AI Generated Analysis | Feedback

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PBA Stock

Return (1M):

Factor Drivers of Stock Movement

The 4.8% change in PBA stock from 8/7/2025 to 11/6/2025 was primarily driven by a 4.8% change in the company's P/E Multiple.

	8072025	11062025	Change
Stock Price ($)	36.41	38.17	4.84%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8093.00	8093.00	0.00%
Net Income Margin (%)	23.16%	23.16%	0.00%
P/E Multiple	11.29	11.83	4.84%
Shares Outstanding (Mil)	581.00	581.00	0.00%
Cumulative Contribution			4.84%

LTM = Last Twelve Months as of date shown

The -0.5% change in PBA stock from 5/8/2025 to 11/6/2025 was primarily driven by a -2.0% change in the company's Net Income Margin (%).

	5082025	11062025	Change
Stock Price ($)	38.37	38.17	-0.51%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8156.00	8093.00	-0.77%
Net Income Margin (%)	23.64%	23.16%	-2.04%
P/E Multiple	11.56	11.83	2.35%
Shares Outstanding (Mil)	581.00	581.00	0.00%
Cumulative Contribution			-0.51%

LTM = Last Twelve Months as of date shown

The -0.8% change in PBA stock from 11/6/2024 to 11/6/2025 was primarily driven by a -15.9% change in the company's Net Income Margin (%).

	11062024	11062025	Change
Stock Price ($)	38.48	38.17	-0.82%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	7226.00	8093.00	12.00%
Net Income Margin (%)	27.54%	23.16%	-15.92%
P/E Multiple	11.22	11.83	5.50%
Shares Outstanding (Mil)	580.00	581.00	-0.17%
Cumulative Contribution			-0.82%

LTM = Last Twelve Months as of date shown

The 32.0% change in PBA stock from 11/7/2022 to 11/6/2025 was primarily driven by a 107.4% change in the company's P/E Multiple.

	11072022	11062025	Change
Stock Price ($)	28.92	38.17	31.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	11557.00	8093.00	-29.97%
Net Income Margin (%)	24.30%	23.16%	-4.70%
P/E Multiple	5.71	11.83	107.41%
Shares Outstanding (Mil)	554.00	581.00	-4.87%
Cumulative Contribution			31.68%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

AI Generated Analysis | Feedback

Here are five key points that likely influenced Pembina Pipeline (PBA) stock's 4% movement between July 31, 2025, and November 7, 2025: 1. Q3 2025 Earnings Miss: Pembina Pipeline reported its third-quarter 2025 earnings of $0.31 per share, which missed analysts' consensus estimates of $0.50 per share. The company also posted revenues of $1.3 billion, falling short of the Zacks Consensus Estimate by 1.95%. This underperformance compared to expectations could have exerted downward pressure on the stock.

2. Increased Quarterly Common Share Dividend: The company announced a boost in its quarterly common share dividend to $0.71 per share, an increase from its previous $0.51 per share. This translates to an annualized dividend of $2.84, offering a 7.6% yield, which is a positive signal for income-focused investors and could have supported the stock price.

3. New Commercial Agreements and Alliance Pipeline Recontracting: Pembina secured new long-term transportation agreements on its Peace Pipeline system for approximately 50,000 barrels per day, with a weighted average term of 10 years. Additionally, the long-term contractual profile of the Alliance Pipeline was strengthened as shippers elected a new 10-year toll on roughly 96% of the firm capacity available. These agreements enhance future revenue stability and operational certainty.

4. Long-Term Agreement for Cedar LNG Capacity: Pembina and PETRONAS entered into a significant 20-year agreement related to 1.0 million tonnes of Cedar LNG capacity. This strategic partnership on a major energy project could have been viewed favorably by the market, highlighting future growth potential.

5. Significant Institutional Investor Activity: Several institutional investors showed strong confidence in Pembina Pipeline by either initiating new stakes or significantly increasing their holdings. For instance, MUFG Securities EMEA plc purchased a new stake valued at approximately $52.5 million, and Goldman Sachs Group Inc. raised its position by 78.1%, with its holdings valued at over $283 million after the acquisition. Such substantial institutional buying activity can positively influence stock performance.

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
PBA Return	-30%	37%	18%	8%	13%	7%	48%
Peers Return	-30%	3%	-2%	19%	-18%	7%	-26%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
PBA Win Rate	50%	67%	67%	67%	75%	50%
Peers Win Rate	22%	35%	27%	40%	25%	47%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
PBA Max Drawdown	-68%	0%	-1%	-12%	-4%	-5%
Peers Max Drawdown	-37%	-8%	-21%	-18%	-32%	-15%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: FRO, BANL, TMDE, TOPS, ENB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/6/2025 (YTD)

How Low Can It Go

Unique Key	Event	PBA	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-28.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	40.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	722 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-71.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	244.7%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	763 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-21.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	26.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	53 days	120 days

Compare to FRO, BANL, TMDE, TOPS, ENB

In The Past

Pembina Pipeline's stock fell -28.7% during the 2022 Inflation Shock from a high on 6/7/2022. A -28.7% loss requires a 40.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

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About Pembina Pipeline (PBA)

Pembina Pipeline Corporation provides transportation and midstream services for the energy industry. It operates through three segments: Pipelines, Facilities, and Marketing & New Ventures. The Pipelines segment operates conventional, oil sands and heavy oil, and transmission assets with a transportation capacity of 3.1 millions of barrels of oil equivalent per day, ground storage of 11 millions of barrels, and rail terminalling capacity of approximately 105 thousands of barrels of oil equivalent per day serving markets and basins across North America. The Facilities segment offers infrastructure that provides customers with natural gas, condensate, and natural gas liquids (NGLs), including ethane, propane, butane, and condensate; and includes 354 thousands of barrels per day of NGL fractionation capacity, 21 millions of barrels of cavern storage capacity, and associated pipeline and rail terminalling facilities. The Marketing & New Ventures segment buys and sells hydrocarbon liquids and natural gas originating in the Western Canadian sedimentary basin and other basins. Pembina Pipeline Corporation was incorporated in 1954 and is headquartered in Calgary, Canada.

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Better Bets than Pembina Pipeline (PBA)

	PBA	Better Performance than PBA
Metric	Value	Industry (Oil & Gas Storage & Transporta)
Rev Chg LTM	18.4%	ENB (48.2%), TRP (24.5%), OKE (58.4%), VG (62.2%), DTM (20.4%)
Rev Chg 3Y Avg	-7.8%	ENB (10.2%), WMB (0.8%), KMI (-4.3%), TRP (1.5%), OKE (16.4%)
Op Mgn LTM	37.1%	TRP (43.1%), LNG (37.2%), WES (44.2%), DTM (48.6%), AM (56.2%)
CFO/Rev LTM	42.7%	WMB (48.2%), TRP (51.4%), WES (58.6%), DTM (73.0%), AM (72.8%)
FCF/Rev LTM	31.9%	WES (38.7%), DTM (40.3%), AM (60.7%), FRO (33.7%), HESM (42.5%)
Total Yield	15.7%	WES (19.2%), TRMD (32.7%), TNK (18.0%), KNTK (18.0%), LPG (16.0%)

	PBA	Better Performance than PBA
Metric	Value	Sector (Energy)
Rev Chg LTM	18.4%	ENB (48.2%), TRP (24.5%), OKE (58.4%), FANG (60.1%), CCJ (23.9%)
Rev Chg 3Y Avg	-7.8%	XOM (-2.1%), CVX (-6.2%), COP (-6.6%), ENB (10.2%), BP (-5.3%)
Op Mgn LTM	37.1%	TRP (43.1%), LNG (37.2%), TPL (75.8%), WES (44.2%), DTM (48.6%)
CFO/Rev LTM	42.7%	WMB (48.2%), EOG (47.0%), TRP (51.4%), FANG (57.3%), OXY (44.7%)
FCF/Rev LTM	31.9%	WES (38.7%), DTM (40.3%), AM (60.7%), FRO (33.7%), LEU (32.3%)
Total Yield	15.7%	CNQ (19.7%), SU (15.9%), DVN (16.4%), WES (19.2%), PR (17.9%)

	PBA	Better Performance than PBA
Metric	Value	All Other Sectors
Rev Chg LTM	18.4%	NVDA (71.6%), AVGO (28.0%), META (21.3%), LLY (36.8%), PLTR (47.2%)
Rev Chg 3Y Avg	-7.8%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
Op Mgn LTM	37.1%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), META (43.2%), LLY (43.0%)
CFO/Rev LTM	42.7%	NVDA (46.6%), MSFT (50.0%), META (56.8%), V (60.4%), MA (56.1%)
FCF/Rev LTM	31.9%	NVDA (43.6%), AVGO (41.6%), V (56.8%), MA (52.5%), PLTR (46.0%)
Total Yield	15.7%	BABA (37.6%), TM (2196.5%), VZ (18.6%), CMCSA (27.3%), MO (16.2%)

		Best Bets In Energy Sector
	PBA	TPL	AM	INSW	CTRA	DTM	EOG	WHD	WMB	CHRD	EQT
What You Pay
P/E	11.8	48.8	17.4	11.9	12.2	28.1	9.9	17.0	29.9	18.6	19.7
P/EBIT	7.4	39.7	9.9	10.1	9.0	15.8	7.5	11.4	15.3	8.3	11.3
What You Get
Rev Chg Q	-3.4%	17.0%	8.7%	-12.8%	33.7%	26.6%	-11.2%	-10.0%	10.2%	-6.4%	49.8%
Rev Chg LTM	18.4%	12.5%	8.7%	-23.6%	25.1%	20.4%	-5.4%	-3.8%	9.0%	19.5%	64.8%
Rev Chg 3Y Avg	-7.8%	5.7%	9.0%	16.7%	-5.3%	9.6%	-5.1%	22.9%	0.8%	34.0%	-2.8%
FCF/Rev 3Y Avg	29.7%	47.9%	46.6%	29.6%	24.8%	25.8%	24.3%	23.5%	22.5%	22.8%	23.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Pembina Pipeline Stock Dropped 6.4% - Have You Assessed the Risk	Return
2	Fundamental Metrics: ...

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to PBA. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.4%	4.4%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.3%	-2.3%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	24.4%	24.4%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.4%	-4.4%	-5.7%
SLB_10102025_Dip_Buyer_FCFYield	10102025	SLB	SLB	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.6%	14.6%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.4%	4.4%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.3%	-2.3%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	24.4%	24.4%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.4%	-4.4%	-5.7%
SLB_10102025_Dip_Buyer_FCFYield	10102025	SLB	SLB	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.6%	14.6%	0.0%

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SOC	Sable Offshore	0.4	-75.7%	-78.9%
FMC	FMC	1.6	-57.3%	-72.1%
QURE	uniQure	1.5	-54.1%	55.8%
ONDS	Ondas	0.8	-53.4%	105.1%
FI	Fiserv	33.9	-51.3%	-70.0%
LRN	Stride	3.0	-51.2%	-32.1%
ASPN	Aspen Aerogels	0.3	-50.5%	-65.4%
DD	DuPont de Nemours	16.4	-50.0%	-47.8%
NTLA	Intellia Therapeutics	1.3	-49.7%	5.7%
ELF	e.l.f. Beauty	4.3	-47.2%	-39.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FSLY	Fastly	1.6	35.9%	16.2%
GDEN	Golden Entertainment	0.7	34.3%	-7.2%
HAE	Haemonetics	3.2	32.3%	-14.0%
APPN	Appian	2.8	30.8%	16.3%
LFST	LifeStance Health	2.4	29.9%	-15.2%
IOVA	Iovance Biotherapeutics	0.8	27.6%	-68.8%
SKYT	SkyWater Technology	0.9	27.2%	35.6%
BHF	Brighthouse Financial	3.8	26.8%	36.8%
DDOG	Datadog	66.1	23.1%	33.5%
HCC	Warrior Met Coal	4.3	22.9%	50.5%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASPN	Aspen Aerogels	0.3	-44.5%	-65.4%
ACVA	ACV Auctions	0.9	-37.5%	-76.4%
ELF	e.l.f. Beauty	4.3	-35.0%	-39.0%
CCOI	Cogent Communications	1.2	-34.9%	-65.5%
BLZE	Backblaze	0.3	-33.8%	2.7%
PRCH	Porch	1.1	-33.4%	116.1%
PRTH	Priority Technology	0.4	-30.1%	-58.7%
AOSL	Alpha & Omega Semiconductor	0.6	-27.5%	-46.9%
STKL	SunOpta	0.5	-26.6%	-49.9%
VAC	Marriott Vacations Worldwide	1.7	-26.4%	-43.0%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.7%	229.4%
CSIQ	Canadian Solar	1.8	49.1%	140.5%
BHF	Brighthouse Financial	3.8	43.8%	36.8%
GDEN	Golden Entertainment	0.7	39.4%	-7.2%
CSTL	Castle Biosciences	1.0	38.6%	25.9%
FSLY	Fastly	1.6	37.5%	16.2%
TDC	Teradata	2.7	35.5%	-9.1%
HAE	Haemonetics	3.2	34.2%	-14.0%
APPN	Appian	2.8	28.7%	16.3%
MTSR	Metsera	8.6	28.0%	81549900.0%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SOC	Sable Offshore	0.4	-62.3%	-78.9%
QURE	uniQure	1.5	-59.5%	55.8%
DD	DuPont de Nemours	16.4	-51.9%	-47.8%
BHVN	Biohaven	0.9	-50.9%	-77.2%
ASPN	Aspen Aerogels	0.3	-45.4%	-65.4%
ACVA	ACV Auctions	0.9	-42.8%	-76.4%
SVV	Savers Value Village	1.2	-40.3%	-22.9%
BLZE	Backblaze	0.3	-40.2%	2.7%
CCOI	Cogent Communications	1.2	-38.0%	-65.5%
ELF	e.l.f. Beauty	4.3	-37.8%	-39.0%

Peer Comparisons for Pembina Pipeline

Financials

	PBA	FRO	BANL	TMDE	TOPS	ENB	Median
Name	Pembina .	Frontline	CBL Inte.	TMD Ener.	TOP Ships	Enbridge
Mkt Price	38.17	23.72	0.47	0.73	5.96	46.88	14.84
Mkt Cap	22.2	5.3	-	-	-	102.2	22.2
Rev LTM	8,093	1,824	-	-	2	64,477	4,958
Op Inc LTM	3,003	387	-	-	-5	11,146	1,695
FCF LTM	2,579	615	-	-	-	4,875	2,579
FCF 3Y Avg	2,314	-179	-	-	-	6,856	2,314
CFO LTM	3,454	624	-	-	-	12,926	3,454
CFO 3Y Avg	3,050	726	-	-	-	12,950	3,050

Growth & Margins

	PBA	FRO	BANL	TMDE	TOPS	ENB	Median
Name	Pembina .	Frontline	CBL Inte.	TMD Ener.	TOP Ships	Enbridge
Rev Chg LTM	18.4%	-5.3%	-	-	-95.8%	48.2%	6.5%
Rev Chg 3Y Avg	-7.8%	35.9%	-	-	-49.4%	10.2%	1.2%
Rev Chg Q	-3.4%	-13.7%	-	-	-77.1%	31.2%	-8.5%
QoQ Delta Rev Chg LTM	-0.8%	-4.0%	-	-	-67.4%	5.8%	-2.4%
Op Mgn LTM	37.1%	21.2%	-	-	-208.7%	17.3%	19.3%
Op Mgn 3Y Avg	34.4%	34.6%	-	-	-55.9%	19.2%	26.8%
QoQ Delta Op Mgn LTM	-0.3%	-5.7%	-	-	-202.2%	-0.4%	-3.1%
CFO/Rev LTM	42.7%	34.2%	-	-	-	20.0%	34.2%
CFO/Rev 3Y Avg	39.2%	38.3%	-	-	-	25.7%	38.3%
FCF/Rev LTM	31.9%	33.7%	-	-	-	7.6%	31.9%
FCF/Rev 3Y Avg	29.7%	-8.7%	-	-	-	14.0%	14.0%

Valuation

	PBA	FRO	BANL	TMDE	TOPS	ENB	Median
Name	Pembina .	Frontline	CBL Inte.	TMD Ener.	TOP Ships	Enbridge
Mkt Cap	22.2	5.3	-	-	-	102.2	22.2
P/S	2.7	2.9	-	-	-	1.6	2.7
P/EBIT	7.4	10.0	-	-	-	7.5	7.5
P/E	11.8	22.2	-	-	-	15.4	15.4
P/CFO	6.4	8.5	-	-	-	7.9	7.9
Total Yield	15.7%	10.2%	-	-	-	14.4%	14.4%
Dividend Yield	7.3%	5.6%	-	-	-	7.9%	7.3%
FCF Yield 3Y Avg	11.6%	1.3%	-	-	-	8.6%	8.6%
D/E	0.6	0.7	-	-	-	1.0	0.7
Net D/E	0.6	0.6	-	-	-	1.0	0.6

Returns

	PBA	FRO	BANL	TMDE	TOPS	ENB	Median
Name	Pembina .	Frontline	CBL Inte.	TMD Ener.	TOP Ships	Enbridge
1M Rtn	-6.8%	8.1%	-35.8%	-22.3%	1.8%	-5.2%	-6.0%
3M Rtn	4.8%	20.9%	-35.8%	-17.9%	0.4%	1.0%	0.7%
6M Rtn	-0.5%	42.3%	-43.5%	-47.9%	1.8%	5.5%	0.7%
12M Rtn	-0.8%	33.2%	-57.0%	-	-25.5%	19.8%	-0.8%
3Y Rtn	32.0%	135.8%	-	-	-87.5%	43.5%	37.7%
1M Excs Rtn	-5.9%	7.1%	-34.8%	-18.2%	1.0%	-3.9%	-4.9%
3M Excs Rtn	3.8%	20.7%	-39.3%	-21.2%	-1.1%	-4.0%	-2.5%
6M Excs Rtn	-19.2%	23.6%	-62.1%	-66.5%	-16.8%	-13.2%	-18.0%
12M Excs Rtn	-22.0%	14.3%	-71.2%	-	-41.2%	4.2%	-22.0%
3Y Excs Rtn	-36.9%	68.3%	-	-	-163.6%	-27.1%	-32.0%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/7/2025	2/27/2025	2/23/2024	2/23/2023	2/25/2022	2/25/2021	2/28/2020
Key Financials
Total Revenue	8,093	7,384	6,331	11,611	8,627	5,953	6,372
EBITDA	3,959	3,177	3,322	4,364	2,828	700	2,365
Operating Income	3,003	2,897	2,424	2,595	2,589	1,780	2,131
Net Income	1,874	1,864	1,776	2,971	1,242	-316	1,507
EPS	2.97	3.00	3.00	5.14	2.00	-0.86	2.69
Growth Rates
Total Revenue Growth	18.4%	16.6%	-45.5%	34.6%	44.9%	-6.6%	-13.3%
EBITDA Growth	31.2%	-4.4%	-23.9%	54.3%	304.0%	-70.4%	-3.3%
Operating Income Growth	13.8%	19.5%	-6.6%	0.2%	45.4%	-16.5%	5.4%
Net Income Growth	-4.0%	5.0%	-40.2%	139.2%	493.0%	-121.0%	17.9%
Margins
EBITDA Margin	48.9%	43.0%	52.5%	37.6%	32.8%	11.8%	37.1%
Operating Income Margin	37.1%	39.2%	38.3%	22.3%	30.0%	29.9%	33.4%
Net Income Margin	23.2%	25.2%	28.1%	25.6%	14.4%	-5.3%	23.7%
Cash & Debt
Total Cash	210	141	137	94	43	81	129
Total Debt	13,375	13,321	11,143	11,275	11,962	11,650	10,971
Net Debt / (Cash)	13,165	13,180	11,006	11,181	11,919	11,569	10,842
Cash Flows
Net Cash from Operations	3,454	3,214	2,635	2,929	2,650	2,252	2,532
Free Cash from Operations	2,579	2,259	2,029	2,324	1,992	1,223	887
Returns to Shareholders
Dividends	1,615	1,701	1,579	1,651	1,521	1,530	1,323
Share Repurchases	226	-0	50	633	437	-0	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/7/2025	5/8/2025	2/27/2025	11/5/2024	8/8/2024	5/9/2024	2/23/2024	11/2/2023	8/3/2023	5/4/2023	2/23/2023	11/3/2022
Key Financials Quarterly
Total Revenue	1,792	2,312	2,145	1,844	1,855	1,691	1,836	1,455	1,422	1,700	2,699	2,779
Ebitda	942	1,023	1,133	861	367	816	1,110	725	741	746	609	2,004
Operating Income	684	789	907	623	730	637	700	572	566	586	443	771
Net Income	417	502	572	383	471	438	698	346	363	369	243	1,829
EPS	0.65	0.80	0.92	0.60	0.75	0.74	1.21	0.58	0.60	0.61	0.39	3.24
Key Financials TTM
Total Revenue TTM	8,093	8,156	7,535	7,226	6,837	6,404	6,413	7,276	8,600	10,273	11,696	11,557
Ebitda TTM	3,959	3,384	3,177	3,154	3,018	3,392	3,322	2,821	4,100	4,187	4,364	4,177
Operating Income TTM	3,003	3,049	2,897	2,690	2,639	2,475	2,424	2,167	2,366	2,439	2,595	2,831
Net Income TTM	1,874	1,928	1,864	1,990	1,953	1,845	1,776	1,321	2,804	2,859	2,971	2,808
Growth Rates Quarterly
Total Revenue Growth	-3.4%	36.7%	16.8%	26.7%	30.5%	-0.5%	-32.0%	-47.6%	-54.1%	-45.6%	5.4%	29.3%
EBITDA Growth	156.7%	25.4%	2.1%	18.8%	-50.5%	9.4%	82.3%	-63.8%	-10.5%	-19.2%	44.3%	87.1%
Operating Income Growth	-6.3%	23.9%	29.6%	8.9%	29.0%	8.7%	58.0%	-25.8%	-11.4%	-21.0%	-34.8%	-16.6%
Net Income Growth	-11.5%	14.6%	-18.1%	10.7%	29.8%	18.7%	187.2%	-81.1%	-13.2%	-23.3%	203.8%	211.1%
Margins Quarterly
EBITDA Margin	52.6%	44.2%	52.8%	46.7%	19.8%	48.3%	60.5%	49.8%	52.1%	43.9%	22.6%	72.1%
Operating Income Margin	38.2%	34.1%	42.3%	33.8%	39.4%	37.7%	38.1%	39.3%	39.8%	34.5%	16.4%	27.7%
Net Income Margin	23.3%	21.7%	26.7%	20.8%	25.4%	25.9%	38.0%	23.8%	25.5%	21.7%	9.0%	65.8%
Cash & Debt
Total Cash	210	155	141	104	256	1,704	137	86	57	93	94	294
Total Debt	13,375	13,142	13,321	13,394	13,470	11,852	11,143	11,210	11,251	11,366	11,275	11,289
Net Debt / (Cash)	13,165	12,987	13,180	13,290	13,214	10,148	11,006	11,124	11,194	11,273	11,181	10,995
Cash Flows Quarterly
FCF from Operations	790	840	902	922	954	436	880	644	653	458	947	723
Cash Flows TTM
FCF from Operations TTM	3,454	3,618	3,214	3,192	2,914	2,613	2,635	2,702	2,781	2,732	2,929	2,679
Returns to Shareholders Quarterly
Dividends	412	401	401	401	400	367	367	366	367	359	480	349
Share Repurchases	200	26	-0	-0	-0	-0	-0	-0	50	-0	384	155
Return on Invested Capital (ROIC) Quarterly
ROIC	6.6%	7.6%	8.5%	6.2%	8.9%	7.4%	8.2%	6.1%	6.1%	6.2%	4.4%	10.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.3%	9.3%	8.8%	8.2%	8.1%	7.2%	6.7%	5.7%	7.5%	7.7%	8.1%	8.9%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Marketing & New Ventures	3,293	8,471	5,577	2,956	3,946
Pipelines	2,707	2,508	2,279	2,251	1,787
Facilities	909	1,268	1,363	1,231	1,121
Corporate & Inter-segment Eliminations	-578	-636	-592	-485	-482
Total	6,331	11,611	8,627	5,953	6,372

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Pipelines	1,868	1,443	946	159	1,049
Facilities	619	1,817	750	666	644
Marketing & New Ventures	439	735	383	-659	368
Corporate & Inter-segment Eliminations	-271	-290	36	-162	-230
Total	2,655	3,705	2,115	4	1,831

Net Income by Segment

$ Mil	2024	2023	2022	2021	2020
Pipelines	1,840
Facilities	610
Marketing & New Ventures	435
Corporate & Inter-segment Eliminations	-696
Total	2,189

Price Behavior

Price Behavior

Market Price	$38.17
Market Cap ($ Bil)	22.2
First Trading Date	10/06/2010
Distance from 52W High	-9.3%
	50 Days	200 Days
DMA Price	$38.82	$37.15
DMA Trend	up	up
Distance from DMA	-1.7%	2.8%
	3M	1YR
Volatility	21.2%	22.4%
Downside Capture	-69.00	32.61
Upside Capture	-23.37	27.18
Correlation (SPY)	2.3%	32.1%

PBA Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.24	0.15	-0.04	0.07	0.37	0.53
Up Beta	0.88	0.24	-0.06	0.04	0.24	0.42
Down Beta	1.07	1.15	0.93	0.48	0.67	0.66
Up Capture	-84%	-27%	-27%	-3%	14%	22%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	7	23	36	70	137	413
Down Capture	-13%	-71%	-80%	-12%	41%	80%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	16	21	29	56	113	332

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of PBA With Other Asset Classes (Last 1Y)
	PBA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-3.3%	2.7%	18.5%	45.0%	2.2%	-1.7%	50.6%
Annualized Volatility	22.6%	24.6%	19.6%	19.9%	16.2%	17.9%	37.1%
Sharpe Ratio	-0.23	0.06	0.74	1.76	-0.05	-0.24	0.86
Correlation With Other Assets		49.6%	31.7%	14.5%	30.4%	40.9%	9.1%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of PBA With Other Asset Classes (Last 5Y)
	PBA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	19.6%	30.0%	16.8%	15.9%	13.8%	6.7%	50.4%
Annualized Volatility	23.6%	28.3%	17.1%	15.6%	18.9%	19.1%	49.2%
Sharpe Ratio	0.74	0.95	0.80	0.81	0.61	0.27	0.77
Correlation With Other Assets		69.0%	43.7%	20.3%	50.2%	41.8%	18.3%

Based On 10-Year Data

		Comparison of PBA With Other Asset Classes (Last 10Y)
	PBA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	10.6%	6.9%	14.3%	12.8%	5.1%	5.0%	78.6%
Annualized Volatility	33.6%	29.9%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.39	0.28	0.68	0.71	0.22	0.21	0.96
Correlation With Other Assets		71.8%	53.6%	13.1%	46.3%	50.0%	14.9%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	12,265,500
Short Interest: % Change Since 9302025	2.4%
Average Daily Volume	1,929,469
Days-to-Cover Short Interest	6.36
Basic Shares Quantity	581,000,000
Short % of Basic Shares	2.1%

Returns Analyses

	Title
0	Pembina Pipeline Stock Dropped 6.4% - Have You Assessed the Risk

SEC Filings

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Report Date	Filing Date	Filing
6302025	8072025	6-K 6/30/2025
3312025	5082025	6-K 3/31/2025
12312024	2272025	40-F 12/31/2024
9302024	11052024	6-K 9/30/2024
6302024	8082024	6-K 6/30/2024
3312024	5092024	6-K 3/31/2024
12312023	2232024	40-F 12/31/2023
9302023	11022023	6-K 9/30/2023
6302023	8032023	6-K 6/30/2023
3312023	5042023	6-K 3/31/2023
12312022	2232023	40-F 12/31/2022
9302022	11032022	6-K 9/30/2022
6302022	8042022	6-K 6/30/2022
3312022	5052022	6-K 3/31/2022
12312021	2252022	40-F 12/31/2021
9302021	11052021	6-K 9/30/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Pembina Pipeline (PBA)

Market Price (11/7/2025): $37.065 | Market Cap: $21.5 BilSector: Energy | Industry: Oil & Gas Storage & Transportation

Pembina Pipeline (PBA)

Market Price (11/7/2025): $37.065Market Cap: $21.5 BilSector: EnergyIndustry: Oil & Gas Storage & Transportation

Market Valuation & Key Metrics

PBA Stock

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Pembina Pipeline (PBA)

Interactive Breakdown

Better Bets than Pembina Pipeline (PBA)

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1 Week Top Losers

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1 Month Top Losers

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FDIC Bank Data

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Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

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Insider Activity

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External Quote Links

Market Price (11/7/2025): $37.065 | Market Cap: $21.5 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

Market Price (11/7/2025): $37.065
Market Cap: $21.5 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation