Pembina Pipeline Corp is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
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~$36
Valuation models combined (3)
Base case. Range ~$34–$40. Weighted average of 3 models (price-to-earnings vs peers, residual income, justified price-to-book), the price-to-earnings vs peers counting double.
Overvalued
The price is above our entire value range; our base value is 29% below it.
Price used: $50.37, November 2, 2026
Pembina Pipeline Corp valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $5.57bn, up 3.3% on a year earlier, slower than the 14.9% growth a quarter earlier. Operating margin widened to 36.1% from 24.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $37.19 a share, against a share price of $51.36.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Where it lags: change in growth rate of -11.6pp ranks 26 of 29 oil & gas storage & transportation companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 3.3% (-11.6pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for PBA from the sources we follow. See filings →
We value Pembina Pipeline Corp as an operating company, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$34 ~$30–$56 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$35 ~$25–$51 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$40 ~$33–$51 | Included |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | — | Does not apply: earnings are positive: price-to-earnings is the better measure |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$36 ~$34–$40 | 3 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Pembina Pipeline Corp with Oil & Gas Storage & Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 5, 2026, after the close.
No analyst estimates are published for Pembina Pipeline Corp: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.75 | $0.66 | −11.6% |
| Mar 2026 | $0.70 | $0.81 | +16.3% |
| Dec 2025 | $0.75 | $0.76 | +0.3% |
| Sept 2025 | $0.62 | $0.47 | −23.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
How Pembina Pipeline Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Not offered: rated Sell.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: no liquid put and call pair for the same expiry.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY16 Q4 | $3.2B |
| FY17 Q4 | $4.2B |
| FY18 Q4 | $5.7B |
| FY19 Q4 | $4.8B |
| FY20 Q4 | $4.4B |
| FY21 Q4 | $6.9B |
| FY22 Q4 | $8.9B |
| FY23 Q4 | $4.7B |
| FY24 Q4 | $5.4B |
| FY25 Q4 | $5.6B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY17 Q4 | 29.2% |
| FY18 Q4 | 36.3% |
| FY19 Q4 | -15.4% |
| FY20 Q4 | -7.6% |
| FY21 Q4 | 55.1% |
| FY22 Q4 | 29.7% |
| FY23 Q4 | -47.5% |
| FY24 Q4 | 14.9% |
| FY25 Q4 | 3.3% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY16 Q4 | 18.9% |
| FY17 Q4 | 22.4% |
| FY18 Q4 | 27.5% |
| FY19 Q4 | 28.7% |
| FY20 Q4 | 0.1% |
| FY21 Q4 | 24.5% |
| FY22 Q4 | 31.9% |
| FY23 Q4 | 41.9% |
| FY24 Q4 | 30.9% |
| FY25 Q4 | 36.1% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 3,224 | 4,163 | 5,676 | 4,802 | 4,439 | 6,885 | 8,930 | 4,692 | 5,392 | 5,568 |
| Gross profit | 757 | 1,136 | 1,797 | 1,840 | 1,497 | 2,113 | 2,402 | 2,105 | 2,421 | 2,286 |
| Operating income | 611 | 933 | 1,561 | 1,380 | 3 | 1,688 | 2,850 | 1,968 | 1,666 | 2,011 |
| Net income | 352 | 89 | 317 | 279 | −236 | 991 | 2,285 | 1,316 | 1,361 | 1,213 |
| Diluted EPS | $0.76 | $1.43 | $1.76 | $2.02 | −$0.64 | $1.59 | $3.94 | $2.22 | $2.19 | $1.90 |
| Growth (year on year) | ||||||||||
| Revenue | — | +29.2% | +36.3% | −15.4% | −7.6% | +55.1% | +29.7% | −47.5% | +14.9% | +3.3% |
| Operating income | — | +52.8% | +67.3% | −11.6% | −99.8% | — | +68.8% | −30.9% | −15.4% | +20.7% |
| Net income | — | −74.6% | +254.9% | −12.1% | −184.5% | — | +130.5% | −42.4% | +3.4% | −10.9% |
| Diluted EPS | — | +87.9% | +22.8% | +14.7% | −131.8% | — | +147.9% | −43.7% | −1.2% | −13.1% |
| Margins | ||||||||||
| Gross margin | 23.5% | 27.3% | 31.7% | 38.3% | 33.7% | 30.7% | 26.9% | 44.9% | 44.9% | 41.1% |
| Operating margin | 18.9% | 22.4% | 27.5% | 28.7% | 0.1% | 24.5% | 31.9% | 41.9% | 30.9% | 36.1% |
| Net margin | 10.9% | 2.1% | 5.6% | 5.8% | −5.3% | 14.4% | 25.6% | 28.1% | 25.2% | 21.8% |
| Cash flow | ||||||||||
| Cash from operations | 814 | 1,166 | 1,742 | 1,908 | 1,679 | 2,115 | 2,253 | 1,953 | 2,347 | 2,363 |
| Stock-based pay | −15 | −17 | −25 | −38 | −34 | −26 | −35 | 53 | 61 | 67 |
| Balance sheet | ||||||||||
| Cash | 26 | 256 | 115 | 100 | 64 | 34 | 79 | 114 | 98 | 77 |
| Total debt | 2,985 | 5,962 | — | 7,832 | 8,528 | 8,331 | 7,394 | 7,501 | 8,375 | 8,508 |
| Net debt (negative = net cash) | 2,959 | 5,706 | −115 | 7,733 | 8,465 | 8,298 | 7,315 | 7,387 | 8,277 | 8,431 |
| Diluted shares | 389m | 432m | 509m | 514m | 550m | 551m | 554m | 551m | 574m | 582m |
| Returned to shareholders | ||||||||||
| Dividends | 265 | 602 | 963 | 997 | 1,141 | — | — | — | — | — |
| Buybacks | — | — | — | — | 0 | 14 | 256 | 37 | 0 | — |
| Total returned | 265 | 602 | 963 | 997 | 1,141 | 14 | 256 | 37 | 0 | — |
| Last 12 months unless stated | PBA | WES | NGL | TRP | CQP | WMB | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $5.6bn | $4.3bn | $3.5bn | $10.9bn | $11.7bn | $12.5bn | $2.0bn |
| Revenue growth, last 12 months | 3.3% | 18.0% | 5.8% | 8.5% | 13.2% | 8.8% | 8.8% |
| Revenue growth, 3-year average | — | 11.9% | −4.9% | 8.5% | −0.1% | 4.2% | 4.0% |
| Revenue growth, latest quarter | — | 30.0% | 59.1% | — | 7.1% | 10.3% | 10.7% |
| Gross margin | 41.1% | 82.1% | 29.5% | 98.6% | 47.3% | — | 42.6% |
| Operating margin | 36.1% | 40.2% | 4.0% | 52.7% | 34.2% | 37.5% | 27.3% |
| Operating margin, 3-year average | 27.7% | 47.1% | 6.2% | 39.3% | 34.6% | 35.4% | 20.8% |
| Net margin | 21.8% | 29.6% | −3.8% | 23.1% | 28.1% | 25.0% | 13.1% |
| Cash from operations / revenue | 42.4% | 49.2% | 11.6% | 48.2% | 29.5% | 48.5% | 29.5% |
| Free-cash-flow margin | — | 28.1% | 2.9% | 13.6% | 24.8% | −12.6% | 11.8% |
| Free-cash-flow margin, 3-year average | — | 33.2% | 3.9% | −1.4% | 27.1% | 10.9% | 8.8% |
| Stock pay / revenue | 1.2% | 1.3% | 0.0% | 0.0% | — | 0.7% | 0.5% |
| Change in share count | 1.4% | — | — | 0.2% | 11.7% | 0.4% | 0.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 3.3% | 8.8% | 21 of 29 |
| Change in growth rate Growth | -11.6pp | +0.5pp | 26 of 29 |
| Gross margin Profitability | 41.1% | 35.5% | 7 of 15 |
| Operating margin Profitability | 36.1% | 28.1% | 9 of 27 |
| Net margin Profitability | 21.8% | 13.1% | 10 of 29 |
| Stock pay as % of revenue Cash generation | 1.2% | 0.8% | 13 of 20 |
| Long-term debt as % of assets Balance sheet | 31.1% | 46.2% | 7 of 26 |
| Change in share count Balance sheet | 1.4% | 0.2% | 14 of 19 |
| Days sales outstanding Balance sheet | 40 days | 43 days | 9 of 18 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Royal Bank Of Canada | $2.1B | 45.4M | 14.4% | ▲ 17.3% |
| Bank Of Montreal | $999M | 21.6M | 6.8% | ▲ 2.5% |
| Vanguard Capital Management LLC | $774M | 16.7M | 5.3% | ▲ 1.2% |
| Clearbridge Investments, LLC | $616M | 13.3M | 4.2% | ▲ 57.7% |
| CIBC World Market Inc. | $599M | 13.0M | 4.1% | ▲ 5.5% |
| Mackenzie Financial Corp | $468M | 7.1M | 3.2% | ▼ 13.9% |
| 1832 Asset Management L.P. | $460M | 10.0M | 3.1% | ▼ 15.1% |
| Goldman Sachs Group Inc | $336M | 7.3M | 2.3% | ▲ 40.9% |
| Fil Ltd | $326M | 7.1M | 2.2% | ▼ 9.4% |
| Geode Capital Management, LLC | $307M | 6.5M | 2.1% | ▲ 11.1% |
| Scotia Capital Inc. | $293M | 6.3M | 2.0% | ▼ 6.1% |
| Manufacturers Life Insurance Company, The | $286M | 6.2M | 2.0% | ▼ 30.7% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Pembina Pipeline Corp's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Pembina Pipeline Corp shares.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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