Pembina Pipeline Corp key statistics and ratios

In fiscal 2025, Pembina Pipeline Corp had return on equity of 9.9%, an operating margin of 36.1%, debt equal to 69.6% of equity and a current ratio of 0.61. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Pembina Pipeline Corp: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
Return on equity	5.7%	1.0%	2.9%	2.4%	−1.9%	8.6%	20.0%	11.2%	11.3%	9.9%
Return on assets	3.1%	0.6%	1.6%	1.2%	−0.9%	4.0%	9.5%	5.5%	5.5%	4.8%
Asset turnover	0.29	0.26	0.28	0.21	0.18	0.28	0.37	0.20	0.22	0.22
Current ratio	0.87	0.89	0.66	0.68	0.56	0.52	0.66	0.82	0.54	0.61
Debt to equity	48.3%	54.2%	52.1%	60.4%	72.7%	74.4%	63.6%	62.6%	68.9%	69.6%
Interest cover (operating income ÷ interest)	—	—	7.5x	5.9x	0.0x	5.3x	8.9x	6.2x	4.2x	5.1x
Effective tax rate	28.9%	13.9%	26.6%	2.3%	—	25.4%	7.7%	18.9%	−9.0%	23.2%
Dividends ÷ net income	75.3%	673.3%	303.4%	357.6%	—	—	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · December 31, 2025

What it owns · $25.9bn

Short-term assets $918mLonger-term assets $25.0bn

What it owes, and who funded it · $25.9bn

Short-term liabilities $1.5bnLonger-term liabilities $12.2bnShareholders' equity $12.2bn

Short-term assets cover short-term liabilities $918m of assets due within a year against $1.5bn of liabilities due within a year.
Short-term assets cover long-term liabilities $918m short-term assets against $12.2bn of longer-dated liabilities.
More cash than debt $77m of cash against $8.5bn of debt.
Debt below 40% of shareholders' equity Debt is 70% of equity.
Debt burden no higher than five years ago Debt to equity moved from 69% to 70% over five years.
A year's operating cash flow covers at least 20% of debt $2.4bn of operating cash flow against $8.5bn of debt.
Operating profit covers interest at least five times over Operating income of $2.0bn against $392m of interest.

From Pembina Pipeline Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Pembina Pipeline Corp's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Pembina Pipeline Corp.