企業概要
Pembina Pipeline Corporation (PBA) is a leading entity within the Energy sector, specifically operating in the Oil & Gas Midstream industry, where it provides essential energy transportation and midstream services through its Pipelines, Facilities, and Marketing & New Ventures segments. The company's substantial scale is evidenced by a market capitalization of $25.98B and an annual revenue of $7.78B, supported by a workforce of 2974 employees. These valuation and revenue figures indicate that Pembina holds a significant position as a major infrastructure provider, reflecting its critical role in the logistics chain for oil sands, heavy oil, and conventional crude. The company's operational footprint and financial size suggest it is a well-established player capable of managing complex logistics networks, though its current financial trajectory shows contraction rather than expansion.
財務健全性
The company reported a revenue of $7.78B for the trailing twelve months, generating net income of $1.55B and EBITDA of $3.44B. The significant gap between the $7.78B revenue and the $1.55B net income reveals a substantial cost structure, where operational expenses, depreciation, and interest costs consume approximately 80% of top-line revenue before arriving at the bottom line. Free cash flow stands at $1.86B, which provides the company with considerable financial flexibility to service debt obligations or maintain operations despite the current contraction in earnings. The gross margin is 38.4%, indicating a moderate ability to retain revenue after direct costs, while the operating margin of 27.0% and profit margin of 21.8% demonstrate the effectiveness of overhead management and overall profitability. On the balance sheet, cash reserves of $106.00M are significantly lower than the total debt of $13.31B, resulting in a debt-to-equity ratio of 79.36, which characterizes a highly leveraged financial position rather than a conservative one. The current ratio is 0.61, indicating that short-term current assets are insufficient to cover short-term liabilities without relying on external financing or asset liquidation. Return on Equity is 9.9% and Return on Assets is 4.4%, metrics that reveal management's effectiveness in generating profits relative to shareholder equity and total assets, respectively, though the low ROA highlights the heavy capital intensity and leverage inherent in the midstream business model.
バリュエーション評価
The trailing twelve-month P/E ratio is 23.40, while the forward P/E is projected at 20.53, implying that the market expects earnings to recover or grow in the future to justify the lower forward multiple compared to historical earnings. The price-to-book ratio is 2.40, indicating that the market values the company at a significant premium over its net asset book value, likely reflecting the intangible value of its licensed assets and long-term contracts. Alternative valuation metrics such as the price-to-sales ratio of 3.34 and an EV/EBITDA of 11.91 provide context that the stock trades at a multiple consistent with established midstream peers, despite current earnings headwinds. The 52-week price range spans from a low of $34.13 to a high of $46.20, meaning the current share price sits within this historical band, though the specific trading price is not provided to calculate the exact percentage deviation from these extremes. With a beta of 0.71, the stock exhibits lower price volatility relative to the broader market, suggesting it may be less sensitive to general market swings than the average equity.
Growth & Income
Revenue growth for the year over year is -10.8%, while earnings growth is -14.9%, indicating that earnings are contracting at a faster pace than revenue, which often points to margin compression or one-time cost increases rather than volume declines. Pembina Pipeline Corporation pays a dividend with a yield of 4.6%, but the payout ratio is 106.0%, which suggests the dividend is not sustainable given the current earnings decline and requires funding from cash reserves or debt issuance. Since the payout ratio exceeds 100%, the company is currently unable to fund dividends solely from retained earnings, highlighting a strain on cash flow relative to profit generation. The overall growth and income profile presents a mixed picture of high dividend yield offset by negative growth rates and a leveraged balance sheet that constrains future payout sustainability.