PBAPembina Pipeline Corporation
Is it safe?
Nothing alarming, nothing pristine: comfortable debt (A) and steady price behavior.
Investment-grade balance sheet. A rule of thumb on leverage, not a credit rating.
Relatively steady, low volatility. Worst drawdown -71% · now 8% below its 52-week high.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can PBA take a bad year?
Pembina Pipeline Corporation carries $12.2B of net debt at 3.20× EBITDA: a load its earnings can carry.
Net debt · as at FY2025 · between two and four years of EBITDA, normal for a stable business
- Net debt / EBITDA
- 3.20×
Net debt / EBITDA · 4.28× a year ago · the load is coming down
- Interest cover
- 4.67×
Interest cover · operating profit covers the interest bill, with room to spare
- Annualised volatility
- 21%
Annualised volatility · about as steady as the market itself
Details›
- Total debtFY2025
- $12.3B
- Cash and short-term investments
- $106M
- Net debt
- $12.2B
- EBITDA, trailing twelve months
- $3.80B
- Operating profit, trailing twelve months
- $2.81B
- Debt / equity
- 0.73×
- Total debt / EBITDA
- 3.23×
- Annualised volatilitytwo years of daily moves
- 21%
- Worst drawdown on file
- −71%
- Below its 52-week high
- 7.9%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.