PBANYSEOil & Gas Field Exploration ServicesFiscal year ends December 31Also trades as PBNAF, PBPRF, PMBPF, PMMBF, PPLAF, PPLOF
PEMBINA PIPELINE CORP
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Feb 27, 2026
$49.82−0.28 (-0.56%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
41.1%+7.3 pts over 5 years
Operating margin
36.1%+36.0 pts over 5 years
Net margin
21.8%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.3% | -12.5% | +5.5% | – | |
| Gross profit | -3.7% | +0.7% | +9.7% | – | |
| Operating income | +23.1% | -8.8% | +270.9% | – | |
| Net income | -9.1% | – | – | – | |
| EPS, diluted | -11.3% | -19.6% | – | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | – | |
| Return on assets | – | – | 4.7% | |
| Current ratio | 0.89 | 0.56 | 0.61 | |
| Debt to equity | 0.54 | 0.73 | – | |
| Net debt to EBITDA | 4.49× | 15.33× | 3.05× | |
| Interest coverage | 6.5× | 0.0× | 4.7× | |
| Inventory turnover | – | 22.7× | 15.7× | |
| Diluted shares | 432M | 550M | 582M |
Cash use needs five years of cash flow figures
Pembina Pipeline does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin28.1%
×Asset turnover0.20×
×Equity multiplier2.03×
=Return on equity, FY202311.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2023 | 28.1% | 0.20× | 2.03× | 11.3% |
| FY2019 | 5.8% | 0.21× | 1.91× | 2.4% |
| FY2018 | 5.6% | 0.28× | 1.86× | 2.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zeroC$1.69B
- Cash generatingOperating cash flow above zeroC$3.30B
- Return on assets improvedROA up on the prior year5.7% → 4.7%
- Earnings backed by cashOperating cash flow above net incomeC$3.30B vs C$1.69B
- Less leverageLong-term debt to assets fell29.3% → 31.1%
- Better liquidityCurrent ratio rose0.54 → 0.61
- No dilutionShare count did not rise574M → 582M
- Gross margin improvedGross margin up on the prior year44.91% → 41.05%
- More efficientAsset turnover rose0.23 → 0.22