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Side-by-side financial comparison of PLAINS ALL AMERICAN PIPELINE LP (PAA) and TENET HEALTHCARE CORP (THC). Click either name above to swap in a different company.
PLAINS ALL AMERICAN PIPELINE LP is the larger business by last-quarter revenue ($10.0B vs $5.5B, roughly 1.8× TENET HEALTHCARE CORP). TENET HEALTHCARE CORP runs the higher net margin — 11.7% vs 3.4%, a 8.3% gap on every dollar of revenue. On growth, TENET HEALTHCARE CORP posted the faster year-over-year revenue change (9.0% vs -19.1%). PLAINS ALL AMERICAN PIPELINE LP produced more free cash flow last quarter ($638.0M vs $367.0M). Over the past eight quarters, TENET HEALTHCARE CORP's revenue compounded faster (1.5% CAGR vs -8.6%).
Plains is a master limited partnership engaged in pipeline transport, marketing, and storage of liquefied petroleum gas and petroleum in the United States and Canada. Plains owns interests in 18,370 miles (29,560 km) of pipelines, storage capacity for about 75 million barrels of crude oil, 28 million barrels of NGLs, 68 billion cubic feet of natural gas, and 5 natural gas processing plants. The company is headquartered in the Allen Center in Downtown Houston, Texas. Plains is a publicly trade...
Tenet Healthcare Corporation is an American for-profit multinational healthcare services company based in Dallas. Through its brands, subsidiaries, joint ventures, and partnerships including United Surgical Partners International (USPI), the company operates 65 hospitals and over 450 healthcare facilities. Tenet also runs Conifer Health Solutions, which provides healthcare support services to health systems and other clients.
PAA vs THC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $10.0B | $5.5B |
| Net Profit | $341.0M | $644.0M |
| Gross Margin | 7.0% | — |
| Operating Margin | 1.8% | 15.4% |
| Net Margin | 3.4% | 11.7% |
| Revenue YoY | -19.1% | 9.0% |
| Net Profit YoY | 847.2% | 12.6% |
| EPS (diluted) | — | $4.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $10.0B | $5.5B | ||
| Q3 25 | $11.6B | $5.3B | ||
| Q2 25 | $10.6B | $5.3B | ||
| Q1 25 | $12.0B | $5.2B | ||
| Q4 24 | $12.4B | $5.1B | ||
| Q3 24 | $12.7B | $5.1B | ||
| Q2 24 | $12.9B | $5.1B | ||
| Q1 24 | $12.0B | $5.4B |
| Q4 25 | $341.0M | $644.0M | ||
| Q3 25 | $441.0M | $579.0M | ||
| Q2 25 | $210.0M | $522.0M | ||
| Q1 25 | $443.0M | $622.0M | ||
| Q4 24 | $36.0M | $572.0M | ||
| Q3 24 | $220.0M | $681.0M | ||
| Q2 24 | $250.0M | $477.0M | ||
| Q1 24 | $266.0M | $2.3B |
| Q4 25 | 7.0% | — | ||
| Q3 25 | 8.6% | — | ||
| Q2 25 | 8.3% | — | ||
| Q1 25 | 10.4% | — | ||
| Q4 24 | 9.5% | — | ||
| Q3 24 | 9.3% | — | ||
| Q2 24 | 8.3% | — | ||
| Q1 24 | 9.0% | — |
| Q4 25 | 1.8% | 15.4% | ||
| Q3 25 | 4.2% | 16.8% | ||
| Q2 25 | 2.2% | 15.6% | ||
| Q1 25 | 4.4% | 18.1% | ||
| Q4 24 | 0.7% | 16.2% | ||
| Q3 24 | 2.7% | 21.3% | ||
| Q2 24 | 2.9% | 14.9% | ||
| Q1 24 | 3.1% | 61.2% |
| Q4 25 | 3.4% | 11.7% | ||
| Q3 25 | 3.8% | 10.9% | ||
| Q2 25 | 2.0% | 9.9% | ||
| Q1 25 | 3.7% | 11.9% | ||
| Q4 24 | 0.3% | 11.3% | ||
| Q3 24 | 1.7% | 13.3% | ||
| Q2 24 | 1.9% | 9.3% | ||
| Q1 24 | 2.2% | 43.5% |
| Q4 25 | — | $4.22 | ||
| Q3 25 | — | $3.86 | ||
| Q2 25 | — | $3.14 | ||
| Q1 25 | — | $4.27 | ||
| Q4 24 | — | $3.79 | ||
| Q3 24 | — | $4.89 | ||
| Q2 24 | — | $2.64 | ||
| Q1 24 | — | $21.38 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $328.0M | $2.9B |
| Total DebtLower is stronger | $10.7B | $13.1B |
| Stockholders' EquityBook value | — | $4.2B |
| Total Assets | $30.2B | $29.7B |
| Debt / EquityLower = less leverage | — | 3.10× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $328.0M | $2.9B | ||
| Q3 25 | $1.2B | $3.0B | ||
| Q2 25 | $459.0M | $2.6B | ||
| Q1 25 | $427.0M | $3.0B | ||
| Q4 24 | $348.0M | $3.0B | ||
| Q3 24 | $640.0M | $4.1B | ||
| Q2 24 | $553.0M | $2.9B | ||
| Q1 24 | $331.0M | $2.5B |
| Q4 25 | $10.7B | $13.1B | ||
| Q3 25 | $8.4B | $13.1B | ||
| Q2 25 | $8.2B | $13.1B | ||
| Q1 25 | $8.2B | $13.1B | ||
| Q4 24 | $7.2B | $13.1B | ||
| Q3 24 | $7.2B | $12.8B | ||
| Q2 24 | $7.2B | $12.8B | ||
| Q1 24 | $7.3B | $12.8B |
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $3.8B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | $30.2B | $29.7B | ||
| Q3 25 | $28.1B | $29.4B | ||
| Q2 25 | $27.2B | $28.7B | ||
| Q1 25 | $27.1B | $29.2B | ||
| Q4 24 | $26.6B | $28.9B | ||
| Q3 24 | $27.2B | $29.4B | ||
| Q2 24 | $27.5B | $29.3B | ||
| Q1 24 | $27.4B | $28.9B |
| Q4 25 | — | 3.10× | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | — | 3.49× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 3.14× | ||
| Q3 24 | — | 3.33× | ||
| Q2 24 | — | 3.67× | ||
| Q1 24 | — | 3.70× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $786.0M | $731.0M |
| Free Cash FlowOCF − Capex | $638.0M | $367.0M |
| FCF MarginFCF / Revenue | 6.4% | 6.6% |
| Capex IntensityCapex / Revenue | 1.5% | 6.6% |
| Cash ConversionOCF / Net Profit | 2.30× | 1.14× |
| TTM Free Cash FlowTrailing 4 quarters | $2.3B | $2.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $786.0M | $731.0M | ||
| Q3 25 | $817.0M | $1.1B | ||
| Q2 25 | $694.0M | $936.0M | ||
| Q1 25 | $639.0M | $815.0M | ||
| Q4 24 | $727.0M | $-331.0M | ||
| Q3 24 | $691.0M | $1.0B | ||
| Q2 24 | $653.0M | $747.0M | ||
| Q1 24 | $419.0M | $586.0M |
| Q4 25 | $638.0M | $367.0M | ||
| Q3 25 | $632.0M | $778.0M | ||
| Q2 25 | $575.0M | $743.0M | ||
| Q1 25 | $448.0M | $642.0M | ||
| Q4 24 | $561.0M | $-661.0M | ||
| Q3 24 | $534.0M | $829.0M | ||
| Q2 24 | $514.0M | $602.0M | ||
| Q1 24 | $262.0M | $346.0M |
| Q4 25 | 6.4% | 6.6% | ||
| Q3 25 | 5.5% | 14.7% | ||
| Q2 25 | 5.4% | 14.1% | ||
| Q1 25 | 3.7% | 12.3% | ||
| Q4 24 | 4.5% | -13.0% | ||
| Q3 24 | 4.2% | 16.2% | ||
| Q2 24 | 4.0% | 11.8% | ||
| Q1 24 | 2.2% | 6.4% |
| Q4 25 | 1.5% | 6.6% | ||
| Q3 25 | 1.6% | 5.3% | ||
| Q2 25 | 1.1% | 3.7% | ||
| Q1 25 | 1.6% | 3.3% | ||
| Q4 24 | 1.3% | 6.5% | ||
| Q3 24 | 1.2% | 4.2% | ||
| Q2 24 | 1.1% | 2.8% | ||
| Q1 24 | 1.3% | 4.5% |
| Q4 25 | 2.30× | 1.14× | ||
| Q3 25 | 1.85× | 1.83× | ||
| Q2 25 | 3.30× | 1.79× | ||
| Q1 25 | 1.44× | 1.31× | ||
| Q4 24 | 20.19× | -0.58× | ||
| Q3 24 | 3.14× | 1.53× | ||
| Q2 24 | 2.61× | 1.57× | ||
| Q1 24 | 1.58× | 0.25× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
