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Side-by-side financial comparison of PLAINS GP HOLDINGS LP (PAGP) and Steel Dynamics (STLD). Click either name above to swap in a different company.
PLAINS GP HOLDINGS LP is the larger business by last-quarter revenue ($10.0B vs $5.2B, roughly 1.9× Steel Dynamics). Steel Dynamics runs the higher net margin — 7.7% vs 0.6%, a 7.1% gap on every dollar of revenue. On growth, Steel Dynamics posted the faster year-over-year revenue change (17.9% vs -19.1%). Over the past eight quarters, Steel Dynamics's revenue compounded faster (6.0% 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...
Steel Dynamics, Inc. (SDI) is an American steel producer based in Fort Wayne, Indiana. With a production capacity of 13 million tons of steel, the company is the third largest producer of carbon steel products in the United States. It is among the most profitable American steel companies in terms of profit margins and operating margin per ton. Based on its 2021 revenue, the company ranked 196th on the 2022 edition of the Fortune 500.
PAGP vs STLD — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $10.0B | $5.2B |
| Net Profit | $63.0M | $400.1M |
| Gross Margin | 7.0% | 14.7% |
| Operating Margin | 1.8% | 10.3% |
| Net Margin | 0.6% | 7.7% |
| Revenue YoY | -19.1% | 17.9% |
| Net Profit YoY | 672.7% | 51.3% |
| EPS (diluted) | — | $2.78 |
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.
| Q1 26 | — | $5.2B | ||
| Q4 25 | $10.0B | $4.4B | ||
| Q3 25 | $11.6B | $4.8B | ||
| Q2 25 | $10.6B | $4.6B | ||
| Q1 25 | $12.0B | $4.4B | ||
| Q4 24 | $12.4B | $3.9B | ||
| Q3 24 | $12.7B | $4.3B | ||
| Q2 24 | $12.9B | $4.6B |
| Q1 26 | — | $400.1M | ||
| Q4 25 | $63.0M | $266.0M | ||
| Q3 25 | $83.0M | $403.7M | ||
| Q2 25 | $30.0M | $298.7M | ||
| Q1 25 | $84.0M | $217.2M | ||
| Q4 24 | $-11.0M | $207.3M | ||
| Q3 24 | $33.0M | $317.8M | ||
| Q2 24 | $39.0M | $428.0M |
| Q1 26 | — | 14.7% | ||
| Q4 25 | 7.0% | 12.0% | ||
| Q3 25 | 8.6% | 15.7% | ||
| Q2 25 | 8.3% | 13.5% | ||
| Q1 25 | 10.4% | 11.1% | ||
| Q4 24 | 9.5% | 11.4% | ||
| Q3 24 | 9.3% | 13.9% | ||
| Q2 24 | 8.3% | 16.7% |
| Q1 26 | — | 10.3% | ||
| Q4 25 | 1.8% | 7.0% | ||
| Q3 25 | 4.2% | 10.5% | ||
| Q2 25 | 2.2% | 8.4% | ||
| Q1 25 | 4.4% | 6.3% | ||
| Q4 24 | 0.7% | 6.1% | ||
| Q3 24 | 2.7% | 9.1% | ||
| Q2 24 | 2.9% | 12.1% |
| Q1 26 | — | 7.7% | ||
| Q4 25 | 0.6% | 6.0% | ||
| Q3 25 | 0.7% | 8.4% | ||
| Q2 25 | 0.3% | 6.5% | ||
| Q1 25 | 0.7% | 5.0% | ||
| Q4 24 | -0.1% | 5.4% | ||
| Q3 24 | 0.3% | 7.3% | ||
| Q2 24 | 0.3% | 9.2% |
| Q1 26 | — | $2.78 | ||
| Q4 25 | — | $1.80 | ||
| Q3 25 | — | $2.74 | ||
| Q2 25 | — | $2.01 | ||
| Q1 25 | — | $1.44 | ||
| Q4 24 | — | $1.40 | ||
| Q3 24 | — | $2.05 | ||
| Q2 24 | — | $2.72 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $329.0M | $556.5M |
| Total DebtLower is stronger | $10.7B | $4.2B |
| Stockholders' EquityBook value | — | $9.0B |
| Total Assets | $31.3B | $16.7B |
| Debt / EquityLower = less leverage | — | 0.47× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $556.5M | ||
| Q4 25 | $329.0M | $769.9M | ||
| Q3 25 | $1.2B | $770.4M | ||
| Q2 25 | $460.0M | $497.6M | ||
| Q1 25 | $429.0M | $1.2B | ||
| Q4 24 | $349.0M | $737.3M | ||
| Q3 24 | $641.0M | $1.7B | ||
| Q2 24 | $556.0M | $1.2B |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $10.7B | $4.2B | ||
| Q3 25 | $8.4B | $3.8B | ||
| Q2 25 | $8.2B | $3.8B | ||
| Q1 25 | $8.2B | $4.2B | ||
| Q4 24 | $7.2B | $3.2B | ||
| Q3 24 | $7.2B | $3.7B | ||
| Q2 24 | $7.2B | $3.1B |
| Q1 26 | — | $9.0B | ||
| Q4 25 | — | $9.0B | ||
| Q3 25 | — | $9.0B | ||
| Q2 25 | — | $8.9B | ||
| Q1 25 | — | $8.8B | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | $9.1B | ||
| Q2 24 | — | $9.1B |
| Q1 26 | — | $16.7B | ||
| Q4 25 | $31.3B | $16.4B | ||
| Q3 25 | $29.3B | $16.0B | ||
| Q2 25 | $28.3B | $15.5B | ||
| Q1 25 | $28.3B | $15.9B | ||
| Q4 24 | $27.8B | $14.9B | ||
| Q3 24 | $28.4B | $15.7B | ||
| Q2 24 | $28.7B | $15.1B |
| Q1 26 | — | 0.47× | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.34× |
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 | $784.0M | $148.3M |
| Free Cash FlowOCF − Capex | $636.0M | — |
| FCF MarginFCF / Revenue | 6.3% | — |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 12.44× | 0.37× |
| TTM Free Cash FlowTrailing 4 quarters | $2.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $148.3M | ||
| Q4 25 | $784.0M | $272.7M | ||
| Q3 25 | $817.0M | $722.6M | ||
| Q2 25 | $692.0M | $301.6M | ||
| Q1 25 | $638.0M | $152.6M | ||
| Q4 24 | $726.0M | $346.9M | ||
| Q3 24 | $688.0M | $759.9M | ||
| Q2 24 | $652.0M | $382.6M |
| Q1 26 | — | — | ||
| Q4 25 | $636.0M | $84.2M | ||
| Q3 25 | $632.0M | $556.9M | ||
| Q2 25 | $573.0M | $13.3M | ||
| Q1 25 | $447.0M | $-152.9M | ||
| Q4 24 | $560.0M | $-106.3M | ||
| Q3 24 | $531.0M | $138.5M | ||
| Q2 24 | $513.0M | $-36.6M |
| Q1 26 | — | — | ||
| Q4 25 | 6.3% | 1.9% | ||
| Q3 25 | 5.5% | 11.5% | ||
| Q2 25 | 5.4% | 0.3% | ||
| Q1 25 | 3.7% | -3.5% | ||
| Q4 24 | 4.5% | -2.7% | ||
| Q3 24 | 4.2% | 3.2% | ||
| Q2 24 | 4.0% | -0.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 4.3% | ||
| Q3 25 | 1.6% | 3.4% | ||
| Q2 25 | 1.1% | 6.3% | ||
| Q1 25 | 1.6% | 7.0% | ||
| Q4 24 | 1.3% | 11.7% | ||
| Q3 24 | 1.2% | 14.3% | ||
| Q2 24 | 1.1% | 9.0% |
| Q1 26 | — | 0.37× | ||
| Q4 25 | 12.44× | 1.03× | ||
| Q3 25 | 9.84× | 1.79× | ||
| Q2 25 | 23.07× | 1.01× | ||
| Q1 25 | 7.60× | 0.70× | ||
| Q4 24 | — | 1.67× | ||
| Q3 24 | 20.85× | 2.39× | ||
| Q2 24 | 16.72× | 0.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
