South Bow Corporation(SOBO)Earnings, Financials & Key Ratios
SOBO•NYSE
17.0× P/E·Price updated Jun 19, 2026
AboutSouth Bow Corp.is an energy infrastructure company. It engages in the construction and operation of pipelines that transport crude oil and other liquids across Canada and the United States. The company was founded on December 15, 2023 and is headquartered in Calgary, Canada.Show more
- Revenue$1.61B-24.0%
- EBITDA$569M-42.6%
- Net Income$441M+39.4%
- EPS (Diluted)2.11+38.8%
- Gross Margin19.2%-72.8%
- EBITDA Margin35.31%-24.5%
- Operating Margin19.71%-43.9%
- Net Margin27.35%+83.5%
- ROE16.58%+43.0%
SOBO Key Insights
South Bow Corporation (SOBO) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓FCF machine: 34.0% free cash flow margin
- ✓High quality earnings: Operating CF exceeds net income
- ✓Healthy dividend yield of 5.7%
- ✓Healthy 5Y average net margin of 21.4%
✗Weaknesses
- ✗High debt to equity ratio of 2.1x
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Get notified when SOBO posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
SOBO Price & Volume
South Bow Corporation (SOBO) stock price & volume — 10-year historical chart
Loading chart...
SOBO Growth Metrics
South Bow Corporation (SOBO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-
TTM-25.09%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM29.21%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM45.04%
Return on Capital
10 Years5.98%
5 Years5.98%
3 Years5.98%
Last Year3.27%
SOBO Recent Earnings
South Bow Corporation (SOBO) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 5/10 qtrs (71%)●Beat Revenue 2/10 qtrs (33%)
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$0.44-4.3%
$0.46
Rev
$491M-0.0%
$491M
Q2 2026
Mar 5, 2026Metric
Actual
Est
EPS
$0.61+45.2%
$0.42
Rev
$503M-0.3%
$505M
Q4 2025
Nov 13, 2025Metric
Actual
Est
EPS
$0.47+23.7%
$0.38
Rev
$264M-47.4%
$501M
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$0.42+10.5%
$0.38
Rev
$524M+15.7%
$453M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $0.44vs $0.46-4.3% | $491Mvs $491M-0.0% |
| Q2 2026 | Mar 5, 2026 | $0.61vs $0.42+45.2% | $503Mvs $505M-0.3% |
| Q4 2025 | Nov 13, 2025 | $0.47vs $0.38+23.7% | $264Mvs $501M-47.4% |
| Q3 2025 | Aug 6, 2025 | $0.42vs $0.38+10.5% | $524Mvs $453M+15.7% |
Based on last 10 quarters of dataView full earnings history →
SOBO Peer Comparison
South Bow Corporation (SOBO) competitors in Crude Oil Pipelines and Terminals — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 KMI | 70.28B | 31.59 | 23.06 | 12.45% | 18.92% | 10.27% | 1.00 | |
 WMB | 89.43B | 73.12 | 34.17 | 13.78% | 23.82% | 18.98% | 1.96 | |
 OKE | 53.57B | 85.03 | 15.69 | 55.42% | 10.04% | 15.86% | 1.45 | |
 TRP | 70.49B | 67.70 | 29.20 | 10.29% | 23.23% | 9.37% | 1.65 | |
 ENB | 119.12B | 54.55 | 23.75 | 21.92% | 9.71% | 9.96% | 1.61 | |
 EPD | 79.12B | 36.60 | 13.76 | -6.44% | 11.03% | 19.29% | 1.14 | |
 ET | 64.51B | 18.75 | 13.89 | -0.05% | 6.21% | 11.56% | 1.45 | |
 MPLX | 57.7B | 56.84 | 11.79 | 8.37% | 37.54% | 32.81% | 1.80 |
Compare SOBO vs Peers
South Bow Corporation (SOBO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
SOBO Income Statement
South Bow Corporation (SOBO) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|
Sales/Revenue | 2B | 2.12B | 1.61B | 1.62B |
Revenue Growth % | - | 5.74% | -24.02% | -25.09% |
Cost of Goods Sold | 351M | 622M | 1.3B | 1.01B |
COGS % of Revenue | 17.51% | 29.34% | 80.8% | - |
Gross Profit | 1.65B▲ 0% | 1.5B▼ 9.4% | 309.32M▼ 79.4% | 615.75M▲ 0% |
Gross Margin % | 82.49% | 70.66% | 19.2% | 37.92% |
Gross Profit Growth % | - | -9.43% | -79.35% | - |
Operating Expenses | 954M | 753M | -8.14M | 184.24M |
OpEx % of Revenue | 47.58% | 35.52% | -0.51% | - |
Selling, General & Admin | 0 | 0 | 0 | 0 |
SG&A % of Revenue | - | - | - | - |
Research & Development | 0 | 0 | 0 | 0 |
R&D % of Revenue | - | - | - | - |
Other Operating Expenses | 954M | 753M | -8.14M | 1000K |
Operating Income | 700M▲ 0% | 745M▲ 6.4% | 317.46M▼ 57.4% | 431.52M▲ 0% |
Operating Margin % | 34.91% | 35.14% | 19.71% | 26.57% |
Operating Income Growth % | - | 6.43% | -57.39% | - |
EBITDA | 944M | 991M | 568.79M | 662.48M |
EBITDA Margin % | 47.08% | 46.75% | 35.31% | 40.79% |
EBITDA Growth % | - | 4.98% | -42.6% | -33.38% |
D&A (Non-Cash Add-back) | 244M | 246M | 251.32M | 230.96M |
EBIT | 782M | 806M | 317.46M | 549.45M |
Net Interest Income | -188M | -376M | -296.09M | -266.84M |
Interest Income | 32M | 12M | 40.7M | 41.58M |
Interest Expense | 220M | 388M | 336.79M | 308.42M |
Other Income/Expense | -138M | -327M | 188.24M | 23.12M |
Pretax Income | 562M▲ 0% | 418M▼ 25.6% | 505.7M▲ 21.0% | 454.64M▲ 0% |
Pretax Margin % | 28.03% | 19.72% | 31.4% | 28% |
Income Tax | 120M | 102M | 65.12M | 57.53M |
Effective Tax Rate % | 21.35% | 24.4% | 12.88% | 12.65% |
Net Income | 442M▲ 0% | 316M▼ 28.5% | 440.58M▲ 39.4% | 397.11M▲ 0% |
Net Margin % | 22.04% | 14.91% | 27.35% | 24.45% |
Net Income Growth % | - | -28.51% | 39.42% | 29.21% |
Net Income (Continuing) | 442M | 316M | 440.58M | 397.11M |
Discontinued Operations | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 |
EPS (Diluted) | 2.13▲ 0% | 1.52▼ 28.6% | 2.11▲ 38.8% | 1.90▲ 0% |
EPS Growth % | - | -28.64% | 38.82% | 45.04% |
EPS (Basic) | 2.13 | 1.52 | 2.12 | - |
Diluted Shares Outstanding | 207.6M | 208.2M | 208.8M | 208.5M |
Basic Shares Outstanding | 207.6M | 207.89M | 208.2M | 208.3M |
Dividend Payout Ratio | - | - | 96.07% | - |
SOBO Balance Sheet
South Bow Corporation (SOBO) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|
Total Current Assets | 2.61B | 2.2B | 2.01B | 2.18B |
Cash & Short-Term Investments | 262M | 397M | 573.95M | 600.97M |
Cash Only | 262M | 397M | 573.95M | 600.97M |
Short-Term Investments | 0 | 0 | 0 | 0 |
Accounts Receivable | 1.4B | 1.25B | 1.18B | 980.21M |
Days Sales Outstanding | 255.59 | 215.73 | 266.91 | 229.46 |
Inventory | 160M | 207M | 99.82M | 192.63M |
Days Inventory Outstanding | 166.38 | 121.47 | 28 | 48.39 |
Other Current Assets | 788M | 313M | 132.76M | 410.35M |
Total Non-Current Assets | 9.42B | 9.13B | 9.16B | 9.09B |
Property, Plant & Equipment | 8.43B | 8.21B | 8.23B | 8.15B |
Fixed Asset Turnover | 0.24x | 0.26x | 0.20x | 0.21x |
Goodwill | 0 | 0 | 0 | 0 |
Intangible Assets | 0 | 0 | 0 | 0 |
Long-Term Investments | 813M | 732M | 830.49M | 2.96B |
Other Non-Current Assets | 177M | 177M | 73.87M | 103.34M |
Total Assets | 12.03B▲ 0% | 11.33B▼ 5.8% | 11.17B▼ 1.4% | 11.28B▲ 0% |
Asset Turnover | 0.17x | 0.19x | 0.14x | 0.15x |
Asset Growth % | - | -5.84% | -1.38% | -55.39% |
Total Current Liabilities | 2.08B | 1.76B | 1.34B | 1.45B |
Accounts Payable | 1.23B | 1.54B | 752.63M | 1.03B |
Days Payables Outstanding | 1.28K | 906.04 | 211.09 | 382.21 |
Short-Term Debt | 0 | 0 | 0 | 0 |
Deferred Revenue (Current) | 0 | 0 | 15.97M | 44.95M |
Other Current Liabilities | 753M | 0 | 409.25M | 405.33M |
Current Ratio | 1.26x | 1.25x | 1.50x | 1.51x |
Quick Ratio | 1.18x | 1.13x | 1.43x | 1.37x |
Cash Conversion Cycle | -856.05 | -568.85 | 83.82 | -104.37 |
Total Non-Current Liabilities | 7.12B | 6.96B | 7.13B | 7.16B |
Long-Term Debt | 5.97B | 5.72B | 5.76B | 5.77B |
Capital Lease Obligations | 6M | 0 | 22.96M | 22.96M |
Deferred Tax Liabilities | 0 | 1.1B | 1.19B | 4.41B |
Other Non-Current Liabilities | 1.14B | 140M | 131.76M | 156.51M |
Total Liabilities | 9.19B | 8.72B | 8.47B | 8.61B |
Total Debt | 5.97B | 5.72B | 5.78B | 5.77B |
Net Debt | 5.71B | 5.32B | 5.21B | 5.17B |
Debt / Equity | 2.10x | 2.19x | 2.14x | 2.16x |
Debt / EBITDA | 6.33x | 5.77x | 10.16x | 8.71x |
Net Debt / EBITDA | 6.05x | 5.37x | 9.15x | 7.80x |
Interest Coverage | 3.55x | 2.08x | 0.94x | 1.78x |
Total Equity | 2.84B▲ 0% | 2.61B▼ 8.1% | 2.7B▲ 3.6% | 2.67B▲ 0% |
Equity Growth % | - | -8.1% | 3.6% | -36.73% |
Book Value per Share | 13.68 | 12.54 | 12.95 | 12.80 |
Total Shareholders' Equity | 2.84B | 2.61B | 2.7B | 2.67B |
Common Stock | 2.97B | 2.2B | 2.2B | 2.22B |
Retained Earnings | 0 | -49M | -31.94M | -59.19M |
Treasury Stock | 0 | 0 | 0 | 0 |
Accumulated OCI | -128M | -198M | -120.78M | -149.49M |
Minority Interest | 0 | 0 | 0 | 0 |
SOBO Cash Flow Statement
South Bow Corporation (SOBO) cash flow — operating, investing & free cash flow history
| Metric | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|
Cash from Operations | 779M | 503.6M | 729.55M | 783.32M |
Operating CF Margin % | 38.85% | 23.75% | 45.29% | - |
Operating CF Growth % | - | -35.35% | 44.87% | 1395.56% |
Net Income | 442M | 300.83M | 440.58M | 397.11M |
Depreciation & Amortization | 244M | 234.19M | 251.32M | 232M |
Stock-Based Compensation | 0 | 0 | 0 | 0 |
Deferred Taxes | 67M | 56.17M | 81.4M | 87.51M |
Other Non-Cash Items | 60M | -28.56M | -8.14M | 57.12M |
Working Capital Changes | -34M | -59.02M | -35.61M | 8.01M |
Change in Receivables | -251M | 96.15M | 84.45M | 0 |
Change in Inventory | 63M | -47.6M | 108.87M | 0 |
Change in Payables | -120M | -77.11M | -206.55M | 0 |
Cash from Investing | 62M | -76.16M | -178.06M | -170.27M |
Capital Expenditures | -37M | -116.14M | -181.12M | -174.35M |
CapEx % of Revenue | 1.85% | 5.48% | 11.24% | 10.74% |
Acquisitions | 0 | 36.18M | 0 | 0 |
Investments | - | - | - | - |
Other Investing | 99M | 3.81M | 3.05M | 4.08M |
Cash from Financing | -577M | -292.26M | -418.19M | -410.07M |
Debt Issued (Net) | -350M | -178.02M | 0 | 0 |
Equity Issued (Net) | 0 | 8.57M | 5.09M | 7.82M |
Dividends Paid | 0 | 0 | -423.28M | -417.89M |
Share Repurchases | 0 | 0 | 0 | 0 |
Other Financing | -227M | -122.81M | 0 | 0 |
Net Change in Cash | 258M▲ 0% | 132.42M▼ 48.7% | 111.23M▼ 16.0% | 146.95M▲ 0% |
Free Cash Flow | 742M▲ 0% | 387.46M▼ 47.8% | 548.44M▲ 41.5% | 608.97M▲ 0% |
FCF Margin % | 37.01% | 18.28% | 34.05% | 37.5% |
FCF Growth % | - | -47.78% | 41.55% | 53.29% |
FCF per Share | 3.57 | 1.86 | 2.63 | 2.92 |
FCF Conversion (FCF/Net Income) | 1.76x | 1.59x | 1.66x | 1.53x |
Interest Paid | 0 | 0 | 0 | 0 |
Taxes Paid | 34M | 0 | 0 | 0 |
SOBO Key Ratios
South Bow Corporation (SOBO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2024 | 2025 | TTM |
|---|---|---|---|
Return on Equity (ROE) | 11.6% | 16.58% | 16.05% |
Return on Invested Capital (ROIC) | 6.78% | 3.01% | 4.41% |
Gross Margin | 70.66% | 19.2% | 37.92% |
Net Margin | 14.91% | 27.35% | 24.45% |
Debt / Equity | 2.19x | 2.14x | 2.16x |
Interest Coverage | 2.08x | 0.94x | 1.78x |
FCF Conversion | 1.59x | 1.66x | 1.53x |
Revenue Growth | 5.74% | -24.02% | -25.09% |
Related:SOBO Dividend History·SOBO Revenue History·SOBO Price History·SOBO P/E History·SOBO Financial Ratios·SOBO Institutional Holders
SOBO Frequently Asked Questions
South Bow Corporation (SOBO) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
South Bow Corporation (SOBO) reported $1.62B in revenue for fiscal year 2025. This represents a 19% decrease from $2.00B in 2023.
South Bow Corporation (SOBO) saw revenue decline by 24.0% over the past year.
Yes, South Bow Corporation (SOBO) is profitable, generating $397.1M in net income for fiscal year 2025 (27.4% net margin).
Dividend & Returns
Yes, South Bow Corporation (SOBO) pays a dividend with a yield of 5.65%. This makes it attractive for income-focused investors.
South Bow Corporation (SOBO) has a return on equity (ROE) of 16.6%. This is reasonable for most industries.
South Bow Corporation (SOBO) generated $609.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.