Last 10 quarters of trend data · Energy · Oil & Gas Midstream
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
South Bow Corporation's quarterly P/E stands at 23.1x, up 52.3% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 76.3% YoY to 19.6x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 17.00 | 23.14 | 9.04 | 22.10 | 14.08 | 15.19 | 32.74 | — | — | — | — |
| — | +52.3% | -72.4% | — | — | — | — | — | — | — | — | |
| P/S Ratio | 4.64 | 4.16 | 3.42 | 5.60 | 2.58 | 2.67 | 2.13 | — | — | — | — |
| — | +55.7% | +60.7% | — | — | — | — | — | — | — | — | |
| P/B Ratio | 2.77 | 2.60 | 2.12 | 3.14 | 2.05 | 2.05 | 1.88 | — | — | — | — |
| — | +27.0% | +12.7% | — | — | — | — | — | — | — | — | |
| P/FCF | 13.64 | 11.08 | 5.66 | 42.42 | 8.25 | 14.36 | — | — | — | — | — |
| — | -22.9% | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 22.31 | 19.56 | 15.66 | 28.80 | 10.78 | 11.10 | 9.72 | — | — | — | — |
| — | +76.3% | +61.1% | — | — | — | — | — | — | — | — | |
| EV / EBIT | 39.97 | 33.03 | 23.63 | 17.92 | 12.96 | 13.52 | 15.09 | — | — | — | — |
| — | +144.3% | +56.6% | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
South Bow Corporation's operating margin was 22.0% in Q1 2026, down 5.6 pp QoQ and down 13.8 pp YoY. The trailing four-quarter average of 24.9% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 73.6% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.2% | 22.0% | 24.5% | 15.0% | 72.9% | 83.1% | 33.6% | 81.5% | 33.6% | 40.6% | 39.0% |
| — | -73.6% | -27.2% | -81.6% | +117.1% | +104.6% | -13.9% | — | — | — | — | |
| Operating Margin | 19.7% | 22.0% | 27.6% | 14.4% | 35.5% | 35.7% | 33.1% | 33.8% | 33.6% | 40.6% | 38.4% |
| — | -38.5% | -16.5% | -57.3% | +5.7% | -12.0% | -14.0% | — | — | — | — | |
| Net Margin | 27.4% | 18.2% | 37.8% | 25.3% | 18.3% | 17.7% | 12.2% | 11.3% | 15.9% | 20.6% | 19.0% |
| — | +3.0% | +208.5% | +125.0% | +15.3% | -14.2% | -35.7% | — | — | — | — |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.6% | 2.8% | 6.9% | 3.0% | 3.7% | 3.4% | 2.6% | 2.1% | 2.9% | 3.8% | 3.4% |
| — | -16.3% | +165.3% | +39.8% | +25.0% | -10.4% | -24.2% | — | — | — | — | |
| ROA | 3.9% | 0.7% | 1.6% | 0.7% | 0.8% | 0.8% | 0.5% | 0.4% | 0.7% | 0.9% | 0.8% |
| — | -13.5% | +224.8% | +60.4% | +18.9% | -13.1% | -37.9% | — | — | — | — | |
| ROIC | 3.0% | 0.9% | 1.3% | 0.4% | 1.8% | 1.7% | 1.8% | 1.6% | 1.6% | 1.9% | 1.7% |
| — | -48.1% | -28.4% | -74.6% | +6.8% | -13.1% | +3.6% | — | — | — | — |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
South Bow Corporation's Debt/EBITDA ratio is 37.3x, up from 33.1x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 17.2% YoY to 1.51x, strengthening the short-term liquidity position.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.14 | 2.16 | 2.14 | 2.19 | 2.19 | 2.20 | 2.19 | 3.70 | 2.02 | 1.92 | 2.10 |
| — | -1.7% | -2.4% | -40.8% | +8.4% | +14.3% | +4.1% | — | — | — | — | |
| Debt / EBITDA | 10.16 | 37.27 | 33.10 | 49.15 | 23.19 | 23.83 | 21.73 | 42.88 | 23.82 | 21.09 | 23.48 |
| — | +56.4% | +52.3% | +14.6% | -2.6% | +13.0% | -7.5% | — | — | — | — | |
| Current Ratio | 1.50 | 1.51 | 1.50 | 1.36 | 1.28 | 1.29 | 1.25 | 1.08 | 1.37 | 1.33 | 1.26 |
| — | +17.2% | +20.4% | +25.9% | -6.2% | -3.0% | -0.9% | — | — | — | — | |
| Quick Ratio | 1.43 | 1.37 | 1.43 | 1.28 | 1.20 | 1.20 | 1.13 | 1.05 | 1.27 | 1.22 | 1.18 |
| — | +14.9% | +26.3% | +22.5% | -5.7% | -2.1% | -4.4% | — | — | — | — | |
| Interest Coverage | 0.94 | 1.11 | 1.37 | 2.24 | 2.56 | 2.37 | 2.08 | 1.77 | 2.16 | 2.55 | 1.96 |
| — | — | — | — | — | — | — | — | — | — | — |
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Quick answers to the most common questions about buying SOBO stock.
South Bow Corporation's current P/E is 17.0x. The average P/E over the last 4 quarters is 17.1x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
South Bow Corporation's current operating margin is 19.7%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking South Bow Corporation's business trajectory between earnings reports.