SOBO

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South Bow Corp.

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Key Metrics

Previous Close: $37.61
52-Week Range: $25.02 – $38.94
Market Cap: $8.01B
P/E (TTM): 17.46
EPS (TTM): 2.20
Dividend Yield: 5.32%

Advanced Metrics

Price/Book: 3.01
PEG Ratio: —
Return on Equity: 17.35%
Return on Assets: 4.10%
Gross Margin: 50.18%
Operating Margin: 43.77%
Profit Margin: 22.99%
Current Ratio: 1.52
Debt/Equity: 2.16
Total Debt: $5.76B
Free Cash Flow: $337.98M
Revenue Growth: 4.20%
Earnings Growth: 39.10%
Enterprise Value: $12.88B

SOBO Income statement, annual periods, in USD
USD	FY2023	FY2024	FY2025
Revenue	$2.00B	$2.12B	$1.99B
Cost of Revenue	$595.00M	$622.00M	$560.00M
Gross Profit	$1.41B	$1.50B	$1.43B
Operating Expenses	$710.00M	$753.00M	$711.00M
Operating Income	$700.00M	$745.00M	$715.00M
EBITDA	$1.03B	$1.05B	$1.07B
Pretax Income	$562.00M	$418.00M	$497.00M
Income Tax	$120.00M	$102.00M	$64.00M
Net Income	$442.00M	$316.00M	$433.00M
Diluted EPS	2.13	1.52	1.52
Diluted Shares	207.60M	208.20M	208.20M

SOBO Balance Sheet statement, annual periods, in USD
USD	FY2023	FY2024	FY2025
Cash & Equivalents	$262.00M	$397.00M	$549.00M
Receivables	$1.41B	$1.25B	$1.18B
Inventory	$160.00M	$207.00M	$100.00M
Current Assets	$2.61B	$2.20B	$2.02B
Total Assets	$12.03B	$11.33B	$11.19B
Current Liabilities	$2.08B	$1.76B	$1.34B
Long-Term Debt	$5.97B	$5.72B	$5.77B
Total Debt	$5.97B	$5.74B	$5.79B
Total Liabilities	$9.19B	$8.72B	$8.48B
Retained Earnings	$0.00	-$49.00M	-$32.00M
Shareholders' Equity	$2.84B	$2.61B	$2.71B
Working Capital	$539.00M	$437.00M	$674.00M
Net Debt	$5.71B	$5.32B	$5.22B

SOBO Cash Flow statement, annual periods, in USD
USD	FY2023	FY2024	FY2025
Operating Cash Flow	$779.00M	$529.00M	$717.00M
Capital Expenditure	-$37.00M	-$122.00M	-$178.00M
Free Cash Flow	$742.00M	$407.00M	$539.00M
Depreciation & Amortisation	$244.00M	$246.00M	$247.00M
Investing Cash Flow	$62.00M	-$80.00M	-$175.00M
Financing Cash Flow	-$577.00M	-$307.00M	-$411.00M
Dividends Paid	—	$0.00	-$416.00M
Net Change in Cash	$264.00M	$142.00M	$131.00M

SOBO Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$498.00M	$524.00M	$461.00M	$503.00M	$491.00M
Cost of Revenue	$146.00M	$142.00M	$144.00M	$128.00M	$138.00M
Gross Profit	$352.00M	$382.00M	$317.00M	$375.00M	$353.00M
Operating Expenses	$174.00M	$196.00M	$170.00M	$171.00M	$193.00M
Operating Income	$178.00M	$186.00M	$147.00M	$204.00M	$160.00M
EBITDA	$259.00M	$270.00M	$252.00M	$294.00M	$248.00M
Pretax Income	$114.00M	$126.00M	$104.00M	$153.00M	$100.00M
Income Tax	$26.00M	$30.00M	$11.00M	-$3.00M	$23.00M
Net Income	$88.00M	$96.00M	$93.00M	$156.00M	$77.00M
Diluted EPS	0.42	0.46	0.45	0.26	0.37
Diluted Shares	208.70M	208.80M	208.80M	208.40M	208.50M

SOBO Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$390.00M	$452.00M	$501.00M	$549.00M	$599.00M
Receivables	$1.15B	$1.14B	$1.10B	$1.18B	$977.00M
Inventory	$144.00M	$151.00M	$127.00M	$100.00M	$192.00M
Current Assets	$2.07B	$2.30B	$2.33B	$2.02B	$2.18B
Total Assets	$11.18B	$11.48B	$11.46B	$11.19B	$11.24B
Current Liabilities	$1.61B	$1.79B	$1.71B	$1.34B	$1.44B
Long-Term Debt	$5.72B	$5.77B	$5.75B	$5.77B	$5.75B
Total Debt	$5.72B	$5.77B	$5.75B	$5.79B	$5.75B
Total Liabilities	$8.57B	$8.85B	$8.84B	$8.48B	$8.58B
Retained Earnings	-$65.00M	-$73.00M	-$84.00M	-$32.00M	-$59.00M
Shareholders' Equity	$2.60B	$2.64B	$2.62B	$2.71B	$2.66B
Working Capital	$460.00M	$505.00M	$615.00M	$674.00M	$733.00M
Net Debt	$5.33B	$5.32B	$5.25B	$5.22B	$5.15B

SOBO Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$125.00M	$194.00M	$204.00M	$194.00M	$186.00M
Capital Expenditure	-$32.00M	-$34.00M	-$52.00M	-$60.00M	-$27.00M
Free Cash Flow	$93.00M	$160.00M	$152.00M	$134.00M	$159.00M
Depreciation & Amortisation	$62.00M	$63.00M	$64.00M	$58.00M	$64.00M
Investing Cash Flow	-$32.00M	-$31.00M	-$52.00M	-$60.00M	-$26.00M
Financing Cash Flow	-$100.00M	-$104.00M	-$103.00M	-$104.00M	-$97.00M
Dividends Paid	-$104.00M	-$104.00M	-$104.00M	-$104.00M	-$104.00M
Net Change in Cash	-$7.00M	$59.00M	$49.00M	$30.00M	$63.00M

Market Snapshot

About

South Bow Corp. is an energy infrastructure company focused on natural gas transmission and midstream services in North America. The company operates extensive pipeline networks and related facilities that transport and process natural gas. South Bow serves utility, industrial, and commercial customers across multiple regions.