NYSE : SOBO
South Bow Corporation — Financial statements
Energy · Oil & Gas Midstream · Canada
Last price 36.08 USD (Oct 30, 2026, 9:48 AM EDT) · Market cap 7.53B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
South Bow Corporation (SOBO) reported revenue of 2.00B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | 2.00B | 1.99B | 2.12B | 2.00B |
| Cost of Revenue | 997.00M | 1.01B | 1.08B | 1.06B |
| Gross Profit | 1.00B | 974.00M | 1.04B | 947.00M |
| Selling, General & Admin | 11.00M | 11.00M | 3.00M | 3.00M |
| Other Operating Expenses | -8.00M | -8.00M | 15.00M | |
| Operating Expenses | 254.00M | 250.00M | 264.00M | 247.00M |
| Operating Income | 750.00M | 724.00M | 774.00M | 700.00M |
| Interest Expense | -335.00M | -331.00M | -388.00M | -220.00M |
| Interest & Investment Income | 48.00M | 40.00M | 41.00M | 34.00M |
| Earnings From Equity Investments | 53.00M | 52.00M | 49.00M | 50.00M |
| Currency Exchange Gain (Loss) | -5.00M | 1.00M | -3.00M | -2.00M |
| EBT Excluding Unusual Items | 511.00M | 486.00M | 473.00M | 562.00M |
| Other Unusual Items | 20.00M | 11.00M | -55.00M | |
| Pretax Income | 531.00M | 497.00M | 418.00M | 562.00M |
| Income Tax Expense | 71.00M | 64.00M | 102.00M | 120.00M |
| Net Income | 460.00M | 433.00M | 316.00M | 442.00M |
| Net Income to Common | 460.00M | 433.00M | 316.00M | 442.00M |
| Shares Outstanding (Basic) | 208.40M | 208.20M | 207.60M | 207.60M |
| Shares Outstanding (Diluted) | 208.80M | 208.80M | 208.20M | 207.60M |
| EPS (Basic) | 2.21 | 2.08 | 1.52 | 2.13 |
| EPS (Diluted) | 2.20 | 2.07 | 1.52 | 2.13 |
| Free Cash Flow | 682.00M | 539.00M | 407.00M | 742.00M |
| Free Cash Flow Per Share | 3.27 | 2.58 | 1.96 | 3.57 |
| Dividend Per Share | 2.00 | 2.00 | 0.50 | |
| Gross Margin | 50.18% | 49.04% | 48.96% | 47.23% |
| Operating Margin | 37.48% | 36.45% | 36.51% | 34.91% |
| Profit Margin | 22.99% | 21.80% | 14.91% | 22.05% |
| Free Cash Flow Margin | 34.08% | 27.14% | 19.20% | 37.01% |
| EBITDA | 1.00B | 971.00M | 1.02B | 944.00M |
| EBITDA Margin | 50.02% | 48.89% | 48.11% | 47.08% |
| D&A For EBITDA | 251.00M | 247.00M | 246.00M | 244.00M |
| EBIT | 750.00M | 724.00M | 774.00M | 700.00M |
| EBIT Margin | 37.48% | 36.45% | 36.51% | 34.91% |
| Effective Tax Rate | 13.37% | 12.88% | 24.40% | 21.35% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Cash & Equivalents | 726.00M | 549.00M | 397.00M | 262.00M |
| Cash & Short-Term Investments | 726.00M | 549.00M | 397.00M | 262.00M |
| Accounts Receivable | 1.05B | 1.12B | 1.25B | 1.40B |
| Other Receivables | 14.00M | 66.00M | 144.00M | |
| Receivables | 1.07B | 1.18B | 1.25B | 1.55B |
| Inventory | 129.00M | 100.00M | 207.00M | 160.00M |
| Restricted Cash | 26.00M | 66.00M | 70.00M | |
| Other Current Assets | 201.00M | 122.00M | 87.00M | 47.00M |
| Total Current Assets | 2.40B | 2.02B | 2.20B | 2.61B |
| Property, Plant & Equipment | 8.04B | 8.21B | 8.21B | 8.43B |
| Long-Term Investments | 726.00M | 743.00M | 732.00M | 813.00M |
| Long-Term Accounts Receivable | 39.00M | |||
| Long-Term Deferred Tax Assets | 26.00M | 23.00M | 16.00M | 6.00M |
| Other Long-Term Assets | 193.00M | 163.00M | 177.00M | 171.00M |
| Total Assets | 11.38B | 11.19B | 11.33B | 12.03B |
| Accounts Payable | 1.09B | 754.00M | 1.06B | 1.23B |
| Accrued Expenses | 99.00M | 154.00M | 153.00M | 93.00M |
| Current Portion of Leases | 3.00M | |||
| Current Income Taxes Payable | 8.00M | 22.00M | ||
| Current Unearned Revenue | 17.00M | 16.00M | 15.00M | 17.00M |
| Other Current Liabilities | 372.00M | 406.00M | 531.00M | 714.00M |
| Total Current Liabilities | 1.58B | 1.34B | 1.76B | 2.08B |
| Long-Term Debt | 5.73B | 5.77B | 5.72B | 5.97B |
| Long-Term Leases | 25.00M | 23.00M | 22.00M | 6.00M |
| Long-Term Unearned Revenue | 23.00M | 24.00M | 19.00M | 17.00M |
| Pension & Post-Retirement Benefits | 10.00M | 7.00M | ||
| Long-Term Deferred Tax Liabilities | 1.23B | 1.20B | 1.10B | 1.04B |
| Other Long-Term Liabilities | 133.00M | 122.00M | 92.00M | 87.00M |
| Total Liabilities | 8.72B | 8.48B | 8.72B | 9.19B |
| Common Stock | 2.21B | 2.20B | 2.20B | 2.97B |
| Additional Paid-In Capital | 661.00M | 661.00M | 661.00M | |
| Retained Earnings | -29.00M | -32.00M | -49.00M | |
| Comprehensive Income & Other | -175.00M | -121.00M | -198.00M | -128.00M |
| Shareholders' Equity | 2.67B | 2.71B | 2.61B | 2.84B |
| Total Liabilities & Equity | 11.38B | 11.19B | 11.33B | 12.03B |
| Total Debt | 5.76B | 5.79B | 5.74B | 5.97B |
| Net Cash (Debt) | -5.03B | -5.25B | -5.34B | -5.71B |
| Net Cash Per Share | -24.10 | -25.12 | -25.65 | -27.51 |
| Filing Date Shares Outstanding | 208.59M | 208.56M | 208.04M | 207.60M |
| Total Common Shares Outstanding | 208.59M | 208.25M | 208.04M | 207.60M |
| Working Capital | 825.00M | 674.00M | 437.00M | 539.00M |
| Book Value Per Share | 12.78 | 13.01 | 12.55 | 13.68 |
| Tangible Book Value | 2.67B | 2.71B | 2.61B | 2.84B |
| Tangible Book Value Per Share | 12.78 | 13.01 | 12.55 | 13.68 |
| Machinery | 820.00M | 813.00M | 830.00M | |
| Construction In Progress | 226.00M | 122.00M | 45.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Net Income | 460.00M | 433.00M | 316.00M | 442.00M |
| Depreciation & Amortization | 251.00M | 247.00M | 246.00M | 244.00M |
| Asset Writedown & Restructuring Costs | 7.00M | |||
| Loss (Gain) on Equity Investments | 5.00M | 22.00M | 21.00M | 21.00M |
| Other Operating Activities | 59.00M | 50.00M | 1.00M | 106.00M |
| Change in Accounts Receivable | 83.00M | 83.00M | 101.00M | -251.00M |
| Change in Inventory | 107.00M | 107.00M | -50.00M | 63.00M |
| Change in Accounts Payable | -203.00M | -203.00M | -81.00M | -120.00M |
| Change in Other Net Operating Assets | 77.00M | -22.00M | -32.00M | 274.00M |
| Operating Cash Flow | 839.00M | 717.00M | 529.00M | 779.00M |
| Capital Expenditures | -157.00M | -178.00M | -122.00M | -37.00M |
| Sale of Property, Plant & Equipment | 1.00M | 38.00M | 93.00M | |
| Other Investing Activities | 3.00M | 4.00M | 6.00M | |
| Investing Cash Flow | -156.00M | -175.00M | -80.00M | 62.00M |
| Long-Term Debt Issued | 4.55B | 621.00M | ||
| Long-Term Debt Repaid | -4.72B | -971.00M | ||
| Net Debt Issued (Repaid) | -174.00M | -350.00M | ||
| Issuance of Common Stock | 8.00M | 5.00M | 9.00M | |
| Common Dividends Paid | -416.00M | -416.00M | -121.00M | -190.00M |
| Other Financing Activities | -21.00M | -37.00M | ||
| Financing Cash Flow | -408.00M | -411.00M | -307.00M | -577.00M |
| Foreign Exchange Rate Adjustments | -1.00M | 21.00M | -7.00M | -6.00M |
| Net Cash Flow | 274.00M | 152.00M | 135.00M | 258.00M |
| Free Cash Flow | 682.00M | 539.00M | 407.00M | 742.00M |
| Free Cash Flow Margin | 34.08% | 27.14% | 19.20% | 37.01% |
| Free Cash Flow Per Share | 3.27 | 2.58 | 1.96 | 3.57 |
| Levered Free Cash Flow | 337.98M | 257.23M | 602.35M | |
| Unlevered Free Cash Flow | 547.35M | 464.10M | 844.85M | |
| Cash Interest Paid | 313.00M | 342.00M | ||
| Cash Income Tax Paid | 27.00M | 38.00M | 49.00M | 34.00M |
| Change in Working Capital | 64.00M | -35.00M | -62.00M | -34.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Market Capitalization | 7.36B | 5.73B | 4.89B | |
| Enterprise Value | 12.48B | 11.09B | 14.13B | |
| Last Close Price | 35.96 | 26.30 | 20.95 | |
| PE Ratio | 15.76 | 13.24 | 15.48 | |
| PS Ratio | 3.76 | 2.89 | 2.31 | |
| PB Ratio | 2.82 | 2.12 | 1.88 | |
| P/TBV Ratio | 2.82 | 2.12 | 1.88 | |
| P/FCF Ratio | 11.02 | 10.64 | 12.02 | |
| P/OCF Ratio | 8.96 | 8.00 | 9.25 | |
| EV/Sales Ratio | 6.32 | 5.58 | 6.66 | |
| EV/EBITDA Ratio | 12.63 | 11.42 | 13.85 | |
| EV/EBIT Ratio | 16.85 | 15.32 | 18.25 | |
| EV/FCF Ratio | 18.53 | 20.58 | 34.71 | |
| Debt / Equity Ratio | 2.16 | 2.14 | 2.20 | 2.10 |
| Debt / EBITDA Ratio | 5.67 | 5.90 | 5.61 | 6.31 |
| Debt / FCF Ratio | 8.44 | 10.75 | 14.10 | 8.05 |
| Net Debt / Equity Ratio | 1.89 | 1.94 | 2.05 | 2.01 |
| Net Debt / EBITDA Ratio | 5.03 | 5.40 | 5.24 | 6.05 |
| Net Debt / FCF Ratio | 7.38 | 9.73 | 13.12 | 7.70 |
| Asset Turnover | 0.17 | 0.18 | 0.18 | |
| Inventory Turnover | 7.12 | 6.59 | 5.90 | |
| Quick Ratio | 1.14 | 1.29 | 0.94 | 0.87 |
| Current Ratio | 1.52 | 1.50 | 1.25 | 1.26 |
| Return on Equity (ROE) | 17.35% | 16.28% | 11.60% | |
| Return on Assets (ROA) | 4.10% | 4.02% | 4.14% | |
| Return on Invested Capital (ROIC) | 8.36% | 7.93% | 7.09% | 6.44% |
| Return on Capital Employed (ROCE) | 7.60% | 7.30% | 8.10% | 7.00% |
| Earnings Yield | 6.35% | 7.55% | 6.46% | |
| FCF Yield | 9.07% | 9.40% | 8.32% | |
| Dividend Yield | 5.68% | 7.26% | 2.13% | |
| Payout Ratio | 89.45% | 96.07% | 38.29% | 42.99% |
| Buyback Yield / Dilution | -0.02% | -0.29% | -0.29% | |
| Total Shareholder Return | 5.62% | 6.98% | 1.84% |