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Friday 6 November 2026
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South Bow Corporation
SOBO Energy Oil & Gas Midstream
South Bow Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.0 billion, down 6.32% from fiscal 2024.
- Revenue
- +4.20%
- EPS
- +39.1%
- Free cash flow
- +48.8%
- Total debt
- −0.69%
Quarter to June 2026, against a year earlier
31.75
2.30
−6.75%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 2,005 | 2,120 | 1,986 | 2,001 | (0.5%) | 1,984 | 2,021 | 2,043 | +0.9% | |
| Gross margin, % | — | — | — | — | — | — | — | 47.08 | 47.45 | 48.04 | 49.48 | +1.0 pt | ||||||
| EBT | — | — | — | — | — | — | — | 562 | 418 | 497 | 531 | (6.0%) | ||||||
| EBT margin, % | — | — | — | — | — | — | — | 28.03 | 19.72 | 25.03 | 26.54 | (3.0) pt | ||||||
| Net income | — | — | — | — | — | — | — | 442 | 316 | 433 | 460 | (1.0%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | 9.64 | 10.21 | 9.54 | 9.59 | (0.5%) | |||||
| Earnings | — | — | — | — | — | — | — | 2.13 | 1.52 | 2.07 | 2.21 | (1.3%) | ||||||
| Cash flow | — | — | — | — | — | — | — | 3.75 | 2.55 | 3.44 | 4.02 | (4.1%) | ||||||
| Capex | — | — | — | — | — | — | — | 0.27 | (0.40) | (0.85) | (0.75) | n/m | ||||||
| Free cash flow | — | — | — | — | — | — | — | 4.01 | 2.14 | 2.59 | 3.27 | (19.7%) | ||||||
| Book value | — | — | — | — | — | — | — | 13.65 | 12.57 | 13.01 | 12.78 | (2.4%) | ||||||
| Shares, m | — | — | — | — | — | — | — | 208 | 208 | 208 | 208 | 0.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 15.54 | 15.54 | 13.21 | 14.37 | 14.8 | |||||
| P/S | — | — | — | — | — | — | — | 0.00 | 2.32 | 2.88 | 3.31 | 1.7 | ||||||
| P/B | — | — | — | — | — | — | — | 1.63 | 1.88 | 2.11 | 2.49 | 1.9 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 0.00 | 4.83 | 5.51 | 5.81 | 3.4 | ||||||
| EV/FCF | — | — | — | — | — | — | — | 7.79 | 22.99 | 20.29 | 17.03 | 17.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | 779 | 529 | 717 | 839 | (4.1%) | |||||
| Capex | — | — | — | — | — | — | — | 56 | (84) | (178) | (156) | n/m | ||||||
| Free cash flow | — | — | — | — | — | — | — | 835 | 445 | 539 | 683 | (19.7%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | 539 | 437 | 674 | 825 | +11.8% | |||||
| Net debt | — | — | — | — | — | — | — | 5,705 | 5,319 | 5,219 | 5,008 | (4.4%) | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | 2,840 | 2,610 | 2,709 | 2,665 | (2.3%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | 0.00 | 2.71 | 3.85 | 4.02 | +3.9 pt | |||||
| ROIC | — | — | — | — | — | — | — | 5.49 | 6.26 | 6.05 | 6.54 | +0.6 pt | ||||||
| ROE | — | — | — | — | — | — | — | 0.00 | 11.60 | 16.28 | 17.35 | +16.3 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 600 | 536 | — | (10.7%) | |||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.00 | 3.53 | 3.71 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
South Bow Corporation vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| FRO Frontline PLC | $10.0B | 6.7× | 5.4× | +112.25% (above 0%: growing) | +745.71% (above 0%: growing) | +155.42% (above 0%: growing) | 74.15% | 65.92% | Compare |
| AM Antero Midstream Corporation | $9.1B | 13.4× | 15.8× | +10.92% (above 0%: growing) | +244.92% (above 0%: growing) | +232.64% (above 0%: growing) | 74.54% | 170.39% | Compare |
| KNTK Kinetik Holdings Inc. | $8.0B | 16.3× | 38.9× | +22.72% (above 0%: growing) | +766.67% (above 0%: growing) | +692.49% (above 0%: growing) | 34.67% | 11.19% | Compare |
| SOBO South Bow Corporation | $6.6B | 14.4× | 19.5× | +4.20% (above 0%: growing) | +39.13% (above 0%: growing) | +48.75% (above 0%: growing) | 55.68% | 48.90% | |
| HESM Hess Midstream Partners LP | $6.3B | 10.5× | 10.5× | −2.57% (below 0%: shrinking) | +1.35% (above 0%: growing) | +35.38% (above 0%: growing) | 100.00% | 63.98% | Compare |
| INSW International Seaways Inc. | $4.8B | 4.5× | 4.1× | +146.04% (above 0%: growing) | +386.01% (above 0%: growing) | +323.97% (above 0%: growing) | 0.00% | 0.00% | Compare |
| CMBT CMB.TECH nv | $4.8B | 3.4× | 3.9× | +519.15% (above 0%: growing) | n/m | +451.20% (above 0%: growing) | 71.02% | 54.45% | Compare |
| GLNG Golar LNG Limited | $4.4B | 27.1× | 40.4× | +100.86% (above 0%: growing) | −30.19% (below 0%: shrinking) | +33.24% (above 0%: growing) | 67.68% | 49.39% | Compare |
| STNG Scorpio Tankers Inc. | $4.1B | 3.9× | 4.4× | +10.40% (above 0%: growing) | +171.19% (above 0%: growing) | +229.09% (above 0%: growing) | 70.83% | 100.99% | Compare |
| Median of peers | $5.5B | 8.6× | 7.9× | +61.79% | +244.92% | +230.87% | 70.93% | 59.22% |
South Bow Corporation (SOBO) Latest News
28 Oct
6 Aug
5 Aug
8 May
7 May
30 Apr
SOBO metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share