Saturday 17 October 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. In the quarter to June 2026, revenue grew 4.20%, EPS grew 39.1%, free cash flow grew 48.8% and total debt was flat, each against the same quarter a year earlier.
34.69
0.94
+2.79%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | — | — | — | — | 21.12 | 21.16 |
Analyst estimates 2026–2028 Powerpack |
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| High | — | — | — | — | — | — | — | — | 27.30 | 29.19 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | — | — | — | — | 600 | 536 | ||||
| Revenue/emp, $m | — | — | — | — | — | — | — | 0.00 | 3.53 | 3.71 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 2,005 | 2,120 | 1,986 | ||||
| Gross margin, % | — | — | — | — | — | — | — | 47.08 | 47.45 | 48.04 | |||||
| EBT | — | — | — | — | — | — | — | 562 | 418 | 497 | |||||
| EBT margin, % | — | — | — | — | — | — | — | 28.03 | 19.72 | 25.03 | |||||
| Net income | — | — | — | — | — | — | — | 442 | 316 | 433 | |||||
| Depreciation | — | — | — | — | — | — | — | 244 | 246 | 247 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | — | 9.64 | 10.21 | 9.54 | ||||
| Earnings | — | — | — | — | — | — | — | 2.13 | 1.52 | 2.07 | |||||
| Cash flow | — | — | — | — | — | — | — | 3.75 | 2.55 | 3.44 | |||||
| Capex | — | — | — | — | — | — | — | 0.27 | (0.40) | (0.85) | |||||
| Free cash flow | — | — | — | — | — | — | — | 4.01 | 2.14 | 2.59 | |||||
| Book value | — | — | — | — | — | — | — | 13.65 | 12.57 | 13.01 | |||||
| Shares, m | — | — | — | — | — | — | — | 208 | 208 | 208 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 15.54 | 15.54 | 13.21 | ||||
| P/S | — | — | — | — | — | — | — | 0.00 | 2.32 | 2.88 | |||||
| P/B | — | — | — | — | — | — | — | 1.63 | 1.88 | 2.11 | |||||
| EV/Sales | — | — | — | — | — | — | — | 0.00 | 4.83 | 5.51 | |||||
| EV/FCF | — | — | — | — | — | — | — | 7.79 | 22.99 | 20.29 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | — | 779 | 529 | 717 | ||||
| Capex | — | — | — | — | — | — | — | 56 | (84) | (178) | |||||
| Free cash flow | — | — | — | — | — | — | — | 835 | 445 | 539 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | 539 | 437 | 674 | ||||
| Total debt | — | — | — | — | — | — | — | 5,967 | 5,716 | 5,768 | |||||
| Net debt | — | — | — | — | — | — | — | 5,705 | 5,319 | 5,219 | |||||
| Shareholders’ equity | — | — | — | — | — | — | — | 2,840 | 2,610 | 2,709 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | — | 0.00 | 2.71 | 3.85 | ||||
| ROIC | — | — | — | — | — | — | — | 5.49 | 6.26 | 6.05 | |||||
| ROE | — | — | — | — | — | — | — | 0.00 | 11.60 | 16.28 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 | $11.7B | 7.9× | 4.6× | +112.25% (above 0%: growing) | +745.71% (above 0%: growing) | +155.42% (above 0%: growing) | 74.15% | 65.92% | Compare |
| AM Antero Midstream Corporation | $9.5B | 24.6× | 19.5× | +7.13% (above 0%: growing) | −7.69% (below 0%: shrinking) | −11.79% (below 0%: shrinking) | 74.17% | 55.59% | Compare |
| KNTK Kinetik Holdings Inc. | $8.7B | 19.8× | 54.5× | +36.25% (above 0%: growing) | +96.97% (above 0%: growing) | +775.96% (above 0%: growing) | 46.77% | 23.04% | Compare |
| SOBO South Bow Corporation | $7.0B | 15.7× | 21.2× | +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 | 10.6× | 14.7× | −3.67% (below 0%: shrinking) | +1.35% (above 0%: growing) | +19.67% (above 0%: growing) | 100.00% | 63.46% | Compare |
| INSW International Seaways Inc. | $5.6B | 7.0× | 5.0× | +138.85% (above 0%: growing) | +376.80% (above 0%: growing) | +125.42% (above 0%: growing) | 76.05% | 64.49% | Compare |
| CMBT CMB.TECH nv | $5.2B | 3.6× | 5.4× | +519.15% (above 0%: growing) | n/m | +451.20% (above 0%: growing) | 71.02% | 54.45% | Compare |
| GLNG Golar LNG Limited | $4.6B | 28.6× | 46.3× | +100.86% (above 0%: growing) | −30.19% (below 0%: shrinking) | +33.24% (above 0%: growing) | 67.68% | 49.39% | Compare |
| STNG Scorpio Tankers Inc. | $4.2B | 4.6× | 5.7× | +77.54% (above 0%: growing) | +432.70% (above 0%: growing) | +490.32% (above 0%: growing) | 80.00% | 97.45% | Compare |
| Median of peers | $6.0B | 9.2× | 10.2× | +89.20% | +96.97% | +140.42% | 74.16% | 59.53% |
South Bow Corporation (SOBO) key facts
- Concern: South Bow Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.0 billion, down 6.32% from fiscal 2024.
- Strength: Net income was $433.0 million, or $2.07 per share (basic), a net margin of 21.8%.
- South Bow Corporation (SOBO) is an Oil & Gas Midstream company in the Energy sector, listed on the New York Stock Exchange.
- As of October 16, 2026, SOBO traded at $34.69, a market capitalization of $7.0 billion.
- At that price the stock trades at 15.7× trailing-twelve-month earnings and 3.6× sales.
- South Bow Corporation pays an annual dividend of $2.00 per share, a yield of 5.77%, with a payout ratio of 90.5%.
- Return on equity was 16.3% and debt-to-equity 2.15.
- Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 0.89 (distress zone) for fiscal 2025.