South Bow Corporation (SOBO) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 4, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 40-F for FY2025, filed Mar 16, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SOBO SEC filings page.
South Bow Corporation (SOBO) reported $2.0B in revenue for fiscal year 2025, down 6.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (40-F and 6-K reports).
South Bow's earnings rebound in FY2025 came from lower financing costs, while revenue declined and cash conversion remained high.
FY2024 paired a76.4% increase in interest expense with a28.5% drop in net income, despite operating income holding near its prior-year level. FY2025 then paired a6.3% revenue decline with a37.0% net-income increase, showing earnings were more sensitive to financing costs than sales volume.
FY2025 operating cash flow reached
Liabilities were
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of South Bow Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
South Bow Corporation's revenue declined 6.3% year-over-year, from $2.1B to $2.0B. This contraction results in a growth score of 43/100.
South Bow Corporation's current ratio of 1.50 indicates adequate short-term liquidity, earning a score of 56/100. The company can meet its near-term obligations, though with limited headroom.
South Bow Corporation earns a strong 16.0% return on equity (ROE), meaning it generates $16 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 72/100. This is up from 12.1% the prior year.
South Bow Corporation passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
For every $1 of reported earnings, South Bow Corporation generates $1.66 in operating cash flow ($717.0M OCF vs $433.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
South Bow Corporation generated $2.0B in revenue in fiscal year 2025. This represents a decrease of 6.3% from the prior year.
South Bow Corporation reported $433.0M in net income in fiscal year 2025. This represents an increase of 37.0% from the prior year.
South Bow Corporation earned $2.07 per diluted share (EPS) in fiscal year 2025. This represents an increase of 36.2% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
South Bow Corporation held $549.0M in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
South Bow Corporation's margin after cost of revenue was 84.2% in fiscal year 2025, which is the share of revenue left once the cost of revenue line on its income statement is paid for. The company reports other direct costs on their own lines below it, so the figure reads higher than a gross margin that counted them would. This is up 2.0 percentage points from the prior year.
South Bow Corporation's net profit margin was 21.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 6.9 percentage points from the prior year.
South Bow Corporation's ROE was 16.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
SOBO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F |
|---|---|---|---|
| Revenue | $2.0B-6.3% | $2.1B+5.7% | $2.0B |
| Cost of Revenue | $313.0M-16.8% | $376.0M+7.1% | $351.0M |
| Revenue Less Cost of Revenue | $1.7B-4.1% | $1.7B+5.4% | $1.7B |
| Operating Income | N/A | $1.1B+1.6% | $1.1B |
| EBITDA | N/A | $1.3B+1.4% | $1.3B |
| Interest Expense | $331.0M-14.7% | $388.0M+76.4% | $220.0M |
| Income Tax | $64.0M-37.3% | $102.0M-15.0% | $120.0M |
| Net Income | $433.0M+37.0% | $316.0M-28.5% | $442.0M |
| EPS (Basic) | $2.08+36.8% | $1.52-28.6% | $2.13 |
| EPS (Diluted) | $2.07+36.2% | $1.52-28.6% | $2.13 |
| Diluted Shares (Avg) | 209M+0.3% | 208M+0.3% | 208M |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.
SOBO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F |
|---|---|---|---|
| Total Assets | $11.2B-1.2% | $11.3B-5.8% | $12.0B |
| Current Assets | $2.0B-8.3% | $2.2B-15.9% | $2.6B |
| Cash & Equivalents | $549.0M+38.3% | $397.0M+51.5% | $262.0M |
| Short-Term Investments | $0n/m | $0n/m | $0 |
| Inventory | $100.0M-51.7% | $207.0M+29.4% | $160.0M |
| Accounts Receivable | $1.1B-7.0% | $1.2B-11.5% | $1.3B |
| Long-Term Investments | $0n/m | $0n/m | $0 |
| Total Liabilities | $8.5B-2.7% | $8.7B-5.1% | $9.2B |
| Current Liabilities | $1.3B-23.9% | $1.8B-15.1% | $2.1B |
| Non-Current Liabilities | $7.1B+2.7% | $7.0B-2.2% | $7.1B |
| Total Equity | $2.7B+3.8% | $2.6B-8.1% | $2.8B |
| Retained Earnings | -$32.0Mn/m | -$49.0Mn/m | $0 |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
SOBO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F |
|---|---|---|---|
| Operating Cash Flow | $717.0M+35.5% | $529.0M-32.1% | $779.0M |
| Depreciation & Amortization | $247.0M+0.4% | $246.0M+0.8% | $244.0M |
| Capital Expenditures | N/A | $141.0M+200.0% | $47.0M |
| Free Cash Flow | N/A | $388.0M-47.0% | $732.0M |
| Investing Cash Flow | -$175.0Mn/m | -$80.0M-229.0% | $62.0M |
| Financing Cash Flow | -$411.0Mn/m | -$307.0Mn/m | -$577.0M |
| Dividends Paid | $416.0Mn/m | $0 | N/A |
Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.
SOBO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2540-F | FY2440-F | FY2340-F |
|---|---|---|---|
| Margin After Cost of Revenue | 84.2%+2.0pp | 82.3%-0.2pp | 82.5% |
| Operating Margin | N/A | 51.5%-2.1pp | 53.6% |
| Net Margin | 21.8%+6.9pp | 14.9%-7.1pp | 22.0% |
| Return on Equity | 16.0%+3.9pp | 12.1%-3.4pp | 15.6% |
| Return on Assets | 3.9%+1.1pp | 2.8%-0.9pp | 3.7% |
| Current Ratio | 1.50+0.3x | 1.250.0x | 1.26 |
| Liabilities-to-Equity | 3.13-0.2x | 3.34+0.1x | 3.24 |
| Asset Turnover | 0.180.0x | 0.190.0x | 0.17 |
| FCF Margin | N/A | 18.3%-18.2pp | 36.5% |
Not reported in any period shown, so not listed: Debt-to-Equity.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| South Bow Corporation SOBO | FY2025 | $2.0B | $433.0M | 21.8% | $7.1B | 63/100 |
| Hess Midstream LP HESM | FY2025 | $1.6B | $352.9M | 21.8% | $6.6B | 68/100 |
| Kinetik Holdings Inc. KNTK | FY2025 | $1.8B | $178.3M | 10.1% | $8.3B | 46/100 |
| Antero Midstream Corporation AM | FY2025 | $1.2B | $412.6M | 34.7% | $9.4B | 74/100 |
| Plains GP Holdings, L.P. PAGP | FY2025 | $44.3B | $260.0M | 0.6% | $5.3B | 35/100 |
| International Seaways, Inc. INSW | FY2025 | $843.3M | $309.3M | 36.7% | $5.1B | 60/100 |
Where South Bow Corporation Ranks
Frequently Asked Questions
South Bow Corporation (SOBO) reported $2.0B in total revenue for fiscal year 2025. This represents a -6.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
South Bow Corporation (SOBO) revenue declined by 6.3% year-over-year, from $2.1B to $2.0B in fiscal year 2025.
Yes, South Bow Corporation (SOBO) reported a net income of $433.0M in fiscal year 2025, with a net profit margin of 21.8%.
South Bow Corporation (SOBO) had a margin after cost of revenue of 84.2% in fiscal year 2025, which is the share of revenue left once the cost of revenue line on its income statement is paid for. The company reports other direct costs on their own lines below it, so the figure reads higher than a gross margin that counted them would.
South Bow Corporation (SOBO) had a net profit margin of 21.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
South Bow Corporation (SOBO) has a return on equity of 16.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
South Bow Corporation (SOBO) generated $717.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
South Bow Corporation (SOBO) had $11.2B in total assets as of fiscal year 2025, including both current and long-term assets.
South Bow Corporation (SOBO) had a current ratio of 1.50 as of fiscal year 2025, which is generally considered healthy.
South Bow Corporation (SOBO) had a liabilities-to-equity ratio of 3.13 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
South Bow Corporation (SOBO) had a return on assets of 3.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
South Bow Corporation (SOBO) trades at 16.4x earnings, its market capitalization divided by $433.0M net income, FY2025. The market capitalization is $7.1B as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
South Bow Corporation (SOBO) trades at 3.6x sales, its market capitalization divided by $2.0B revenue, FY2025. The market capitalization is $7.1B as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
South Bow Corporation (SOBO) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving margin after cost of revenue, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
South Bow Corporation (SOBO) has an earnings quality ratio of 1.66x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
South Bow Corporation (SOBO) scores 63 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.