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 Sep 18, 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 (10-K and 10-Q reports).
Stable high margins and cash conversion define South Bow’s business, while financing costs shape earnings more than volume.
Revenue remained broadly flat across FY2023-FY2025, while FY2025 gross margin reached84.2% ; that combination points to a favorable cost structure or mix shift rather than volume-led expansion. Financing-cost sensitivity is also visible: net margin recovered to21.8% as interest expense eased from its FY2024 peak, indicating borrowing costs helped drive earnings volatility.
Cash conversion exceeded accounting profit in FY2025: operating cash flow was
Liabilities remained at 3.1x equity in FY2025, so the current ratio’s rise to 1.5x describes better short-term coverage without removing structural leverage. The FY2025 dividend of
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 has elevated debt relative to equity (D/E of 3.13), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 23/100, reflecting increased financial risk.
South Bow Corporation's current ratio of 1.50 indicates adequate short-term liquidity, earning a score of 57/100. 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 81/100. 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 efficiency signals pass.
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
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
South Bow Corporation held $549.0M in cash as of Q4 2025; long-term debt is not reported for that period.
South Bow Corporation paid $0.50 per share in dividends in Q4 2025. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 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.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
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 | Q4'2540-F | Q4'2440-F | Q4'2310-K |
|---|---|---|---|
| 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 | $0 | $0 | $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 | $0 | $0 | $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 | -$32.0M+34.7% | -$49.0M | $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.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, 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.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
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.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| South Bow Corporation SOBO | FY2025 | $2.0B | $433.0M | 21.8% | $7.5B | 66/100 |
| Plains GP Holdings, L.P. PAGP | FY2025 | $44.3B | $1.8B | 4.0% | $5.5B | 36/100 |
| Golar LNG Ltd GLNG | FY2025 | $393.5M | $65.7M | 16.7% | $5.2B | 41/100 |
| Antero Midstream Corporation AM | FY2025 | $1.2B | $418.0M | 35.2% | $10.1B | 74/100 |
| Hess Midstream LP HESM | FY2025 | $1.6B | $352.9M | 21.8% | $5.1B | 69/100 |
Where South Bow Corporation Ranks
Frequently Asked Questions
What is South Bow Corporation's annual revenue?
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.
How fast is South Bow Corporation's revenue growing?
South Bow Corporation (SOBO) revenue declined by 6.3% year-over-year, from $2.1B to $2.0B in fiscal year 2025.
Is South Bow Corporation profitable?
Yes, South Bow Corporation (SOBO) reported a net income of $433.0M in fiscal year 2025, with a net profit margin of 21.8%.
What is South Bow Corporation's gross margin?
South Bow Corporation (SOBO) had a gross margin of 84.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is South Bow Corporation's net profit margin?
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.
What is South Bow Corporation's return on equity (ROE)?
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.
What is South Bow Corporation's operating cash flow?
South Bow Corporation (SOBO) generated $717.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are South Bow Corporation's total assets?
South Bow Corporation (SOBO) had $11.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What is South Bow Corporation's current ratio?
South Bow Corporation (SOBO) had a current ratio of 1.50 as of fiscal year 2025, which is generally considered healthy.
What is South Bow Corporation's debt-to-equity ratio?
South Bow Corporation (SOBO) had a debt-to-equity ratio of 3.13 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is South Bow Corporation's return on assets (ROA)?
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.
What is South Bow Corporation's P/E ratio?
South Bow Corporation (SOBO) trades at 17.3x earnings, its market capitalization divided by net income of $433.0M net income, FY2025. The market capitalization is $7.5B as of Sep 18, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is South Bow Corporation's price-to-sales ratio?
South Bow Corporation (SOBO) trades at 3.8x sales, its market capitalization divided by revenue of $2.0B revenue, FY2025. The market capitalization is $7.5B as of Sep 18, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is South Bow Corporation's Piotroski F-Score?
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 gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are South Bow Corporation's earnings high quality?
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.
How financially healthy is South Bow Corporation?
South Bow Corporation (SOBO) scores 66 out of 100 on our Financial Health Score, indicating strong standing within its energy companies peer group. The score is a 0-100 composite 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.