Symbols / SOBO Stock $36.57 +2.12% South Bow Corporation

Energy • Oil & Gas Midstream • Canada • NYQ
SOBO (Stock) Chart
O: — H: — L: — C: — V: —
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Stock Fundamentals
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Index EQUITY
Sector Energy
Industry Oil & Gas Midstream
CEO Mr. Bevin Mark Wirzba M.B.A., P.Eng.
Exch · Country NYQ · Canada
Market Cap 7.63B
Enterprise Value 12.80B
Income 422.00M
Sales 1.98B
FCF (ttm) 275.10M
Book/sh 12.76
Cash/sh 2.87
Employees —
Insider 10d —
IPO Oct 03, 2024
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 99.01%
P/E 18.10
Forward P/E 18.66
PEG —
P/S 3.85
P/B 2.87
P/C —
EV/EBITDA 13.44
EV/Sales 6.47
Quick Ratio 1.09
Current Ratio 1.51
Debt/Eq 217.06
LT Debt/Eq —
EPS (ttm) 2.02
EPS next Y 1.96
EPS Growth -12.00%
Revenue Growth -1.40%
EPS Gr Q/Q -12.50%
Rev Gr Q/Q —
Earnings (next) 2026-08-05
Earnings (prior) 2026-05-07
ROA 3.93%
ROE 16.04%
ROIC —
Gross Margin 48.16%
Oper. Margin 32.79%
Profit Margin 21.32%
Shs Outstand 208.58M
Shs Float 208.19M
Insider Own 0.07%
Instit Own 67.57%
Short Float —
Short Ratio 9.05
Short Interest 6.89M
52W High 38.45
vs 52W High -4.89%
52W Low 25.02
vs 52W Low 46.19%
Beta —
Impl. Vol. 42.70%
Rel Volume 0.50
Avg Volume 1.02M
Volume 516.67K
Target (mean) $33.09
Tgt Median $33.00
Tgt Low $30.00
Tgt High $36.00
# Analysts 8
Recom Hold
Prev Close $35.81
Price $36.57
Change 2.12%
About

South Bow Corporation operates as an energy infrastructure company. It operates through three segments: Keystone Pipeline System, Marketing, and Intra-Alberta & Other. The Keystone Pipeline System segment consists of the company's main liquids pipeline network, which transports crude oil from Hardisty, Alberta, to key U.S. markets including Wood River, Patoka, Illinois, Cushing, Oklahoma, and the Gulf Coast. The Marketing segment provides crude oil marketing services, including transportation, storage, and logistics, and engages in physical crude oil trading and hedging activities. The Intra-Alberta & Other segment comprises pipelines such as the Grand Rapids Pipeline and White Spruce Pipeline, offering crude oil transportation from Alberta's oil sands to refining and market regions, and includes corporate and financing activities. The company also operates 4,900 kilometres of crude oil pipeline infrastructure connecting Alberta crude oil supplies to the U.S. refining markets in the U.S. Midwest and Gulf Coast. In addition, the company offers ancillary services, including storage at terminals. The company was incorporated in 2023 and is based in Calgary, Canada.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$33.09
Mean price target
2. Current target
$36.57
Latest analyst target
3. DCF / Fair value
$23.74
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$36.57
Low
$30.00
High
$36.00
Mean
$33.09

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-05-26 main CIBC Neutral → Neutral $36
2026-05-21 main Barclays Equal-Weight → Equal-Weight $34
2026-05-08 main Scotiabank Sector Perform → Sector Perform $36
2026-04-20 init Goldman Sachs — → Sell $29
2026-03-09 main Barclays Equal-Weight → Equal-Weight $33
2026-03-06 main Scotiabank Sector Perform → Sector Perform $34
2026-01-14 down Wolfe Research Peer Perform → Underperform $24
2025-12-08 init Barclays — → Equal-Weight $27
2025-10-20 main Scotiabank Sector Perform → Sector Perform $28
2025-08-21 down JP Morgan Neutral → Underweight $27
2025-07-22 main CIBC Neutral → Neutral $26
2025-05-19 reit RBC Capital Outperform → Outperform $38
2025-03-28 init JP Morgan — → Neutral $28
2025-03-07 main Scotiabank Sector Perform → Sector Perform $27
2025-03-07 down Wolfe Research Outperform → Peer Perform —
2025-02-13 main Scotiabank Sector Perform → Sector Perform $26
News
RSS: Latest SOBO news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-06-22 Salomone (Mary Patricia) Director of Issuer — 250 $35.70 $8,925
2026-06-09 Muratta (Lori Michelle) Senior Officer of Issuer — 1,100 $36.00 $39,600
2026-03-26 Joung (Chansoo) Director of Issuer — 50,000 $34.23 $1,711,500
2026-03-10 Wirzba (Bevin Mark) Senior Officer of Issuer — 22,064 $33.38 $736,386
2026-03-09 Dafoe (P Van R) Senior Officer of Issuer — 117 — —
2026-03-09 Prior (Richard) Senior Officer of Issuer — 50,841 $19.56 $994,653
2026-03-09 Prior (Richard) Senior Officer of Issuer — 41,050 $25.83 $1,060,239
2026-03-09 Prior (Richard) Senior Officer of Issuer — 50,841 $33.31 $1,693,310
2026-03-09 Prior (Richard) Senior Officer of Issuer — 41,050 $33.49 $1,374,764
2026-03-09 Wirzba (Bevin Mark) Senior Officer of Issuer — 96,439 $25.83 $2,490,826
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31
Total Revenue
1,986.00
-6.32%
2,120.00
+5.74%
2,005.00
Operating Revenue
1,868.00
-11.68%
2,115.00
+5.75%
2,000.00
Cost Of Revenue
560.00
-9.97%
622.00
+4.54%
595.00
Reconciled Cost Of Revenue
560.00
-9.97%
622.00
+4.54%
595.00
Gross Profit
1,426.00
-4.81%
1,498.00
+6.24%
1,410.00
Operating Expense
711.00
-5.58%
753.00
+6.06%
710.00
Other Operating Expenses
711.00
-5.58%
753.00
+6.06%
710.00
Total Expenses
1,271.00
-7.56%
1,375.00
+5.36%
1,305.00
Operating Income
715.00
-4.03%
745.00
+6.43%
700.00
EBITDA
1,075.00
+2.19%
1,052.00
+2.53%
1,026.00
Normalized EBITDA
1,055.00
+0.29%
1,052.00
+2.53%
1,026.00
Reconciled Depreciation
247.00
+0.41%
246.00
+0.82%
244.00
EBIT
828.00
+2.73%
806.00
+3.07%
782.00
Total Unusual Items
20.00
0.00
—
Total Unusual Items Excluding Goodwill
20.00
0.00
—
Special Income Charges
20.00
0.00
—
Net Income
433.00
+37.03%
316.00
-28.51%
442.00
Pretax Income
497.00
+18.90%
418.00
-25.62%
562.00
Net Non Operating Interest Income Expense
-290.00
+22.87%
-376.00
-100.00%
-188.00
Interest Expense Non Operating
331.00
-14.69%
388.00
+76.36%
220.00
Net Interest Income
-290.00
+22.87%
-376.00
-100.00%
-188.00
Interest Expense
331.00
-14.69%
388.00
+76.36%
220.00
Interest Income Non Operating
41.00
+241.67%
12.00
-62.50%
32.00
Interest Income
41.00
+241.67%
12.00
-62.50%
32.00
Other Income Expense
72.00
+46.94%
49.00
-2.00%
50.00
Gain On Sale Of Business
20.00
0.00
—
Tax Provision
64.00
-37.25%
102.00
-15.00%
120.00
Tax Rate For Calcs
0.00
-47.33%
0.00
+13.81%
0.00
Tax Effect Of Unusual Items
2.56
0.00
0.00
Net Income Including Noncontrolling Interests
433.00
+37.03%
316.00
-28.51%
442.00
Net Income From Continuing Operation Net Minority Interest
433.00
+37.03%
316.00
-28.51%
442.00
Net Income From Continuing And Discontinued Operation
433.00
+37.03%
316.00
-28.51%
442.00
Net Income Continuous Operations
433.00
+37.03%
316.00
-28.51%
442.00
Normalized Income
415.56
+31.51%
316.00
-28.51%
442.00
Net Income Common Stockholders
433.00
+37.03%
316.00
-28.51%
442.00
Diluted EPS
1.52
-0.15%
1.52
-28.64%
2.13
Basic EPS
1.52
+0.00%
1.52
-28.64%
2.13
Basic Average Shares
208.00
+0.19%
207.60
+0.00%
207.60
Diluted Average Shares
208.20
+0.00%
208.20
+0.29%
207.60
Diluted NI Availto Com Stockholders
433.00
+37.03%
316.00
-28.51%
442.00
Depreciation Amortization Depletion Income Statement
—
246.00
+0.82%
244.00
Depreciation And Amortization In Income Statement
—
246.00
+0.82%
244.00
Earnings From Equity Interest
52.00
+6.12%
49.00
-2.00%
50.00
Line Item Trend 2025-12-31 2024-12-31 2023-12-31
Total Assets
11,193.00
-1.20%
11,329.00
-5.84%
12,032.00
Current Assets
2,015.00
-8.33%
2,198.00
-15.91%
2,614.00
Cash Cash Equivalents And Short Term Investments
549.00
+38.29%
397.00
+51.53%
262.00
Cash And Cash Equivalents
549.00
+38.29%
397.00
+51.53%
262.00
Receivables
1,184.00
-5.51%
1,253.00
-10.95%
1,407.00
Accounts Receivable
1,107.00
-6.97%
1,190.00
-11.46%
1,344.00
Other Receivables
11.00
-82.54%
63.00
+0.00%
63.00
Taxes Receivable
66.00
0.00
—
Inventory
100.00
-51.69%
207.00
+29.38%
160.00
Raw Materials
100.00
-51.69%
207.00
+29.38%
160.00
Prepaid Assets
27.00
-3.57%
28.00
+833.33%
3.00
Restricted Cash
26.00
-60.61%
66.00
-5.71%
70.00
Assets Held For Sale Current
—
0.00
-100.00%
44.00
Hedging Assets Current
34.00
-81.91%
188.00
-64.33%
527.00
Other Current Assets
95.00
+61.02%
59.00
-58.16%
141.00
Total Non Current Assets
9,188.00
+0.55%
9,138.00
-2.96%
9,417.00
Net PPE
8,210.00
+0.05%
8,206.00
-2.62%
8,427.00
Gross PPE
11,302.00
+2.53%
11,023.00
-0.34%
11,061.00
Accumulated Depreciation
-3,092.00
-9.76%
-2,817.00
-6.95%
-2,634.00
Construction In Progress
226.00
+85.25%
122.00
+171.11%
45.00
Other Properties
11,076.00
+1.61%
10,901.00
-1.04%
11,016.00
Investments And Advances
743.00
+1.50%
732.00
-9.96%
813.00
Long Term Equity Investment
743.00
+1.50%
732.00
-9.96%
813.00
Non Current Accounts Receivable
63.00
+186.36%
22.00
+214.29%
7.00
Non Current Deferred Assets
23.00
+43.75%
16.00
+166.67%
6.00
Non Current Deferred Taxes Assets
23.00
+43.75%
16.00
+166.67%
6.00
Other Non Current Assets
122.00
-15.86%
145.00
-11.59%
164.00
Total Liabilities Net Minority Interest
8,484.00
-2.70%
8,719.00
-5.15%
9,192.00
Current Liabilities
1,341.00
-23.85%
1,761.00
-15.13%
2,075.00
Payables And Accrued Expenses
1,017.00
-22.66%
1,315.00
-36.63%
2,075.00
Payables
866.00
-25.73%
1,166.00
-43.81%
2,075.00
Accounts Payable
754.00
-29.00%
1,062.00
-48.82%
2,075.00
Dividends Payable
104.00
+0.00%
104.00
0.00
Current Accrued Expenses
151.00
+1.34%
149.00
0.00
Total Tax Payable
8.00
0.00
—
Income Tax Payable
8.00
0.00
—
Current Deferred Liabilities
16.00
-74.60%
63.00
—
Current Deferred Revenue
16.00
-74.60%
63.00
—
Other Current Liabilities
302.00
-17.49%
366.00
—
Total Non Current Liabilities Net Minority Interest
7,143.00
+2.66%
6,958.00
-2.23%
7,117.00
Long Term Debt And Capital Lease Obligation
5,791.00
+0.92%
5,738.00
-3.84%
5,967.00
Long Term Debt
5,768.00
+0.91%
5,716.00
-4.21%
5,967.00
Long Term Capital Lease Obligation
23.00
+4.55%
22.00
—
Long Term Provisions
10.00
-28.57%
14.00
—
Defined Pension Benefit
27.00
+58.82%
17.00
0.00
Non Current Deferred Liabilities
1,220.00
+8.83%
1,121.00
+7.79%
1,040.00
Non Current Deferred Revenue
24.00
+26.32%
19.00
—
Non Current Deferred Taxes Liabilities
1,196.00
+8.53%
1,102.00
+5.96%
1,040.00
Other Non Current Liabilities
122.00
+43.53%
85.00
-22.73%
110.00
Stockholders Equity
2,709.00
+3.79%
2,610.00
-8.10%
2,840.00
Common Stock Equity
2,709.00
+3.79%
2,610.00
-8.10%
2,840.00
Capital Stock
2,201.00
+0.23%
2,196.00
-26.01%
2,968.00
Common Stock
2,201.00
+0.23%
2,196.00
-26.01%
2,968.00
Share Issued
208.25
+0.10%
208.04
+0.23%
207.57
Ordinary Shares Number
208.25
+0.10%
208.04
+0.23%
207.57
Additional Paid In Capital
661.00
+0.00%
661.00
0.00
Retained Earnings
-32.00
+34.69%
-49.00
0.00
Gains Losses Not Affecting Retained Earnings
-121.00
+38.89%
-198.00
-54.69%
-128.00
Other Equity Adjustments
-121.00
+38.89%
-198.00
-54.69%
-128.00
Total Equity Gross Minority Interest
2,709.00
+3.79%
2,610.00
-8.10%
2,840.00
Total Capitalization
8,477.00
+1.81%
8,326.00
-5.46%
8,807.00
Working Capital
674.00
+54.23%
437.00
-18.92%
539.00
Invested Capital
8,477.00
+1.81%
8,326.00
-5.46%
8,807.00
Total Debt
5,791.00
+0.92%
5,738.00
-3.84%
5,967.00
Net Debt
5,219.00
-1.88%
5,319.00
-6.77%
5,705.00
Capital Lease Obligations
23.00
+4.55%
22.00
—
Net Tangible Assets
2,709.00
+3.79%
2,610.00
-8.10%
2,840.00
Tangible Book Value
2,709.00
+3.79%
2,610.00
-8.10%
2,840.00
Current Provisions
6.00
-64.71%
17.00
—
Interest Payable
102.00
-9.73%
113.00
0.00
Line Item Trend 2025-12-31 2024-12-31 2023-12-31
Operating Cash Flow
717.00
+35.54%
529.00
-32.09%
779.00
Cash Flow From Continuing Operating Activities
717.00
+35.54%
529.00
-32.09%
779.00
Net Income From Continuing Operations
433.00
+37.03%
316.00
-28.51%
442.00
Depreciation Amortization Depletion
247.00
+0.41%
246.00
+0.82%
244.00
Depreciation
—
246.00
+0.82%
244.00
Depreciation And Amortization
247.00
+0.41%
246.00
+0.82%
244.00
Other Non Cash Items
7.00
+40.00%
5.00
-61.54%
13.00
Asset Impairment Charge
0.00
-100.00%
7.00
0.00
Deferred Tax
80.00
+35.59%
59.00
-11.94%
67.00
Deferred Income Tax
80.00
+35.59%
59.00
-11.94%
67.00
Operating Gains Losses
-53.00
+55.08%
-118.00
-136.00%
-50.00
Gain Loss On Investment Securities
—
-49.00
+2.00%
-50.00
Unrealized Gain Loss On Investment Securities
-36.00
-700.00%
6.00
-76.92%
26.00
Net Foreign Currency Exchange Gain Loss
-1.00
+98.55%
-69.00
0.00
Change In Working Capital
-35.00
+43.55%
-62.00
-82.35%
-34.00
Change In Receivables
83.00
-17.82%
101.00
+140.24%
-251.00
Changes In Account Receivables
83.00
-17.82%
101.00
+140.24%
-251.00
Change In Inventory
107.00
+314.00%
-50.00
-179.37%
63.00
Change In Payables And Accrued Expense
-203.00
-150.62%
-81.00
+32.50%
-120.00
Change In Payable
-203.00
-150.62%
-81.00
+32.50%
-120.00
Change In Account Payable
-203.00
-150.62%
-81.00
+32.50%
-120.00
Change In Other Current Assets
-22.00
+31.25%
-32.00
-111.68%
274.00
Investing Cash Flow
-175.00
-118.75%
-80.00
-229.03%
62.00
Cash Flow From Continuing Investing Activities
-175.00
-118.75%
-80.00
-229.03%
62.00
Capital Expenditure
-178.00
-45.90%
-122.00
-229.73%
-37.00
Capital Expenditure Reported
-178.00
-45.90%
-122.00
-229.73%
-37.00
Net Other Investing Changes
3.00
-92.86%
42.00
-57.58%
99.00
Financing Cash Flow
-411.00
-33.88%
-307.00
+46.79%
-577.00
Cash Flow From Continuing Financing Activities
-411.00
-33.88%
-307.00
+46.79%
-577.00
Net Issuance Payments Of Debt
0.00
+100.00%
-187.00
+46.57%
-350.00
Issuance Of Debt
0.00
-100.00%
4,535.00
+630.27%
621.00
Repayment Of Debt
0.00
+100.00%
-4,722.00
-386.30%
-971.00
Long Term Debt Issuance
0.00
-100.00%
4,535.00
+630.27%
621.00
Long Term Debt Payments
0.00
+100.00%
-4,722.00
-386.30%
-971.00
Net Long Term Debt Issuance
0.00
+100.00%
-187.00
+46.57%
-350.00
Common Stock Dividend Paid
-416.00
0.00
—
Cash Dividends Paid
-416.00
0.00
—
Proceeds From Stock Option Exercised
5.00
-44.44%
9.00
0.00
Net Other Financing Charges
—
-129.00
+43.17%
-227.00
Changes In Cash
131.00
-7.75%
142.00
-46.21%
264.00
Effect Of Exchange Rate Changes
21.00
+400.00%
-7.00
-16.67%
-6.00
Beginning Cash Position
397.00
+51.53%
262.00
+6450.00%
4.00
End Cash Position
549.00
+38.29%
397.00
+51.53%
262.00
Free Cash Flow
539.00
+32.43%
407.00
-45.15%
742.00
Interest Paid Supplemental Data
342.00
0.00
—
Income Tax Paid Supplemental Data
38.00
-22.45%
49.00
+44.12%
34.00
Dividend Received CFO
74.00
+5.71%
70.00
-1.41%
71.00
Earnings Losses From Equity Investments
-52.00
-6.12%
-49.00
+2.00%
-50.00
SEC Filings

No SEC filings found for this symbol (may be non-US or ticker not in SEC index).

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