Cmb.tech NV vs South Bow
South Bow is the larger business, with $1.99bn of revenue in fiscal 2025 against $1.67bn for Cmb.tech NV (1.2 times as much). Cmb.tech NV grew faster (77.2% against -6.3%). South Bow kept more of each dollar of sales as profit: a net margin of 21.8% against 9.6%. Cmb.tech NV carries less debt relative to equity (211.6% against 214.4%).
| Latest fiscal year | Cmb.tech NVCMBT, 2025 | South BowSOBO, 2025 |
|---|---|---|
| Revenue | $1.67bn | $1.99bn |
| Revenue growth | 77.2% | -6.3% |
| Net income | $161m | $433m |
| Operating margin | 33.4% | — |
| Net margin | 9.6% | 21.8% |
| Return on equity | 8.4% | 16.3% |
| Free cash flow | $444m | $539m |
| Cash | $147m | $549m |
| Total debt | $5.55bn | $5.81bn |
| Debt to equity | 211.6% | 214.4% |
| Dividend per share | — | — |
| Dividend yield | 0.4% | — |
| Share buybacks | — | — |
| Employees | — | — |
| Market value | $5.05bn | $7.25bn |
| Price vs our value range | Within our value range | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |