Frontline vs South Bow
Frontline and South Bow are similar in size: $1.97bn and $1.99bn of revenue in their latest fiscal years. South Bow grew faster (-6.3% against -8.8%). South Bow kept more of each dollar of sales as profit: a net margin of 21.8% against 19.2%. Frontline carries less debt relative to equity (122.2% against 214.4%).
| Latest fiscal year | FrontlineFRO, 2025 | South BowSOBO, 2025 |
|---|---|---|
| Revenue | $1.97bn | $1.99bn |
| Revenue growth | -8.8% | -6.3% |
| Net income | $379m | $433m |
| Operating margin | 30.4% | — |
| Net margin | 19.2% | 21.8% |
| Return on equity | 15.6% | 16.3% |
| Free cash flow | $670m | $539m |
| Cash | $251m | $549m |
| Total debt | $3.07bn | $5.81bn |
| Debt to equity | 122.2% | 214.4% |
| Dividend per share | — | — |
| Dividend yield | 1.8% | — |
| Share buybacks | — | — |
| Employees | — | — |
| Market value | $11.69bn | $7.25bn |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |