South Bow vs Western Midstream Partners, LP
Western Midstream Partners, LP is the larger business, with $3.84bn of revenue in fiscal 2025 against $1.99bn for South Bow (1.9 times as much). Western Midstream Partners, LP grew faster (6.6% against -6.3%). Western Midstream Partners, LP kept more of each dollar of sales as profit: a net margin of 30.7% against 21.8%.
| Latest fiscal year | South BowSOBO, 2025 | Western Midstream Partners, LPWES, 2025 |
|---|---|---|
| Revenue | $1.99bn | $3.84bn |
| Revenue growth | -6.3% | 6.6% |
| Net income | $433m | $1.18bn |
| Operating margin | — | 41.7% |
| Net margin | 21.8% | 30.7% |
| Return on equity | 16.3% | — |
| Free cash flow | $539m | $1.49bn |
| Cash | $549m | $819m |
| Total debt | $5.81bn | $8.64bn |
| Debt to equity | 214.4% | — |
| Dividend per share | — | — |
| Dividend yield | — | 8.2% |
| Share buybacks | — | $0 |
| Employees | — | — |
| Market value | $7.25bn | $18.23bn |
| Price vs our value range | — | Below our value range |
| Moat score | — | 81 (Strong) |
| Insider trades, 12 months | 0 buys, 0 sales | 2 buys, 1 sales |