South Bow Corp is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
Stock price today
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Third-party market data · may be delayed
Model estimate per share
~$21
Valuation models combined (4)
Base case. Range ~$13–$28. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, residual income, justified price-to-book), the growth cash-flow model counting double.
Price vs value
No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.
South Bow Corp valuation: adjust assumptions and compare models →
Who’s trading
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
- Funds121 adding, 120 cuttingOf 39 active managers that changed their stake, 16 added; quarter to June 30, 2026Fund buyers and sellers
The Fundamentalytics view
South Bow Corp's trailing-twelve-month revenue fell 6.3% year on year, with a free-cash-flow margin of 27.1%. Where it stands out: gross margin of 84.2% ranks 2 of 15 oil & gas storage & transportation companies we cover. Where it lags: days sales outstanding of 203 days ranks 17 of 18 oil & gas storage & transportation companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -6.3% (-12.1pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
- High operating margin. 51.5% of revenue is left as operating profit, against a median of 28.1% for oil & gas storage & transportation companies we cover.
- Strong cash generation. 27.1% of revenue turned into free cash flow, against a median of 13.6% for oil & gas storage & transportation companies we cover.
- Net cash. Cash exceeds long-term debt by $0.5bn.
- Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
Things to watch
- Revenue shrinking. Revenue fell 6.3% over the last 12 months.
- Growth slowing. The growth rate is 12.1 points lower than a quarter earlier.
- Below peers: days sales outstanding. Days sales outstanding of 203 days ranks 17 of 18 oil & gas storage & transportation companies we cover (median 43 days).
Latest results
- Earnings per share
- $0.50 against an average estimate of $0.43: beat by 15.3%
- Next report
- November 4, 2026; average EPS estimate $0.42
Price chart
- 1 day-0.6%
- 1 week-1.7%
- 1 month+3.1%
- This year+33.4%
- 1 year+42.2%
- S&P 500 this year+11.2%
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Third-party market data · may be delayed
At a glance
Profitability
- Revenue (TTM)
- $2B
- Operating margin
- 51.5%
- Net margin
- 21.8%
- EPS (TTM, diluted)
- $2.07
Growth
- Revenue growth
- −6.3%
- Change in growth rate
- −12.1 pts
- Share count change
- +0.3%
Cash
- Free cash flow (TTM)
- $539M
- FCF margin
- 27.1%
News & updates
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for SOBO from the sources we follow. See filings →
Valuation models
We value South Bow Corp as an operating company, with every model that fits that kind of business. Cost of equity 7.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.51 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$13 ~$3.0–$20 | Primary model, counts double |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$28 ~$23–$35 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$24 ~$16–$36 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$28 ~$23–$37 | Included |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: earnings are positive: price-to-earnings is the better measure |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$21 ~$13–$28 | 4 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare South Bow Corp with Oil & Gas Storage & Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Valuation multiples over time Market data may be delayed
| At fiscal year end | 2024 | 2025 |
|---|---|---|
| Share price | $21.71 | $26.30 |
| Market value | $4.5bn | $5.5bn |
| + Net debt (− = net cash) | −$397m | $5.3bn |
| Enterprise value | $4.1bn | $10.8bn |
| Multiples | ||
| Price / sales | 2.1x | 2.8x |
| Price / earnings | 14.3x | 12.7x |
| Price / free cash flow | 11.6x | 10.2x |
| EV / EBITDA | 3.1x | — |
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Forecasts and guidance
Next results: November 4, 2026, after the close. Analysts expect revenue of $468m and EPS of $0.42 (range $0.38 to $0.46) for the quarter.
Analysts' consensus
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $1.82 | −7% | $2.0bn | −0% |
| Next | $1.94 | +6% | $2.0bn | +2% |
Next year's EPS estimate has moved −0.2% in 90 days, across 13 analysts.
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is +3.8% on 90 days ago. In the last 30 days, 9 analysts raised South Bow Corp's forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
View chart data
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $1.76 | $1.94 |
| 60 days ago | $1.82 | $1.96 |
| 30 days ago | $1.82 | $1.96 |
| 7 days ago | $1.82 | $1.94 |
| Now | $1.82 | $1.94 |
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.43 | $0.50 | +15.3% |
| Mar 2026 | $0.43 | $0.44 | +3.4% |
| Dec 2025 | $0.40 | $0.61 | +52.3% |
| Sept 2025 | $0.38 | $0.47 | +22.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- — of tradable shares
- Days to cover
- 11.04 at average volume
- Short interest, 1 month
- −21% to October 15, 2026
- Held by institutions
- 66% of shares
- Held by insiders
- 0.1% of shares
Share-price performance
Market data may be delayedReturn and risk by year
| Calendar year | 2025 | 2026 to date |
|---|---|---|
| Return | ||
| SOBO | +21% | +33% |
| Industry peers (median) | +8% | +22% |
| S&P 500 | +18% | +11% |
| Months that ended higher | ||
| SOBO | 67% | 73% |
| S&P 500 | 75% | 46% |
| Largest fall from a high during the year | ||
| SOBO | −19% | −13% |
| S&P 500 | −19% | −9% |
Worst fall since October 3, 2024: 19% from March 5, 2025 to April 8, 2025. Getting back needed a 23% gain, reached on June 12, 2025, 65 days after the low.
Price behaviour
- 52-week range
- $24.18 – $38.10
- From 52-week high
- −7.9%
- vs 50-day average
- +0.1%
- vs 200-day average
- +4.2%
- Volatility (1 year)
- 22%
- Beta vs S&P 500
- -0.16
South Bow Corp in five measures
Fundamentals
Financial statements
| Fiscal year | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|
| Income | |||
| Revenue | 2,005 | 2,120 | 1,986 |
| Gross profit | 1,654 | 1,744 | 1,673 |
| EBITDA | 1,318 | 1,337 | — |
| Operating income | 1,074 | 1,091 | — |
| Net income | 442 | 316 | 433 |
| Diluted EPS | $2.13 | $1.52 | $2.07 |
| Growth (year on year) | |||
| Revenue | — | +5.7% | −6.3% |
| EBITDA | — | +1.4% | — |
| Operating income | — | +1.6% | — |
| Net income | — | −28.5% | +37.0% |
| Diluted EPS | — | −28.6% | +36.2% |
| Margins | |||
| Gross margin | 82.5% | 82.3% | 84.2% |
| EBITDA margin | 65.7% | 63.1% | — |
| Operating margin | 53.6% | 51.5% | — |
| Net margin | 22.0% | 14.9% | 21.8% |
| Free-cash-flow margin | 36.5% | 18.3% | 27.1% |
| Cash flow | |||
| Cash from operations | 779 | 529 | 717 |
| Capital spending | 47 | 141 | 178 |
| Free cash flow | 732 | 388 | 539 |
| Balance sheet | |||
| Cash | 262 | 397 | 549 |
| Total debt | 0 | 0 | 5,808 |
| Net debt (negative = net cash) | −262 | −397 | 5,259 |
| Diluted shares | 208m | 208m | 209m |
| Returned to shareholders | |||
| Dividends | — | 0 | 416 |
| Total returned | — | 0 | 416 |
Financial health
- Short-term assets cover short-term liabilities $2.0bn of assets due within a year against $1.3bn of liabilities due within a year.
- Short-term assets cover long-term liabilities $2.0bn short-term assets against $7.1bn of longer-dated liabilities.
- More cash than debt Cash or debt not separately reported. Not assessable.
- Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
- Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
- A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
- Operating profit covers interest at least five times over Interest not separately reported. Not assessable.
Dividends, buybacks and capital spending
- Dividends (TTM)
- $416M
- Returned to shareholders
- 77%
- of free cash flow
- Diluted share count
- +0.3%
- year over year
- Dividend payout ratio
- 96%
- of net income paid out
- Days sales outstanding
- 203 days
- receivables vs revenue
Competitors: side by side with peers
| Last 12 months unless stated | SOBO | FRO | GEL | CMBT | HESM | EE | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2.0bn | $2.0bn | $1.8bn | $1.7bn | $1.6bn | $1.5bn | $2.0bn |
| Revenue growth, last 12 months | −6.3% | −8.8% | 16.6% | 77.2% | 2.8% | 49.0% | 8.8% |
| Revenue growth, 3-year average | — | — | −15.4% | — | 8.1% | −8.2% | 4.0% |
| Revenue growth, latest quarter | — | — | 41.0% | — | −3.7% | 61.0% | 10.7% |
| Operating margin | 51.5% | 30.4% | 19.1% | 33.4% | 62.1% | 21.8% | 27.3% |
| Operating margin, 3-year average | — | — | 15.0% | −10.3% | 61.6% | 22.5% | 20.8% |
| Net margin | 21.8% | 19.2% | 4.3% | 9.6% | 23.2% | 3.2% | 13.1% |
| Cash from operations / revenue | 36.1% | 34.6% | 24.2% | 26.6% | 64.2% | 26.7% | 29.5% |
| Free-cash-flow margin | 27.1% | 34.0% | 18.5% | 3.3% | 51.9% | 1.6% | 11.8% |
| Free-cash-flow margin, 3-year average | — | — | −4.4% | — | 47.3% | 17.9% | 8.8% |
| Stock pay / revenue | — | 0.3% | 0.7% | 0.0% | 0.1% | 0.9% | 0.5% |
| Change in share count | 0.3% | 0.0% | −0.0% | 17.0% | — | — | 0.2% |
Peer comparison
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -6.3% | 8.8% | 24 of 29 |
| Change in growth rate Growth | -12.1pp | +0.5pp | 27 of 29 |
| Gross margin Profitability | 84.2% | 35.5% | 2 of 15 |
| Operating margin Profitability | 51.5% | 28.1% | 4 of 27 |
| Net margin Profitability | 21.8% | 13.1% | 9 of 29 |
| Free-cash-flow margin Cash generation | 27.1% | 13.6% | 6 of 28 |
| Change in share count Balance sheet | 0.3% | 0.2% | 11 of 19 |
| Days sales outstanding Balance sheet | 203 days | 43 days | 17 of 18 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
Who owns it
Funds buying and selling- Reported value
- $4.6B
- Institutions reporting
- 298
- Shares held vs prior quarter
- ▼ 2.3%
- Positions opened / closed
- 31 / 29
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| FMR LLC | $771M | 21.9M | 16.8% | ▲ 126.4% |
| Royal Bank Of Canada | $513M | 14.6M | 11.2% | ▼ 11.2% |
| Clearbridge Investments, LLC | $312M | 8.9M | 6.8% | ▲ 2.1% |
| Vanguard Capital Management LLC | $213M | 6.0M | 4.6% | ▲ 1.4% |
| Bank Of Montreal | $195M | 5.6M | 4.3% | ▼ 15.7% |
| Price T Rowe Associates Inc | $185M | 5.2M | 4.0% | ▲ 0.1% |
| Thornburg Investment Management Inc | $131M | 3.7M | 2.9% | ▲ 2.4% |
| Mackenzie Financial Corp | $127M | 2.5M | 2.8% | ▲ 410.9% |
| CIBC World Market Inc. | $120M | 3.4M | 2.6% | ▼ 1.0% |
| Dimensional Fund Advisors LP | $107M | 3.0M | 2.3% | ▲ 4.4% |
| Connor, Clark & Lunn Investment Management Ltd. | $97.8M | 2.8M | 2.1% | ▼ 0.5% |
| Bank Of America Corp | $97.2M | 2.8M | 2.1% | ▲ 38.3% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not South Bow Corp's complete shareholder register. Values are as reported by the filers .
Insider trading activity
Full insider history and chartFrom insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Earnings dates and SEC filings
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
South Bow Corp in brief
- What does South Bow Corp do?
- South Bow Corp is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
- What is South Bow Corp's stock ticker?
- South Bow Corp trades under the ticker SOBO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
- What is South Bow Corp's revenue, and how fast is it growing?
- Over its most recent trailing twelve months, South Bow Corp reported revenue of $2B, 6.3% lower than a year earlier, according to its SEC filings.
- What is South Bow Corp's free cash flow?
- South Bow Corp's free-cash-flow margin is 27.1% of revenue over the trailing twelve months, ranking 6 of the 28 oil & gas storage & transportation companies we cover.
- Who are South Bow Corp's largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Royal Bank Of Canada and Clearbridge Investments, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
- What is South Bow Corp's market cap?
- On December 31, 2025, South Bow Corp's market capitalisation was about $5.5B, with a price-to-earnings ratio of 12.7 and net debt of $5.3B. Market figures come from third-party market data and may be delayed.
- Does South Bow Corp pay a dividend?
- Yes: South Bow Corp paid $416M in dividends over the trailing twelve months and a payout ratio of 96.1%.
- Who are South Bow Corp's competitors?
- In our Oil & Gas Storage & Transportation peer group, the companies closest to South Bow Corp are Frontline plc, Genesis Energy LP, Cmb.tech NV, Hess Midstream LP and Excelerate Energy, Inc. The side-by-side comparison below sets their revenue, margins and growth against South Bow Corp's.
- When is South Bow Corp's next earnings date?
- Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — South Bow Corp announces its own schedule.
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