South Bow Corp (SOBO)
South Bow Corporation (SOBO) operates within the energy infrastructure sector, specializing in the creation and ongoing management of pipeline networks. These vital systems are responsible for conveying crude oil and various other liquid hydrocarbons across extensive regions of both Canada and the United States. The company was established on December 15, 2023, and its primary corporate base is located in Calgary, Canada.
Sector: Pipe Lines (No Natural Gas)
Industry: Oil & Gas Midstream
South Bow Corporation
NYSE:SOBOEnergy · Oil & Gas Midstream
AHAfter hours+0.00%$34.05
Prev close$34.83-2.24%Close$34.050.00%Now$34.05
Close$34.05-2.24%
Mkt Cap$7.1B
Float208.6M
O/S208.59M
VOL699K sh
$ Vol$23.76M
RVOL0.93×
Inst Own61.9%
SI4.2%
Div Yield5.88%
Dilution
Financials Summary
Revenue$1.99B
Net Income$433M
Total Assets$11.17B
Free Cash Flow$548.44M
Debt & Equity
Debt 68%
Equity 32%
Total Debt$5.78B
Total Equity$2.7B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in SOBO's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$11.17B
Liabilities$8.47B
Accounts Receivable$1.18B
Accounts Payable$752.63M
Inventory$99.82M
PP&E (Net)$8.23B
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Currency | USD | USD | CAD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Revenue | $1.99B | $2.12B | $2.66B |
| YoY Growth | -6.3% | -20.2% | - |
| Cost of Revenue | $560M | $622M | $465.25M |
| Gross Profit | $1.43B | $1.5B | $2.19B |
| Gross Margin | 71.8% | 70.7% | 82.5% |
| Research and Development | $0 | $0 | $0 |
| Selling, General, and Administrative | $0 | $0 | $0 |
| Other | $711M | $753M | $1.26B |
| Total Operating Expenses | $711M | $753M | $1.26B |
| Operating Income (EBIT) | $715M | $745M | $927.84M |
| Operating Margin | 36.0% | 35.1% | 34.9% |
| Interest Expense | $331M | $388M | $291.61M |
| Interest Income | $41M | $12M | $42.42M |
| Other Income (Expense) | -$218M | -$327M | -$182.92M |
| Income Before Tax (EBT) | $497M | $418M | $744.93M |
| Income Tax Expense | $64M | $102M | $159.06M |
| Net Income | $433M | $316M | $585.87M |
| Net Income Margin | 21.8% | 14.9% | 22.0% |
| Supplementary Data | |||
| EPS | 1.52 | 1.52 | 2.82 |
| Diluted EPS | 1.52 | 1.52 | 2.82 |
| Weighted Average OS | 208.00M | 207.60M | 207.60M |
| EBITDA | $1.07B | $1.05B | $1.36B |
| EBITDA Margin | 54.1% | 49.6% | 51.2% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Currency | USD | USD | CAD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Assets | |||
| Current Assets | |||
| Cash and Cash Equivalents | $573.95M | $397M | $347.28M |
| Short-Term Investments | $0 | $0 | $0 |
| Cash and Short-Term Investments | $573.95M | $397M | $347.28M |
| Accounts Receivable | $1.18B | $1.25B | $1.86B |
| Inventory | $99.82M | $207M | $212.08M |
| Other Current Assets | $132.76M | $313M | $1.04B |
| Total Current Assets | $2.01B | $2.2B | $3.46B |
| Long-Term Assets | |||
| Property, Plant & Equipment Net | $8.23B | $8.21B | $11.17B |
| Goodwill | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 |
| Long-Term Investments | $830.49M | $732M | $1.08B |
| Deferred Tax Assets | $22.96M | $16M | $0 |
| Other Long-Term Assets | $73.87M | $177M | $234.61M |
| Total Long-Term Assets | $9.16B | $9.13B | $12.48B |
| Other Assets | $0 | $1M | $0 |
| Total Assets | $11.17B | $11.33B | $15.95B |
| Liabilities | |||
| Current Liabilities | |||
| Accounts Payable | $752.63M | $1.54B | $1.63B |
| Short-Term Debt | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 |
| Current Unearned Revenue | $15.97M | $0 | $0 |
| Other Current Liabilities | $409.25M | $0 | $998.1M |
| Total Current Liabilities | $1.34B | $1.76B | $2.75B |
| Long-Term Liabilities | |||
| Long-Term Debt | $5.76B | $5.72B | $7.91B |
| Long-Term Unearned Revenue | $23.96M | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $1.19B | $1.1B | $0 |
| Other Long-Term Liabilities | $131.76M | $140M | $1.52B |
| Total Long-Term Liabilities | $7.13B | $6.96B | $9.43B |
| Other Liabilities | $0 | $0 | $0 |
| Total Liabilities | $8.47B | $8.72B | $12.18B |
| Stockholders' Equity | |||
| Preferred Stock | $0 | $0 | $0 |
| Common Stock | $2.2B | $2.2B | $3.93B |
| Retained Earnings | -$31.94M | -$49M | $0 |
| Comprehensive Income & Other | -$120.78M | -$198M | -$169.66M |
| Other Stockholders' Equity | $539.02M | $463M | -$169.66M |
| Total Equity | $2.7B | $2.61B | $3.76B |
| Minority Interest | $0 | $0 | $0 |
| Total Liabilities and Equity | $11.17B | $11.33B | $15.95B |
| Supplementary Data | |||
| Total Debt | $5.78B | $5.72B | $7.92B |
| Net Debt | $5.21B | $5.32B | $7.57B |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Currency | USD | USD | CAD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Operating Activities | |||
| Net Income | $440.58M | $300.83M | $585.87M |
| Depreciation & Amortization | $251.32M | $246M | $323.42M |
| Deferred Income Tax | $81.4M | $56.17M | $88.81M |
| Stock-Based Compensation | $0 | $0 | $0 |
| Changes in Working Capital: | |||
| Accounts Receivable | $84.45M | $96.15M | -$332.7M |
| Inventory | $108.87M | -$47.6M | $83.51M |
| Accounts Payable | -$206.55M | -$77.11M | -$159.06M |
| Other Working Capital | -$22.39M | -$30.46M | $363.19M |
| Total Working Capital Change | -$35.61M | -$59.02M | -$45.07M |
| Other Non-Cash Items | -$8.14M | -$40.37M | $79.53M |
| Net Cash from Operating | $729.55M | $503.6M | $1.03B |
| Investing Activities | |||
| Capital Expenditures | -$181.12M | -$116.14M | -$49.04M |
| Acquisitions | $0 | $36.18M | $0 |
| Purchases of Investments | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 |
| Other Investing Activities | $3.05M | $3.81M | $131.22M |
| Net Cash from Investing | -$178.06M | -$76.16M | $82.18M |
| Financing Activities | |||
| Debt Repaid | - | $178.02M | $463.92M |
| Common Stock Issuance | $5.09M | $8.57M | $0 |
| Common Stock Repurchases | $0 | $0 | $0 |
| Dividends Paid | -$423.28M | $0 | $0 |
| Other Financing Activities | $0 | -$122.81M | -$300.89M |
| Net Cash from Financing | -$418.19M | -$292.26M | -$764.81M |
| Forex Effect | -$22.06M | -$2.76M | -$7.95M |
| Net Change in Cash | $111.23M | $132.42M | $341.98M |
| Supplementary Data | |||
| Operating Cash Flow | $729.55M | $503.6M | $1.03B |
| Capital Expenditure | -$181.12M | -$116.14M | -$49.04M |
| Free Cash Flow | $548.44M | $387.46M | $983.52M |
| Cash at Beginning | $462.72M | $330.3M | $5.3M |
| Cash at End | $573.95M | $462.72M | $347.28M |