ValueScreener

ValueScreener company report

South Bow Corporation (SOBO)

NYSE / Energy / Oil & Gas Midstream

Share price

33.75 USD Market dataClose of Oct 15, 2026

Market capitalisation

7.04B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 16, 2026
Ratios computed
Oct 15, 2026
Filed years
3, FY2023 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

16.0% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

16.26x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/a Computed

FY2025 accounts, priced at the latest close

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, as filed

FY2023 Revenue: 2.00B USDFY2023 Net income: 442.0M USDFY2024 Revenue: 2.12B USDFY2024 Net income: 316.0M USDFY2025 Revenue: 1.99B USDFY2025 Net income: 433.0M USD
Revenue Net income3 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 16.26x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Oil & Gas Midstream industry (36 companies), 16.26x sits at the 46th percentile; the middle half of that group runs from 12.29x to 21.32x.

Is it good

Return on equity was 16.0% in FY2025, in the band labelled "Strong" (15.0% to 25.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Oil & Gas Midstream industry (39 companies), 16.0% sits at the 63rd percentile; the middle half of that group runs from 10.0% to 20.0%.

Is it safe

Current ratio was 1.50 in FY2025, in the band labelled "Adequate" (1.50 to 2.00), on lines anchored on Graham's defensive-investor criteria.

Today, against the Oil & Gas Midstream industry (44 companies), 1.50 sits at the 72nd percentile; the middle half of that group runs from 0.76 to 2.56.

Year by year against peers
Whether South Bow Corporation's return on equity stayed above the median of the Oil & Gas Midstream industry, year by year. (FY2023 to FY2025, 3 fiscal years of South Bow Corporation with a comparable figure)
What could explain it
What in South Bow Corporation's filed statements could explain the movements. (1 reading drawn from the statement lines South Bow Corporation filed)
What to check next
What to check next on South Bow Corporation, and where in its filings. (2 questions for South Bow Corporation)
In one paragraph
One paragraph on South Bow Corporation's returns, cash, balance sheet and price. (4 of sixteen figures read for South Bow Corporation)

These are SOBO’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research SOBOPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 40-F, filed Mar 16, 2026, accession 0002019061-26-000006.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

South Bow Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Return on equity16.0% ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Return on capital employed, pre-tax
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Return on assets3.9% ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Gross margin84.2% ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Operating margin
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Net margin21.8% ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
SOBO 21.8%
HESM 21.8%AM 34.8%GLNG 16.7%PAGP 0.6%INSW 36.7%
0.6%36.7%
Net margin: SOBO against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

South Bow Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Current ratio1.50 ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Quick ratio1.43 ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Interest coverage
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Net debt
Why n/a

The FY2025 balance sheet carries no net debt we could read.

n/a ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Total assets 11.19BTotal liabilities 8.48BShareholders' equity 2.71BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What South Bow Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (40-F, filed Mar 16, 2026, 0002019061-26-000006).

South Bow Corporation: balance sheet position
Total assets11.19B FiledFY2025 40-F, filed Mar 16, 2026
Total liabilities8.48B FiledFY2025 40-F, filed Mar 16, 2026
Shareholders' equity2.71B FiledFY2025 40-F, filed Mar 16, 2026
Cash549.0M FiledFY2025 40-F, filed Mar 16, 2026
Total debtn/a FiledFY2025 40-F, filed Mar 16, 2026
Net debtn/a
Current ratio1.50
Debt to equityn/a
  • Debt to equity: FY2025: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Interest cover: FY2025: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

South Bow Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings16.26x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.60x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Price to sales3.54x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006

We publish no fair value or price target of our own. Value SOBO on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for South Bow Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

South Bow Corporation: valuation
Share price33.75 USD
Market capitalisation7.04B USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like South Bow Corporation

  1. Hess Midstream LP (HESM)Market cap 6.31B USD
  2. Antero Midstream Corporation (AM)Market cap 9.46B USD
  3. Golar LNG Limited (GLNG)Market cap 4.59B USD
  4. Plains GP Holdings, L.P. (PAGP)Market cap 5.38B USD
  5. International Seaways, Inc. (INSW)Market cap 5.60B USD

Same industry (Oil & Gas Midstream) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

South Bow Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Dividend yield
Why n/a

No common dividend is on file for the year before, so one payment is not shown to be a run rate.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Payout ratio96.1% ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
FY2023 Free cash flow: 732.0M USDFY2023 Net income: 442.0M USDFY2024 Free cash flow: 388.0M USDFY2024 Net income: 316.0M USDFY2025 Net income: 433.0M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

South Bow Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
16.26xFY2025Oct 15, 2026
2.60xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
n/aFY2025Mar 16, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
n/aFY2025Oct 15, 2026
n/a No common dividend is on file for the year before, so one payment is not shown to be a run rate.
n/aFY2025Mar 16, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
1.50FY2025Mar 16, 2026
3.54xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2025Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-2.52FY2025Mar 16, 2026
6/9FY2025Mar 16, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 3 filed fiscal years on record, FY2023 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

3 filed fiscal years, FY2023 to FY2025, read from the annual reports South Bow Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

South Bow Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20251.99B828.0M433.0Mn/an/an/a16.0%40-F, Mar 16, 20260002019061-26-000006
FY20242.12B1.09B316.0Mn/a388.0M51.5%12.1%40-F, Mar 6, 20250001628280-25-010681
FY20232.00B1.07B442.0Mn/a732.0M53.6%15.6%40-F, Mar 6, 20250001628280-25-010681
  • Revenue, compound annual growth FY2023 to FY2025: -0.5%
  • Earnings, compound annual growth FY2023 to FY2025: -1.0%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2023 to FY2024: -47.0%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

South Bow Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.52 ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Piotroski F-score6/9 ComputedFY2025 40-F, filed Mar 16, 2026, 0002019061-26-000006
Named tests met1 of 30 Computed
Beta-0.16 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 17 not met, 12 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Owner earnings yield
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); High returns and growth; EV/EBITDA and coverage; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Z-score and coverage (Edward Altman); P/E times P/B (Benjamin Graham); High returns, low debt; Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(17)
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No operating income line is filed for this year.
  • Dividend Yield: No common dividend is on file for the year before, so one payment is not shown to be a run rate.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 17 figures could not be read on this company, among them Debt to Equity, Positive Earnings Streak, EV/EBIT. Each blank in the table above names the rest, with its reason. 12 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 3 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolioHow this is computed

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map

Apps

  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.

With your permission, Google Analytics, Microsoft Clarity and HubSpot set cookies to measure how this site and the product are used, including recordings of sessions. Nothing is set unless you allow it. Privacy policy