South Bow Corp/$SOBO
1D1W1MYTD1Y5YMAX
Capital at risk
About South Bow Corp
South Bow Corp is a energy infrastructure company. The company is engaged in constructing pipelines system safely transports liquids like crude oil, across Canadian provinces, U.S. states, and Gulf coasts. It has three reportable segments: Keystone Pipeline System, Marketing, and Intra-Alberta & Other. It derives maximum revenue from Keystone Pipeline System segment. The company's projects and pipelines include: Blackrod connection project; Grand Rapids Pipeline System; Marketlink Pipeline System; Keystone Pipeline System; Port Neches Link; and White Spruce Pipeline System.
- Ticker
- $SOBO
- Sector
- Energy
- Primary listing
- NYSE
- Employees
- -
- Headquarters
- Calgary, Canada
- Website
- www.southbow.com
South Bow Corp Metrics
BasicAdvanced
$7.5B
16.36
$2.20
-
$2.00
5.56%
Price and volume
Market cap
$7.5B
52-week high
$39.02
52-week low
$25.02
Average daily volume
579K
Dividend rate
$2.00
Financial strength
Current ratio
1.523
Quick ratio
1.138
Long term debt to equity
216.098
Total debt to equity
216.098
Dividend payout ratio (TTM)
90.43%
Interest coverage (TTM)
2.24%
Profitability
EBITDA (TTM)
1,001
Gross margin (TTM)
50.17%
Net profit margin (TTM)
22.99%
Operating margin (TTM)
37.48%
Effective tax rate (TTM)
13.37%
Management effectiveness
Return on assets (TTM)
4.10%
Return on equity (TTM)
17.35%
Valuation
Price to earnings (TTM)
16.36
Price to revenue (TTM)
3.748
Price to book
3.91
Price to tangible book (TTM)
3.91
Price to free cash flow (TTM)
10.998
Free cash flow yield (TTM)
9.09%
Free cash flow per share (TTM)
3.273
Dividend yield (TTM)
5.56%
Forward dividend yield
5.56%
Growth
Revenue change (TTM)
-2.10%
Earnings per share change (TTM)
52.66%
Bulls say / Bears say
South Bow’s normalized EBITDA for Q2 2026 increased to $280 million from $250 million in Q2 2025, driven by higher throughput on the Keystone Pipeline System and lower operating costs from optimization initiatives (South Bow Q2 2026 MD&A).
The company raised its 2026 distributable cash flow guidance to $665 million—up from $655 million—driven by stronger-than-expected first-half results and higher normalized EBITDA, underscoring improved cash flow generation and shareholder returns potential (Nasdaq Q2 2026 Press Release).
South Bow secured 20-year binding commitments totaling 465,000 bbl/d from nine customers for its proposed Prairie Connector project, demonstrating robust commercial support for its organic growth pipeline (Nasdaq Q2 2026 Press Release).
Tight pricing differentials on the U.S. Gulf Coast segment of the Keystone Pipeline System are expected to remain tight throughout 2026, which pressures contributions from uncommitted capacity and led to year-over-year decreases in revenue and normalized EBITDA in 2025 (South Bow Q4 2025 Results PDF).
South Bow’s net debt-to-normalized EBITDA ratio remained elevated at 4.4× as of June 30, 2026, indicating significant leverage that could constrain financial flexibility and future capital allocation decisions (Nasdaq Q2 2026 Press Release).
The Keystone Pipeline System segment accounted for approximately 92.5% of South Bow’s normalized EBITDA in Q2 2026, creating revenue concentration risk and exposing the company to operational disruptions (e.g., the MP-171 incident) and regulatory scrutiny (Nasdaq Q2 2026 Press Release).
Data summarised monthly by Lightyear AI. Last updated on 7 Sept 2026.
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Funds containing South Bow Corp
AllEURUSDGBP
Fund name | Fund size | $SOBO weighting |
|---|---|---|
iShares Global Infrastructure€INFR | €2.1B | 0.23% |
iShares MSCI World Small Cap$WSML | $9B | 0.07% |
iShares MSCI World Small Cap€IUSN | €7.8B | 0.07% |
iShares MSCI World Small Cap£WLDS | £6.7B | 0.07% |
SPDR MSCI All Country World IM€SPYI | €7.5B | 0.00% |
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