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South Bow Corporation (SOBO)

NYSE: SOBO · Pipe Lines (No Natural Gas) · Calgary · filing with the SEC since 2024
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Grade5.8
◀ Past 5.8● Present 5.5▶ Future 6.2
2 est.
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The grade of South Bow Corporation

Nine metrics read from its own filings, by tense
Headline grade
5.8/10
◀ Past5.830% of the headline
● Present5.540% of the headline
▶ Future6.230% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

5.8/1030% of the headline grade · 3 of 3 filed

Surviving crises

as filed
5.8/10

Has it survived what it has been through?

No warning events in its filings since 2024.

weight 33% of this tense · 58th percentile among 6 sector filers · read for itself

From the record

South Bow Corporation's filings since 2024 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
6.3/10

What has it actually done, year after year?

-0.5% a year over 3 filed years; profitable in 3 of 3.

weight 45% of this tense · 63rd percentile among 6 sector filers · read for its customers

From the record

South Bow Corporation's 3 filed years say what it did: revenue went from $2.0 billion in fiscal 2023 to $2.0 billion in fiscal 2025, down 0.5% a year; it rose in 1 of 2 years; the deepest fall was 6% from fiscal 2024 to fiscal 2025; net income was positive in 3 of 3 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span-0.5%bottom 25% of its family
  • the share of years revenue rosetop 42% of its family
  • the share of filed years with a profittop 25% of its family
  • the deepest fall from a revenue peak6.3%top 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed
4.8/10

How has it treated the people who own it?

Share count grew 0.3% a year. 21% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 48th percentile among 4 sector filers · read for its shareholders

From the record

Over the 2 fiscal years to 2025-12-31, South Bow Corporation's diluted share count grew about 0.3% a year, and dividends and buybacks returned about 21% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

  • the share count over the yearsbottom 38% of its family
  • cash returned against operating cash flowtop 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

5.5/1040% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed
5.0/10

Is it financially healthy right now?

ROE 16%: 16¢ of profit per shareholder dollar. Leverage 76%: owes 76¢ per asset dollar.

weight 33% of this tense · 50th percentile among 3 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, South Bow Corporation earned about 16 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 15 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 76 cents per dollar of assets, and net share issuance: its share count grew 0.3% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 17% of its family
  • return on equitytop 17% of its family
  • gross profit against assetstop 50% of its family
  • the share count against the year beforetop 50% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
6.1/10

How strong is its position in its industry?

top 39% of 6 in its family; net margin 21.8%.

weight 45% of this tense · 61st percentile among 6 sector filers · read for its customers

From the record

South Bow Corporation's standing among 6 graded names in its industry family: revenue of $2.0 billion in fiscal 2025 ranks in the top 50% by size; a net margin of 21.8% ranks in the top 25%; revenue growth of -0.5% a year over the last 2 filed years ranks in the top 42% (its annual reports).

What it rests on

  • revenue against the family$1.99Btop 50% of its family
  • net margin21.8%top 25% of its family
  • three-year revenue growth-0.5%top 42% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate
5.0/10

What are the people in charge doing?

SI estimate 5.0/10, confidence 15 of 100 (universe median).

weight 22% of this tense · 50th percentile among 3816 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, and its family carries too few readings to lean on, so the desk assumes the typical reading over all 3816 companies with one.
What the record cannot read
It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned
universe median, 3816 readings behind it.
Confidence
15 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: South Bow Corporation's leadership is put at 5.0 of 10 with a confidence of 15 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, and its family carries too few readings to lean on, so the desk assumes the typical reading over all 3816 companies with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

6.2/1030% of the headline grade · 2 of 3 filed, 1 estimated

Room to expand

as filed
8.6/10

How much room does it have to grow?

top 14% of 6 in its family for room to expand.

weight 22% of this tense · 86th percentile among 6 sector filers · read for itself

From the record

South Bow Corporation's room to grow, from the newest filed statements (fiscal 2025): cash of $549 million against no long-term debt tagged leaves 4.9% of its assets as net cash, top 8% of its family; cash from operations less capital spending is 36.1% of revenue (top 8%); a gross margin of 84.2% (top 25%) (its annual report).

What it rests on

  • cash less debt against assets4.9%top 8% of its family
  • cash from operations less capital spending against revenue36.1%top 8% of its family
  • gross margin84.2%top 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
6.4/10

What could actually drive growth from here?

top 36% of 6 in its family for growth drivers.

weight 45% of this tense · 64th percentile among 6 sector filers · read for its customers

From the record

South Bow Corporation's growth drivers, from the filed years to fiscal 2025: revenue grew -0.5% a year over the last three filed years against -0.5% over all 3, speeding up (top 8% of its family); the newest year grew -6.3% (bottom 8%); capital spending grew 199.3% a year (top 8%) (its annual reports). South Bow Corporation reported 3 lines of business in fiscal 2025: Keystone Pipeline System at $1.6 billion, Marketing at $403 million, Intra Alberta and Other at $18 million. 0 of 3 grew in the latest filed year, and the largest line is 79% of revenue (its annual report).

What it rests on

  • three-year growth against the whole span+0.0 points a yeartop 8% of its family
  • the newest year's revenue growth-6.3%bottom 8% of its family
  • three-year growth of capital spending199.3%top 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

SI estimate
4.3/10

Did its newest year beat what its own record pointed to?

SI estimate 4.3/10, confidence 20 of 100 (family median).

weight 33% of this tense · 50th percentile among 5 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 5 members with one.
What the record cannot read
The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
How it was reasoned
family median, 5 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: South Bow Corporation's expectations vs reality is put at 4.3 of 10 with a confidence of 20 of 100, because the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 5 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton SOBO · research, not advice