South Bow Corporation
South Bow Corporation operates as an energy infrastructure company. The company operates 4,900 kilometres of crude oil pipeline infrastructure connecting Alberta crude oil supplies to the U.S. refining markets in the U.S. Midwest and Gulf Coast. The company offers ancillary services, including storage at terminals. The company was incorporated in 2023 and is based in Calgary, Canada.
South Bow Corporation (SOBO) - Net Assets
Latest net assets as of September 2025: $1.88 Billion USD
Based on the latest financial reports, South Bow Corporation (SOBO) has net assets worth $1.88 Billion USD as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($8.23 Billion) and total liabilities ($6.35 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $1.88 Billion |
| % of Total Assets | 22.89% |
| Annual Growth Rate | -8.08% |
| 5-Year Change | N/A |
| 10-Year Change | N/A |
| Growth Volatility | N/A |
South Bow Corporation - Net Assets Trend (2023–2024)
This chart illustrates how South Bow Corporation's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for South Bow Corporation (2023–2024)
The table below shows the annual net assets of South Bow Corporation from 2023 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $2.61 Billion | -8.10% |
| 2023-12-31 | $2.84 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to South Bow Corporation's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 4900000000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $2.20 Billion | 84.14% |
| Other Comprehensive Income | $-198.00 Million | -7.59% |
| Other Components | $661.00 Million | 25.33% |
| Total Equity | $2.61 Billion | 100.00% |
South Bow Corporation Competitors by Market Cap
The table below lists competitors of South Bow Corporation ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
CTS Eventim AG & Co. KGaA
PINK:CEVMF
|
$6.51 Billion |
|
Akbank TAS
IS:AKBNK
|
$6.52 Billion |
|
Valley National Bancorp
NASDAQ:VLY
|
$6.52 Billion |
|
SCB X PCL -NVDR- BA 10
F:OU80
|
$6.52 Billion |
|
Toromont Industries Ltd
PINK:TMTNF
|
$6.51 Billion |
|
Osisko Gold Ro
NYSE:OR
|
$6.50 Billion |
|
Indus Towers Limited
NSE:INDUSTOWER
|
$6.50 Billion |
|
Applied Digital Corporation
NASDAQ:APLD
|
$6.50 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in South Bow Corporation's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 2,840,000,000 to 2,610,000,000, a change of -230,000,000 (-8.1%).
- Net income of 316,000,000 contributed positively to equity growth.
- Dividend payments of 121,000,000 reduced retained earnings.
- Other comprehensive income decreased equity by 70,000,000.
- Other factors decreased equity by 355,000,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $316.00 Million | +12.11% |
| Dividends Paid | $121.00 Million | -4.64% |
| Other Comprehensive Income | $-70.00 Million | -2.68% |
| Other Changes | $-355.00 Million | -13.6% |
| Total Change | $- | -8.10% |
Book Value vs Market Value Analysis
This analysis compares South Bow Corporation's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.69x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has increased from 2.47x to 2.69x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2023-12-31 | $13.68 | $33.75 | x |
| 2024-12-31 | $12.54 | $33.75 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently South Bow Corporation utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 12.11%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 14.91%
- • Asset Turnover: 0.19x
- • Equity Multiplier: 4.34x
- Recent ROE (12.11%) is below the historical average (13.84%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2023 | 15.56% | 22.04% | 0.17x | 4.24x | $158.00 Million |
| 2024 | 12.11% | 14.91% | 0.19x | 4.34x | $55.00 Million |
Industry Comparison
This section compares South Bow Corporation's net assets metrics with peer companies in the Oil & Gas Midstream industry.
Industry Context
- Industry: Oil & Gas Midstream
- Average net assets among peers: $1,230,397,219
- Average return on equity (ROE) among peers: 2202.95%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| South Bow Corporation (SOBO) | $1.88 Billion | 15.56% | 3.37x | $6.51 Billion |
| Antero Midstream Partners LP (AM) | $142.86 Million | 0.00% | 0.21x | $7.58 Billion |
| AltaGas Ltd (ATGFF) | $2.83 Billion | 7.11% | 1.57x | $8.06 Billion |
| ATGPF (ATGPF) | $7.86 Billion | 8.56% | 1.98x | $4.11 Billion |
| Avance Gas Holding Ltd (AVACF) | $603.79 Million | 27.09% | 0.91x | $7.70K |
| CBL International Limited Ordinary Shares (BANL) | $12.11 Million | 30.42% | 1.11x | $3.17 Million |
| BP Prudhoe Bay Royalty Trust (BPT) | $863.00K | 22418.66% | 0.16x | $2.99 Million |
| Brooge Holdings Ltd (BROG) | $78.49 Million | 16.31% | 4.83x | $32.39 Million |
| Brooge Energy Limited (BROGW) | $56.77 Million | -85.14% | 7.56x | $5.67K |
| Willow Biosciences Inc (CANSF) | $1.10 Million | -405.25% | 0.17x | $2.85 Million |
| Cool Company Ltd (CLCO) | $715.51 Million | 11.75% | 1.88x | $145.96 Million |