South Bow Corporation (SOBO) - Net Assets
Based on the latest financial reports, South Bow Corporation (SOBO) has net assets worth CA$2.67 Billion CAD (≈ $1.93 Billion USD) as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$11.38 Billion ≈ $8.23 Billion USD) and total liabilities (CA$8.72 Billion ≈ $6.31 Billion USD). 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. Check asset allocation strategy of South Bow Corporation to assess the company's strategic physical and investment asset allocation.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$2.67 Billion |
| % of Total Assets | 23.41% |
| Annual Growth Rate | -15.24% |
| 5-Year Change | N/A |
| 10-Year Change | N/A |
| Growth Volatility | 17.14 |
South Bow Corporation - Net Assets Trend (2023–2025)
This chart illustrates how South Bow Corporation's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see SOBO stock market capitalisation.
Annual Net Assets for South Bow Corporation (2023–2025)
The table below shows the annual net assets of South Bow Corporation from 2023 to 2025. Also explore how fast is South Bow Corporation growing its equity to track the company's year-over-year net asset growth rate.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$2.70 Billion ≈ $1.96 Billion |
+3.60% |
| 2024-12-31 | CA$2.61 Billion ≈ $1.89 Billion |
-30.67% |
| 2023-12-31 | CA$3.76 Billion ≈ $2.72 Billion |
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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 3194176400.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | CA$2.20 Billion | 81.25% |
| Other Comprehensive Income | CA$-120.78 Million | -4.47% |
| Other Components | CA$659.80 Million | 24.40% |
| Total Equity | CA$2.70 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 |
|---|---|
|
Turkiye Is Bankasi AS Class C
IS:ISCTR
|
$7.48 Billion |
|
Dillard's, Inc.
NYSE:DDS
|
$7.48 Billion |
|
Als Ltd
AU:ALQ
|
$7.49 Billion |
|
Leader Harmonious Drive Systems Co Ltd
SHG:688017
|
$7.50 Billion |
|
Pearson plc
F:PESA
|
$7.47 Billion |
|
Pegatron Corp
TW:4938
|
$7.46 Billion |
|
Gigabyte Technology Co Ltd
TW:2376
|
$7.45 Billion |
|
SM Energy Co
NYSE:SM
|
$7.45 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 2024 to 2025, total equity changed from 2,610,000,000 to 2,704,070,026, a change of 94,070,026 (3.6%).
- Net income of 440,579,896 contributed positively to equity growth.
- Dividend payments of 423,282,301 reduced retained earnings.
- Share repurchases of 5,000,000 reduced equity.
- Other comprehensive income increased equity by 77,220,202.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$440.58 Million | +16.29% |
| Dividends Paid | CA$423.28 Million | -15.65% |
| Share Repurchases | CA$5.00 Million | -0.18% |
| Other Comprehensive Income | CA$77.22 Million | +2.86% |
| Other Changes | CA$4.55 Million | +0.17% |
| Total Change | CA$- | 3.60% |
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: 3.82x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has increased from 2.73x to 3.82x 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 | CA$18.13 | CA$49.52 | x |
| 2024-12-31 | CA$12.55 | CA$49.52 | x |
| 2025-12-31 | CA$12.95 | CA$49.52 | 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): 16.29%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 27.35%
- • Asset Turnover: 0.14x
- • Equity Multiplier: 4.13x
- Recent ROE (16.29%) is above the historical average (14.65%), indicating improving 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 | CA$209.43 Million |
| 2024 | 12.11% | 14.91% | 0.19x | 4.34x | CA$55.00 Million |
| 2025 | 16.29% | 27.35% | 0.14x | 4.13x | CA$170.17 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: $4,437,095,872
- Average return on equity (ROE) among peers: 10.29%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| South Bow Corporation (SOBO) | CA$2.67 Billion | 15.56% | 3.27x | $7.47 Billion |
| AltaGas Ltd (ALA) | $7.86 Billion | 8.56% | 1.98x | $11.77 Billion |
| Enbridge Inc (ENB) | $991.65 Million | 10.39% | 2.02x | $106.49 Billion |
| Gibson Energy Inc. (GEI) | $573.02 Million | 38.96% | 4.58x | $3.87 Billion |
| Keyera Corp. (KEY) | $1.40 Billion | 14.44% | 2.07x | $8.95 Billion |
| Pembina Pipeline Corp (PPL) | $852.48 Million | 10.43% | 0.97x | $27.68 Billion |
| Source Rock Royalties Ltd (SRR) | $25.72 Million | 5.81% | 0.03x | $35.61 Million |
| Topaz Energy Corp (TPZ) | $1.01 Billion | 0.31% | 0.04x | $3.54 Billion |
| TC Energy Corp (TRP) | $26.89 Billion | 11.74% | 2.20x | $64.03 Billion |
| Tidewater Midstream and Infrastructure Ltd (TWM) | $333.00 Million | -7.99% | 2.73x | $349.94 Million |
About South Bow Corporation
South Bow Corporation operates as an energy infrastructure company. It operates through three segments: Keystone Pipeline System, Marketing, and Intra-Alberta & Other. The Keystone Pipeline System segment consists of the company's main liquids pipeline network, which transports crude oil from Hardisty, Alberta, to key U.S. markets including Wood River, Patoka, Illinois, Cushing, Oklahoma, and the… Read more