South Bow Corp Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $2B-6.3% YoYTTM through 31 Dec 2025
Net Income $433M+37.0% YoYTTM through 31 Dec 2025
Free Cash Flow $576MTTM through 31 Dec 2025
Margins
| Current | |
|---|---|
| EBITDA Margin | 67.4% |
| Operating Margin | 54.9% |
| Net Margin | 21.8% |
Returns
16.0%ROE
3.9%ROA
5.4%ROIC
Balance Sheet Health
Debt / Equity2.14x
Current Ratio1.50x
Net Debt$4.8B
Cash & Equivalents$549M
Quality Metrics
Altman Z-Score1.08
Piotroski F-Score5 / 9
FCF Margin29.0%
Rule of 4029.0
Earnings-Beat Rate100.0%
Dividend
$1.00Per share, FY20265.90%Yield
Capital Allocation
Capex Intensity7.1%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| Keystone Pipeline System | View detailsKeystone segment normalized EBITDA expected to decline in 2026 due to lower planned maintenance capital expenditures. | ||
| Marketing | View detailsExpected to offset Keystone segment fluctuations with potential upside falling within the 2026 guidance range. | ||
| Intra-Alberta & Other | View detailsHighly committed nature provides stable cash flows. |
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