South Bow Corporation (SOBO) Balance Sheet
SOBO balance sheet, 2025
December 31, 2025 · U.S. dollars$11.17B assets = $8.47B liabilities + $2.70B equity
Both columns are drawn to the same scale: what SOBO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SOBO financial health
Descriptive bands, not a rating. Fiscal 2025.
SOBO balance sheet trends, 2024–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $11.33B2024 | $11.17B2025 | −1.4%/yr | |
| Total liabilities | $8.72B2024 | $8.47B2025 | −2.9%/yr | |
| Shareholders’ equity | $2.61B2024 | $2.70B2025 | +3.6%/yr | |
| Cash & short-term investments | $397.0M2024 | $574.0M2025 | +44.6%/yr | |
| Total debt | $5.72B2024 | $5.78B2025 | +1.1%/yr | |
| Net cash (debt) | −$5.32B2024 | −$5.21B2025 | +$112.5M | |
| Working capital | $437.0M2024 | $672.8M2025 | +$235.8M | |
| Book value per share | $12.542024 | $12.992025 | +3.6%/yr | |
| Current ratio | 1.252024 | 1.502025 | +0.25 | |
| Debt / equity | 2.192024 | 2.142025 | −0.05 | |
| Shares outstanding | 208.2M2024 | 208.2M2025 | 0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SOBO assets
SOBO liabilities and equity
SOBO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SOBO balance sheet
| 2025 | 2024 | |
|---|---|---|
| Assets | ||
| Cash & short-term investments | $574.0M | $397.0M |
| Cash & equivalents | $574.0M | $397.0M |
| Receivables | $1.18B | $1.25B |
| Inventory | $99.8M | $207.0M |
| Other current assets | $159.7M | $341.0M |
| Total current assets | $2.01B | $2.20B |
| Property, plant & equipment (net) | $8.23B | $8.21B |
| Goodwill & intangible assets | $0 | $0 |
| Long-term investments | $743.0M | $732.0M |
| Other non-current assets | $184.3M | $194.0M |
| Total assets | $11.17B | $11.33B |
| Liabilities | ||
| Accounts payable | $752.6M | $1.54B |
| Deferred revenue | $16.0M | $15.0M |
| Total current liabilities | $1.34B | $1.76B |
| Long-term debt | $5.77B | $5.72B |
| Lease obligations | $23.0M | $22.0M |
| Other long-term liabilities | $1.36B | $1.24B |
| Total liabilities | $8.47B | $8.72B |
| Shareholders' equity | ||
| Common stock & paid-in capital | $2.20B | $2.20B |
| Retained earnings (deficit) | −$31.9M | −$49.0M |
| Accumulated other comprehensive income | −$120.8M | −$198.0M |
| Total shareholders' equity | $2.70B | $2.61B |
| Key figures | ||
| Total debt | $5.78B | $5.72B |
| Net cash (debt) | −$5.21B | −$5.32B |
| Working capital | $672.8M | $437.0M |
| Tangible book value | $2.70B | $2.61B |
| Book value per share | $12.99 | $12.54 |
| Shares outstanding | 208.2M | 208.2M |
| Current ratio | 1.50 | 1.25 |
| Quick ratio | 1.31 | 0.94 |
| Debt / equity | 2.14 | 2.19 |
| Equity / assets | 24.2% | 23.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $726.0M | $601.0M | $574.0M | $359.7M | $452.0M | $390.0M | $397.0M | $347.3M |
| Cash & equivalents | $726.0M | $601.0M | $574.0M | $359.7M | $452.0M | $390.0M | $397.0M | $347.3M |
| Receivables | $1.07B | $980.2M | $1.18B | $787.6M | $1.14B | $1.15B | $1.25B | $1.86B |
| Inventory | $129.0M | $192.6M | $99.8M | $91.2M | $151.0M | $144.0M | $207.0M | $212.1M |
| Other current assets | $479.0M | $410.3M | $159.7M | $433.7M | $556.0M | $379.0M | $341.0M | $1.04B |
| Total current assets | $2.40B | $2.18B | $2.01B | $1.67B | $2.30B | $2.07B | $2.20B | $3.46B |
| Property, plant & equipment (net) | $8.04B | $8.15B | $8.23B | $5.88B | $8.29B | $8.21B | $8.21B | $11.17B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $726.0M | $727.0M | $743.0M | $741.0M | $726.0M | $726.0M | $732.0M | $813.0M |
| Other non-current assets | $219.0M | $218.1M | $184.3M | $0 | $173.0M | $174.0M | $194.0M | $499.2M |
| Total assets | $11.38B | $11.28B | $11.17B | $8.23B | $11.48B | $11.18B | $11.33B | $15.95B |
| Liabilities | ||||||||
| Accounts payable | $1.37B | $1.03B | $752.6M | $855.1M | $1.59B | $1.39B | $1.54B | $1.63B |
| Deferred revenue | — | $16.1M | $16.0M | $12.9M | — | — | — | — |
| Total current liabilities | $1.58B | $1.45B | $1.34B | $1.23B | $1.79B | $1.61B | $1.76B | $2.75B |
| Long-term debt | $5.73B | $5.75B | $5.77B | $5.75B | $5.77B | $5.72B | $5.72B | $5.97B |
| Lease obligations | — | — | $23.0M | — | — | — | $22.0M | — |
| Other long-term liabilities | $1.41B | $1.41B | $1.36B | $0 | $1.28B | $1.25B | $1.24B | $3.47B |
| Total liabilities | $8.72B | $8.61B | $8.47B | $6.35B | $8.85B | $8.57B | $8.72B | $12.18B |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $2.21B | $2.22B | $2.20B | $1.58B | $2.20B | $2.20B | $2.20B | $3.93B |
| Retained earnings (deficit) | −$29.0M | −$59.2M | −$31.9M | −$60.3M | −$73.0M | −$65.0M | −$49.0M | $0 |
| Accumulated other comprehensive income | −$175.0M | −$149.5M | −$120.8M | −$110.6M | −$151.0M | −$196.0M | −$198.0M | −$169.7M |
| Total shareholders' equity | $2.67B | $2.67B | $2.70B | $1.88B | $2.64B | $2.60B | $2.61B | $3.76B |
| Key figures | ||||||||
| Total debt | $5.73B | $5.77B | $5.78B | $4.13B | $5.77B | $5.72B | $5.72B | $7.92B |
| Net cash (debt) | −$5.01B | −$5.17B | −$5.21B | −$3.77B | −$5.32B | −$5.33B | −$5.32B | −$7.57B |
| Working capital | $825.0M | $735.4M | $672.8M | $441.6M | $505.0M | $460.0M | $437.0M | $714.4M |
| Tangible book value | $2.67B | $2.67B | $2.70B | $1.88B | $2.64B | $2.60B | $2.61B | $3.76B |
| Book value per share | $12.76 | $12.80 | $12.95 | $9.02 | $12.63 | $12.46 | $12.52 | $18.13 |
| Shares outstanding | 208.8M | 208.5M | 208.8M | 208.8M | 208.8M | 208.7M | 208.4M | 207.6M |
| Current ratio | 1.52 | 1.51 | 1.50 | 1.36 | 1.28 | 1.29 | 1.25 | 1.26 |
| Quick ratio | 1.14 | 1.09 | 1.31 | 0.93 | 0.89 | 0.96 | 0.94 | 0.80 |
| Debt / equity | 2.15 | 2.16 | 2.14 | 2.19 | 2.19 | 2.20 | 2.19 | 2.10 |
| Equity / assets | 23.4% | 23.7% | 24.2% | 22.9% | 23.0% | 23.3% | 23.0% | 23.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.
SOBO financial position
At the end of fiscal 2025 (December 31, 2025), South Bow had total assets of $11.2 billion (down 1.4% from a year earlier), total liabilities of $8.5 billion and shareholders' equity of $2.7 billion. It held $574.0 million in cash and short-term investments against $5.8 billion of debt, net debt of $5.2 billion. Its current ratio was 1.50. In the latest quarter (ended June 30, 2026) total assets were $11.4 billion and equity $2.7 billion.
Related: SOBO income statement, SOBO cash flow statement, SOBO key metrics. See the SOBO stock overview for the latest quote and news.
SOBO balance sheet FAQ
What are South Bow's total assets?
South Bow reported total assets of $11.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $11.3 billion a year earlier.
How much debt does South Bow have?
South Bow had $5.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.14.
How much cash does South Bow have?
South Bow held $574.0 million in cash and short-term investments at the end of fiscal 2025; with $5.8 billion of debt that is net debt of $5.2 billion.
What is South Bow's book value?
South Bow's shareholders' equity (book value) was $2.7 billion at the end of fiscal 2025, or $12.99 per share.
What is South Bow's current ratio?
South Bow had current assets of $2.0 billion and current liabilities of $1.3 billion, a current ratio of 1.50 (it can cover its short-term obligations).