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South Bow Valuation Multiples
Discover revenue and EBITDA valuation multiples for South Bow and similar public comparables like ESAB, B2Gold, Jiaxin International Res, Almonty Industries and more.
South Bow Overview
About South Bow
South Bow Corp is a energy infrastructure company. The company is engaged in constructing pipelines system safely transports liquids like crude oil, across Canadian provinces, U.S. states, and Gulf coasts. It has three reportable segments: Keystone Pipeline System, Marketing, and Intra-Alberta & Other. It derives maximum revenue from Keystone Pipeline System segment.
Founded
2023
HQ
Employees
600
Website
Financials (LTM)
EV
$12B
South Bow Financials
South Bow reported last 12-month revenue of $2B and EBITDA of $1B.
In the same LTM period, South Bow generated $1B in EBITDA and $427M in net income.
Revenue (LTM)
South Bow P&L
In the most recent fiscal year, South Bow reported revenue of $2B and EBITDA of $1B.
South Bow expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $2B | XXX | $2B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $1B | XXX | XXX | XXX |
| Gross Margin | — | XXX | 72% | XXX | XXX | XXX |
| EBITDA | $1B | XXX | $1B | XXX | XXX | XXX |
| EBITDA Margin | 52% | XXX | 54% | XXX | XXX | XXX |
| EBIT Margin | 39% | XXX | 39% | XXX | XXX | XXX |
| Net Profit | $427M | XXX | $433M | XXX | XXX | XXX |
| Net Margin | 22% | XXX | 22% | XXX | XXX | XXX |
| Net Debt | — | — | $5B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
South Bow Stock Performance
South Bow has current market cap of $7B, and enterprise value of $12B.
Market Cap Evolution
South Bow's stock price is $31.91.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $12B | $7B | -0.5% | XXX | XXX | XXX | $2.08 |
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Start Free TrialSouth Bow Valuation Multiples
South Bow trades at 6.0x EV/Revenue multiple, and 11.6x EV/EBITDA.
EV / Revenue (LTM)
South Bow Financial Valuation Multiples
As of April 20, 2026, South Bow has market cap of $7B and EV of $12B.
Equity research analysts estimate South Bow's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
South Bow has a P/E ratio of 15.6x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $7B | XXX | $7B | XXX | XXX | XXX |
| EV (current) | $12B | XXX | $12B | XXX | XXX | XXX |
| EV/Revenue | 6.0x | XXX | 6.0x | XXX | XXX | XXX |
| EV/EBITDA | 11.6x | XXX | 11.0x | XXX | XXX | XXX |
| EV/EBIT | 15.2x | XXX | 15.3x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 8.3x | XXX | XXX | XXX |
| P/E | 15.6x | XXX | 15.4x | XXX | XXX | XXX |
| EV/FCF | 18.8x | XXX | 18.8x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified South Bow Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
South Bow Margins & Growth Rates
South Bow's revenue in the last 12 month grew by 0%.
South Bow's revenue per employee in the last FY averaged $3.3M, while opex per employee averaged $1.2M for the same period.
South Bow's rule of 40 is 51% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
South Bow's rule of X is 49% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
South Bow Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 0% | XXX | (2%) | XXX | XXX | XXX |
| EBITDA Margin | 52% | XXX | 54% | XXX | XXX | XXX |
| EBITDA Growth | 3% | XXX | (4%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 51% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 49% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $3.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $1.2M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 36% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
South Bow Public Comps
See public comps and valuation multiples for other Energy Infrastructure and Metals & Mining comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| South Bow | XXX | XXX | XXX | XXX | XXX | XXX |
| ESAB | XXX | XXX | XXX | XXX | XXX | XXX |
| B2Gold | XXX | XXX | XXX | XXX | XXX | XXX |
| Jiaxin International Res | XXX | XXX | XXX | XXX | XXX | XXX |
| Almonty Industries | XXX | XXX | XXX | XXX | XXX | XXX |
| Transocean | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
South Bow M&A Activity
South Bow acquired XXX companies to date.
Last acquisition by South Bow was on XXXXXXXX, XXXXX. South Bow acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by South Bow
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialSouth Bow Investment Activity
South Bow invested in XXX companies to date.
South Bow made its latest investment on XXXXXXXX, XXXXX. South Bow invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by South Bow
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout South Bow
| When was South Bow founded? | South Bow was founded in 2023. |
| Where is South Bow headquartered? | South Bow is headquartered in Canada. |
| How many employees does South Bow have? | As of today, South Bow has over 600 employees. |
| Who is the CEO of South Bow? | South Bow's CEO is Bevin M. Wirzba. |
| Is South Bow publicly listed? | Yes, South Bow is a public company listed on Tokyo Stock Exchange. |
| What is the stock symbol of South Bow? | South Bow trades under SOBO ticker. |
| When did South Bow go public? | South Bow went public in 2024. |
| Who are competitors of South Bow? | South Bow main competitors are ESAB, B2Gold, Jiaxin International Res, Almonty Industries. |
| What is the current market cap of South Bow? | South Bow's current market cap is $7B. |
| What is the current revenue of South Bow? | South Bow's last 12 months revenue is $2B. |
| What is the current revenue growth of South Bow? | South Bow revenue growth (NTM/LTM) is 0%. |
| What is the current EV/Revenue multiple of South Bow? | Current revenue multiple of South Bow is 6.0x. |
| Is South Bow profitable? | Yes, South Bow is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of South Bow? | South Bow's last 12 months EBITDA is $1B. |
| What is South Bow's EBITDA margin? | South Bow's last 12 months EBITDA margin is 52%. |
| What is the current EV/EBITDA multiple of South Bow? | Current EBITDA multiple of South Bow is 11.6x. |
| What is the current FCF of South Bow? | South Bow's last 12 months FCF is $631M. |
| What is South Bow's FCF margin? | South Bow's last 12 months FCF margin is 32%. |
| What is the current EV/FCF multiple of South Bow? | Current FCF multiple of South Bow is 18.8x. |
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