South Bow Corp
SOBOEnergy·Oil & Gas Midstream·Canada·Mid·NYSE·Nov 11 • 3:59 PM ET
33.09+0.31 (0.95%)
2026-11-12 00:42 CET
Market cap
6,837.51 USD m
Revenue, TTM
1,665.00 USD m
Net income, TTM
466.00 USD m
Free cash flow, TTM
773.14 USD m
EPS diluted, TTM
2.23
P/E
14.82
Price
SOBO against its 20, 50 and 200-day averages2050200beat
15.2% under the 52-week high of 39.02 on 1 Sep 2026. 52-week low 25.94 on 13 Nov 2025. Last 15 sessions, 16.7% high to low
Volume 0.87× normal · the line is the 50-bar volume average
Profile
SOBO52-week range, 55% of the way up
25.9439.02
South Bow Corp.is an energy infrastructure company. It engages in the construction and operation of pipelines that transport crude oil and other liquids across Canada and the United States. The company was founded on December 15, 2023 and is headquartered in Calgary, Canada.
| Employees | 536 |
|---|---|
| IPO | Oct 03, 2024 |
| Beta | 0.32 |
| ATR, 14d | 0.89 |
| Rel volume | 0.87 |
| Short float | 4.78% |
| Insider own | 0.21% |
| Inst own | 66.08% |
Snapshot
6 groupsValuation
| Index | - |
|---|---|
| Market Cap | 6.90B |
| Enterprise Value | 11.75B |
| Income | 466.00M |
| Sales | 1.67B |
| Book/sh | 12.76 |
| Cash/sh | 2.70 |
| Dividend Est. | 2.00 (6.04%) |
| Dividend TTM | 2.00 (6.04%) |
| Dividend Ex-Date | Dec 31, 2026 |
| Dividend Gr. 3/5Y | - - |
| Payout | 95.78% |
| Employees | 536 |
| IPO | Oct 03, 2024 |
Ratios
| P/E | 14.82 |
|---|---|
| Forward P/E | 17.32 |
| PEG | 18.83 |
| P/S | 4.15 |
| P/B | 2.59 |
| P/C | 12.24 |
| P/FCF | 8.93 |
| EV/EBITDA | 18.25 |
| EV/Sales | 7.06 |
| Quick Ratio | 0.93 |
| Current Ratio | 0.99 |
| Debt/Eq | 2.03 |
| LT Debt/Eq | 1.81 |
| Option/Short | Yes / Yes |
Earnings
| EPS (ttm) | 2.23 |
|---|---|
| EPS next Y | 1.91 |
| EPS next Q | 0.44 |
| EPS this Y | -5.44% |
| EPS next Y | 2.56% |
| EPS next 5Y | 0.92% |
| EPS past 3/5Y | -1.07% - |
| Sales past 3/5Y | -11.14% - |
| EPS Y/Y TTM | 40.16% |
| Sales Y/Y TTM | -11.29% |
| EPS Q/Q | 6.44% |
| Sales Q/Q | 9.54% |
| Earnings | Nov 04 AMC |
| EPS/Sales Surpr. | 13.61% 5.67% |
Ownership
| Insider Own | 0.21% |
|---|---|
| Insider Trans | 0.00% |
| Inst Own | 66.08% |
| Inst Trans | -3.08% |
| ROA | 4.14% |
| ROE | 17.63% |
| ROIC | 6.22% |
| Gross Margin | 22.70% |
| Oper. Margin | 23.72% |
| Profit Margin | 27.99% |
| SMA20 | -3.41% |
| SMA50 | -4.53% |
| SMA200 | -4.59% |
| Trades | - |
Technical
| Shs Outstand | 208.66M |
|---|---|
| Shs Float | 208.16M |
| Short Float | 4.78% |
| Short Ratio | 14.54 |
| Short Interest | 9.94M |
| 52W High | 39.02 -15.20% |
| 52W Low | 25.94 27.56% |
| Volatility | 4.51% 2.46% |
| ATR (14) | 0.89 |
| RSI (14) | 43.40 |
| Beta | 0.32 |
| Rel Volume | 0.87 |
| Avg Volume | 683.93K |
| Volume | 594,890 |
Performance
| Perf Week | -2.82% |
|---|---|
| Perf Month | -2.48% |
| Perf Quarter | -9.61% |
| Perf Half Y | -8.13% |
| Perf YTD | 20.46% |
| Perf Year | 25.96% |
| Perf 3Y | - |
| Perf 5Y | - |
| Perf 10Y | - |
| Recom | 3.05 |
| Target Price | 35.57 |
| Prev Close | 32.78 |
| Price | 33.09 |
| Change % | 0.95% |
Analyst ratings
latest 10 of 15| Date | Action | Analyst | Rating change | Target | Implied |
|---|---|---|---|---|---|
| Oct 09, 2026 | Downgrade | BBarclays | Equal Weight → Underweight | $33 | -0.3% |
| Jun 10, 2026 | Initiated | RRaymond James | Outperform | ||
| Apr 20, 2026 | Initiated | GGoldman | Sell | $29 | -12.4% |
| Jan 14, 2026 | Downgrade | WWolfe Research | Peer Perform → Underperform | $24 | -27.5% |
| Dec 15, 2025 | Upgrade | JJefferies | Hold → Buy | ||
| Dec 11, 2025 | Initiated | UUBS | Neutral | ||
| Dec 08, 2025 | Initiated | BBarclays | Equal Weight | $27 | -18.4% |
| Aug 21, 2025 | Downgrade | JJP Morgan | Neutral → Underweight | $27 | -18.4% |
| Mar 28, 2025 | Initiated | JJP Morgan | Neutral | $28 | -15.4% |
| Mar 07, 2025 | Downgrade | WWolfe Research | Outperform → Peer Perform |
Peers
Mkt capInsider trading
2 filings| Insider | Relationship | Date | Transaction | Cost | Shares | Value | Total held | Form |
|---|---|---|---|---|---|---|---|---|
| Bevin Wirzba | Director | Mar 09 '26 | Proposed Sale | 45.31 | 150,451 | 6,816,416 | Mar 09 06:39 PM | |
| Richard Prior | Senior Vice President & COO | Mar 09 '26 | Proposed Sale | 0.00 | 41,050 | 46 | Mar 09 03:57 PM |
Held by
AUM| Ticker | Company | AUM |
|---|---|---|
| MLPX | Global X MLP & Energy Infrastructure ETF | AUM: 3.53B |
| ENFR | Alerian Energy Infrastructure ETF | AUM: 522.14M |
| UMI | USCF Midstream Energy Income Fund ETF | AUM: 520.21M |
| MDST | Westwood Salient Enhanced Midstream Income ETF | AUM: 289.12M |
| DISV | Dimensional International Small Cap Value ETF | AUM: 5.11B |
| DFIC | Dimensional International Core Equity 2 ETF | AUM: 15.45B |
| DFIS | Dimensional International Small Cap ETF | AUM: 5.82B |
| DFAX | Dimensional World ex U.S. Core Equity 2 ETF | AUM: 12.02B |
| TPYP | Tortoise North American Pipeline ETF | AUM: 875.89M |
| DFAI | Dimensional International Core Equity Market ETF | AUM: 18.32B |
News
latest 14 of 122- South Bow Beats On A Weaker Quarter As Leverage Falls Faster And Prairie Connector Permitting Stays Unclear (Earnings Whispers) -7.17%
- South Bow Reports Third-quarter 2026 Results, Provides 2027 Outlook, and Declares Dividend (GlobeNewswire)
- Trump floats 'concept' of US-Canada deal that includes pipeline talking to Carney (Reuters)
- South Bow Faces Quieter Quarter As Investors Weigh Prairie Connector Promise Against Softer Second Half (Earnings Whispers)
- South Bow Announces Timing of Third-quarter 2026 Results and Conference Call and Webcast (GlobeNewswire)
- South Bow Corp (SOBO) (Q2 2026) Earnings Call Highlights: Record Customer Commitments and ... (GuruFocus.com)
- South Bow Reports Second-quarter 2026 Results and Declares Dividend (GlobeNewswire)
- South Bow Corp (SOBO) Q2 2026: Everything You Need To Know Ahead Of Earnings (GuruFocus.com)
- South Bow Corp (SOBO) Q2 2026 Earnings Report Preview: What To Look For (GuruFocus.com)
- South Bow Announces Timing of Second-quarter 2026 Results and Conference Call and Webcast (GlobeNewswire)
- South Bow Announces Successful Open Season (GlobeNewswire)
- South Bow Announces Approval of Resolutions at Annual General Meeting of Shareholders (GlobeNewswire)
- South Bow Reports First-quarter 2026 Results and Declares Dividend (GlobeNewswire)
- Trump Signs Permit for Oil Pipeline Echoing Keystone XL (Bloomberg)
Quarterly earnings
actual against estimate| Period | Reported | EPS act | EPS est | EPS rep | Sales act | Sales est | Analysts |
|---|---|---|---|---|---|---|---|
| 2026Q3 | 2026-11-04 | 0.470 | 0.414 | 0.470 | 503 | 476.02 | 15 |
| 2026Q2 | 2026-08-05 | 0.500 | 0.443 | 0.642 | 546 | 496.87 | 15 |
| 2026Q1 | 2026-05-07 | 0.440 | 0.439 | 0.369 | 491 | 491.21 | 14 |
| 2025Q4 | 2026-03-05 | 0.610 | 0.402 | 0.747 | 503 | 504.59 | 14 |
| 2025Q3 | 2025-11-13 | 0.470 | 0.384 | 0.445 | 461 | 521.98 | 11 |
| 2025Q2 | 2025-08-06 | 0.420 | 0.420 | 0.460 | 524 | 524 | 1 |
| 2025Q1 | 2025-05-15 | 0.470 | 0.439 | 0.422 | 498 | 521.58 | 10 |
| 2024Q4 | 2025-03-06 | 0.540 | 0.432 | 0.264 | 488 | 534.47 | 10 |
| 2024Q3 | 2024-11-27 | 0.305 | 0.359 | 0.289 | - | - | 4 |
| 2024Q2 | 2024-08-28 | 0.390 | - | 0.000 | - | - | - |
| 2026Q4 | - | - | 0.444 | - | - | 502.06 | 14 |
| 2027Q1 | - | - | 0.464 | - | - | 514.09 | 8 |
| 2027Q2 | - | - | 0.471 | - | - | 517.07 | 8 |
| 2027Q3 | - | - | 0.488 | - | - | 520.66 | 8 |
| 2027Q4 | - | - | 0.493 | - | - | - | 6 |
| 2028Q1 | - | - | 0.483 | - | - | - | 1 |
Annual earnings
| Period | EPS act | EPS est | EPS rep | Sales act | Sales est |
|---|---|---|---|---|---|
| 2024FY | 1.840 | 1.767 | 1.519 | 2,120 | 2,129 |
| 2025FY | 1.970 | 1.746 | 2.070 | 1,986 | 1,946 |
| 2026FY | - | 1.863 | - | - | 2,015 |
| 2027FY | - | 1.910 | - | - | 2,059 |
| 2028FY | - | 2.025 | - | - | 2,099 |
| 2029FY | - | 2.210 | - | - | 2,175 |
| 2030FY | - | 2.393 | - | - | 2,298 |
Estimate revisions
last 14 periods| Period | Type | Date | Estimates | Up | Down | Mean | Low | High |
|---|---|---|---|---|---|---|---|---|
| 2026Q4 | S | 2026-11-09 | 3 | 1 | 1 | 502.06 | 476.22 | 515 |
| 2026Q4 | S | 2026-11-05 | 3 | 0 | 1 | 495.11 | 476.22 | 515 |
| 2026Q4 | S | 2026-11-04 | 3 | 0 | 1 | 493.77 | 476.22 | 511 |
| 2026Q4 | S | 2026-10-12 | 3 | 0 | 1 | 493.77 | 476.22 | 511 |
| 2026Q4 | S | 2026-09-03 | 3 | 0 | 1 | 495.14 | 476.22 | 511 |
| 2026Q4 | S | 2026-09-01 | 3 | 0 | 0 | 498.61 | 486.63 | 511 |
| 2026Q4 | S | 2026-08-13 | 3 | 0 | 1 | 498.61 | 486.63 | 511 |
| 2026Q4 | S | 2026-08-06 | 3 | 0 | 1 | 497.88 | 486.63 | 511 |
| 2026Q4 | S | 2026-07-25 | 3 | 0 | 1 | 496.55 | 486.63 | 507 |
| 2026Q4 | S | 2026-07-13 | 3 | 1 | 1 | 496.55 | 486.63 | 507 |
| 2026Q4 | S | 2026-06-18 | 3 | 1 | 1 | 496.49 | 486.63 | 507 |
| 2026Q4 | S | 2026-05-11 | 3 | 1 | 1 | 502.82 | 495.84 | 507 |
| 2026Q4 | S | 2026-05-08 | 3 | 0 | 1 | 498.46 | 482.75 | 507 |
| 2026Q4 | S | 2026-04-17 | 3 | 0 | 1 | 506.4 | 482.75 | 530.83 |
Estimate history
| EPS, annual | 2.125 | 1.519 | 2.074 | 2.2323 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Period | 2023 | 2024 | 2025 | TTM | |||||
| EPS, quarterly | 0.289 | 0.264 | 0.422 | 0.46 | 0.445 | 0.747 | 0.369 | 0.642 | 0.474 |
| Period | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
| Sales, annual | 2005 | 2120 | 1583 | 1665 | |||||
| Period | 2023 | 2024 | 2025 | TTM | |||||
| Sales, quarterly | 533.735 | 488 | 498 | 524 | 367 | 413 | 423 | 427 | 402 |
| Period | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
| Shares, annual | - | 208 | 208.251 | 208.663 | |||||
| Period | 2023 | 2024 | 2025 | MRQ | |||||
| Shares, quarterly | 208.041 | 208 | 208.221 | 208.221 | 208.251 | 208.251 | 208.585 | 208.588 | 208.663 |
| Period | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
Income statement, annual
| Metric | TTM | 2025FY | 2024FY | 2023FY |
|---|---|---|---|---|
| Total Revenue | 1,665.00 | 1,583.00 | 2,120.00 | 2,005.00 |
| Cost of Goods Sold Incl. D&A | 1,287.00 | 1,279.00 | 1,360.00 | 1,305.00 |
| Gross Profit | 378.00 | 304.00 | 760.00 | 700.00 |
| Other Operating Expense | -17.00 | -8.00 | 15.00 | 0.00 |
| Operating Income | 395.00 | 312.00 | 745.00 | 700.00 |
| Interest Expense | 340.00 | 331.00 | 388.00 | 220.00 |
| Unusual Expense | -13.00 | -36.00 | 0.00 | 0.00 |
| Net Income Before Taxes | 535.00 | 497.00 | 418.00 | 562.00 |
| Income Taxes | 69.00 | 64.00 | 102.00 | 120.00 |
| Consolidated Net Income | 466.00 | 433.00 | 316.00 | 442.00 |
| Net Income From Continuing Operations | 466.00 | 433.00 | 316.00 | 442.00 |
| Net Income | 466.00 | 433.00 | 316.00 | 442.00 |
| EPS (Recurring) | 2.19 | 1.95 | 1.52 | 2.13 |
| EPS (Basic, Before Extraordinaries) | 2.24 | 2.08 | 1.52 | 2.12 |
| EPS (Diluted) | 2.23 | 2.07 | 1.52 | 2.12 |
| EBITDA | 644.00 | 559.00 | 991.00 | 944.00 |
| Non-Operating Income (Expense) | 464.00 | 480.00 | 61.00 | 82.00 |
| Other After Tax Adjustments | 0.00 | 0.00 | 0.00 | 0.00 |
| Stock Option Compensation Expense | - | 0.47 | - | - |
| Price To Earnings Ratio | 14.68 | 14.68 | - | - |
| Price To Sales Ratio | 4.16 | 3.63 | 2.31 | - |
| Gross Margin | 22.70 | 19.20 | 35.85 | 34.91 |
| Operating Margin | 23.72 | 19.71 | 35.14 | 34.91 |
| Net Margin | 27.99 | 27.35 | 14.91 | 22.04 |
| Shares Outstanding | 208.66 | 208.25 | 208.00 | - |
| Market Capitalization | 6,837.51 | 6,837.51 | 4,892.42 | 4,977.53 |
Income statement, quarterly
| Metric | 2026Q3 | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 | 2024Q4 |
|---|---|---|---|---|---|---|---|---|
| Total Revenue | 402.00 | 427.00 | 423.00 | 413.00 | 367.00 | 524.00 | 498.00 | 488.00 |
| Cost of Goods Sold Incl. D&A | 338.00 | 307.00 | 330.00 | 312.00 | 312.00 | 338.00 | 317.00 | - |
| Gross Profit | 64.00 | 120.00 | 93.00 | 101.00 | 55.00 | 186.00 | 181.00 | - |
| Other Operating Expense | -4.00 | 0.00 | 0.00 | -13.00 | 2.00 | 0.00 | 3.00 | 0.00 |
| Operating Income | 68.00 | 120.00 | 93.00 | 114.00 | 53.00 | 186.00 | 178.00 | - |
| Interest Expense | 86.00 | 84.00 | 84.00 | 83.00 | 84.00 | 81.00 | 83.00 | - |
| Unusual Expense | 2.00 | -37.00 | 33.00 | -11.00 | -17.00 | 0.00 | 0.00 | 0.00 |
| Net Income Before Taxes | 108.00 | 174.00 | 100.00 | 153.00 | 104.00 | 126.00 | 114.00 | - |
| Income Taxes | 9.00 | 40.00 | 23.00 | -3.00 | 11.00 | 30.00 | 26.00 | 0.00 |
| Consolidated Net Income | 99.00 | 134.00 | 77.00 | 156.00 | 93.00 | 96.00 | 88.00 | 55.00 |
| Net Income From Continuing Operations | 99.00 | 134.00 | 77.00 | 156.00 | 93.00 | 96.00 | 88.00 | 55.00 |
| Net Income | 99.00 | 134.00 | 77.00 | 156.00 | 93.00 | 96.00 | 88.00 | 55.00 |
| EPS (Recurring) | 0.48 | 0.52 | 0.48 | 0.71 | 0.39 | 0.46 | 0.42 | 0.26 |
| EPS (Basic, Before Extraordinaries) | 0.47 | 0.64 | 0.37 | 0.75 | 0.45 | 0.46 | 0.42 | 0.26 |
| EPS (Diluted) | 0.47 | 0.64 | 0.37 | 0.75 | 0.45 | 0.46 | 0.42 | 0.26 |
| EBITDA | 130.00 | 185.00 | 157.00 | 172.00 | 117.00 | 249.00 | 240.00 | - |
| Non-Operating Income (Expense) | 128.00 | 101.00 | 124.00 | 111.00 | 118.00 | 21.00 | 19.00 | 12.00 |
| Other After Tax Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Price To Earnings Ratio | 14.68 | 18.55 | 17.07 | 18.70 | 25.63 | - | - | - |
| Price To Sales Ratio | 4.16 | 4.51 | 4.00 | 3.19 | 3.15 | 2.65 | 3.51 | 4.81 |
| Gross Margin | 15.92 | 28.10 | 21.99 | 24.46 | 14.99 | 35.50 | 36.35 | - |
| Operating Margin | 16.92 | 28.10 | 21.99 | 27.60 | 14.44 | 35.50 | 35.74 | - |
| Net Margin | 24.63 | 31.38 | 18.20 | 37.77 | 25.34 | 18.32 | 17.67 | 11.27 |
| Shares Outstanding | 208.66 | 208.59 | 208.58 | 208.25 | 208.25 | 208.22 | 208.22 | 208.00 |
| Market Capitalization | 6,837.51 | 7,350.54 | 6,949.19 | 5,720.65 | 5,890.57 | 5,395.01 | 5,309.21 | 4,892.42 |
Balance sheet, annual
| Metric | 2025FY | 2024FY | 2023FY |
|---|---|---|---|
| Cash & Short Term Investments | 575.00 | 463.00 | 332.00 |
| Short Term Receivables | 1,180.00 | 1,253.00 | 1,407.00 |
| Inventories | 100.00 | 207.00 | 160.00 |
| Other Current Assets | 160.00 | 275.00 | 715.00 |
| Total Current Assets | 2,015.00 | 2,198.00 | 2,614.00 |
| Net Property, Plant & Equipment | 8,249.00 | 8,206.00 | 8,428.00 |
| Total Investments and Advances | 832.00 | 812.00 | 892.00 |
| Intangible Assets | - | - | 0.00 |
| Deferred Tax Assets | 23.00 | 16.00 | 6.00 |
| Other Assets | 74.00 | 97.00 | 92.00 |
| Total Assets | 11,193.00 | 11,329.00 | 12,032.00 |
| Short Term Debt Incl. Current Port. of LT Debt | 0.00 | 0.00 | 0.00 |
| Accounts Payable | 754.00 | 1,098.00 | 1,229.00 |
| Income Tax Payable | 8.00 | 0.00 | 22.00 |
| Other Current Liabilities | 579.00 | 663.00 | 824.00 |
| Total Current Liabilities | 1,341.00 | 1,761.00 | 2,075.00 |
| Long Term Debt | 5,791.00 | 5,738.00 | 5,973.00 |
| Provision for Risks Charges | 17.00 | 17.00 | 7.00 |
| Deferred Tax Liabilities | 1,196.00 | 1,102.00 | 1,040.00 |
| Other Liabilities | 139.00 | 101.00 | 97.00 |
| Total Liabilities | 8,484.00 | 8,719.00 | 9,192.00 |
| Non-Equity Reserves | 0.00 | 0.00 | 0.00 |
| Preferred Stock - Carrying Value | 0.00 | 0.00 | 0.00 |
| Common Equity | 2,709.00 | 2,610.00 | 2,840.00 |
| Total Shareholders Equity | 2,709.00 | 2,610.00 | 2,840.00 |
| Accumulated Minority Interest | 0.00 | 0.00 | 0.00 |
| Total Equity | 2,709.00 | 2,610.00 | 2,840.00 |
| Total Liabilities & Stockholders Equity | 11,193.00 | 11,329.00 | 12,032.00 |
| Book Value Per Share | 13.01 | 12.55 | - |
| Tangible Book Value Per Share | 13.01 | 12.55 | - |
| Full-Time Employees | 536 | 600 | - |
| Price to Book Ratio | 2.57 | - | - |
| Return on Assets | 3.85 | 5.58 | - |
| Return on Equity | 16.28 | 24.21 | - |
| Return on Invested Capital | 5.09 | 3.79 | 5.02 |
| Quick Ratio | 1.43 | 1.13 | 1.18 |
| Current Ratio | 1.50 | 1.25 | 1.26 |
Cash flow, annual
| Metric | TTM | 2025FY | 2024FY | 2023FY |
|---|---|---|---|---|
| Net Income | 459.43 | 433.00 | 316.00 | 442.00 |
| Depreciation | 244.63 | 247.00 | 246.00 | 244.00 |
| Other Funds (Non Cash) | 7.01 | -8.00 | -30.00 | 60.00 |
| Funds from Operations | 737.04 | 752.00 | 591.00 | 813.00 |
| Extraordinary Item | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in Working Capital | 157.00 | -35.00 | -62.00 | -34.00 |
| Cash from Operating Activities | 894.04 | 717.00 | 529.00 | 779.00 |
| Capital Expenditures | -120.91 | -178.00 | -122.00 | -37.00 |
| Net Assets From Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Fixed Assets and Businesses | 0.00 | 0.00 | 38.00 | 93.00 |
| Purchase or Sale of Investments | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchase of Investments | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale Or Maturity of Investments | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Uses | 0.00 | 0.00 | -1.00 | -2.00 |
| Other Sources | 0.95 | 3.00 | 5.00 | 8.00 |
| Cash from Investing Activities | -119.96 | -175.00 | -80.00 | 62.00 |
| Cash Dividends Paid | -408.84 | -416.00 | 0.00 | 0.00 |
| Change in Capital Stock | 8.84 | 5.00 | 9.00 | 0.00 |
| Repurchase of Common Pref Stock | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Common Pref Stock | 8.84 | 5.00 | 9.00 | 0.00 |
| Proceedsfrom Stock Options | 0.00 | 0.00 | 0.00 | 0.00 |
| Issuance or Reduction of Debt, Net | -310.73 | 0.00 | -187.00 | -350.00 |
| Change in Long Term Debt | -310.73 | 0.00 | -187.00 | -350.00 |
| Issuance of Long Term Debt | 0.00 | 0.00 | 4,535.00 | 621.00 |
| Reduction of Long Term Debt | -310.73 | 0.00 | -4,722.00 | -971.00 |
| Net Financing Active Other Cash Flow | 0.00 | 0.00 | -129.00 | -227.00 |
| Other Financing Activities Uses | 0.00 | 0.00 | -129.00 | -227.00 |
| Cash from Financing Activities | -710.73 | -411.00 | -307.00 | -577.00 |
| Exchange Rate Effect | -1.79 | 21.00 | -7.00 | -6.00 |
| Net Change in Cash | 61.57 | 152.00 | 135.00 | 258.00 |
| Free Cash Flow | 773.14 | 539.00 | 407.00 | 742.00 |
| Preferred Dividends (Cash Flow) | - | 0.00 | 0.00 | 0.00 |
| Price to Free Cash Flow | 19.03 | 46.75 | 12.05 | - |
| Deferred Taxes & Investment Tax Credit | - | 80.00 | 59.00 | 67.00 |
Balance sheet, quarterly
| Metric | 2026Q3 | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 |
|---|---|---|---|---|---|---|
| Cash & Short Term Investments | 564.00 | 726.00 | 599.00 | 575.00 | 501.00 | 452.00 |
| Short Term Receivables | 1,068.00 | 1,067.00 | 977.00 | 1,180.00 | 1,097.00 | 1,138.00 |
| Inventories | 127.00 | 129.00 | 192.00 | 100.00 | 127.00 | 151.00 |
| Other Current Assets | 356.00 | 479.00 | 409.00 | 160.00 | 604.00 | 556.00 |
| Total Current Assets | 2,115.00 | 2,401.00 | 2,177.00 | 2,015.00 | 2,329.00 | 2,297.00 |
| Net Property, Plant & Equipment | 7,989.00 | 8,036.00 | 8,121.00 | 8,249.00 | 8,183.00 | 8,287.00 |
| Total Investments and Advances | 807.00 | 817.00 | 816.00 | 832.00 | 817.00 | 811.00 |
| Deferred Tax Assets | 27.00 | 26.00 | 23.00 | 23.00 | 16.00 | 16.00 |
| Other Assets | 99.00 | 102.00 | 103.00 | 74.00 | 118.00 | 72.00 |
| Total Assets | 11,037.00 | 11,382.00 | 11,240.00 | 11,193.00 | 11,463.00 | 11,483.00 |
| Short Term Debt Incl. Current Port. of LT Debt | 590.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Accounts Payable | 1,115.00 | 1,086.00 | 1,024.00 | 754.00 | 1,191.00 | 1,214.00 |
| Income Tax Payable | - | - | - | 8.00 | - | - |
| Other Current Liabilities | 422.00 | 490.00 | 420.00 | 579.00 | 523.00 | 578.00 |
| Total Current Liabilities | 2,127.00 | 1,576.00 | 1,444.00 | 1,341.00 | 1,714.00 | 1,792.00 |
| Long Term Debt | 4,826.00 | 5,734.00 | 5,751.00 | 5,791.00 | 5,751.00 | 5,774.00 |
| Provision for Risks Charges | 1.00 | 7.00 | 7.00 | 17.00 | 0.00 | 0.00 |
| Deferred Tax Liabilities | 1,249.00 | 1,226.00 | 1,205.00 | 1,196.00 | 1,211.00 | 1,133.00 |
| Other Liabilities | 171.00 | 174.00 | 172.00 | 139.00 | 163.00 | 147.00 |
| Total Liabilities | 8,374.00 | 8,717.00 | 8,579.00 | 8,484.00 | 8,839.00 | 8,846.00 |
| Non-Equity Reserves | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Preferred Stock - Carrying Value | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Common Equity | 2,663.00 | 2,665.00 | 2,661.00 | 2,709.00 | 2,624.00 | 2,637.00 |
| Total Shareholders Equity | 2,663.00 | 2,665.00 | 2,661.00 | 2,709.00 | 2,624.00 | 2,637.00 |
| Accumulated Minority Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Equity | 2,663.00 | 2,665.00 | 2,661.00 | 2,709.00 | 2,624.00 | 2,637.00 |
| Total Liabilities & Stockholders Equity | 11,037.00 | 11,382.00 | 11,240.00 | 11,193.00 | 11,463.00 | 11,483.00 |
| Book Value Per Share | 12.76 | 12.78 | 12.76 | 13.01 | 12.60 | 12.66 |
| Tangible Book Value Per Share | 12.76 | 12.78 | 12.76 | 13.01 | 12.60 | 12.66 |
| Full-Time Employees | - | - | - | 536 | - | - |
| Price to Book Ratio | 2.57 | 2.76 | 2.56 | 3.03 | 3.05 | 2.08 |
| Return on Assets | 4.14 | 4.02 | 3.77 | 3.85 | 2.35 | 5.21 |
| Return on Equity | 17.63 | 17.35 | 16.04 | 16.28 | 12.19 | 22.69 |
| Return on Invested Capital | 1.32 | 1.60 | 0.92 | 1.84 | 1.11 | 1.14 |
| Quick Ratio | 0.93 | 1.44 | 1.37 | 1.43 | 1.28 | 1.20 |
| Current Ratio | 0.99 | 1.52 | 1.51 | 1.50 | 1.36 | 1.28 |
Cash flow, quarterly
| Metric | 2026Q3 | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 |
|---|---|---|---|---|---|---|
| Net Income | 96.75 | 133.02 | 77.00 | 152.66 | 93.90 | 99.36 |
| Depreciation | 60.61 | 64.40 | 64.00 | 55.62 | 64.62 | 65.28 |
| Other Funds (Non Cash) | 10.90 | -45.99 | 43.00 | -0.91 | -20.34 | -7.76 |
| Funds from Operations | 189.86 | 172.28 | 195.00 | 179.90 | 221.36 | 177.32 |
| Extraordinary Item | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in Working Capital | 77.76 | 80.67 | -9.00 | 7.57 | -15.15 | 22.51 |
| Cash from Operating Activities | 267.62 | 252.95 | 186.00 | 187.48 | 206.21 | 199.82 |
| Capital Expenditures | -17.55 | -17.79 | -27.00 | -58.56 | -52.61 | -35.20 |
| Net Assets From Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Fixed Assets and Businesses | -1.00 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchase or Sale of Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchase of Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale Or Maturity of Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Uses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Sources | 0.99 | -1.00 | 1.00 | -0.04 | -0.01 | 3.05 |
| Cash from Investing Activities | -17.56 | -17.80 | -26.00 | -58.60 | -52.62 | -32.15 |
| Cash Dividends Paid | -101.72 | -103.03 | -104.00 | -100.08 | -104.99 | -107.80 |
| Preferred Dividends (Cash Flow) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Change in Capital Stock | 1.94 | -0.03 | 7.00 | -0.07 | 1.00 | 0.07 |
| Repurchase of Common Pref Stock | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sale of Common Pref Stock | 1.94 | -0.03 | 7.00 | -0.07 | 1.00 | 0.07 |
| Proceedsfrom Stock Options | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Issuance or Reduction of Debt, Net | -310.73 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Change in Long Term Debt | -310.73 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Issuance of Long Term Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Reduction of Long Term Debt | -310.73 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Financing Active Other Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Financing Activities Uses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from Financing Activities | -410.51 | -103.07 | -97.00 | -100.15 | -103.99 | -107.72 |
| Exchange Rate Effect | -0.88 | -5.91 | -13.00 | 18.00 | -0.01 | 3.05 |
| Net Change in Cash | -161.33 | 126.18 | 50.00 | 46.72 | 49.59 | 63.00 |
| Free Cash Flow | 250.07 | 235.16 | 159.00 | 128.91 | 153.60 | 164.62 |
| Price to Free Cash Flow | 19.03 | 27.79 | 36.53 | 46.65 | 239.70 | - |
Revenue breakdown
| Revenue split | - |
|---|
Short interest
shares short against float, oldest to newest| Settlement | Of float | Shares short | Float | Avg volume |
|---|---|---|---|---|
| 2026-10-30 | 4.78% | 9.9M | 208.2M | 678.10K |
| 2026-10-15 | 4.20% | 8.7M | 208.2M | 639.03K |
| 2026-09-30 | 4.52% | 9.4M | 208.2M | 670.05K |
| 2026-09-15 | 5.34% | 11.1M | 208.2M | 709.45K |
| 2026-08-31 | 5.31% | 11.1M | 208.2M | 754.61K |
| 2026-08-14 | 5.42% | 11.3M | 208.2M | 793.39K |
| 2026-07-31 | 5.03% | 10.5M | 208.2M | 854.56K |
| 2026-07-15 | 4.15% | 8.6M | 208.2M | 960.39K |
| 2026-06-30 | 3.71% | 7.7M | 208.2M | 976.21K |
| 2026-06-15 | 3.84% | 8.0M | 208.1M | 973.13K |
| 2026-05-29 | 3.57% | 7.4M | 208.1M | 981.27K |
| 2026-05-15 | 3.31% | 6.9M | 208.1M | 1.02M |
| 2026-04-30 | 3.15% | 6.6M | 208.1M | 1.01M |
| 2026-04-15 | 4.67% | 9.7M | 208.1M | 987.49K |
| 2026-03-31 | 6.40% | 13.3M | 208.2M | 989.46K |
| 2026-03-13 | 3.54% | 7.4M | 208.2M | 1.04M |
| 2026-02-27 | 3.17% | 6.6M | 207.9M | 957.43K |
| 2026-02-13 | 3.78% | 7.9M | 207.9M | 931.33K |
| 2026-01-30 | 4.06% | 8.4M | 207.9M | 944.03K |
| 2026-01-15 | 4.81% | 10.0M | 207.9M | 914.21K |
Option chain
expiry 2026-11-20| Type | Strike | Bid | Ask | Last | IV | Open int | Volume | Delta | Theta | Vega |
|---|---|---|---|---|---|---|---|---|---|---|
| call | 17.50 | 13.40 | 17.50 | 19.40 | 4.867 | 0.00 | 0.00 | 0.986 | -0.015 | 0.002 |
| call | 20.00 | 11.60 | 14.30 | 16.33 | 3.433 | 0.00 | 0.00 | 0.973 | -0.028 | 0.003 |
| call | 22.50 | 9.10 | 11.80 | 15.54 | 2.832 | 0.00 | 0.00 | 0.947 | -0.047 | 0.005 |
| call | 25.00 | 6.60 | 9.20 | 7.35 | 2.205 | 1.00 | 0.00 | 0.808 | -0.211 | 0.014 |
| call | 30.00 | 1.60 | 4.40 | 5.92 | 1.326 | 11.00 | 0.00 | 0.697 | -0.158 | 0.018 |
| call | 35.00 | 0.00 | 2.20 | 0.06 | 1.459 | 250 | 0.00 | 0.440 | -0.161 | 0.020 |
| call | 40.00 | 0.00 | 2.15 | 0.05 | 2.156 | 191 | 0.00 | 0.344 | -0.230 | 0.019 |
| call | 45.00 | 0.00 | 0.80 | 0.00 | 1.850 | 0.00 | 0.00 | 0.177 | -0.139 | 0.013 |
| call | 50.00 | 0.00 | 2.15 | 0.00 | 2.233 | 0.00 | 0.00 | 0.155 | -0.154 | 0.012 |
| put | 17.50 | 0.00 | 0.05 | 0.05 | 1.846 | 3.00 | 0.00 | -0.013 | -0.017 | 0.002 |
| put | 20.00 | 0.00 | 2.15 | 0.00 | 1.790 | 0.00 | 0.00 | -0.026 | -0.031 | 0.003 |
| put | 22.50 | 0.00 | 2.15 | 0.00 | 1.643 | 0.00 | 0.00 | -0.051 | -0.050 | 0.005 |
| put | 25.00 | 0.00 | 2.15 | 0.00 | 2.697 | 0.00 | 0.00 | -0.190 | -0.213 | 0.014 |
| put | 30.00 | 0.00 | 1.80 | 0.26 | 1.587 | 8.00 | 0.00 | -0.301 | -0.160 | 0.018 |
| put | 35.00 | 0.85 | 3.70 | 0.75 | 1.244 | 95.00 | 0.00 | -0.558 | -0.163 | 0.020 |
| put | 40.00 | 5.70 | 8.40 | 6.40 | 1.786 | 0.00 | 0.00 | -0.654 | -0.231 | 0.019 |
| put | 45.00 | 10.70 | 13.40 | 0.00 | 2.303 | 0.00 | 0.00 | -0.822 | -0.140 | 0.013 |
| put | 50.00 | 15.10 | 18.40 | 17.46 | 2.724 | 0.00 | 0.00 | -0.844 | -0.154 | 0.012 |
Latest SEC filings
30| Filed | Form | Description | Period | Link |
|---|---|---|---|---|
| 2026-11-04 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-09-30 | SEC |
| 2026-11-04 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-09-30 | SEC |
| 2026-11-04 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-11-04 | SEC |
| 2026-10-07 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-10-07 | SEC |
| 2026-08-05 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-06-30 | SEC |
| 2026-08-05 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-06-30 | SEC |
| 2026-08-05 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-08-05 | SEC |
| 2026-07-08 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-07-08 | SEC |
| 2026-07-08 | SCHEDULE 13G | SEC | ||
| 2026-06-29 | 11-K | Annual reports of employee stock purchase, savings and similar plans pursuant to Section 15(d) | 2025-12-31 | SEC |
| 2026-05-29 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-05-29 | SEC |
| 2026-05-14 | SCHEDULE 13G/A | SEC | ||
| 2026-05-08 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-03-31 | SEC |
| 2026-05-07 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-03-31 | SEC |
| 2026-05-07 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-05-07 | SEC |
| 2026-05-07 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-05-07 | SEC |
| 2026-04-09 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-04-09 | SEC |
| 2026-04-02 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-04-02 | SEC |
| 2026-03-16 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2025-12-31 | SEC |
| 2026-03-16 | 40-F | Registration Statement Pursuant to Section 12 of the Securities Exchange Act of 1934 or Annual Report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 | 2025-12-31 | SEC |
| 2026-03-16 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-03-13 | SEC |
| 2026-03-09 | 144 | Filing for proposed sale of securities under Rule 144. | SEC | |
| 2026-03-09 | 144 | Filing for proposed sale of securities under Rule 144. | SEC | |
| 2026-03-05 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-03-05 | SEC |
| 2026-02-13 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-02-13 | SEC |
| 2026-02-12 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-02-12 | SEC |
| 2026-02-05 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2026-02-05 | SEC |
| 2026-02-05 | SCHEDULE 13G/A | SEC | ||
| 2025-11-14 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2025-09-30 | SEC |
| 2025-11-14 | 6-K | Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 | 2025-09-30 | SEC |
Insider activity by month
| Month | Bought | Buys | Sold | Sells |
|---|---|---|---|---|
| 2026-11 | 0 | 0 | 0 | 0 |
| 2026-10 | 0 | 0 | 0 | 0 |
| 2026-09 | 0 | 0 | 0 | 0 |
| 2026-08 | 0 | 0 | 0 | 0 |
| 2026-07 | 0 | 0 | 0 | 0 |
| 2026-06 | 0 | 0 | 0 | 0 |
| 2026-05 | 0 | 0 | 0 | 0 |
| 2026-04 | 0 | 0 | 0 | 0 |
| 2026-03 | 0 | 0 | 0 | 0 |
| 2026-02 | 0 | 0 | 0 | 0 |
| 2026-01 | 0 | 0 | 0 | 0 |
| 2025-12 | 0 | 0 | 0 | 0 |
| 2025-11 | 0 | 0 | 0 | 0 |
Institutional holders
| Manager | % owned |
|---|---|
| FMR LLC | 11.48% |
| ROYAL BANK OF CANADA | 6.98% |
| Clearbridge Investments, LLC | 4.25% |
| VANGUARD CAPITAL MANAGEMENT LLC | 2.90% |
| BANK OF MONTREAL /CAN/ | 2.52% |
| PRICE T ROWE ASSOCIATES INC /MD/ | 2.51% |
| THORNBURG INVESTMENT MANAGEMENT INC | 1.78% |
| CIBC WORLD MARKET INC. | 1.72% |
| DIMENSIONAL FUND ADVISORS LP | 1.60% |
| BANK OF AMERICA CORP /DE/ | 1.32% |
Funds
| Fund | % owned |
|---|---|
| Fidelity Series Canada Fund | 2.57% |
| Thornburg Investment Income Builder Fund | 1.64% |
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 1.48% |
| Capital Income Builder | 1.01% |
| VANGUARD DEVELOPED MARKETS INDEX FUND | 0.98% |
| Avantis International Small Cap Value ETF | 0.84% |
| T. Rowe Price Equity Income Fund | 0.63% |
| Recurrent MLP & Energy Infrastructure Fund | 0.52% |
| American Funds Global Insight Fund | 0.41% |
| Center Coast Brookfield Midstream Focus Fund | 0.40% |
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