South Bow SOBO

NYSE · Pipe Lines (No Natural Gas) · $7.1B

$31.61−7.17%Nov 5 close · Databento

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SOBO Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $31.611D −7.17%3M −12.00%SMA20 $34.53SMA50 $35.08RSI(14) 28.5

31.61

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 28.5

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$7.1B

Enterprise value$6.5B

Revenue$2.0B −6.3%

ROIC44.0%

EPS, diluted$2.07 +36.2%

Modern Valuation (EOD)

Market Cap$7.1B

Enterprise Value$6.5B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT6.00

EV / Sales3.29

P / E (GAAP)16.38

P / FCF—

P / Oper. CF9.89

P / Book2.62

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield6.1%

Shareholder Yield+5.9%

Buyback Yield—

Dividend Yield—

Dividend / sh—

Payout Ratio96%

FCF / sh—

EPS (diluted)$2.07

Compounder & Returns

Rule of 40—

ROIC44.0%

Cash ROIC (CROIC)—

GP / Assets—

ROE16.0%

ROA3.9%

Gross Margin—

Oper. Margin54.9%

Net Margin21.8%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−2.5%

SBC % of FCF—

SBC % of Rev—

Reinvest. Rate—

Sales Growth Y/Y−6.3%

Sales 3Y CAGR—

EPS Growth Y/Y+36.2%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y+0.3%

Balance Sheet & Scale

Revenue (FY)$2.0B

Gross Profit (FY)—

Oper. Income (FY)$1.1B

GAAP Net Income$433.0M

True FCF (ex-SBC)—

Cash & Equiv$549.0M

Total Debt—

Net Cash (Debt)$549.0M

Net Cash % MCap+7.7%

Debt / FCF (yrs)—

Current Ratio1.50208.25M sh

Price & Technicals (EOD)

Perf Week−12.05%

Perf Month−5.27%

Perf Quarter−11.26%

Perf Half Y−9.97%

Perf YTD+0.44%

SMA 20 Dist−8.47%$34.53

SMA 50 Dist−9.90%$35.08

SMA 100 Dist−11.93%$35.89

Window High−18.26%$38.67

Window Low+0.99%$31.30

RSI (14) · Vol28.535%v

Income Distribution & Cash Flow ConversionHow every dollar of SOBO revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$313.0M ($15.8 / $100)

Operating Expenses$582.0M ($29.3 / $100)

Tax & Non-Operating$658.0M ($33.1 / $100)

Net Profit Kept$433.0M ($21.8 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$433.0M (21.8% margin)

Operating Cash Flow (OCF)$717.0M(36.1% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)—

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2023	FY2024	FY2025	YoY Δ	CAGR
Income Statement
Revenue	$2.0B	$2.1B	$2.0B	−6.3%	−0.5%
Cost of Revenue (COGS)	$351.0M	$376.0M	$313.0M	−16.8%	−5.6%
Operating Income (EBIT)	$1.1B	$1.1B	$1.1B	+0.0%	+0.8%
Interest Expense	$220.0M	$388.0M	$331.0M	−14.7%	+22.7%
Income Tax Expense	$120.0M	$102.0M	$64.0M	−37.3%	−27.0%
GAAP Net Income	$442.0M	$316.0M	$433.0M	+37.0%	−1.0%
Diluted EPS	$2.13	$1.52	$2.07	+36.2%	−1.4%
Diluted Shares	207.6M	208.2M	208.8M	+0.3%	+0.3%
Balance Sheet
Cash & Equivalents	$262.0M	$397.0M	$549.0M	+38.3%	+44.8%
Inventory	$160.0M	$207.0M	$100.0M	−51.7%	−20.9%
Total Current Assets	$2.6B	$2.2B	$2.0B	−8.3%	−12.2%
Total Assets	$12.0B	$11.3B	$11.2B	−1.2%	−3.5%
Total Current Liabilities	$2.1B	$1.8B	$1.3B	−23.9%	−19.6%
Total Liabilities	$9.2B	$8.7B	$8.5B	−2.7%	−3.9%
Stockholders' Equity	$2.8B	$2.6B	$2.7B	+3.8%	−2.3%
Net Cash / (Net Debt)	$262.0M	$397.0M	$549.0M	+38.3%	+44.8%
Invested Capital	$2.6B	$2.2B	$2.2B	−2.4%	−8.5%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$779.0M	$529.0M	$717.0M	+35.5%	−4.1%
Depreciation & Amortization (D&A)	$244.0M	$246.0M	$247.0M	+0.4%	+0.6%
Dividends Paid	—	$0	$416.0M	—	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what SOBO did at the next close after each story

No Wire story has named SOBO yet.

What happened · big days

11 big days in a year, and what we hold on each

A big day is a close more than 2.80% from the one before, three times SOBO’s median day (0.93%). On 1 of the 11, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.80%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DaySOBOWhat we hold that dayGroup (median of 4) · each

1 Nov 14, 2025+5.06%
Before our storiesgroup +2.4%, did not move with it
1Nov 14, 2025+5.06%
Before our stories
+2.4% did not move with itDINO +3.9 · MPLX +2.4 · PAA +2.3 · PAGP +2.0
2 Nov 20, 2025−3.25%
Before our storiesgroup +0.3%, did not move with it
2Nov 20, 2025−3.25%
Before our stories
+0.3% did not move with itDINO −3.4 · PAA +0.2 · MPLX +0.3 · PAGP +0.7
3 Dec 15, 2025+3.01%
Before our storiesgroup +0.5%, did not move with it
3Dec 15, 2025+3.01%
Before our stories
+0.5% did not move with itPAGP +1.1 · PAA +0.6 · DINO +0.5 · MPLX +0.1
4 Dec 31, 2025−3.27%
Before our storiesgroup +0.0%, did not move with it
4Dec 31, 2025−3.27%
Before our stories
+0.0% did not move with itMPLX −0.5 · DINO −0.4 · PAGP +0.5 · PAA +0.5
5 Jan 5, 2026−3.19%
Before our storiesgroup +0.5%, did not move with it
5Jan 5, 2026−3.19%
Before our stories
+0.5% did not move with itMPLX −1.1 · PAA +0.4 · PAGP +0.5 · DINO +5.2
6 Feb 25, 2026+2.83%
Before our storiesgroup −0.3%, did not move with it
6Feb 25, 2026+2.83%
Before our stories
−0.3% did not move with itDINO +0.4 · PAA −0.3 · PAGP −0.4 · MPLX −0.6
7 May 29, 2026−2.97%
Before our storiesgroup −1.5%, did not move with it
7May 29, 2026−2.97%
Before our stories
−1.5% did not move with itPAA −1.6 · MPLX −1.5 · PAGP −1.4 · DINO +2.4
8 Jun 10, 2026+4.43%
Nothing on SOBOgroup +1.1%, did not move with it
8Jun 10, 2026+4.43%
Nothing on SOBONo SOBO story, brief or results filing in our record that day
+1.1% did not move with itDINO +1.6 · PAA +1.2 · PAGP +1.1 · MPLX −0.2
9 Jul 7, 2026+4.20%
Nothing on SOBOgroup +1.4%, did not move with it
9Jul 7, 2026+4.20%
Nothing on SOBONo SOBO story, brief or results filing in our record that day
+1.4% did not move with itPAGP +2.0 · PAA +1.8 · MPLX +0.9 · DINO −0.7
10 Jul 13, 2026+3.07%
Nothing on SOBOgroup +2.4%, moved with SOBO
10Jul 13, 2026+3.07%
Nothing on SOBONo SOBO story, brief or results filing in our record that day
+2.4% moved with SOBODINO +4.7 · PAA +2.8 · PAGP +2.0 · MPLX +0.5
11 Jul 27, 2026−2.96%
Nothing on SOBOgroup −0.9%, did not move with it
11Jul 27, 2026−2.96%
Nothing on SOBONo SOBO story, brief or results filing in our record that day
−0.9% did not move with itPAGP −1.4 · PAA −1.3 · MPLX −0.5 · DINO +2.8

A story on the same day is not a cause, and a group move is not proof either. Group: the median of MPLX, DINO, PAA and PAGP that day, the largest companies in SOBO’s SEC industry; “moved with SOBO” means the same direction and at least half the size.

Same industry

SOBO against four same-industry peers, a year at 100

SOBO is up 31.0% in a year. HF Sinclair is up 91.1%, Plains GP 53.7% and Plains All American Pipeline 51.6%. Of these four, only MPLX (+9.7%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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SOBO +31.0%. HF Sinclair +91.1%, Plains GP +53.7%, Plains All American Pipeline +51.6%, MPLX +9.7%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in SOBO’s SEC industry (Pipe Lines (No Natural Gas)) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

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MPLX	MPLX	$57.0B	+0.53%
DINO	HF Sinclair	$18.6B	−6.50%
PAA	Plains All American Pipeline	$17.8B	−2.70%
PAGP	Plains GP	$5.3B	−2.01%
DKL	Delek Logistics Partners	$2.8B	−2.05%
GEL	Genesis Energy	$1.6B	−5.81%