PAA vs SOBO
Plains ALL American Pipeline LP and South Bow Corp., side by side — 3 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | PAA | SOBO |
|---|---|---|
| Revenue | $44.3B | $2.0B |
| Net income | $1.4B | $433.0M |
| Gross margin | 8.7% | 84.2% |
| Net margin | 4.0% | 21.8% |
| Return on equity | — | — |
| Diluted EPS | — | $2.07 |
| Dividend / share | — | — |
| Payout ratio | — | 96.1% |
| Free cash flow | $2.3B | — |
| Equity | — | — |
| Net debt / equity | — | — |
| Current ratio | 0.96× | 1.50× |
| Revenue CAGR 5y | 13.7% | — |
| Profit CAGR 5y | — | — |
PAA bills 22.3× the revenue of SOBO, and SOBO keeps more of each dollar of revenue as profit (21.8% against 4.0%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
Revenue by year
3 years side by side
| Fiscal year | PAA | SOBO |
|---|---|---|
| FY2025 | $44.3B | $2.0B |
| FY2024 | $48.9B | $2.1B |
| FY2023 | $47.3B | $2.0B |
Net income by year
Bottom line
| Fiscal year | PAA | SOBO |
|---|---|---|
| FY2025 | $1.4B | $433.0M |
| FY2024 | $772.0M | $316.0M |
| FY2023 | $1.2B | $442.0M |