PAGP vs SOBO
Plains GP Holdings LP and South Bow Corp., side by side — 3 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | PAGP | SOBO |
|---|---|---|
| Revenue | $44.3B | $2.0B |
| Net income | $260.0M | $433.0M |
| Gross margin | 8.7% | 84.2% |
| Net margin | 3.8% | 21.8% |
| Return on equity | · | 16.3% |
| 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 | · | · |
PAGP bills 22.3× the revenue of SOBO, and SOBO keeps more of each dollar of revenue as profit (21.8% against 3.8%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
3 years side by side
| Fiscal year | PAGP | SOBO |
|---|---|---|
| FY2025 | $44.3B | $2.0B |
| FY2024 | $48.9B | $2.1B |
| FY2023 | $47.3B | $2.0B |
Bottom line
| Fiscal year | PAGP | SOBO |
|---|---|---|
| FY2025 | $260.0M | $433.0M |
| FY2024 | $103.0M | $316.0M |
| FY2023 | $198.0M | $442.0M |
Standard deviation, each side
SOBO's net margin has been more volatile than PAGP's over the 3 comparable fiscal years — 3.3 percentage points of standard deviation against 0.7.
3 of 10 comparable fiscal years — a year missing data on either side is not counted.
Year by year
SOBO led in net margin in every one of the 3 comparable fiscal years — a structural lead, not a recent swing.
3 of 10 comparable fiscal years — a year missing data on either side is not counted.