Plains All American Pipeline L.P. (PAA) vs South Bow (SOBO)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Plains All American Pipeline L.P. (PAA) has outperformed South Bow (SOBO) over the past year, gaining 48.5% versus a gain of 19.0%. Plains All American Pipeline L.P. is the larger company by market cap ($17.28 billion vs $6.91 billion), about 2.5 times the size, while South Bow is growing revenue faster (-6.3% vs -9.5%). On valuation, Plains All American Pipeline L.P. trades at a lower forward P/E (12.8x vs 17.1x for South Bow).
Plains All American Pipeline L.P. offers the higher dividend yield (6.67% vs 6.04%). South Bow converts more of its revenue into profit, with a net margin of 21.8% versus 3.2%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | PAA | SOBO |
|---|---|---|
| Share price | $24.50 | $33.13 |
| Market cap | $17.28B | $6.91B |
| 1-day change | +0.31% | -2.07% |
| YTD return | +35.97% | +23.19% |
| 1-year return | +48.54% | +19.03% |
| 5-year return | +120.00% | — |
| P/E ratio (TTM) | 21.12 | 15.06 |
| Forward P/E | 12.80 | 17.06 |
| EPS (TTM) | $1.16 | $2.20 |
| Dividend yield | 6.67% | 6.04% |
| Annual dividend | $1.63 | $2.00 |
| Revenue (latest FY) | $44.26B | $1.99B |
| Revenue growth (YoY) | -9.46% | -6.32% |
| Net income (latest FY) | $1.44B | $433.00M |
| Gross margin | 8.65% | 84.24% |
| Operating margin | 3.24% | — |
| Net margin | 3.24% | 21.80% |
| 52-week high | $26.39 | $39.02 |
| 52-week low | $15.69 | $25.02 |
| Distance from 52-week high | -7.18% | -15.09% |
| Analyst consensus | buy | hold |
| Avg. price target upside | +6.67% | +6.97% |
| Average volume | 2.52M | 618.51K |
| Shares outstanding | 705.57M | 208.59M |
| Employees | 3,900 | — |
| Sector | Energy | Energy |
| Industry | Natural Gas Distribution | Natural Gas Distribution |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Plains All American Pipeline L.P. is about 2.5 times larger than South Bow by market value ($17.28B vs $6.91B).
- PAA has outperformed SOBO by 29.5 percentage points over the past year.
- Plains All American Pipeline L.P. trades at a higher earnings multiple (21.1x vs 15.1x trailing P/E).
- South Bow is more profitable, keeping 21.8 cents of every revenue dollar as net income versus 3.2 cents for Plains All American Pipeline L.P..
About Plains All American Pipeline L.P.
PAA stock →Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL.
Energy · Natural Gas Distribution · 3,900 employees
About South Bow
SOBO stock →South Bow Corporation operates as an energy infrastructure company. It operates through three segments: Keystone Pipeline System, Marketing, and Intra-Alberta & Other.
Energy · Natural Gas Distribution
PAA vs SOBO FAQ
Which is bigger, Plains All American Pipeline L.P. or South Bow?
Plains All American Pipeline L.P. (PAA) is larger, with a market capitalization of $17.28B compared with $6.91B for South Bow (SOBO).
Which stock has performed better over the past year, PAA or SOBO?
PAA returned +48.54% over the past 12 months, compared with +19.03% for SOBO (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, PAA or SOBO?
SOBO has the lower trailing P/E at 15.1, versus 21.1 for PAA. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Plains All American Pipeline L.P. or South Bow?
Plains All American Pipeline L.P. has the higher yield at 6.67%, compared with 6.04% for South Bow.
Are Plains All American Pipeline L.P. and South Bow in the same industry?
Yes. Both are classified in the Natural Gas Distribution industry within the Energy sector.