South Bow (SOBO) vs Western Midstream Partners (WES)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
South Bow (SOBO) has outperformed Western Midstream Partners (WES) over the past year, gaining 19.0% versus a gain of 16.9%. Western Midstream Partners is the larger company by market cap ($18.78 billion vs $6.91 billion), about 2.7 times the size. On valuation, Western Midstream Partners trades at a lower forward P/E (11.9x vs 17.1x for South Bow).
Western Midstream Partners offers the higher dividend yield (8.09% vs 6.03%). Western Midstream Partners converts more of its revenue into profit, with a net margin of 30.7% versus 21.8%.
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 | SOBO | WES |
|---|---|---|
| Share price | $33.15 | $45.47 |
| Market cap | $6.91B | $18.78B |
| 1-day change | -2.05% | -0.77% |
| YTD return | +23.19% | +16.00% |
| 1-year return | +19.03% | +16.86% |
| 5-year return | — | +95.98% |
| P/E ratio (TTM) | 15.07 | 14.39 |
| Forward P/E | 17.07 | 11.87 |
| EPS (TTM) | $2.20 | $3.16 |
| Dividend yield | 6.03% | 8.09% |
| Annual dividend | $2.00 | $3.68 |
| Revenue (latest FY) | $1.99B | $3.84B |
| Revenue growth (YoY) | -6.32% | +6.61% |
| Net income (latest FY) | $433.00M | $1.18B |
| Gross margin | 84.24% | 94.61% |
| Operating margin | — | 41.67% |
| Net margin | 21.80% | 30.73% |
| 52-week high | $39.02 | $50.07 |
| 52-week low | $25.02 | $36.90 |
| Distance from 52-week high | -15.05% | -9.20% |
| Analyst consensus | hold | buy |
| Avg. price target upside | +6.92% | +9.29% |
| Average volume | 618.51K | 823.53K |
| Shares outstanding | 208.59M | 413.17M |
| Employees | — | 1,704 |
| Sector | Energy | Utilities |
| 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
- Western Midstream Partners is about 2.7 times larger than South Bow by market value ($18.78B vs $6.91B).
- Western Midstream Partners offers a meaningfully higher dividend yield (8.09% vs 6.03%).
- Western Midstream Partners is more profitable, keeping 30.7 cents of every revenue dollar as net income versus 21.8 cents for South Bow.
- Western Midstream Partners grew revenue faster in its latest fiscal year (+6.61% vs -6.32%).
- The two companies sit in different sectors: South Bow in Energy and Western Midstream Partners in Utilities.
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
About Western Midstream Partners
WES stock →Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing of produced water.
Utilities · Natural Gas Distribution · 1,704 employees
SOBO vs WES FAQ
Which is bigger, South Bow or Western Midstream Partners?
Western Midstream Partners (WES) is larger, with a market capitalization of $18.78B compared with $6.91B for South Bow (SOBO).
Which stock has performed better over the past year, SOBO or WES?
SOBO returned +19.03% over the past 12 months, compared with +16.86% for WES (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, SOBO or WES?
WES has the lower trailing P/E at 14.4, versus 15.1 for SOBO. 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, South Bow or Western Midstream Partners?
Western Midstream Partners has the higher yield at 8.09%, compared with 6.03% for South Bow.
Are South Bow and Western Midstream Partners in the same industry?
Yes. Both are classified in the Natural Gas Distribution industry within the Energy sector.