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SOBO

SOUTH BOW CORPORATION
CIK 0002019061 ยท EDGAR โ†—
cleanelevatedtriggeredno dataplanned
21.4
composite ยท 5 signals ยท CLEAN

Every card below shows the score and the exact filing data it was computed from โ€” no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded โ€” never a guess.

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Signals

P-01 ยท FY 2025-12-31 ยท CLEAN26.4

Earnings quality

Beneish M-Score -2.58 โ€” no manipulation profile
trend: flat
Trend
Source: 40-F on SEC.gov (filed 2026-03-16) โ†—
Evidence โ€” inputs and thresholds
{
  "m_score": -2.575,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 0.993,
    "GMI": 0.977,
    "AQI": 1.059,
    "SGI": 0.937,
    "DEPI": 0.997,
    "SGAI": 1,
    "LVGI": 0.771,
    "TATA": -0.025
  },
  "defaulted_to_neutral": [
    "SGAI"
  ],
  "sloan_accruals": -0.0252,
  "inputs": {
    "revenue_t": 1986000000,
    "revenue_t1": 2120000000,
    "total_assets_t": 11193000000,
    "net_income_t": 433000000,
    "cfo_t": 717000000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/2019061/000201906126000006/0002019061-26-000006-index.htm",
    "form": "40-F",
    "filed": "2026-03-16"
  }
}
P-05 ยท FY 2025-12-31 ยท CLEAN15.8

Tax arbitrage

ETR 12.9% โ€” within normal range of statutory
trend: flat
Trend
Source: 40-F on SEC.gov (filed 2026-03-16) โ†—
Evidence โ€” inputs and thresholds
{
  "etr_by_year": {
    "2025-12-31": 0.1288,
    "2024-12-31": 0.244,
    "2023-12-31": 0.2135
  },
  "statutory_rate": 0.21,
  "gap_by_year": {
    "2025-12-31": 0.0812,
    "2024-12-31": -0.034,
    "2023-12-31": -0.0035
  },
  "note": "Low ETR can be fully legitimate; this flags persistence + magnitude for review.",
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/2019061/000201906126000006/0002019061-26-000006-index.htm",
    "form": "40-F",
    "filed": "2026-03-16"
  }
}
P-07 ยท FY 2024-10-01 ยท CLEAN0.0

Pension underfunding

[FY2024 data, stale โ€” no more recent pension disclosure in XBRL] DB plan 101% funded
trend: flat
Trend
Source: 40-F on SEC.gov (filed 2026-03-16) โ†—
Evidence โ€” inputs and thresholds
{
  "benefit_obligation": 87000000,
  "plan_assets": 88000000,
  "funded_ratio": 1.0115,
  "deficit": 1000000,
  "deficit_vs_equity": null,
  "thresholds": {
    "elevated": "<90% funded",
    "triggered": "<80% funded or deficit >25% of equity"
  },
  "stale": true,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/2019061/000201906126000006/0002019061-26-000006-index.htm",
    "form": "40-F",
    "filed": "2026-03-16"
  }
}
P-12 ยท FY 2025-12-31 ยท CLEAN13.6

Restatement predictor

F-Score 0.41 โ€” at or below the population base rate
trend: flat
Trend
Source: 40-F on SEC.gov (filed 2026-03-16) โ†—
Evidence โ€” inputs and thresholds
{
  "f_score": 0.407,
  "probability": 0.0015,
  "components": {
    "rsst": -0.0252,
    "drec": -0.0074,
    "dinv": -0.0095,
    "soft": 0.2175,
    "dcs": -0.0241,
    "droa": 0.0108,
    "issue": 1
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/2019061/000201906126000006/0002019061-26-000006-index.htm",
    "form": "40-F",
    "filed": "2026-03-16"
  }
}
P-13 ยท FY 2024-12-31 ยท CLEAN0.0

Zombie / distress

Interest coverage 2.81x โ€” servicing debt from operations
trend: flat
Trend
Source: 40-F on SEC.gov (filed 2026-03-16) โ†—
Evidence โ€” inputs and thresholds
{
  "icr_by_year": {
    "2024-12-31": 2.812,
    "2023-12-31": 4.882
  },
  "consecutive_years_below_1": 0,
  "altman_z_double_prime": 1.2,
  "definitions": {
    "zombie": "ICR<1 for 3+ consecutive FYs (BIS 2018)",
    "z_distress": "<1.1 distress, 1.1-2.6 gray, >2.6 safe"
  },
  "inputs": {
    "ebit_t": 1091000000,
    "interest_expense_t": 388000000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/2019061/000201906126000006/0002019061-26-000006-index.htm",
    "form": "40-F",
    "filed": "2026-03-16"
  }
}