Southern Company (The)

SO Utilities Utilities Regulated Electric

Southern Company (The)’s revenue for fiscal 2025 (year ended December 2025) was $29.6 billion, up 10.6% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 28.8%, free cash flow grew 23.5% and total debt rose 7.46%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, operating cash flow growth for three.

91.18 2.00 +2.24%
Market cap
$102.6B
P/E
21.9×
Fwd P/E
20.8×
Dividend yield
3.29%
F-score
4/9
Altman Z
0.93
Beneish M
−2.63
Dividend safety
32/100

Insider Decisions trades per month

Total sells 5.63
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — 1 3 — 1 1 1 2 3 1
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 102,590.00
Revenue 30,179.00
Net Income 4,575.00
Free Cash Flow (3,268.00)
Net Debt 70,466.00
Current Ratio 0.79 (below 1: weak)
Debt/Equity 1.73
P/E ratio 21.87
Fwd P/E 20.80
P/S ratio 3.44
P/B ratio 2.45
Past 5Y EPS Growth 5.96%
This Y EPS Growth 6.85%
Next Y EPS Growth 7.21%
Next Y revenue growth 4.61%
Next 5Y EPS Growth 7.74%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 60.45%
10-year low 10-year high
P/S against its own 10 years 83.89%
10-year low 10-year high
P/B against its own 10 years 78.58%
10-year low 10-year high
EV/Sales against its own 10 years 82.82%
10-year low 10-year high

Dividends

Payout Ratio 0.72
Annual Dividend Rate 3.00
Annual Dividend Yield 3.29%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 3.04
0.74
0.76
0.76
2025 2.94
0.72
0.74
0.74
0.74
2024 2.86
0.70
0.72
0.72
0.72
2023 2.78
0.68
0.70
0.70
0.70
2022 2.70
0.66
0.68
0.68
0.68
2021 2.62
0.64
0.66
0.66
0.66
2020 2.54
0.62
0.64
0.64
0.64
2019 2.46
0.60
0.62
0.62
0.62
2018 2.38
0.58
0.60
0.60
0.60
2017 2.30
0.56
0.58
0.58
0.58
2016 2.22
0.54
0.56
0.56
0.56
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 748 1,070 1,639 2,984
Receivables 2,481 2,751 2,822 2,783
Inventory 2,932 2,981 2,937 3,108
Other 3,865 3,598 3,192 3,133
10,432 10,694 10,917 12,378
2023 2024 2025 Q'26
Payables 2,898 3,701 3,710 3,374
ST’ Debt 2,476 4,718 6,220 4,694
Other 2,925 3,039 2,810 2,823
13,467 15,993 16,888 15,734

Compound Annual Growth %

10y 5y 3y
Sales 5.39% 7.72% 0.31%
Cash Flow 4.56% 7.92% 15.86%
Earnings 6.25% 6.84% 7.20%
Book Value 5.81% 3.63% 4.02%

Revenue $m

Mar Jun Sep Dec Year
’26 8,397 6,977 — — —
’25 7,775 6,973 7,823 6,982 29,553
’24 6,646 6,463 7,274 6,341 26,724
’23 6,480 5,748 6,980 6,045 25,253
’22 6,648 7,206 8,378 7,047 29,279
’21 5,910 5,198 6,238 5,767 23,113
’20 5,018 4,620 5,620 5,117 20,375
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,226 3,054 — — —
’25 1,250 2,181 3,774 2,597 9,802
’24 1,311 2,688 3,616 2,173 9,788
’23 844 2,056 2,840 1,813 7,553
’22 1,592 1,987 1,438 1,285 6,302
’21 1,242 1,662 2,177 1,088 6,169
’20 894 1,953 2,373 1,476 6,696
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,718) (641) — — —
’25 (1,187) (838) 779 (1,688) (2,934)
’24 (459) 908 1,330 (577) 1,202
’23 (903) 31 216 (722) (1,378)
’22 264 221 (850) (981) (1,346)
’21 (436) (19) 474 (519) (500)
’20 316 312 214 (619) 223
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 1.21 1.03 — — —
’25 1.21 0.79 1.55 0.38 3.94
’24 1.03 1.09 1.40 0.49 4.02
’23 0.79 0.76 1.30 0.78 3.64
’22 0.97 1.03 1.36 (0.08) 3.28
’21 1.07 0.35 1.04 (0.20) 2.26
’20 0.82 0.58 1.18 0.37 2.95
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 46.00 46.71 42.38 43.26 41.96 56.69 60.71 61.56 65.80 80.46

Analyst estimates 2026–2028

Powerpack
High 54.64 53.51 49.43 64.26 71.10 68.88 80.57 75.80 94.45 100.84
People
People Employees 32,020 31,344 29,192 27,943 27,700 27,300 27,700 28,100 28,600 29,800
Revenue/emp, $m 0.62 0.73 0.80 0.77 0.74 0.85 1.06 0.90 0.93 0.99
Income, $m
Income, $m Revenue 19,896 23,031 23,495 21,419 20,375 23,113 29,279 25,253 26,724 29,553
Gross margin, % 69.92 67.97 66.15 71.09 75.14 69.87 59.60 70.49 74.39 72.38
EBT 3,480 1,068 2,749 6,542 3,496 2,576 4,223 4,345 5,229 4,999
EBT margin, % 17.49 4.64 11.70 30.54 17.16 11.15 14.42 17.21 19.57 16.92
Net income 2,529 926 2,300 4,744 3,103 2,309 3,428 3,849 4,260 4,171
Depreciation 2,923 3,457 3,549 3,331 3,905 3,973 4,064 4,986 5,266 6,030
Per share, $
Per share, $ Revenue 20.92 23.03 23.03 20.48 19.26 21.78 27.24 23.13 24.38 26.79
Earnings 2.57 0.84 2.18 4.53 2.95 2.26 3.28 3.64 4.02 3.94
Cash flow 5.15 6.39 6.81 5.53 6.33 5.81 5.86 6.92 8.93 8.89
Capex (7.67) (7.33) (4.95) (2.33) (6.12) (6.29) (7.11) (8.18) (7.83) (11.55)
Free cash flow (2.52) (0.93) 1.86 3.20 0.21 (0.47) (1.25) (1.26) 1.10 (2.66)
Book value 28.11 25.85 28.75 30.64 30.74 30.69 32.12 32.26 33.46 35.24
Shares, m 951 1,000 1,020 1,046 1,058 1,061 1,075 1,092 1,096 1,103
Valuation, ×
Valuation, × P/E 18.93 56.15 20.05 14.00 20.82 30.35 21.85 19.46 20.48 22.13
P/S 2.34 2.05 1.91 3.11 3.19 3.15 2.64 3.06 3.38 3.25
P/B 1.88 1.85 1.54 2.10 2.02 2.25 2.24 2.20 2.46 2.47
EV/Sales 4.52 4.06 3.72 5.11 5.52 5.33 4.45 5.40 5.71 5.63
EV/FCF (37.43) (100.21) 45.97 32.69 504.52 (246.48) (96.82) (98.92) 126.99 (56.72)
Cash, $m
Cash, $m Operating cash flow 4,894 6,394 6,945 5,781 6,696 6,169 6,302 7,553 9,788 9,802
Capex (7,295) (7,326) (5,045) (2,433) (6,473) (6,669) (7,648) (8,931) (8,586) (12,736)
Free cash flow (2,401) (932) 1,900 3,348 223 (500) (1,346) (1,378) 1,202 (2,934)
Balance, $m
Balance, $m Working capital (3,195) (3,522) (4,703) (2,729) (3,462) (1,956) (5,308) (3,035) (5,299) (5,971)
Total debt 45,216 48,354 43,934 44,787 48,580 52,277 54,941 59,686 63,486 71,869
Net debt 43,241 46,224 42,538 42,812 47,515 50,479 53,024 58,938 62,416 70,230
Shareholders’ equity 26,730 25,852 29,330 32,050 32,525 32,567 34,532 35,225 36,674 38,867
Returns, %
Returns, % ROA 2.60 0.76 1.95 4.02 2.58 1.91 2.69 2.90 3.09 2.89
ROIC 4.01 2.02 3.64 6.46 3.81 2.78 3.83 3.87 4.46 4.17
ROE 10.80 3.35 8.16 15.59 9.75 7.42 10.55 11.40 12.24 11.49
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Southern Company (The) vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NEE NextEra Energy, Inc. $164.7B 17.9× 21.6× +12.45% (above 0%: growing) +53.06% (above 0%: growing) −46.89% (below 0%: shrinking) 81.76% 29.71% Compare
SO Southern Company (The) $102.6B 21.9× 20.8× +0.06% (above 0%: growing) +28.75% (above 0%: growing) +23.51% (above 0%: growing) 75.71% 25.46%
DUK Duke Energy Corporation $92.7B 18.2× 18.4× +1.12% (above 0%: growing) +10.40% (above 0%: growing) −233.81% (below 0%: shrinking) 73.06% 26.99% Compare
NGG National Grid Transco, PLC $79.5B 22.3× 13.6× +10.37% (above 0%: growing) +115.14% (above 0%: growing) −2,663.95% (below 0%: shrinking) 23.34% 0.00% Compare
AEP American Electric Power Company, Inc. $67.7B 21.8× 20.3× +7.04% (above 0%: growing) −42.79% (below 0%: shrinking) −28.81% (below 0%: shrinking) 70.56% 22.90% Compare
D Dominion Energy Inc. $55.3B 22.2× 18.6× +17.59% (above 0%: growing) −57.95% (below 0%: shrinking) +31.64% (above 0%: growing) 67.68% 7.34% Compare
ETR Entergy Corporation $49.7B 26.5× 25.3× +5.85% (above 0%: growing) −1.87% (below 0%: shrinking) −16.71% (below 0%: shrinking) 69.73% 24.13% Compare
XEL Xcel Energy Inc. $46.9B 20.8× 19.2× −5.11% (below 0%: shrinking) +23.68% (above 0%: growing) −37.30% (below 0%: shrinking) 75.22% 22.64% Compare
EXC Exelon Corporation $43.9B 15.9× 16.0× +9.95% (above 0%: growing) 0.00% +49.00% (above 0%: growing) 62.95% 16.41% Compare
Median of peers $61.5B 21.3× 18.9× +8.50% +5.20% −33.05% 70.15% 22.77%

All 40 Utilities Regulated Electric stocks →

SO metrics, ten years each

Southern Company (The) (SO) key facts

  • Concern: Net income was $4.2 billion, or $3.94 per share (basic), a net margin of 14.7%.
  • Strength: Southern Company (The)’s revenue for fiscal 2025 (year ended December 2025) was $29.6 billion, up 10.6% from fiscal 2024.
  • Southern Company (The) (SO) is an Utilities Regulated Electric company in the Utilities sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, SO traded at $91.18, a market capitalization of $102.6 billion.
  • At that price the stock trades at 21.9× trailing-twelve-month earnings and 3.4× sales; its P/E is higher than 60% of its own readings over the past ten years.
  • Southern Company (The) pays an annual dividend of $3.00 per share, a yield of 3.29%, with a payout ratio of 71.9%.
  • Return on equity was 11.5% and debt-to-equity 1.73.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 0.93 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Southern Company (The) (SO) Latest News

stockrow.com/SO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com