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XStocksXray
Research report · 16 October 2026

Southern Co (SO)

Utilities · Electric Utilities · US stock · price as of 16 Oct 2026

Key indicators

Price$91.18
52-week range$81.69 – $98.45
Market cap$102.9B
P/E (trailing)23.3×
EV / EBITDA13.1×
Free-cash-flow yield−3.4%
Dividend yield3.3%
Revenue (last 12 months)$30.2B
Revenue growth (3y a year)0.3%
Operating margin24.2%
Return on invested capital5.4%
Net debt / EBITDA5.5×

Fair value

Blended fair value$76.29 range $65 – $82
Versus priceFair−16% to fair value
Peer multiples$81.66
Fundamentals-adjusted multiple$83.33
10-year DCF (market-scaled)$63.88
Earnings power value (floor, not blended)$17.72
Model uncertaintyMedium

X-Ray Score

48/ 100 · Medium confidence · ahead of 45% of sector peers
Valuation45
Growth53
Profitability51
Financial health51
Dividends26

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

48.6761.5674.4687.36100Fair value $762021-102023-012024-042025-072026-10

Executive summary

Southern Company is a utility holding company that generates and delivers electricity and natural gas in the southeastern United States. Its electric utilities include Alabama Power, Georgia Power and Mississippi Power, while Southern Company Gas delivers natural gas to homes and businesses in several states, and Southern Power supplies electricity to wholesale customers. The group's fleet includes nuclear, gas, coal, hydro and renewable generation. Customers are households, businesses and industrial users whose rates are overseen by state regulators.

Revenue comes mainly from regulated electricity and gas charges, with rates set so the utilities can recover costs and earn an allowed return. Sales were $30.2 billion over the last twelve months, with growth of 0.3% a year across the last three years. The operating margin is 24.2%, and the business earns a profit of 5% on the capital invested in it. Net debt is 5.5 times EBITDA. The dividend yield is 3.3%.

StocksXray gives Southern Co an X-Ray Score of 48 out of 100 (medium confidence), ahead of 45% of the S&P 500 stocks in its sector. Its strongest lens is growth (53) and its weakest is dividends (26).

Our fair value blend is $76.29 (range $65.25 to $82.49). At $91.18 the stock trades 20% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.

stocksxray.com · page 1
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Southern Co (SO)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

FY2021FY2022FY2023FY2024FY2025Now
Price$57.73$62.49$63.87$77.74$85.11$91.18
Market cap$61.7B$67.6B$70.1B$85.7B$94.4B$102.9B
P/E25.8×19.2×17.6×19.5×21.7×23.3×
EV / revenue5.0×4.3×5.4×5.7×5.7×5.8×
EV / EBITDA15.4×13.5×12.5×12.4×12.6×13.1×
Price / free cash flow–––102.8×––
Free-cash-flow yield−2.3%−2.4%−2.2%1.0%−3.1%−3.4%
Price / book2.2×2.2×2.2×2.6×2.6×2.6×
Dividend yield4.54%4.32%4.35%3.68%3.45%3.29%

Fundamentals checklist ● 4 Good · ● 6 Average · ● 3 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−3.4%Average
Free-cash-flow yield−3.4%Good

Risk models

Piotroski F-Score4 of 9Bad

Growth

EPS growth (3y)6.3%Average
Revenue growth (3y)0.3%Bad
Growth consistency90%Good

Balance sheet

Current ratio0.7×Bad
Net debt / EBITDA5.5×Good
Interest coverno interest costGood

Valuation

Fair value vs price0.8×Average
EBIT / EV yield4.1%Average

Profitability

Return on invested capital5.4%Average
Operating margin24.2%Average
stocksxray.com · page 2
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Southern Co (SO)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statementFY21FY22FY23FY24FY25LTM
Revenue23,46329,27925,25326,76429,55330,174
Gross profit––––––
Operating income3,6985,3705,8267,0687,2857,293
Net income2,3093,4283,9764,4014,3414,363
Diluted EPS ($)2.243.263.623.993.923.92
Free cash flow-1,417-1,621-1,542833-2,935-3,466
Gross margin––––––
Operating margin15.8%18.3%23.1%26.4%24.7%24.2%
Net margin9.8%11.7%15.7%16.4%14.7%14.5%
Balance sheetFY21FY22FY23FY24FY25LTM
Total assets127,534134,891139,331145,180155,720157,031
Cash1,7981,9177481,0701,639981
Total debt53,71757,55062,00064,82472,59174,522
Equity27,87430,40831,44433,20836,01639,912
Dividend per share ($)2.622.702.782.862.94–

Revenue and net income US$ billions: navy revenue, teal net income

FY21FY22FY23FY24FY25

Margins blue gross, teal operating, brown net

0%9%18%26%FY21FY22FY23FY24FY25

Latest quarters

Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue ($M)6,2517,7756,9737,8236,9818,397
Growth vs a year earlier+3.4%+16.4%+7.9%+4.6%+11.7%+8.0%
Net income ($M)5341,3348801,7114161,356
Diluted EPS ($)–1.210.791.54–1.20
stocksxray.com · page 3
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Southern Co (SO)

Peers in Electric Utilities

CompanyX-Ray
SO · Southern Co48
EIX · Edison International71
EXC · Exelon Corp66
ES · Eversource Energy66
AEP · American Electric Power Co...63

Market Compass outlook for Utilities: Unfavourable (31/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week+5.8%
1 month+5.1%
3 months−2.7%
6 months−1.9%
1 year−5.5%
3 years+50.7%
5 years+74.9%

Technical summary

DailyBullish12 bullish · 0 neutral · 4 bearish
WeeklyStrongly bullish9 bullish · 1 neutral · 2 bearish
MonthlyStrongly bullish6 bullish · 1 neutral · 1 bearish
50-day / 200-day average$87.72 / $91.13
52-week low / high$81.69 / $98.45
Classic pivot, support and resistanceS2 88.51 · S1 89.85 · P – · R1 91.87 · R2 92.55

Recent dividends

Ex-dividend dateAmount per share
17 Aug 2026$0.7600
18 May 2026$0.7600
17 Feb 2026$0.7400
17 Nov 2025$0.7400
18 Aug 2025$0.7400
19 May 2025$0.7400
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Southern Co (SO)

Strengths

  • Free-cash-flow yield of −3.4% is ahead of 69% of its sector peers.
  • Interest cover of no interest cost is ahead of 94% of its sector peers.
  • Net debt is only 5.5× EBITDA, ahead of 75% of its sector peers.

Risks and weak spots

  • Piotroski F-Score is weak against Utilities peers (4 of 9).
  • Revenue growth (3y) is weak against Utilities peers (0.3%).
  • Current ratio is weak against Utilities peers (0.7×).

Latest SEC filings

DateFormItems
6 Aug 20268-K2.03,3.02,9.01
4 Aug 20268-K8.01,9.01
3 Aug 20268-K8.01,9.01
30 Jul 20268-K2.02
30 Jul 202610-Q
8 Jun 20268-K8.01,9.01
15 May 20268-K5.07,9.01
30 Apr 20268-K2.02

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.

stocksxray.com · page 5 · generated 19 Oct 2026