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 / EBITDA
13.1×
Free-cash-flow yield
−3.4%
Dividend yield
3.3%
Revenue (last 12 months)
$30.2B
Revenue growth (3y a year)
0.3%
Operating margin
24.2%
Return on invested capital
5.4%
Net debt / EBITDA
5.5×
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 uncertainty
Medium
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
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.
XStocksXray
Southern Co (SO)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
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
$102.9B
P/E
25.8×
19.2×
17.6×
19.5×
21.7×
23.3×
EV / revenue
5.0×
4.3×
5.4×
5.7×
5.7×
5.8×
EV / EBITDA
15.4×
13.5×
12.5×
12.4×
12.6×
13.1×
Price / free cash flow
–
–
–
102.8×
–
–
Free-cash-flow yield
−2.3%
−2.4%
−2.2%
1.0%
−3.1%
−3.4%
Price / book
2.2×
2.2×
2.2×
2.6×
2.6×
2.6×
Dividend yield
4.54%
4.32%
4.35%
3.68%
3.45%
3.29%
Fundamentals checklist ● 4 Good · ● 6 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.4%Average
Free-cash-flow yield−3.4%Good
Risk models
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)6.3%Average
Revenue growth (3y)0.3%Bad
Growth consistency90%Good
Balance sheet
Current ratio0.7×Bad
Net debt / EBITDA5.5×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.8×Average
EBIT / EV yield4.1%Average
Profitability
Return on invested capital5.4%Average
Operating margin24.2%Average
XStocksXray
Southern Co (SO)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
23,463
29,279
25,253
26,764
29,553
30,174
Gross profit
–
–
–
–
–
–
Operating income
3,698
5,370
5,826
7,068
7,285
7,293
Net income
2,309
3,428
3,976
4,401
4,341
4,363
Diluted EPS ($)
2.24
3.26
3.62
3.99
3.92
3.92
Free cash flow
-1,417
-1,621
-1,542
833
-2,935
-3,466
Gross margin
–
–
–
–
–
–
Operating margin
15.8%
18.3%
23.1%
26.4%
24.7%
24.2%
Net margin
9.8%
11.7%
15.7%
16.4%
14.7%
14.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
127,534
134,891
139,331
145,180
155,720
157,031
Cash
1,798
1,917
748
1,070
1,639
981
Total debt
53,717
57,550
62,000
64,824
72,591
74,522
Equity
27,874
30,408
31,444
33,208
36,016
39,912
Dividend per share ($)
2.62
2.70
2.78
2.86
2.94
–
Revenue and net income US$ billions: navy revenue, teal net income
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.