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SOThe Southern Company
$85.15$96.0B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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SO logo

The Southern Company

SO
NYSE · Electric Utilities
$85.15
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$95.99B
P/E21.7x
52W High$100.84
Volume4.28M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q1

Vogtle Completion Drives Southern Company Earnings Inflection

Southern Company has reached a critical inflection point following the commercial operation of Vogtle Unit 4, transitioning from a decade of intense construction risk to a phase of regulated earnings growth. While the company benefits from robust demand in the...

GrowthExpanding
ProfitabilityStable
ValuationReview
TechnicalsWeak
Explore valuation models
MARKET ACTION

SO price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

10/12 Beats

EPS beat 10 of last 12 quarters

02

Valuation risk

In Line

P/E is in line with peer median

03

Market leadership

RS 35 · Lag

Laggard (Underperforming 65% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Oct 30
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth reached 8.0% in 2026Q1, supported by a 24.0% operating margin that reflects the successful integration of major capital projects into the rate base.

Analyst Consensus+13.9% target
Hold(34 analysts)
10 Buy21 Hold3 Sell

The Bull Case

Upside Catalysts

Projected 8% Load Growth (2025‑29)

Southern Company forecasts an 8% electric load growth from 2025 to 2029, driven by in‑migration, data centers, and manufacturing activity. This expansion fuels demand for new generation capacity and supports future revenue growth.

9% CAGR Rate Base Expansion

Management targets a 9% compound annual growth rate for its rate base, which is expected to drive regulated earnings expansion. The rate base growth aligns with the company’s capital investment plan and regulatory approvals.

$81B Capital Expenditure Plan (2026‑30)

Southern plans $81 billion in capital expenditures over 2026‑2030, a significant increase from prior periods. The investment is aimed at new generation, transmission, and infrastructure upgrades to support load growth.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
SO+0.26%
S&P 500 (^GSPC)+13.20%
1-Year Return
SO-4.53%
S&P 500 (^GSPC)+15.98%
3-Year Return
SO+35.38%
S&P 500 (^GSPC)+80.39%
5-Year Return
SO+56.19%
S&P 500 (^GSPC)+76.63%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
21.7x
Forward P/EExpansion
18.5x
EV/EBITDA0th %ile
12.0x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
21.7x
21.9x
40th· Fair
EV/EBITDA
12.0x
12.9x
0th· Low
Price/FCF
N/A
109.0x
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$98.29+15.4%
Base (Fair)$98.55+15.2%
Bull$105.18+23.5%
$98.29 Bear$98.55 Base$105.18 Bull
Current Market Price: $85.15
Trades at a 13.6% discount to Base DCF ($98.55)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$29.55B+10.6% YoY
Net income
$4.34B-1.4% YoY
Free cash flow
-$2.94B-452.3% YoY
Operating margin
24.6%-1.8 pts YoY
ROIC (TTM)5.3%
Avg ROIC 5Y-
ROE (TTM)11.5%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate10/12 (83%)
Revenue Beat Rate9/12 (75%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 30, 2026
$1.13+11.9%
vs $1.01
$7.0B-3.5%
vs $7.2B
Q2 2026
Apr 30, 2026
$1.32+9.1%
vs $1.21
$8.4B+4.0%
vs $8.1B
Q1 2026
Feb 19, 2026
$0.55-1.4%
vs $0.56
$7.0B+14.5%
vs $6.1B
Q4 2025
Oct 30, 2025
$1.60+6.0%
vs $1.51
$7.8B+2.7%
vs $7.6B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
GlobeNewsWire·1d ago
Westhaven Reports New High Grade South Zone Results as Resource Drilling Program Approaches Completion at Shovelnose Gold Project, Southern British Columbia

Including 37.89 meters of 5.29 g/t gold and 14.00 meters of 13.09 g/t gold; Drilling initiated to advance geotechnical and hydrogeological work for the South Zone Pre-Feasibility Study Including 37.89 meters of 5.29 g/t gold and 14.00 meters of 13.09 g/t gold; Drilling initiated to advance geotechnical and hydrogeological work for the South Zone Pre-Feasibility Study

Reuters·2d ago
Southern Co unit signs deal with Google to add nuclear capacity

Southern Company's unit, Georgia Power, said on Monday it had signed ​an agreement with Google to support ‌upgrades at two of its nuclear plants that could add about 96 megawatts of ​electricity capacity.

PRNewsWire·2d ago
Georgia Power agreement with Google to provide approximately $900 million in projected benefits for customers and advance nuclear energy in Georgia

New filings with the Georgia Public Service Commission outline how Google's subscription from proposed or planned nuclear uprates at Plants Hatch and Vogtle will benefit all customers ATLANTA, Sept. 21, 2026 /PRNewswire/ -- Nuclear energy has long been an important part of Georgia's energy mix, with more than 25 percent of energy produced last year coming from nuclear, including the nation's largest generator of clean energy: Plant Vogtle near Waynesboro, Georgia.

PRNewsWire·2d ago
Georgia Power furthers partnership with statewide nonprofit to make Georgia State Parks more accessible and enjoyable

Company joins with Friends of Georgia State Parks for annual volunteer effort on September 26; New $10,000 donation to kickstart "Georgia in Color" initiative for color accessibility glasses ATLANTA, Sept. 21, 2026 /PRNewswire/ -- Georgia Power, the state's leading electric utility serving customers in all but four Georgia counties, is proud to continue its longstanding partnership with Friends of Georgia State Parks & Historic Sites (Friends) – a nonprofit organization with a mission to serve, support, and celebrate Georgia State Parks & Historic Sites.

Filtered for The Southern CompanyMore Headlines
04

Compare before deciding

Benchmark SO against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for The Southern Company (SO)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
SO logoSOThe Southern CompanyCurrent
$85.15$95.99B21.7210.59%14.69%11.49%3.19%
DUK logoDUKDuke Energy Corporation
$116.31$90.67B18.436.19%15.72%9.58%—
D logoDDominion Energy, Inc.
$62.43$54.91B18.1014.16%13.93%7.71%—
AEP logoAEPAmerican Electric Power Company, Inc.
$120.27$65.44B18.069.37%13.95%9.66%—
EXC logoEXCExelon Corporation
$41.80$42.77B15.265.34%10.99%9.61%—
XEL logoXELXcel Energy Inc.
$72.06$44.98B21.079.14%15.28%9.64%—

Compare SO vs Peers

The Southern Company (SO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs DUK

Most directly comparable listed peer for SO.

Scale Benchmark

vs GE

Larger-name benchmark to compare SO against a more recognizable public peer.

Peer Set

Compare Top 5

vs DUK, D, AEP, EXC

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

SO SEC Filings & Documents

The Southern Company (SO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 30, 2026·SEC

Material company update

Jun 8, 2026·SEC

Material company update

May 15, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 20, 2025·SEC

10-Q Quarterly Reports

4
FY 2026

Jul 30, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

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SO Frequently Asked Questions

The Southern Company (SO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is The Southern Company's revenue?

The Southern Company (SO) reported $30.18B in revenue for fiscal year 2025. This represents a 191% increase from $10.36B in 1996.

How fast is The Southern Company growing?

The Southern Company (SO) grew revenue by 10.6% over the past year. This is steady growth.

Is SO profitable?

Yes, The Southern Company (SO) is profitable, generating $4.66B in net income for fiscal year 2025 (14.7% net margin).

Dividend & Returns
Does SO pay dividends?

Yes, The Southern Company (SO) pays a dividend with a yield of 3.19%. This makes it attractive for income-focused investors.

What is SO's return on equity?

The Southern Company (SO) has a return on equity (ROE) of 11.5%. This is reasonable for most industries.

What is The Southern Company's free cash flow?

The Southern Company (SO) generated $2.57B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics
Is SO's dividend sustainable?

The Southern Company (SO) has a dividend payout ratio of 69%. This suggests the dividend is well-covered and sustainable.

What if you invested $1,000 in SO back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →