Latest Ratios: P/E Ratio 4.7x · EV/EBITDA 6.9x · ROE 11.5%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $18.3B | $24.0B | $24.2B | $26.3B | $22.9B | $28.0B | $30.0B | $27.7B | $22.4B | $25.7B | — |
| Enterprise Value | $92.0B | $97.7B | $89.4B | $89.1B | $80.1B | $81.7B | $80.0B | $74.4B | $67.8B | $74.3B | — |
| P/E Ratio → | 4.67 | 5.51 | 5.51 | 6.62 | 6.50 | 11.71 | 9.68 | 5.85 | 9.97 | 29.25 | — |
| P/S Ratio | 0.62 | 0.81 | 0.91 | 1.04 | 0.78 | 1.21 | 1.47 | 1.29 | 0.95 | 1.11 | — |
| P/B Ratio | 0.52 | 0.62 | 0.66 | 0.75 | 0.66 | 0.86 | 0.92 | 0.87 | 0.76 | 0.99 | — |
| P/FCF | — | — | 120.45 | — | — | — | — | — | — | — | — |
| P/OCF | 1.87 | 2.44 | 2.47 | 3.48 | 3.63 | 4.54 | 4.48 | 4.80 | 3.22 | 4.01 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.31 | 3.35 | 3.53 | 2.74 | 3.53 | 3.93 | 3.48 | 2.87 | 3.22 | — |
| EV / EBITDA | 6.91 | 7.34 | 7.25 | 8.24 | 8.49 | 10.65 | 9.10 | 6.73 | 7.64 | 7.88 | — |
| EV / EBIT | 12.63 | 11.76 | 11.65 | 13.87 | 13.29 | 19.13 | 15.28 | 13.29 | 14.88 | 27.30 | — |
| EV / FCF | — | — | 444.87 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.8% | 29.8% | 49.9% | 46.4% | 36.3% | 44.3% | 48.6% | 44.8% | 28.1% | 31.3% | 31.3% |
| Operating Margin | 24.7% | 24.7% | 26.4% | 23.1% | 18.3% | 16.0% | 24.0% | 36.1% | 22.5% | 25.9% | 25.6% |
| Net Profit Margin | 14.7% | 14.7% | 16.5% | 15.7% | 12.0% | 10.4% | 15.3% | 22.1% | 9.5% | 3.8% | 12.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.5% | 11.5% | 12.2% | 11.4% | 10.5% | 7.4% | 9.7% | 15.4% | 8.1% | 3.3% | 10.2% |
| ROA | 2.9% | 2.9% | 3.1% | 2.9% | 2.7% | 1.9% | 2.6% | 4.0% | 2.0% | 0.8% | 2.7% |
| ROIC | 5.1% | 5.1% | 5.3% | 4.6% | 4.5% | 3.3% | 4.5% | 7.6% | 5.3% | 6.1% | 6.3% |
| ROCE | 5.4% | 5.4% | 5.5% | 4.8% | 4.6% | 3.3% | 4.5% | 7.4% | 5.3% | 6.2% | 6.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.94 | 1.94 | 1.81 | 1.80 | 1.71 | 1.70 | 1.57 | 1.52 | 1.60 | 1.96 | 1.76 |
| Debt / EBITDA | 5.66 | 5.66 | 5.37 | 5.87 | 6.27 | 7.23 | 5.81 | 4.40 | 5.28 | 5.38 | 5.92 |
| Net Debt / Equity | — | 1.90 | 1.78 | 1.78 | 1.66 | 1.65 | 1.54 | 1.46 | 1.55 | 1.88 | 1.69 |
| Net Debt / EBITDA | 5.54 | 5.54 | 5.29 | 5.80 | 6.07 | 7.00 | 5.69 | 4.22 | 5.12 | 5.16 | 5.67 |
| Debt / FCF | — | — | 324.41 | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.51 | 2.51 | 2.83 | 2.50 | 3.37 | 2.31 | 2.78 | 3.08 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.65 | 0.65 | 0.67 | 0.77 | 0.66 | 0.82 | 0.71 | 0.78 | 0.67 | 0.74 | 0.75 |
| Quick Ratio | 0.45 | 0.45 | 0.46 | 0.53 | 0.49 | 0.61 | 0.51 | 0.59 | 0.50 | 0.55 | 0.54 |
| Cash Ratio | 0.10 | 0.10 | 0.07 | 0.06 | 0.12 | 0.16 | 0.09 | 0.16 | 0.10 | 0.16 | 0.15 |
| Asset Turnover | — | 0.19 | 0.18 | 0.18 | 0.22 | 0.18 | 0.17 | 0.18 | 0.20 | 0.21 | 0.18 |
| Inventory Turnover | 6.22 | 6.22 | 3.97 | 4.04 | 6.97 | 5.46 | 4.21 | 4.95 | 7.09 | 6.04 | 4.91 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 14.8% | 12.6% | 12.2% | 11.5% | 12.7% | 9.9% | 8.9% | 9.3% | 10.8% | 9.0% | — |
| Payout Ratio | 69.5% | 69.5% | 67.1% | 76.3% | 82.5% | 116.0% | 86.1% | 54.2% | 108.2% | 261.4% | 84.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 21.4% | 18.1% | 18.2% | 15.1% | 15.4% | 8.5% | 10.3% | 17.1% | 10.0% | 3.4% | — |
| FCF Yield | — | — | 0.8% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 2.6% | — |
| Total Shareholder Yield | 14.8% | 12.6% | 12.2% | 11.5% | 12.7% | 9.9% | 8.9% | 9.3% | 11.0% | 11.5% | — |
| Shares Outstanding | — | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.0B | $1.0B | $958M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying SOJC stock.
The Southern Company JR 2017B NT 77's current P/E ratio is 4.7x. The historical average is 10.1x.
The Southern Company JR 2017B NT 77's current EV/EBITDA is 6.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.1x.
The Southern Company JR 2017B NT 77's return on equity (ROE) is 11.5%. The historical average is 10.1%.
Based on historical data, The Southern Company JR 2017B NT 77 is trading at a P/E of 4.7x. Compare with industry peers and growth rates for a complete picture.
The Southern Company JR 2017B NT 77's current dividend yield is 14.84% with a payout ratio of 69.5%.
The Southern Company JR 2017B NT 77 has 29.8% gross margin and 24.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
The Southern Company JR 2017B NT 77's Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory lag and rate case outcomes
Metrics are mathematically derived from official filings.
Deep Discount Signals Distressed Pricing
SOJC trades at a P/E of 5.11 and a dividend yield of 13.6%, versus peer averages of 19.6x and 3.4%, according to current market data, implying the market prices in significant regulatory or credit risk.
The P/E of 5.11 is a fraction of the peer median of roughly 19x, and the 13.6% dividend yield is more than triple the peer average, suggesting the market is applying a substantial risk premium to this preferred equity. This valuation gap likely reflects concerns about the sustainability of the dividend and the company's ability to earn its authorized ROE, given the high leverage and regulatory lag. Investors should monitor whether the yield premium compensates for the elevated risk of a dividend cut or restructuring.
Earned ROE Trails Authorized Levels
Quarterly ROE averaged 3.0% over the last ten quarters, as per financial statements, well below the typical authorized ROE of 9-10% for regulated utilities, indicating persistent regulatory lag and cost recovery challenges.
The earned ROE of 2.9% in 2026Q2 is far below the authorized ROE that regulators typically grant, which suggests that the company is not fully recovering its costs or earning its allowed return. This gap may be due to timing lags in rate cases, fuel cost under-recovery, or the dilutive effect of a large equity base relative to earnings. The low ROE also explains the depressed P/B of 0.57, as investors are unwilling to pay book value for returns that are well below the cost of equity.
Operating Margin Volatility Reflects Lag
Operating margin swung from 33.2% in 2025Q3 to 13.1% in 2025Q4, as reported in financial statements, indicating that cost recovery is uneven and subject to regulatory timing, with fuel and purchased power costs not always matched to revenues.
The wide quarterly swings in operating margin—from 33.2% to 13.1%—are atypical for a regulated utility and suggest that the company is experiencing significant regulatory lag in recovering fuel and other pass-through costs. The 2025Q4 margin of 13.1% is particularly weak, and while it recovered to 25.5% in 2026Q2, the volatility indicates that earnings quality is lower than a stable utility would exhibit. This pattern may continue until rate cases are resolved to align cost recovery with incurred expenses.
Leverage Pressures Credit Metrics
Debt-to-capital stood at 0.63 in 2026Q2, with interest coverage of 2.23x and FFO/debt of 4.03%, as per balance sheet data, indicating elevated leverage that strains credit quality and increases refinancing risk.
The debt-to-capital ratio of 0.63 is high for a regulated utility, and the interest coverage of 2.23x is thin, suggesting that earnings are barely sufficient to cover interest expenses. FFO/debt of 4.03% is well below the 12-15% typically required for a strong investment-grade rating, which may indicate that the company is relying on external financing to fund its capex program. This leverage, combined with the low ROE, could pressure the company's credit rating and increase the cost of future debt issuance.
Dividend Yield Signals Distress
The dividend yield of 13.6% is more than four times the peer average of 3.4%, as per market data, and the payout ratio reached 182.9% in 2025Q4, suggesting the dividend may not be sustainable from earnings.
The payout ratio of 182.9% in 2025Q4 indicates that the company paid out more in dividends than it earned, which is unsustainable over the long term. While the average payout over the last ten quarters is around 80%, the high yield and occasional payout ratios above 100% suggest that the dividend is not fully covered by earnings. Investors should monitor whether the company can maintain its dividend given the low ROE and high leverage, as a cut could further depress the stock price.
P/E Misleads for Preferred Equity
The P/E of 5.11 is often compared to common utility peers, but SOJC is a preferred security, as per its structure, so its P/E is not directly comparable and obscures the higher risk of the instrument.
Applying a standard utility P/E analysis to SOJC is misleading because it is a junior preferred note, not common equity. Preferred securities have different risk profiles, including subordination to debt and cumulative dividend features, which justify a lower P/E and higher yield. Instead of P/E, investors should focus on the yield relative to the company's cost of debt and the coverage of preferred dividends by cash flow, as well as the credit quality of the issuer. The 13.6% yield may appear attractive, but it compensates for the higher risk of the preferred structure and the company's weak credit metrics.