Southern Company (The) Series 2 (SOJD) 10-Year Financial Performance & Capital Metrics

SOJD • • Utilities

UtilitiesElectric UtilitiesIntegrated Electric UtilitiesMajor Multi-State Integrated Utilities

AboutThe Southern Co is a holding company, which engages in the generation and sale of electricity. It operates through the following segments: Traditional Electric Operating Companies, Southern Power and Southern Company Gas. The Traditional Electric Operating Companies segment refers to vertically integrated utilities that own generation, transmission and distribution facilities, and supplies electric services in the states of Alabama, Georgia, Florida, and Mississippi. The Southern Power segment constructs, acquires, owns, and manages generation assets such as renewable energy projects and sells electricity in the wholesale market. The Southern Company Gas segment distributes natural gas through natural gas distribution facilities in the states of Illinois, Georgia, Virginia, New Jersey, Florida, Tennessee, and Maryland. The company was founded on November 9, 1945, and is headquartered in Atlanta, GA.Show more

Revenue $26.72B +5.8%
EBITDA $12.33B +14.1%
Net Income $4.4B +10.7%
Free Cash Flow $201M +109.4%
EBITDA Margin 46.15% +7.8%
Net Margin 16.47% +4.6%
ROE 12.24% +7.4%
Interest Coverage 2.61 +15.0%
Debt/Equity 1.81 +0.3%
Net Debt/EBITDA 5.29 -8.9%
CapEx / Revenue 0% -100.0%
CapEx Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.6x book value

✗Weaknesses

✗High leverage: 5.4x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.76%

5Y4.75%

3Y4.78%

TTM9.4%

Profit (Net Income) CAGR

10Y8.41%

5Y-1.53%

3Y22.26%

TTM-5.57%

EPS CAGR

10Y6.23%

5Y-2.38%

3Y21.22%

TTM-99.3%

ROCE

10Y Avg5.41%

5Y Avg4.88%

3Y Avg5.03%

Latest5.54%

Peer Comparison

Major Multi-State Integrated Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ETREntergy Corporation	42.15B	94.37	38.52	-2.2%	14.28%	10.71%		1.90
FEFirstEnergy Corp.	26.17B	45.30	26.65	4.68%	9.19%	9.38%		1.77
SOThe Southern Company	96.4B	87.55	21.94	5.83%	15.42%	11.65%	0.86%	1.81
AEPAmerican Electric Power Company, Inc.	62.29B	116.62	20.90	2.76%	17.08%	11.63%		1.70
DUKDuke Energy Corporation	91.29B	117.39	20.56	4.46%	15.71%	9.49%	0.05%	1.66
EXCExelon Corporation	43.68B	43.32	17.68	5.99%	11.6%	10.03%		1.73
SOJCThe Southern Company JR 2017B NT 77	22.1B	22.11	5.54	5.83%	15.42%	11.65%	0.91%	1.81
SOJDSouthern Company (The) Series 2	2.07K	20.67	5.18	5.83%	15.42%	11.65%	100%	1.81

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	17.49B	19.86B	23.11B	23.61B	21.19B	20.24B	23.23B	29.29B	25.25B	26.72B
Revenue Growth %	-0.05%	0.14%	0.16%	0.02%	-0.1%	-0.04%	0.15%	0.26%	-0.14%	0.06%
Cost of Revenue	11.82B	13.65B	15.87B	16.98B	14.81B	13.97B	16.67B	22.22B	13.54B	13.38B
Gross Profit+	5.67B	6.21B	7.24B	6.64B	6.38B	6.27B	6.56B	7.07B	11.71B	13.34B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.24%	0.09%	0.17%	-0.08%	-0.04%	-0.02%	0.05%	0.08%	0.66%	0.14%
Operating Expenses+	997M	1.11B	1.25B	1.31B	1.23B	1.23B	1.29B	1.41B	5.88B	6.27B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	7.07B	8.02B	9.44B	8.88B	8.47B	8.94B	9.25B	9.72B	10.81B	12.33B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.19%	0.13%	0.18%	-0.06%	-0.05%	0.05%	0.04%	0.05%	0.11%	0.14%
Depreciation & Amortization+	2.4B	2.92B	3.44B	3.56B	3.33B	3.9B	3.98B	4.06B	4.99B	5.27B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	4.68B	5.09B	5.99B	5.32B	5.15B	5.04B	5.27B	5.66B	5.83B	7.07B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.28%	0.09%	0.18%	-0.11%	-0.03%	-0.02%	0.05%	0.07%	0.03%	0.21%
Interest Expense+	0	0	0	0	1.82B	1.88B	1.85B	1.79B	2.57B	2.71B
Interest Coverage	-	-	-	-	2.83x	2.68x	2.85x	3.16x	2.27x	2.61x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	3.63B	3.48B	1.07B	2.75B	6.54B	3.48B	2.56B	4.21B	4.34B	5.23B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.19B	951M	142M	449M	1.8B	393M	267M	795M	496M	969M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	2.42B	2.49B	880M	2.24B	4.75B	3.13B	2.41B	3.54B	3.98B	4.4B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.23%	0.03%	-0.65%	1.55%	1.12%	-0.34%	-0.23%	0.47%	0.12%	0.11%
EPS (Diluted)+	2.65	2.60	0.87	2.19	4.50	2.82	2.24	3.26	3.62	3.99
EPS Growth %	0.22%	-0.02%	-0.67%	1.52%	1.05%	-0.37%	-0.21%	0.46%	0.11%	0.1%
EPS (Basic)	2.66	2.62	0.88	2.20	4.53	2.82	2.26	3.28	3.64	4.02
Diluted Shares Outstanding	914M	958M	1.01B	1.02B	1.05B	1.1B	1.07B	1.08B	1.1B	1.1B

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	78.32B	109.7B	111B	116.91B	118.7B	122.94B	127.53B	134.89B	139.33B	145.18B
Asset Growth %	0.12%	0.4%	0.01%	0.05%	0.02%	0.04%	0.04%	0.06%	0.03%	0.04%
PP&E (Net)+	61.11B	78.45B	79.87B	80.8B	84.88B	89.44B	92.81B	96.1B	101.28B	0
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	6.53B	9.72B	10.07B	9.58B	9.82B	8.62B	8.96B	10.42B	10.43B	10.69B
Cash & Equivalents	1.4B	1.98B	2.13B	1.4B	1.98B	1.06B	1.8B	1.92B	748M	1.07B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	1.93B	2.78B	2.63B	2.39B	2.39B	2.49B	2.35B	2.68B	3.35B	0
Other Current Assets	1.17B	1.73B	1.51B	2.12B	1.73B	1.45B	2.04B	1.76B	2.48B	5.33B
Long-Term Investments	2.43B	4.2B	4.37B	4.37B	4.52B	4.62B	4.48B	4.19B	4.46B	4.71B
Goodwill	2M	6.25B	6.27B	5.32B	5.28B	5.28B	5.28B	5.16B	5.16B	5.16B
Intangible Assets	319M	970M	873M	613M	536M	487M	445M	406M	368M	332M
Other Assets	6.36B	8.48B	8.73B	15.44B	12.87B	13.7B	14.73B	17.75B	16.75B	124.29B
Total Liabilities	56.17B	82.8B	85.15B	87.58B	86.65B	90.41B	94.97B	100.36B	104.11B	108.51B
Total Debt+	28.74B	47.46B	50.79B	46.85B	48.69B	51.04B	53.58B	59.13B	63.49B	66.28B
Net Debt	27.33B	45.48B	48.66B	45.45B	46.71B	49.98B	51.78B	57.22B	62.74B	65.21B
Long-Term Debt	24.57B	42.52B	44.29B	40.56B	41.59B	44.86B	49.92B	50.36B	56.92B	58.49B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	114M	104M	173M	173M	1.82B	1.82B	1.7B	1.68B	1.59B	1.45B
Total Current Liabilities+	9.13B	12.92B	13.59B	14.29B	12.55B	12.08B	10.92B	15.72B	13.47B	15.99B
Accounts Payable	1.91B	2.83B	3.08B	3.44B	2.56B	2.81B	2.17B	3.52B	2.9B	3.7B
Accrued Expenses	777M	915M	1.5B	1.03B	992M	1.02B	1.07B	1.13B	1.15B	0
Deferred Revenue	106M	135M	6M	656M	0	0	106M	0	868M	486M
Other Current Liabilities	2.36B	4.21B	2.68B	3.71B	3.06B	3.06B	5.62B	3.16B	3.58B	5.55B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	22.36B	27.26B	27.1B	32.54B	20.51B	21.24B	12.48B	20.42B	19.07B	20.76B
Total Equity+	22.14B	26.89B	25.85B	29.33B	32.05B	32.52B	32.57B	34.53B	35.23B	36.67B
Equity Growth %	0.04%	0.21%	-0.04%	0.13%	0.09%	0.01%	0%	0.06%	0.02%	0.04%
Shareholders Equity	21.32B	25.48B	24.49B	25.01B	27.8B	28.26B	28.16B	30.41B	31.44B	33.21B
Minority Interest	824M	1.41B	1.36B	4.32B	4.25B	4.26B	4.4B	4.12B	3.78B	3.47B
Common Stock	4.57B	4.95B	5.04B	5.16B	5.26B	5.27B	5.28B	5.42B	5.42B	5.45B
Additional Paid-in Capital	6.28B	9.66B	10.47B	11.09B	11.73B	11.83B	11.95B	13.67B	13.78B	14.15B
Retained Earnings	10.01B	10.36B	8.88B	8.71B	10.88B	11.31B	10.93B	11.54B	12.48B	13.75B
Accumulated OCI	10.71B	-180M	-189M	-203M	-321M	-395M	-237M	-167M	-177M	-78M
Return on Assets (ROA)	0.03%	0.03%	0.01%	0.02%	0.04%	0.03%	0.02%	0.03%	0.03%	0.03%
Return on Equity (ROE)	0.11%	0.1%	0.03%	0.08%	0.15%	0.1%	0.07%	0.11%	0.11%	0.12%
Debt / Equity	1.30x	1.76x	1.96x	1.60x	1.52x	1.57x	1.65x	1.71x	1.80x	1.81x
Debt / Assets	0.37%	0.43%	0.46%	0.4%	0.41%	0.42%	0.42%	0.44%	0.46%	0.46%
Net Debt / EBITDA	3.87x	5.67x	5.16x	5.12x	5.51x	5.59x	5.60x	5.89x	5.80x	5.29x
Book Value per Share	24.23	28.07	25.65	28.61	30.41	29.6	30.49	31.94	32.08	33.28

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	6.27B	4.89B	6.39B	6.95B	5.78B	6.7B	6.17B	6.3B	7.55B	9.79B
Operating CF Growth %	0.08%	-0.22%	0.31%	0.09%	-0.17%	0.16%	-0.08%	0.02%	0.2%	0.3%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	2.42B	2.49B	880M	2.24B	4.75B	3.13B	2.41B	3.54B	3.98B	4.26B
Depreciation & Amortization	-2.4B	2.92B	3.44B	3.56B	3.33B	3.9B	3.98B	4.06B	4.96B	5.26B
Deferred Taxes	1.4B	-127M	166M	94M	611M	-241M	-49M	670M	63M	536M
Other Non-Cash Items	-186M	4.79B	10.15B	7.85B	-3.07B	290M	611M	-2.12B	-1.31B	-1.82B
Working Capital Changes	226M	980M	-949M	276M	162M	-389M	-783M	160M	-135M	1.42B
Capital Expenditures+	-5.84B	-19.5B	-7.74B	-8.39B	-7.95B	-7.8B	-7.68B	-8.57B	-9.69B	-9.59B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-6.94B	-19.5B	-7.11B	-3.21B	-3.2B	-6.67B	-6.85B	-8.36B	-9.65B	-9.4B
Acquisitions	-1.38B	-11.58B	-1.14B	5.33B	5.12B	1.25B	1.07B	348M	185M	0
Purchase of Investments	-1.58B	-1.89B	-828M	-1.12B	-888M	-877M	-1.6B	-1.13B	-1.14B	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Investing	446M	379M	1.76B	-142M	-362M	-110M	-238M	-120M	-124M	-9.4B
Cash from Financing+	1.36B	15.17B	871M	-4.36B	-2.13B	-939M	1.44B	2.26B	978M	-208M
Dividends Paid	-1.96B	-2.1B	-2.3B	-2.42B	-2.57B	-2.69B	-2.78B	-2.91B	-3.04B	-2.95B
Dividend Payout Ratio %	0.81%	0.84%	2.61%	1.08%	0.54%	0.86%	1.15%	0.82%	0.76%	0.67%
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	256M	3.76B	1.04B	1.09B	844M	74M	73M	1.51B	36M	143M
Share Repurchases	-527M	0	-658M	-33M	0	0	0	0	0	0
Other Financing	-290M	-455M	-341M	-417M	-413M	-596M	-617M	-477M	-394M	-366M
Net Change in Cash+	694M	571M	155M	-734M	579M	-910M	733M	119M	-1.17B	180M
Exchange Rate Effect	0	0	0	0	1000K	0	-1000K	-1000K	-1000K	0
Cash at Beginning	710M	1.4B	1.98B	2.13B	1.4B	1.98B	1.06B	1.8B	1.92B	921M
Cash at End	1.4B	1.98B	2.13B	1.4B	1.98B	1.06B	1.8B	1.92B	748M	1.1B
Free Cash Flow+	433M	-14.6B	-1.34B	-1.44B	-2.17B	-1.11B	-1.51B	-2.27B	-2.13B	201M
FCF Growth %	-0.24%	-34.72%	0.91%	-0.08%	-0.5%	0.49%	-0.37%	-0.5%	0.06%	1.09%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.14%	10.17%	3.34%	8.13%	15.49%	9.71%	7.4%	10.54%	11.4%	12.24%
EBITDA Margin	40.42%	40.38%	40.82%	37.6%	39.99%	44.16%	39.83%	33.19%	42.81%	46.15%
Net Debt / EBITDA	3.87x	5.67x	5.16x	5.12x	5.51x	5.59x	5.60x	5.89x	5.80x	5.29x
Interest Coverage	-	-	-	-	2.83x	2.68x	2.85x	3.16x	2.27x	2.61x
CapEx / Revenue	33.39%	98.16%	33.47%	35.52%	37.5%	38.55%	33.07%	29.27%	38.36%	0%
Dividend Payout Ratio	80.92%	84.4%	261.36%	108.16%	54.06%	85.67%	115.32%	82.23%	76.33%	67.12%
Debt / Equity	1.30x	1.76x	1.96x	1.60x	1.52x	1.57x	1.65x	1.71x	1.80x	1.81x
EPS Growth	21.56%	-1.89%	-66.54%	151.72%	105.48%	-37.33%	-20.57%	45.54%	11.04%	10.22%

Revenue by Segment

	2010	2011	2018	2019	2020	2021	2022	2024
Southern Company Gas	-	-	-	-	-	-	-	4.46B
Southern Company Gas Growth	-	-	-	-	-	-	-	-
Gas Distribution Operations	-	-	-	-	-	-	-	3.9B
Gas Distribution Operations Growth	-	-	-	-	-	-	-	-
Gas Marketing Services	-	-	-	-	-	-	-	516M
Gas Marketing Services Growth	-	-	-	-	-	-	-	-
Gas Pipeline Investments	-	-	-	-	-	-	-	32M
Gas Pipeline Investments Growth	-	-	-	-	-	-	-	-
Natural Gas Distribution	-	-	-	2.99B	2.89B	3.63B	5.22B	-
Natural Gas Distribution Growth	-	-	-	-	-3.38%	25.52%	43.94%	-
Natural Gas Distribution - Residential	-	-	-	1.41B	1.34B	1.8B	2.84B	-
Natural Gas Distribution - Residential Growth	-	-	-	-	-5.31%	34.45%	58.03%	-
Natural Gas Distribution - Transportation	-	-	-	907M	971M	1.04B	1.19B	-
Natural Gas Distribution - Transportation Growth	-	-	-	-	7.06%	6.90%	14.26%	-
Natural Gas Distribution - Commercial	-	-	-	389M	340M	470M	763M	-
Natural Gas Distribution - Commercial Growth	-	-	-	-	-12.60%	38.24%	62.34%	-
Other Natural Gas	-	-	-	2.61B	2.15B	2.67B	687M	-
Other Natural Gas Growth	-	-	-	-	-17.55%	24.04%	-74.25%	-
Other Natural Gas - Gas Marketing Services	-	-	-	440M	391M	464M	636M	-
Other Natural Gas - Gas Marketing Services Growth	-	-	-	-	-11.14%	18.67%	37.07%	-
Natural Gas Distribution - Other	-	-	-	245M	209M	269M	342M	-
Natural Gas Distribution - Other Growth	-	-	-	-	-14.69%	28.71%	27.14%	-
Natural Gas Distribution - Industrial	-	-	-	35M	30M	49M	84M	-
Natural Gas Distribution - Industrial Growth	-	-	-	-	-14.29%	63.33%	71.43%	-
Other Natural Gas - Other Natural Gas Revenues	-	-	-	42M	33M	36M	51M	-
Other Natural Gas - Other Natural Gas Revenues Growth	-	-	-	-	-21.43%	9.09%	41.67%	-
Other Natural Gas - Wholesale Gas Services	-	-	-	2.1B	1.73B	2.17B	-	-
Other Natural Gas - Wholesale Gas Services Growth	-	-	-	-	-17.57%	25.54%	-	-
Electric Utilities	17.37B	17.59B	-	-	-	1.85B	-	-
Electric Utilities Growth	-	1.23%	-	-	-	-	-	-
Other Revenue Sources	-	-	-	-	-	1.79B	-	-
Other Revenue Sources Growth	-	-	-	-	-	-	-	-
Wholesale Electric - PPA Energy Revenues	-	-	-	-	-	854M	-	-
Wholesale Electric - PPA Energy Revenues Growth	-	-	-	-	-	-	-	-
Wholesale Electric - Non-PPA Revenues	-	-	-	-	-	398M	-	-
Wholesale Electric - Non-PPA Revenues Growth	-	-	-	-	-	-	-	-
Wholesale Electric - PPA Capacity Revenues	-	-	-	-	-	323M	-	-
Wholesale Electric - PPA Capacity Revenues Growth	-	-	-	-	-	-	-	-
Other Revenues	-	-	-	-	-	30M	-	-
Other Revenues Growth	-	-	-	-	-	-	-	-
Retail Electric - Residential	-	-	-	-	-	-	-	-
Retail Electric - Residential Growth	-	-	-	-	-	-	-	-
Retail Electric	-	-	-	-	-	-	-	-
Retail Electric Growth	-	-	-	-	-	-	-	-
Retail Electric - Industrial	-	-	-	-	-	-	-	-
Retail Electric - Industrial Growth	-	-	-	-	-	-	-	-
Retail Electric - Commercial	-	-	-	-	-	-	-	-
Retail Electric - Commercial Growth	-	-	-	-	-	-	-	-
Other Adjustments	-	-	-	-5.44B	-4.49B	-	-	-
Other Adjustments Growth	-	-	-	-	17.58%	-	-	-
Retail Electric - Other	-	-	-	-	-	-	-	-
Retail Electric - Other Growth	-	-	-	-	-	-	-	-
Other Natural Gas - Gas Pipeline Investments	-	-	-	32M	-	-	-	-
Other Natural Gas - Gas Pipeline Investments Growth	-	-	-	-	-	-	-	-
Other Electric Revenue	-	-	664M	-	-	-	-	-
Other Electric Revenue Growth	-	-	-	-	-	-	-	-
Alternative Energy	-	-	-20M	-	-	-	-	-
Alternative Energy Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Southern Company (The) Series 2 (SOJD) has a price-to-earnings (P/E) ratio of 5.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Southern Company (The) Series 2 (SOJD) reported $28.91B in revenue for fiscal year 2024. This represents a 75% increase from $16.54B in 2012.

Southern Company (The) Series 2 (SOJD) grew revenue by 5.8% over the past year. This is steady growth.

Yes, Southern Company (The) Series 2 (SOJD) is profitable, generating $4.46B in net income for fiscal year 2024 (16.5% net margin).

Dividend & Returns

Yes, Southern Company (The) Series 2 (SOJD) pays a dividend with a yield of 12.97%. This makes it attractive for income-focused investors.

Southern Company (The) Series 2 (SOJD) has a return on equity (ROE) of 12.2%. This is reasonable for most industries.

Southern Company (The) Series 2 (SOJD) had negative free cash flow of $2.49B in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Southern Company (The) Series 2 (SOJD) has a dividend payout ratio of 67%. This suggests the dividend is well-covered and sustainable.

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