The company's capital structure remains strained by infrastructure investment, with the debt-to-equity ratio rising to 1.94x as of 2025Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Assets | 155.72B | 145.18B | 139.33B | 134.89B | 127.53B | 122.94B | 118.7B | 116.91B | 111B | 109.7B | 78.32B | 70.23B | 64.55B | 63.15B |
| Asset Growth % | 7.26% | 4.2% | 3.29% | 5.77% | 3.74% | 3.57% | 1.53% | 5.32% | 1.19% | 40.07% | 11.51% | 8.81% | 2.21% | - |
| PP&E (Net) | 0 | 0 | 101.28B | 96.1B | 92.81B | 89.44B | 84.88B | 80.8B | 79.87B | 78.45B | 61.11B | 54.16B | 50.57B | 47.76B |
| PP&E / Total Assets % | 0% | 0% | 72.69% | 71.24% | 72.77% | 72.75% | 71.51% | 69.11% | 71.95% | 71.51% | 78.03% | 77.11% | 78.35% | 75.62% |
| Total Current Assets | 10.92B | 10.69B | 10.43B | 10.42B | 8.96B | 8.62B | 9.82B | 9.58B | 10.07B | 9.72B | 6.53B | 5.86B | 5.61B | 6.16B |
| Cash & Equivalents | 1.64B | 1.07B | 748M | 1.92B | 1.8B | 1.06B | 1.98B | 1.4B | 2.13B | 1.98B | 1.4B | 710M | 659M | 628M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 0 | 0 | 3.35B | 2.68B | 2.35B | 2.49B | 2.39B | 2.39B | 2.63B | 2.78B | 1.93B | 1.97B | 2.3B | 2.82B |
| Other Current Assets | 5.21B | 5.33B | 2.48B | 1.76B | 2.04B | 1.45B | 1.73B | 2.12B | 1.51B | 1.73B | 1.17B | 873M | 861M | 402M |
| Long-Term Investments | 4.98B | 4.71B | 4.46B | 4.19B | 4.48B | 4.62B | 4.52B | 4.37B | 4.37B | 4.2B | 2.43B | 1M | 0 | 3M |
| Goodwill | 5.16B | 5.16B | 5.16B | 5.16B | 5.28B | 5.28B | 5.28B | 5.32B | 6.27B | 6.25B | 2M | 0 | 0 | 0 |
| Intangible Assets | 300M | 332M | 368M | 406M | 445M | 487M | 536M | 613M | 873M | 970M | 319M | 0 | 0 | 0 |
| Other Assets | 134.36B | 124.29B | 16.75B | 17.75B | 14.73B | 13.7B | 12.87B | 15.44B | 8.73B | 8.48B | 6.36B | 10.21B | -716.03B | -47.76B |
| Total Liabilities | 116.85B | 108.51B | 104.11B | 100.36B | 94.97B | 90.41B | 86.65B | 87.58B | 85.15B | 82.8B | 56.17B | 48.89B | 44.41B | 43.77B |
| Total Debt | 75.36B | 66.28B | 63.49B | 59.13B | 53.58B | 51.04B | 48.69B | 46.85B | 50.79B | 47.46B | 28.74B | 24.77B | 23.27B | 1.38T |
| Net Debt | 73.72B | 65.21B | 62.74B | 57.22B | 51.78B | 49.98B | 46.71B | 45.45B | 48.66B | 45.48B | 27.33B | 24.06B | 22.61B | 1.38T |
| Long-Term Debt | 66.18B | 58.49B | 56.92B | 50.36B | 49.92B | 44.86B | 41.59B | 40.56B | 44.29B | 42.52B | 24.57B | 20.52B | 21.21B | 19.22B |
| Short-Term Borrowings | 7.14B | 6.05B | 4.78B | 7.09B | 1.69B | 4.36B | 5.27B | 6.11B | 6.3B | 4.8B | 4.04B | 4.12B | 1.92B | 70.97B |
| Capital Lease Obligations | 2.04B | 1.74B | 1.79B | 1.68B | 1.97B | 1.82B | 1.82B | 197M | 204M | 136M | 146M | 159M | 163M | 57M |
| Total Current Liabilities | 16.89B | 15.99B | 13.47B | 15.72B | 10.92B | 12.08B | 12.55B | 14.29B | 13.59B | 12.92B | 9.13B | 8.96B | 5.53B | 7.01B |
| Accounts Payable | 3.71B | 3.7B | 2.9B | 3.52B | 2.17B | 2.81B | 2.56B | 3.44B | 3.08B | 2.83B | 1.91B | 1.59B | 1.38B | 1.39B |
| Accrued Expenses | 0 | 0 | 1.15B | 1.13B | 1.07B | 1.02B | 992M | 1.03B | 1.5B | 915M | 777M | 1.63B | 1.27B | 0 |
| Deferred Revenue | 0 | 486M | 868M | 0 | 106M | 0 | 0 | 656M | 6M | 135M | 106M | 15.28B | 15.28B | 19.51B |
| Other Current Liabilities | 5.04B | 5.55B | 3.58B | 3.16B | 5.62B | 3.06B | 3.06B | 3.71B | 2.68B | 4.21B | 2.36B | 1.59B | 938M | -84.86B |
| Deferred Taxes | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Other Liabilities | 17.61B | 20.76B | 19.07B | 20.42B | 12.48B | 21.24B | 20.51B | 32.54B | 27.1B | 27.26B | 22.36B | 19.28B | 17.53B | 17.48B |
| Total Equity | 38.87B | 36.67B | 35.23B | 34.53B | 32.57B | 32.52B | 32.05B | 29.33B | 25.85B | 26.89B | 22.14B | 21.34B | 20.14B | 19.38B |
| Equity Growth % | 5.98% | 4.11% | 2.01% | 6.03% | 0.13% | 1.48% | 9.27% | 13.45% | -3.87% | 21.46% | 3.76% | 5.96% | 3.92% | - |
| Shareholders Equity | 36.02B | 33.21B | 31.44B | 30.41B | 28.16B | 28.26B | 27.8B | 25.01B | 24.49B | 25.48B | 21.32B | 19.95B | 19.01B | 18.3B |
| Minority Interest | 2.85B | 3.47B | 3.78B | 4.12B | 4.4B | 4.26B | 4.25B | 4.32B | 1.36B | 1.41B | 824M | 1.39B | 1.13B | 1.08B |
| Common Stock | 5.55B | 5.45B | 5.42B | 5.42B | 5.28B | 5.27B | 5.26B | 5.16B | 5.04B | 4.95B | 4.57B | 4.54B | 4.46B | 4.39B |
| Additional Paid-in Capital | 15.74B | 14.15B | 13.78B | 13.67B | 11.95B | 11.83B | 11.73B | 11.09B | 10.47B | 9.66B | 6.28B | 5.96B | 5.36B | 4.86B |
| Retained Earnings | 14.86B | 13.75B | 12.48B | 11.54B | 10.93B | 11.31B | 10.88B | 8.71B | 8.88B | 10.36B | 10.01B | 9.61B | 9.51B | 9.63B |
| Accumulated OCI | -75M | -78M | -177M | -167M | -237M | -395M | -321M | -203M | -189M | -180M | 10.71B | -128M | -75M | -776M |
| Return on Assets (ROA) | 2.89% | 3.09% | 2.9% | 2.69% | 1.91% | 2.58% | 4.04% | 1.97% | 0.8% | 2.65% | 3.26% | 2.91% | 2.57% | 3.72% |
| Return on Equity (ROE) | 11.49% | 12.24% | 11.4% | 10.5% | 7.35% | 9.66% | 15.49% | 8.13% | 3.34% | 10.17% | 11.14% | 9.46% | 8.32% | 12.13% |
| Debt / Equity | 1.94x | 1.81x | 1.80x | 1.71x | 1.65x | 1.57x | 1.52x | 1.60x | 1.96x | 1.76x | 1.30x | 1.16x | 1.16x | 71.06x |
| Debt / Assets | 48.4% | 45.65% | 45.57% | 43.84% | 42.01% | 41.52% | 41.02% | 40.07% | 45.76% | 43.26% | 36.69% | 35.27% | 36.05% | 2180.66% |
| Net Debt / EBITDA | 5.54x | 5.29x | 5.80x | 6.07x | 6.75x | 5.69x | 5.51x | 5.12x | 5.16x | 5.67x | 3.87x | 4.05x | 4.07x | 208.90x |
| Book Value per Share | 35.05 | 33.28 | 32.08 | 31.94 | 30.49 | 29.6 | 30.41 | 28.61 | 25.65 | 28.07 | 24.23 | 23.68 | 22.86 | 22.05 |
High capital intensity leverage
As reported in recent financial statements, Southern Company's PPE net grew to $112.3 billion by 2025Q3, reflecting the successful transition of major nuclear assets into the regulated rate base, which serves as the primary engine for future earnings growth within the Southeast utility regulatory framework.
The shift of Vogtle units from construction status to operational assets appears to be the primary driver of the recent asset base expansion. Investors should monitor how effectively the company manages the depreciation recovery of these massive investments, as the regulatory lag in rate cases may temporarily suppress realized returns on this new capital.
Based on reported figures, the company's debt-to-equity ratio has trended upward to 1.94x as of 2025Q4, indicating that the aggressive capital expenditure cycle has necessitated a reliance on debt financing that may test the limits of the current regulatory capital structure parameters.
The elevated leverage profile suggests that the company is operating near the upper bound of what regulators typically permit for a utility of this scale. This capital structure warrants further investigation to determine if future growth will require additional equity issuance to maintain credit ratings and regulatory compliance.
According to quarterly filings, equity has grown to $36.0 billion by 2025Q4, providing a stable foundation for the company's long-standing dividend policy despite the significant capital requirements that have historically pressured the balance sheet during the multi-year construction of large-scale generation assets.
The consistent growth in equity appears to be supported by retained earnings, which suggests that the company is successfully balancing infrastructure reinvestment with shareholder returns. However, the sustainability of this equity growth may be sensitive to future industrial load demand and the resulting need for further capital deployment.
As indicated by the 2025Q4 financial data, the current ratio has compressed to 0.65, suggesting that the company's liquidity position is being constrained by the heavy cash outflows required to support ongoing grid modernization and the integration of new generation capacity into the existing system.
The compression in the current ratio may indicate a reliance on short-term credit facilities to manage working capital needs during peak construction periods. Investors should monitor the company's access to capital markets, as any disruption in financing could potentially impact the pace of planned infrastructure projects.
Quick answers to the most common questions about buying SOJD stock.
As of 2025, Southern Company (The) Series 2 (SOJD) had total assets of $155.72B including $10.92B in current assets.
Southern Company (The) Series 2 (SOJD) carries total debt of $75.36B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Southern Company (The) Series 2 (SOJD) has total shareholders' equity (book value) of $36.02B ($35.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Southern Company (The) Series 2 (SOJD) reported a current ratio of 0.65x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.