Latest Ratios: P/E Ratio 4.9x · EV/EBITDA 7.2x · 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 | $21.6B | $22.4B | $22.8B | $24.7B | $21.2B | $29.0B | $30.1B | — | — | — | — |
| Enterprise Value | $95.3B | $96.2B | $88.0B | $87.4B | $78.4B | $80.7B | $80.1B | — | — | — | — |
| P/E Ratio → | 4.92 | 5.16 | 5.19 | 6.21 | 6.02 | 12.10 | 9.72 | — | — | — | — |
| P/S Ratio | 0.73 | 0.76 | 0.85 | 0.98 | 0.73 | 1.25 | 1.48 | — | — | — | — |
| P/B Ratio | 0.55 | 0.58 | 0.62 | 0.70 | 0.61 | 0.89 | 0.93 | — | — | — | — |
| P/FCF | — | — | 113.49 | — | — | — | — | — | — | — | — |
| P/OCF | 2.20 | 2.29 | 2.33 | 3.27 | 3.37 | 4.69 | 4.50 | — | — | — | — |
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 | — | 3.25 | 3.29 | 3.46 | 2.68 | 3.49 | 3.93 | — | — | — | — |
| EV / EBITDA | 7.16 | 7.22 | 7.14 | 8.09 | 8.32 | 10.52 | 9.11 | — | — | — | — |
| EV / EBIT | 13.09 | 11.58 | 11.46 | 13.62 | 13.02 | 18.91 | 15.30 | — | — | — | — |
| EV / FCF | — | — | 437.90 | — | — | — | — | — | — | — | — |
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% | 30.1% | 28.1% | 31.3% | 31.3% |
| Operating Margin | 24.7% | 24.7% | 26.4% | 23.1% | 18.3% | 16.0% | 24.0% | 24.3% | 22.5% | 25.9% | 25.6% |
| Net Profit Margin | 14.7% | 14.7% | 16.5% | 15.7% | 12.0% | 10.4% | 15.3% | 22.4% | 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% | 15.5% | 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% | 4.6% | 3.3% | 4.5% | 5.0% | 5.3% | 6.1% | 6.3% |
| ROCE | 5.4% | 5.4% | 5.5% | 4.8% | 4.6% | 3.3% | 4.5% | 4.9% | 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 | 1.65 | 1.57 | 1.52 | 1.60 | 1.96 | 1.76 |
| Debt / EBITDA | 5.66 | 5.66 | 5.37 | 5.87 | 6.27 | 6.98 | 5.81 | 5.74 | 5.28 | 5.38 | 5.92 |
| Net Debt / Equity | — | 1.90 | 1.78 | 1.78 | 1.66 | 1.59 | 1.54 | 1.46 | 1.55 | 1.88 | 1.69 |
| Net Debt / EBITDA | 5.54 | 5.54 | 5.29 | 5.80 | 6.07 | 6.75 | 5.69 | 5.51 | 5.12 | 5.16 | 5.67 |
| Debt / FCF | — | — | 324.41 | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.51 | 2.51 | 2.83 | 2.50 | — | — | — | 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 | 0.65 | 0.65 | 0.67 | 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 | — | — | — | 4.04 | 6.97 | 5.46 | 4.21 | 6.20 | 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 | 14.1% | 13.4% | 12.9% | 12.3% | 13.7% | 9.6% | 8.9% | — | — | — | — |
| Payout Ratio | 69.5% | 69.5% | 67.1% | 76.3% | 82.5% | 116.0% | 86.1% | 54.1% | 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 | 20.3% | 19.4% | 19.3% | 16.1% | 16.6% | 8.3% | 10.3% | — | — | — | — |
| FCF Yield | — | — | 0.9% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 14.1% | 13.4% | 12.9% | 12.3% | 13.7% | 9.6% | 8.9% | — | — | — | — |
| Shares Outstanding | — | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B | $1.0B | $1.0B | $958M |
Regulatory and capital intensity
Based on reported figures, the company trades at a forward P/E of 4.21, which appears to reflect significant market skepticism regarding the transition from construction-heavy capital cycles to steady-state earnings, while the 14.2% dividend yield warrants careful scrutiny against historical utility sector norms and Treasury alternatives.
The current valuation multiples suggest that the market is heavily discounting the company's earnings power, likely due to the lingering impact of the Vogtle project's capital intensity. Investors should monitor whether this discount narrows as the company demonstrates consistent cash flow generation from its newly operational rate base.
As reported in quarterly financial statements, the earned ROE has fluctuated between 1.1% and 4.5% over the last ten quarters, indicating that the company is currently experiencing significant regulatory lag as it attempts to integrate massive new infrastructure investments into its authorized rate base.
The gap between the earned ROE and the typical regulatory authorized levels suggests that the company's profitability is currently constrained by the timing of rate case outcomes. This volatility may indicate that the full earnings potential of the recent nuclear expansion has yet to be realized in the reported financial results.
According to recent SEC filings, the debt-to-capital ratio has remained elevated near 0.66, reflecting the heavy reliance on debt financing to support the company's multi-year capital expenditure program and the ongoing modernization of its regulated generation and transmission assets across the Southeast.
The persistent leverage levels suggest that the company's balance sheet is currently operating under significant pressure, which may limit financial flexibility in a higher-for-longer interest rate environment. Analysts should monitor the FFO-to-debt ratio, which has shown volatility, as a key indicator of credit quality and the ability to maintain investment-grade ratings.
Based on the provided financial data, the dividend payout ratio has reached as high as 182.9% in recent periods, which suggests that the current dividend policy is being supported by external financing rather than purely by operating cash flow during this intensive capital expenditure cycle.
The high payout ratio warrants further investigation, as it may indicate that the company is prioritizing shareholder returns despite the significant cash requirements of its infrastructure projects. Investors should assess whether future cash flow growth from the completed Vogtle units will be sufficient to normalize this payout ratio over the medium term.
As noted in industry research, the P/E ratio is frequently misapplied to this utility, as it fails to account for the non-cash earnings distortions caused by AFUDC, which can artificially inflate reported net income without providing the corresponding cash flow necessary to support the dividend.
Analysts should instead focus on cash-based metrics such as FFO-to-debt or adjusted earnings that strip out non-cash accounting credits. Relying on standard P/E multiples obscures the underlying cash generation reality and may lead to an inaccurate assessment of the company's true valuation relative to its regulated peers.
Includes 30+ ratios · 14 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SOJD stock.
Southern Company (The) Series 2's current P/E ratio is 4.9x. The historical average is 7.4x.
Southern Company (The) Series 2's current EV/EBITDA is 7.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
Southern Company (The) Series 2's return on equity (ROE) is 11.5%. The historical average is 10.1%.
Based on historical data, Southern Company (The) Series 2 is trading at a P/E of 4.9x. Compare with industry peers and growth rates for a complete picture.
Southern Company (The) Series 2's current dividend yield is 14.09% with a payout ratio of 69.5%.
Southern Company (The) Series 2 has 29.8% gross margin and 24.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Southern Company (The) Series 2's Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.