Southern (SO) stock
Utilities · Electric Utilities
Southern (SO) is an Electric Utilities company in the Utilities sector, headquartered in Atlanta, Georgia. As of October 23, 2026, SO closed at $92.89, a market capitalization of $106.86 billion, the 114th largest company in the S&P 500. Over the last twelve months it generated $30.18 billion in revenue (+0% year over year) and -$3.27 billion in free cash flow. The stock trades at 22.4x trailing earnings and 18.9x forward earnings.
- 1-year total return: -0.2% (dividends reinvested)
- 5-year return: +12.1% a year
- 52-week range: $81.69 – $99.58
- Gross margin 48.3%, operating margin 29.6%
- Dividend yield: 3.27%, 25 straight years of increases
- FI Handbook report card: C- across 10 metrics
- 2nd largest of 31 Utilities stocks in the S&P 500
SO price chart
1Y price change: -3.4% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| SO | +11.3% | +9.1% | -0.2% | +16.3% | +12.1% | +10.7% | +13.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1981.
SO key statistics
- Market cap
- $106.9B
- #114 in S&P 500
- P/E (TTM)
- 22.4x
- Forward P/E
- 18.9x
- EPS (TTM)
- $4.15
- Revenue (TTM)
- $30.2B
- +0%
- Free cash flow
- -$3.3B
- Gross margin
- 48.3%
- Operating margin
- 29.6%
- Return on equity
- 11.5%
- Dividend yield
- 3.27%
- 52-week range
- $81.69 – $99.58
- Beta
- 0.30
- Price / sales
- 3.5x
- EV / EBITDA
- 12.9x
- Debt / equity
- 1.82x
- Employees
- 29,502
SO report card
C-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth0.1%D
- Gross margin48.3%B
- Operating margin29.6%B
- FCF margin-10.8%F
- Return on equity11.5%C
- Net debt / EBITDA5.2xF
- Forward P/E18.9xB
- PEG ratio2.0xD
- Shareholder yield3.3%B
- Share count change / yr0.8%D
Southern financials
Revenue went from $19.9B in fiscal 2016 to $29.6B in fiscal 2025, growing 4.5% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.9B | $23.0B | $23.5B | $21.4B | $20.4B | $23.1B | $29.3B | $25.3B | $26.7B | $29.6B |
| Operating income | $4.5B | $2.3B | $4.2B | $7.7B | $4.9B | $3.7B | $5.4B | $5.8B | $7.1B | $7.3B |
| Net income | $2.5B | $926.0M | $2.3B | $4.7B | $3.1B | $2.3B | $3.4B | $4.0B | $4.4B | $4.3B |
| EPS (diluted) | $2.55 | $0.84 | $2.17 | $4.50 | $2.93 | $2.24 | $3.26 | $3.62 | $3.99 | $3.92 |
| Free cash flow | -$2.4B | -$1.0B | -$1.1B | -$1.8B | -$826.0M | -$1.4B | -$1.6B | -$1.5B | $833.0M | -$2.9B |
| Buybacks | $0 | $0 | — | — | — | — | — | — | — | — |
| Dividends paid | $2.1B | $2.3B | $2.4B | $2.6B | $2.7B | $2.8B | $2.9B | $3.0B | $3.0B | $3.0B |
| Diluted shares | 958.0M | 1.0B | 1.0B | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into SO?
A reverse DCF asks what growth the current price requires. With an enterprise value of $181.0B and -$3.3B of trailing free cash flow, Southern needs to grow free cash flow at a rate outside our model for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 23.7x vs. median 20.1x (10th–90th percentile 14.2x–29.9x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
SO dividend
- Dividend yield
- 3.27%
- Annual dividend
- $3.04
- Years of increases
- 25
- 5-yr dividend growth
- 3.0%
- per year
- Payout ratio
- 72%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
SO earnings
Next report: November 5, 2026. Southern has beaten EPS estimates 2 quarters in a row. Last quarter's revenue was $7.0B (+0% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 30, 2026 | $1.01 | $1.13 | +11.8% |
| Apr 30, 2026 | $1.21 | $1.32 | +8.9% |
| Feb 19, 2026 | $0.56 | $0.55 | -1.4% |
| Oct 30, 2025 | $1.51 | $1.60 | +6.0% |
| Jul 31, 2025 | $0.88 | $0.92 | +4.7% |
| May 1, 2025 | $1.19 | $1.23 | +3.0% |
| Feb 20, 2025 | $0.51 | $0.50 | -1.7% |
| Oct 31, 2024 | $1.34 | $1.43 | +6.7% |
Stocks like SO
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 DUK Duke Energy Corporation (Holdin | -0.33% | +2% | $97.4B | 18.8x | Compare |
 CEG Constellation Energy Corporatio | -0.69% | -30% | $89.8B | 24.8x | Compare |
 AEP American Electric Power | -0.73% | +15% | $70.6B | 22.5x | Compare |
 ETR Entergy | -0.79% | +15% | $51.3B | 27.5x | Compare |
 VST Vistra | -0.48% | -26% | $47.0B | 23.6x | Compare |
 EXC Exelon | -0.94% | -3% | $45.8B | 16.3x | Compare |
 WEC WEC Energy | -0.95% | -1% | $36.2B | 21.6x | Compare |
 PEG Public Service Enterprise | -0.96% | -10% | $35.9B | 17.9x | Compare |
SO news
- Southern (SO) Stock Looks About Right As DOE Backs Nuclear Experiment · Oct 24, 2026
- Southern Company’s Dividend Looks Safe. Its Massive Spending Plan Is the Real Test · Oct 22, 2026
- Southern Company announces quarterly dividend · Oct 20, 2026
- Southern Co. (SO) Stock Slides as Market Rises: Facts to Know Before You Trade · Oct 19, 2026
- XCF Global (NASDAQ:SAFX) Outlines Strategy to Scale, Integrate and Deliver Following Completion of Business Combination · Oct 23, 2026
SO stock FAQ
What is SO's market cap?
Southern's market capitalization is $106.86 billion as of October 23, 2026, ranking 114th in the S&P 500.
What is SO's P/E ratio?
SO trades at a trailing price-to-earnings ratio of 22.4x and a forward P/E of 18.9x. Its median P/E over the period we track is 20.1x.
Does SO pay a dividend?
Yes. Southern pays $3.04 per share a year, a 3.27% yield. It has raised its dividend 25 years in a row. Dividends grew 3.0% a year over the last five years.
How much has SO stock returned?
Including reinvested dividends, SO returned -0.2% over one year, +12.1% a year over five years, +10.7% a year over ten years through October 23, 2026.
When does SO report earnings?
Southern is expected to report earnings on November 5, 2026. It has beaten EPS estimates 2 quarters in a row.
How many employees does Southern have?
Southern has about 29,502 full-time employees, or $1.0 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology