SO

SOUTHERN CO

Utilities • CIK: 0000092122

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Market Cap
$96.18B
P/E (TTM)
22.1x
Rev Growth (TTM)
+10.6%
Net Margin (TTM)
12.2%
FCF Yield (TTM)
-3.1%
FCF Margin (TTM)
-9.9%

Filing Intelligence

5.0/10
10-K filed Feb 19, 2026 • FY 2025

Executive Summary

Georgia Power is planning significant capital investments of approximately $16.7 billion for projects and transmission infrastructure, with base rates stabilized through 2028.. Alabama Power's cost...

Key Concerns

  • ●Revenue quality is assessed as moderate due to customer concentration concerns and reliance on regulatory clauses, despite a diversified...
  • ●Litigation regarding alleged antitrust violations in nuclear power employee compensation could materially impact financial statements.
  • ●Environmental citizen suits related to coal combustion residual management pose a risk of material impact on financial statements and AROs.

Key Strengths

  • ●Southern Power is actively expanding its renewable energy portfolio through construction and development of solar and wind projects with...
  • ●Mississippi Power has implemented a revenue increase of $20 million, pending final regulatory approval.
View Full Quarterly Insights →

LATEST EARNINGS

•
Q4 FY2025
•
about 1 month ago
•View source
Revenue
$6.98B
+10.1%
Net Income
$416.00M
-22.1%
EPS
$0.38
-20.8%
Operating
13.1%↓ -3.6%
Net
6.0%↓ -2.5%
  • •Fourth-quarter 2025 operating revenues increased 10.1% to $7.0 billion, compared with $6.3 billion for the fourth quarter of 2024.
  • •Full-year 2025 operating revenues increased 10.6% to $29.6 billion, compared with $26.7 billion in 2024.
  • •Adjusted earnings per share (EPS) for the full-year 2025 were $4.30, an increase from $4.05 in 2024.
  • •Total regulated utility customers increased by 0.8% to 9,005,000.
View Full Earnings →

Cash Flow Health

Free Cash Flow3/8 positive
TTM$-2.9B
Q4 '25
$-1.7B-402%
Q3 '25
$559M+190%
FCF Margin
TTM-9.9%
Q4 '25-24.2%-438%
Sector: 0.0%Below Avg
OCF Margin33.2%
OCF/NI2.72x
CapEx Coverage0.8x
FCF Yield-3.1%
FCF Growth (2Y)–
Cash Conversion Cycle
2410 days
DSO: 38+DIO: 0−DPO: -2372
View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Balanced
Total Shareholder YieldEst.
Est.3.1%
Div Yield3.1%

Balancing returns with reinvestment

Dividend & Payout Metrics
Dividend Yield (TTM)3.1%
Free Cash Flow (TTM)$-2.9B
Capital Return / FCF-102.7%
Est. Dividends Paid (TTM)$3.0B
Estimated: Buyback data estimated from FCF. Actual repurchase data not available for this company.
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
7.6%
Stable
-0.0% YoY+2.1%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
20.6%
8Q: 22.0%
Asset Turnover
0.20x
8Q: 0.19x
Leverage (1+D/E)
2.84x
D/E: 1.84x
DuPont: 11.5% ≈ 7.6% ROIC
Asset & CapEx Efficiency
Invested Cap Turn
9.82x
8Q:6.90x
+1508.0%
CapEx Intensity
4.2%
8Q:2.9%
CapEx/Depreciation
2.11x
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Revenue
$29.6B
$7.0B↓10.8%
$7.8B↑12.2%
$7.0B↓10.3%
$7.8B↑22.6%
$6.3B↓12.8%
$7.3B↑12.5%
$6.5B↓2.8%
$6.6B
Operating Income
$7.3B
$917.0M↓64.6%
$2.6B↑47.1%
$1.8B↓12.2%
$2.0B↑90.0%
$1.1B↓55.3%
$2.4B↑22.1%
$1.9B↑13.9%
$1.7B
Net Income
$4.3B
$416.0M↓75.7%
$1.7B↑94.4%
$880.0M↓34.0%
$1.3B↑149.8%
$534.0M↓65.2%
$1.5B↑27.6%
$1.2B↑6.6%
$1.1B
Operating Cash Flow
$9.8B
$2.6B↓31.2%
$3.8B↑73.0%
$2.2B↑74.5%
$1.3B↓42.5%
$2.2B↓39.9%
$3.6B↑34.5%
$2.7B↑105.0%
$1.3B
Free Cash Flow
$-2.9B
$-1.7B↓402.0%
$559.0M↑190.3%
$-619.0M↑47.9%
$-1.2B↓106.1%
$-576.0M↓144.1%
$1.3B↑131.8%
$563.0M↑222.7%
$-459.0M
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
22.1x
Volatile
8Q: 73.3x+9425%
Valuation Lenses
Earnings
22.1x
vs – sector
Cash Flow
-53.8x
EV/FCF vs –
Growth-Adj
2.1xPEG
Expensive for growth
Quality-Adj
2.9P/E per %ROIC
ROIC: 7.6%
Shareholder Returns
Dividend
3.1%
Buyback
–
Total Yield
3.1%
Market Cap$96.18B
EV$157.96B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
86/100
Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Top 10%
22.1%
8Q:–
Return on Invested Capital (ROIC)Top 25%
7.6%
8Q:–
+2.1%
vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 20.6%
Asset Turnover: 0.20x

Earnings Quality

Cash Conversion

2.72x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin101.7%

Capital Efficiency

Invested Capital Turnover9.82x

Working Capital

Cash Conversion Cycle2410 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
61/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
10.6%
OpInc Growth YoY
-13.3%
EPS Growth YoY
-1.8%
FCF 3Y CAGR
N/A

Margin Quality & Sustainability

Low Quality
Profitability Cascade
Gross
101.7%
Operating
24.7%
Above Avg in sector
Net
12.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-22.1 pts
FCF: -9.9% | Net: 12.2%
FCF margin lags net margin by 22.1 pts

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Leveraged
Net Debt / EBITDA
–Net Debt: $64.73B
Interest Coverage
–
Balance sheet risk & solvency analysis

Research

All research