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Regulated electric (and gas) utility holding company serving Georgia, Alabama and Mississippi, plus growing nuclear generation.
Regulated electric (and gas) utility holding company serving Georgia, Alabama and Mississippi, plus growing nuclear generation.
Earns a return, set by state regulators, on the power plants and grid it has built, billed to customers through regulated rates, so growth comes from investing more rather than selling more. Georgia Power is the largest operating company. The new Vogtle reactors entered service in 2023 and 2024 after years of delay and cost overruns.
Moat: narrow (regulatory licence, scale). State-granted monopoly service territories with regulated, cost-of-service rate recovery.
Headquarters: Atlanta, Georgia, US · Founded: 1945 · Employees: 29,800
Size Southern (SO) is a United States Utilities company (Electric Utilities) with a market value of $106B, the 117th largest of 3,117 United States companies the cockpit tracks. Shares closed at $92.34 on 6 Nov 2026.
Performance Over six months the shares gained 1.4%, against +1.6% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 6.4% over the last twelve months (peer median +6.3%); the operating margin is 24.2% (peer median 20.6%).
Valuation It trades at 20.0× forward earnings against a peer median of 18.4× (7th most expensive of 21).
Capital Return on invested capital runs 1.1 points below its cost of capital (6.0% WACC).
Credit Southern has 34 bonds outstanding ($25.2B), rated BBB+ by the agencies and trading like A- at a weighted spread of 81 bp.
Short interest Short interest is 2.6% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $30.2B | $29.6B | $26.7B | $25.3B | $29.3B |
| Revenue growth | — | +11% | +6% | -14% | — |
| Gross profit | $8.82B | $8.81B | $8.54B | $7.19B | $7.07B |
| EBITDA | $13.6B | $13.3B | $12.3B | $10.7B | $9.72B |
| Net income | $4.66B | $4.34B | $4.40B | $3.98B | $3.54B |
| Free cash flow | -$4.19B | -$3.59B | $201M | -$2.13B | -$2.27B |
| Capital expenditure | $14.8B | $13.4B | $9.59B | $9.69B | $8.57B |
| Total debt | $77.1B | $74.1B | $66.3B | $63.5B | $59.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Southern SO | $106B | +1% | +6% | 24% | 20.0× | n/a |
| Duke Energy DUK | $99.6B | +4% | +6% | 27% | 18.2× | n/a |
| NextEra Energy NEE | $182B | -6% | +13% | 30% | 21.0× | 18.8% |
| Dominion Energy D | $60.3B | +12% | +23% | 29% | 18.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.2% | +8.1% | 9th lowest of 21 |
| 6-month return | +1.4% | +1.6% | 11th highest of 21 |
| Distance from 52-week high | -7.0% | -6.8% | 11th highest of 21 |
| Revenue growth (TTM) | +6.4% | +6.3% | 10th highest of 21 |
| Operating margin | 24.2% | 20.6% | 7th highest of 21 |
| Forward P/E | 20.0× | 18.4× | 7th most expensive of 21 |
| ROIC minus cost of capital | -1.1 pp | -1.2 pp | 10th highest of 21 |
| EV / EBITDA | 13.4× | 13.6× | 9th cheapest of 20 |
| Net debt / EBITDA | 5.4× | 4.5× | 8th most indebted of 20 |
| Bond spread | 81 bp | 85 bp | 4th tightest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Southern SO | United States | $106B | +1% | +6% | 24% | 20.0× | n/a | n/a |
| Enel ENEL.MI | Italy | $108B | 0% | 0% | 16% | 13.4× | 6.2% | +3.8% |
| China Yangtze Power 600900.SS | China | $110B | +9% | 0% | 51% | 21.2× | 1.5% | +8.5% |
| Duke Energy DUK | United States | $99.6B | +4% | +6% | 27% | 18.2× | n/a | n/a |
| Constellation Energy CEG | United States | $88.6B | -18% | +21% | 15% | 20.5× | 20.3% | +8.8% |
| National Grid NG..L | United Kingdom | $84.5B | -2% | -4% | 29% | 13.8× | n/a | n/a |
| Engie ENGI.PA | France | $69.0B | -11% | -5% | 13% | 11.7× | 5.8% | +10.2% |
| American Electric Power AEP | United States | $68.9B | -3% | +10% | 24% | 18.5× | n/a | n/a |
| Iberdrola IBE.MC | Spain | $168B | +16% | +1% | 21% | 21.9× | 11.4% | +5.8% |
| NextEra Energy NEE | United States | $182B | -6% | +13% | 30% | 21.0× | 18.8% | +9.2% |
| Dominion Energy D | United States | $60.3B | +12% | +23% | 29% | 18.7× | n/a | n/a |
| E.on EOAN.DE | Germany | $55.9B | +4% | -8% | 7% | 17.5× | n/a | n/a |
| Entergy ETR | United States | $52.8B | -1% | +11% | 24% | 22.8× | n/a | n/a |
| Xcel Energy XEL | United States | $51.1B | +1% | +4% | 22% | 18.1× | n/a | n/a |
| Endesa ELE.MC | Spain | $51.0B | +21% | +6% | 17% | 18.4× | 0.5% | +4.7% |
| Rwe RWE.DE | Germany | $50.4B | +2% | -34% | 0% | 18.6× | n/a | n/a |
| Exelon EXC | United States | $47.2B | +5% | +7% | 20% | 15.2× | n/a | n/a |
| Consolidated Edison ED | United States | $43.7B | +12% | +10% | 18% | 18.5× | n/a | n/a |
| Sse SSE.L | United Kingdom | $43.2B | +7% | +1% | 19% | 14.2× | n/a | n/a |
| Vistra VST | United States | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% | +10.1% |
| Adani Power ADANIPOWER.NS | India | $41.6B | -11% | +8% | 23% | 29.4× | n/a | n/a |
Southern has 34 bonds outstanding with $25.2B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 5.62%, a spread of 81 bp over government bonds.