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Southern Company
SOUtilitiesGenerated Jul 5, 2026, 08:52 PM UTC
SO (Southern Company) analytical snapshot. Revenue declined +13.8% YoY to $25.25B. 5-year revenue CAGR +3.3%; 10y CAGR +3.5%. Net margin at 15.74% (expanding ▲). Market cap $110.45B at $97.98 per share. Trailing P/E 27.07, P/S 4.37, P/B 3.07. EV/Operating income ≈ 18.79 (EV $109.47B). Risk: High. Macro: Risk-on · Supportive. Composite analytical score -14 (data confidence 81%). Descriptive analytics from public filings — not investment advice.
Free SEC analysis
— computed from SEC filings, free to readFundamentals
Revenue declined +13.8% YoY to $25.25B. 5-year revenue CAGR +3.3%; 10y CAGR +3.5%. Net margin at 15.74% (expanding ▲).
- Revenue declined +13.8% YoY to $25.25B.
- 5-year revenue CAGR +3.3%; 10y CAGR +3.5%.
- Net margin at 15.74% (expanding ▲).
- Return on equity 11.97%, ROA 2.85%, ROIC 17.54%.
- Gross margin 0.00%, operating margin 23.07%.
- Free cash flow margin -6.11% (-$1.54B).
- Asset turnover 0.16 — capital efficiency.
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2016 | $18.47B | — | 0.00 | 19.72 | 0.00 | $569.0M | 0.00 |
| 2017 | $17.49B | -5.3% | 0.00 | 24.48 | 0.00 | $600.0M | 0.00 |
| 2018 | $5.77B | -67.0% | 0.00 | 77.73 | 11.40 | -$2.42B | 2.72 |
| 2019 | $6.37B | +10.4% | 0.00 | 36.61 | 14.72 | -$1.03B | 3.79 |
| 2020 | $23.50B | +268.7% | 0.00 | 17.84 | 0.00 | -$1.06B | 0.00 |
| 2021 | $21.42B | -8.8% | 0.00 | 36.12 | 0.00 | -$1.77B | 0.00 |
| 2022 | $20.38B | -4.9% | 0.00 | 23.98 | 0.00 | -$826.0M | 0.00 |
| 2023 | $23.11B | +13.4% | 0.00 | 16.00 | 0.00 | -$1.42B | 0.00 |
| 2024 | $29.28B | +26.7% | 0.00 | 18.34 | 0.00 | -$1.62B | 0.00 |
| 2025 | $25.25B | -13.8% | 0.00 | 23.07 | 15.74 | -$1.54B | 11.97 |
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Mar 31, 2025 | $7.78B | +17.0% | — | 17.16% |
| Jun 30, 2025 | $14.75B | +12.5% | +89.7% | 15.01% |
| Jun 30, 2025 | $6.97B | -46.8% | -52.7% | 31.75% |
| Sep 30, 2025 | $22.57B | +10.7% | +223.7% | 17.39% |
| Sep 30, 2025 | $7.82B | -61.6% | -65.3% | 50.17% |
| Mar 31, 2026 | $8.40B | +8.0% | +7.3% | 16.15% |
Filings & Ownership
Latest annual report (10-K) filed Feb 19, 2026. Latest quarterly report (10-Q) filed Apr 30, 2026. 9 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 19, 2026.
- Latest quarterly report (10-Q) filed Apr 30, 2026.
- 9 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
| Date | Form | Description |
|---|---|---|
| Jun 8, 2026 | 8-K | 8-K |
| May 15, 2026 | 8-K | 8-K |
| Apr 30, 2026 | 8-K | 8-K |
| Mar 19, 2026 | 8-K | 8-K |
| Feb 25, 2026 | 8-K | 8-K |
| Feb 19, 2026 | 8-K | 8-K |
| Dec 19, 2025 | 8-K | 8-K |
| Dec 10, 2025 | 8-K | 8-K |
SEC Filing Deep-Analysis
2 risk signal(s), 1 positive signal(s) detected from XBRL filing diff analysis. Revenue grew -13.8% but receivables grew +8.1% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Receivables outpacing revenue: Accounts receivable grew +8.1% YoY vs revenue growth of -13.8%. The +21.8% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
- Material weakness in internal controls: The term "material weakness" appears in 23 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- Operating cash flow exceeds net income: OCF is 1.90x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Endogenous analysis: Revenue grew -13.8% but receivables grew +8.1% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- 1 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- Ongoing high-severity risk language: Material weakness in internal controls.
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $29.28B | $25.25B | $-4.03B | -13.8% |
| Operating income | $5.37B | $5.83B | $456.0M | +8.5% |
| Net income | $938.0M | $3.98B | $3.04B | +323.9% |
| Operating cash flow | $6.30B | $7.55B | $1.25B | +19.9% |
| Capex | $7.92B | $9.10B | $1.17B | +14.8% |
| Total assets | $134.89B | $139.33B | $4.44B | +3.3% |
| Total liabilities | $104.11B | $108.51B | $4.40B | +4.2% |
| Cash & equivalents | $748.0M | $1.07B | $322.0M | +43.0% |
| Stockholders equity | $31.44B | $33.21B | $1.76B | +5.6% |
| Accounts receivable | $2.82B | $3.05B | $228.0M | +8.1% |
| Type | Concepts |
|---|---|
| Added | ForwardContractIndexedToIssuersEquityShares |
| Removed | AccumulatedOtherComprehensiveIncomeLossNetOfTax, AdditionalPaidInCapitalCommonStock, AssetRetirementObligation, AssetRetirementObligationAccretionExpense, AssetRetirementObligationLiabilitiesIncurred, AssetRetirementObligationLiabilitiesSettled, AssetRetirementObligationRevisionOfEstimate, CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect, CommonStockParOrStatedValuePerShare, CommonStockSharesAuthorized |
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Material weakness in internal controls | high | 23 | 2 | Ongoing |
| Restructuring | medium | 113 | 9 | Ongoing |
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- ProValuationMarket cap $110.45B at $97.98 per share.
- ProPrice & TechnicalsPrice $97.98 — uptrend (above 200-DMA); 1-month momentum positive.
- ProMacro & RatesMarket regime: Risk-on · Supportive.
- ProRisk ScorecardComposite risk: High.
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3 sections free · 4 Pro sections locked · composite -14
Macro exposure
Rate-sensitive · High sensitivityMacro regime: Risk-on · Supportive. Southern Company is a rate-sensitive name (high macro sensitivity) — a supportive backdrop, though defensives lag risk-on tapes.
Analytical read
deterministic previewPrice $97.98 — uptrend (above 200-DMA); 1-month momentum positive..
Peer comparison
Rate-sensitive groupHow SO stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Capital One Financial COF | 23 | Neutral |
| Chubb Ltd. CB | 23 | Neutral |
| U.S. Bancorp USB | 17 | Neutral |
| JPMorgan Chase & Co. JPM | 16 | Neutral |
| Prologis Inc. PLD | 14 | Neutral |
| Simon Property Group SPG | 13 | Neutral |
| American Express Co. AXP | 11 | Neutral |
| Bank of America Corp. BAC | 11 | Neutral |
| Visa Inc. V | 8 | Neutral |
| Mastercard Inc. MA | 8 | Neutral |
| Public Storage PSA | 8 | Neutral |
| Dominion Energy D | 6 | Neutral |
| Charles Schwab Corp. SCHW | 6 | Neutral |
| CME Group Inc. CME | 6 | Neutral |
| PNC Financial Services PNC | 4 | Neutral |
| Realty Income Corp. O | 4 | Neutral |
| Travelers Cos. TRV | 2 | Neutral |
| Duke Energy Corp. DUK | 0 | Neutral |
| Bank of New York Mellon BK | 0 | Neutral |
| Marsh & McLennan MMC | 0 | Neutral |
| Equity Residential EQR | 0 | Neutral |
| Wells Fargo & Co. WFC | -1 | Neutral |
| Welltower Inc. WELL | -1 | Neutral |
| Exelon Corp. EXC | -3 | Neutral |
| NextEra Energy NEE | -4 | Neutral |
| Xcel Energy XEL | -5 | Neutral |
| American International Group AIG | -5 | Neutral |
| Digital Realty Trust DLR | -6 | Neutral |
| Allstate Corp. ALL | -7 | Neutral |
| S&P Global SPGI | -8 | Neutral |
| American Water Works AWK | -9 | Neutral |
| Goldman Sachs Group GS | -10 | Neutral |
| Citigroup Inc. C | -11 | Neutral |
| Moody's Corp. MCO | -13 | Neutral |
| Morgan Stanley MS | -13 | Neutral |
| MetLife Inc. MET | -13 | Neutral |
| Southern Company SO● you | -14 | Neutral |
| BlackRock Inc. BLK | -15 | Neutral |
| Equinix Inc. EQIX | -16 | Neutral |
| American Electric Power AEP | -18 | Neutral |
| Crown Castle Inc. CCI | -18 | Neutral |
| American Tower Corp. AMT | -39 | Neutral |
| Truist Financial TFC | — | Neutral |