SO Research
The Southern Company
3.36%
Forward yield
$3.040 / yr per share
Yield percentile (5y)
P 40
3.1% (P10)3.5% (med)4.0% (P90)
Quality score
71/100
Good · Moderate payout risk
Annual / share
$3.040
Quarterly · next ex-date 08-17 (72d)
vs 5y P90 reference
+18%
$90.52 vs $74.56 (5y P90 price)
Refreshed 2026-06-06Data coverage High — 45y history
01Fundamentals
SO demonstrates strong dividend continuity with 45 consecutive years and a robust moat score of 19.0/20 in the Utilities sector. However, the balance sheet exhibits significant weakness with a 190.43% Debt/Equity ratio and -$2,935,000,000 in negative free cash flow, while the 3.23% yield is not compelling.
Bull caseThe company boasts exceptional dividend continuity with 45 consecutive years and a strong utility moat score of 19.0/20, underpinned by a stable ROE of 10.99%.
Bear caseFinancial health is a major concern, reflected by a low balance_sheet_strength score of 3.7/20 due to 190.43% Debt/Equity and -$2,935,000,000 in negative free cash flow, compounded by a high 75.7% payout ratio and an uncompelling 3.23% yield.
02Risk & quality
| GAAP payout ratio | Moderate · 75.7% |
| Overall quality score | 71 / 100 · Good |
Score breakdown — five dimensions, each /2020 + 10 + 19 + 3 + 4 = 71
20.0/20
Consistency
10.0/20
Payout safety
19.0/20
Moat
↓
2.8/20
Growth rate
3.7/20
Balance sheet
- Consistency 20.0/20 — SO has raised or maintained its dividend for 45 consecutive years, qualifying as a Dividend Aristocrat (25+ year streak). The dimension caps at 10 years, so 45 years comfortably clears the ceiling for full credit.
- Payout safety 10.0/20 — SO pays out 75.7% of GAAP earnings as dividends — still inside the safe band, with some headroom before reaching 80%, the level commonly flagged as strained. Manageable as long as earnings hold up.
- Moat 19.0/20 — Scores how protected SO's earnings stream is from competition. Operating in Utilities, SO benefits from the kind of brand pricing power, regulatory position, or scale that lets margins hold up through economic cycles. Cyclical or commodity-driven sectors typically score in the single digits here.
- Growth rate 2.8/20 — SO has raised the dividend about 4.2% per year over the past 5 years — modest but steady. This kind of mid-single-digit pace is typical for mature, large-cap dividend payers running at moderate payout ratios; growth-tilted dividend ETFs (think SCHD constituents) typically target the 15-20% range.
- Balance sheet 3.7/20 — A composite of ROE and inverse leverage. A low score here can mean weak return-on-equity, high debt, or both — for SO, 11.0% ROE and 190% debt-to-equity. Doesn't directly threaten the current dividend if cash flow is healthy, but it does limit how much room the company has for future hikes or to absorb a downturn.
03Price reference
$10,000at current price →$336/ yr in dividends
Math: 3.36% forward yield. Historical 5y DGR is 4.2%/yr — past growth does not guarantee future results.
Below are statistical price references from the last 5 years of trading, anchored to historical drawdown events. They describe where the price has been — not where it should be.
$60.45
$74.56
$90.52
5y P10
5y P90
Now
| Current price | $90.52 |
| 5y P90 reference (high-yield 10% tail) | $74.56 — 17.6% lower |
| 5y P10 reference (low-yield 10% tail) | $60.45 — 33.2% lower |
| 5y max observed yield (at P10 price) | 4.3% |
| Annual dividend (frozen forward) | $3.040 / share · 3.36% yield |
Historical anchor · 2020-03 COVID Sell-off
Low $34.05 · drawdown 2806 days · yield reached 5.8%
COVID pandemic triggered global liquidity panic, market plunged 34% in 3 weeks
Important — this is reference data, not investment advice.
Quality scores, percentiles, and price references are statistical summaries of historical data computed by our research methodology from public market data, refreshed daily. They do not constitute a buy / sell / hold recommendation, do not account for your personal financial situation, tax bracket, or goals, and past performance does not predict future results. Consult a registered investment advisor before making investment decisions. divcalc.io is not a registered investment advisor.
Quality scores, percentiles, and price references are statistical summaries of historical data computed by our research methodology from public market data, refreshed daily. They do not constitute a buy / sell / hold recommendation, do not account for your personal financial situation, tax bracket, or goals, and past performance does not predict future results. Consult a registered investment advisor before making investment decisions. divcalc.io is not a registered investment advisor.