Capital investment and capacitypositive · 4 filings
“The increase was primarily due to an increase in capital expenditures subject to AFUDC.”10-Q · Apr 30, 2026 ↗
The Southern Company
SO
Market read
The Southern Company's move is being confirmed by its market group.
The latest filing is mixed. 9 of 35 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 14 directly disclosed connections are confirming.
What changed
- Revenue increased 8.0% versus the comparable filing period.
- Operating margin fell 1.8 percentage points.
Company-0.6% todayVolume comparison unavailable
Market group9 of 35 activePackaged Foods & Beverages · inactive
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- At least 23 of 35 durable members become active together.
- Capital-flow agreement rises above 55%.
- A filing-linked outsider such as HELE begins moving with the group.
Invalidation: The live read weakens if participation falls to 12 of 35 members or fewer.
Research brief
The story so far
The latest filing is mixed. 9 of 35 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 14 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 8.0% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 1.8 percentage points.
- Net margin fell 1.0 percentage points.
What would clarify the read
- At least 23 of 35 durable members become active together.
- Capital-flow agreement rises above 55%.
- A filing-linked outsider such as HELE begins moving with the group.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements474
Verified relationships16
Evidence supporting the case
- Latest annual revenue changed +10.6% year over year.
- Operating cash flow covered net income at 2.26x in the latest annual period.
- Capital investment and capacity has repeated favorable evidence across 4 filings.
- Credit and interest rates has repeated favorable evidence across 4 filings.
- Demand and volume has repeated favorable evidence across 4 filings.
- Tariffs and trade policy has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Operating margin changed -1.8 percentage points in the latest annual period.
- Net margin changed -1.8 percentage points in the latest annual period.
Questions before a position
- P/E is 19% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 38% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
87.206m-10.9%12m-4.8%24m-1.3%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$23.1B+13.4%$2.24+0.3%
2022-12-31$29.3B+26.7%$3.26+1.2%
2023-12-31$25.3B-13.8%$3.62+1.6%
2024-12-31$26.7B+5.8%$3.99+0.4%
2025-12-31$29.6B+10.6%$3.92+0.6%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesmixed · 4 filings
“The net cash used for financing activities for the three months ended March 31, 2026 was primarily related to common stock dividend payments and net distributions to noncontrolling interests, partially offset by an increase in commercial paper borrowings.”10-Q · Apr 30, 2026 ↗
Demand and volumemixed · 4 filings
“All other variable rate demand revenue bonds and fixed rate revenue bonds required to be remarketed within the next 12 months are classified as long-term debt on the balance sheets as a result of available long-term committed credit.”10-Q · Apr 30, 2026 ↗
Energy and commodity pricesmixed · 4 filings
“Southern Co mpany Gas Net cash provided from operating activities increased $121 million for the three months ended March 31, 2026 as compared to the corresponding period in 2025 primarily due to higher natural gas cost recovery and timing of customer receiva…”10-Q · Apr 30, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.3× · EV/sales 3.2×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
87.20-0.6% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for SO. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-04-30 against the comparable filing from 2025-05-01.
OperationsmixedEvidence score 0
liquidityneutralEvidence score 0
valuationmixed
What improved
- Revenue increased 8.0% versus the comparable filing period.
What weakened
- Operating margin fell 1.8 percentage points.
- Net margin fell 1.0 percentage points.
Filing receipts
“The increase was primarily due to an increase in energy revenues associated with a $145 million increase related to the average cost per KWH sold primarily resulting from higher fuel and purchased power prices and a $76 million increase related to the volume of KWHs sold resulting from higher demand.”
“First Quarter 2025 (change in millions) (% change) Rates and pricing $ (21) (0.5) % Sales growth 81 1.8 Weather (69) (1.5) Fuel and other cost recovery 48 1.0 Retail electric revenues $ 39 0.8 % Changes in rates and pricing resulted in a decrease in revenues in the first quarter 2026 when compared to the corresponding period in 2025 primarily due to lower contributions from commercial and industrial customers with variable demand-driven pricing at Georgia Power , partially offset by increases in PEP rates at Mississippi Power.”
“The increase was primarily due to increases in retail electric revenues associated with sales growth, higher natural gas revenues associated with base rate increases, higher non-fuel-related wholesale electric revenues, and an increase in AFUDC equity, partially offset by an increase in depreciation and amortization, decreases in retail electrics revenues associated with weather impacts, and an increase in interest expense.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind SO
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
GPJAFiling-linked namesupplierFeb 19, 2026 ▾
“Georgia Power is engaged in the generation, transmission, distribution, and purchase of electricity and the sale of electric service within the state of Georgia, at retail in over 530 cities and towns (including Athens, Atlanta, Augusta, Columbus, Macon, Rome…”
GPJAFiling-linked namecustomerFeb 19, 2026 ▾
“As of December 31, 2025, Georgia Power had contracts in effect to purchase alternative energy generation from 40 IPPs within the state of Georgia.”
Depended on by
CTRICenturi Holdings, Inc.customerFeb 26, 2026 ▾
“Our customers include American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra Energy and Southern Company, among others.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 13 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
SO is currently a Leader in the organic co-movement group Packaged Foods & Beverages. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.