Southern Company
ConvictionModerate
Rate-base regulated monopoly: invest capex into approved generation/T&D, earn an authorized ROE on the rate base, grow earnings; supplemented by wholesale generation (Southern Power) and regulated gas distribution (Southern Company Gas). Management now guides 8-9% adjusted-EPS growth through 2028 on the data-center load surge.
Revenue
$29.55BFY2025Rev growth
+10.6%FY2025 YoY); +8% (Q1 2026 YoYGross margin
n/a - regulated utilityno standard COGS/gross-margin constructOp margin
~24-25%operating income ~$7.3B / $29.55B revenue, FY2025). GAAP net margin FY2025 ~14.7%, adjusted ~15.9%Capex intensity
Very high - raised to ~$81B over 2026-2030from $76B), roughly $16B/yr on ~$30B revenue (>50%), ~$20B of it to serve data centersMarket cap
~$108BNYSE: SO, early Jul 2026; ~$107.84BThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence