SOSOUTHERN CO

Electric Services

Revenue: $28.9B; 8.1% YoY
Operating margin: 25.2%; 4.7% YoY
EBITDA: $7.3B; 3.1% YoY
Market cap: $105.6B
Employees: 29,800; $971K revenue each
Net debt / EBITDA: 9.1×; $66.2B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
226% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
31% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$971K · 34th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 9th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
9.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$105.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$6M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$23.5B	$25.9B	$24.8B	$26.8B	$28.9B	8.1%
Operating income	$3.7B	$5.4B	$5.8B	$7.1B	$7.3B	3.1%
Net income	—	—	$4.0B	$4.4B	$4.3B	1.4%
Operating cash flow	$6.2B	$6.3B	$7.6B	$9.8B	$9.8B	0.1%
Capex	$7.6B	$7.9B	$9.1B	$9.0B	$12.7B	42%
Dividends	$2.8B	$2.9B	$3.0B	$3.0B	$3.0B	2.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $6M · 13
Net: −$6M

Pay vs performance

No pay-versus-performance disclosure yet.