The Southern Company (SO)财务
NYSE · Utilities · Regulated Electric · 员工29,651人 · CEO Christopher C. Womack
- 股价
- $93.71 +0.77%
- 市值
- $1080亿
- 企业价值
- $1820亿
- 最近财报
- Q2 '26 2026-07-30提交
- 下次财报
- 2026-11-05 EPS预期 $1.71
营收(TTM)$302亿+6.4% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)24.2%-1.2 百分点 对比去年同期营业利润 $73亿
净利润(TTM)$46.6亿+8.7% 对比去年同期税后,含营业外收益
自由现金流(TTM)$25.7亿+264.6% 对比去年同期资本支出 $76.8亿
稀释EPS(TTM)$4.14+6.7% 对比去年同期最近4个季度之和
净现金-$741亿-6.5% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1080亿 EV $1820亿
- 营收
- $302亿 过去12个月
- 营收增速
- +4% FY2026年一致预期
- 净利润率
- 15.4% 净利润 / 营收,TTM
- P/E
- 22.5× 预期 20.4×(FY2026)
- P/S
- 3.6× 股价 / 营收,TTM
- EV / EBITDA
- 12.6× TTM
- 自由现金流
- $25.7亿 过去12个月
- 净利润
- $46.6亿 过去12个月
- 营收预期
- $306亿 FY2026年一致预期
- 盈利
- 2026-11-05 营收预期 $83.8亿
- 股息
- $3.00 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-07-30):营收低于预期3.5%,EPS 超预期11.9%营收$69.8亿,预期$72.3亿(-3.5%);EPS $1.13,预期$1.01(+11.9%)。
- 营收增长放缓:同比0.1%Q2 '26营收$69.8亿,此前四个季度的平均值为8.4%。
- 营业利润率24.2%(TTM),较去年同期-1.2 百分点营收增长6.4%,营业利润增长1.4%。
- 税前利润的39.1%被营业外亏损吞噬税前利润$52.5亿,营业利润$73亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的25.4%(去年为38.0%)最近4个季度投入$76.8亿(同比-28.8%)。自由现金流$25.7亿,相当于净利润的55.3%。
- 股东回报$31亿 = 自由现金流的120.5%回购$0(去年为$0),股息$31亿,股权激励$1.34亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内增加3.3%Q2 '26稀释股数11.4亿,一年前为11.1亿。
- 净债务 $741亿现金 + 短期投资 $29.8亿,含租赁债务 $771亿;一年前净债务 $696亿。
上一季度:Q2 '26
截至2026-06-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $69.8亿 | $69.7亿 | +0.1% |
| 毛利率 | 51.3% | 50.1% | +1.2 百分点 |
| 营业利润 | $17.8亿 | $17.6亿 | +0.7% |
| 营业利润率 | 25.5% | 25.3% | +0.2 百分点 |
| 净利润 | $11.7亿 | $8.8亿 | +33.4% |
| 稀释EPS | $1.03 | $0.80 | +28.7% |
| 经营现金流 | $26.5亿 | $21.8亿 | +21.5% |
| 资本支出 | -$29.4亿 | $29.4亿 | -200.3% |
| 自由现金流 | $56亿 | -$7.55亿 | +841.1% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $1500万 | $1200万 | +25.0% |
实际 vs 一致预期
2026-07-30| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $69.8亿 | $72.3亿 | -3.5% |
| EPS(一致预期口径) | $1.13 | $1.01 | +11.9% |
来自2026-07-30发布的Q2 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Electric Utilities | – | – | – | – | – | |
| Retail electric revenues | $48.1亿 | – | 69.0% | – | – | |
| Southern Company Gas | – | – | – | – | – | |
| Southern Power | – | – | – | – | – | |
| Natural gas distribution revenues | $8.73亿 | – | 12.5% | – | – | |
| Wholesale electric revenues | $5.1亿 | – | 7.3% | – | – | |
| Other revenues | $4.5亿 | – | 6.4% | – | – | |
| Other revenue sources | $2.55亿 | – | 3.7% | – | – | |
| Other natural gas revenues | $7500万 | – | 1.1% | – | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $102亿
- 资本支出
- -$76.8亿
- 股票回购
- $0
- 股息
- -$31亿
- 收购
- -$6.34亿
- 债务净发行
- $58亿
- 股权激励费用
- $1.34亿
- 自由现金流
- $25.7亿
- 股东回报 / FCF
- 120.5%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 22.5× | 22.8× | 19.5× – 30.3× |
| EV / EBITDA | 12.6× | 12.7× | 11.7× – 15.1× |
| EV / 营收 | 6.0× | 5.4× | 4.6× – 5.8× |
| 股价 / FCF | 41.9× | 108.3× 5年中的1年 | 108.3× – 108.3× |
| 股价 / 净资产 | 2.7× | 2.6× | 2.5× – 2.7× |
| FCF收益率 | 2.4% | -1.5% | -3.1% – 0.9% |
| 投入资本回报率 | 4.1% | 3.7% | 2.8% – 4.3% |
| 净资产收益率 | 12.6% | 11.6% | 8.5% – 13.3% |
分析师
一致目标价 $93.94 (+0.2%)
区间 $74.00 – $106.00 · 评级 Hold
强烈买入0
买入11
持有20
卖出3
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $306亿 | +3.5% | $4.59 | +17.2% | 20.4× | 13 |
| FY2027 | $324亿 | +5.9% | $4.92 | +7.1% | 19.0× | 14 |
| FY2028 | $345亿 | +6.5% | $5.37 | +9.1% | 17.4× | 4 |
| FY2029 | $366亿 | +6.2% | $5.79 | +7.7% | 16.2× | 1 |
| FY2030 | $390亿 | +6.5% | $6.19 | +7.0% | 15.1× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
The Southern Company在近期10-Q / 10-K文件中标记的全部306项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $29.1亿 | $30.9亿 | -6.0% | $37.1亿 | $37亿 | +0.2% |
| Accounts Receivable, after Allowance for Credit Loss | $30.8亿 | $30.1亿 | +2.6% | $31.4亿 | $30.5亿 | +3.0% |
| Accounts Receivable, Allowance for Credit Loss, Current | $9500万 | $8100万 | +17.3% | $8400万 | $7400万 | +13.5% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $24.1亿 | $24.6亿 | -2.4% | $22.5亿 | $22.3亿 | +1.0% |
| Accrual for Taxes Other than Income Taxes, Current | $5.57亿 | $6亿 | -7.2% | $9.82亿 | $9.97亿 | -1.5% |
| Accrued Income Taxes, Current | $6600万 | $5300万 | +24.5% | $2200万 | $5700万 | -61.4% |
| Accrued Salaries, Current | $7.61亿 | $6.83亿 | +11.4% | $14.2亿 | $12.6亿 | +12.5% |
| Accumulated Deferred Investment Tax Credit | $20.5亿 | $20.3亿 | +0.6% | $20亿 | $20.6亿 | -2.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7500万2025-12-31 | -$7800万 | +3.8% | -$7500万 | -$7800万 | +3.8% |
| Additional Paid in Capital, Common Stock | $157亿2025-12-31 | $141亿 | +11.2% | $157亿 | $141亿 | +11.2% |
| Allowance for Funds Used During Construction, Capitalized Interest | – | – | – | $4.8亿 | $3.39亿 | +41.6% |
| Amortization of Intangible Assets | $700万 | $800万 | -12.5% | $3200万 | $3500万 | -8.6% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | -$900万 | $500万 | -280.0% | $4800万 | $5600万 | -14.3% |
| Asset Retirement Obligation | $96亿2025-12-31 | $99.3亿 | -3.4% | $96亿 | $99.3亿 | -3.4% |
| Asset Retirement Obligation, Accretion Expense | – | – | – | $3.93亿 | $4亿 | -1.7% |
| Asset Retirement Obligation, Cash Paid to Settle | $1.33亿 | $1.34亿 | -0.7% | $6.34亿 | $5.66亿 | +12.0% |
| Asset Retirement Obligation, Current | $6.59亿 | $7.48亿 | -11.9% | $6.62亿 | $7.31亿 | -9.4% |
| Asset Retirement Obligation, Liabilities Incurred | – | – | – | $600万 | $1.3亿 | -95.4% |
| Asset Retirement Obligation, Liabilities Settled | – | – | – | $6.34亿 | $5.66亿 | +12.0% |
| Asset Retirement Obligation, Revision of Estimate | – | – | – | -$9800万 | -$3.47亿 | +71.8% |
| Asset Retirement Obligations, Noncurrent | $89.1亿 | $91.5亿 | -2.6% | $89.4亿 | $92亿 | -2.9% |
| Assets | $1570亿 | $1480亿 | +6.0% | $1560亿 | $1450亿 | +7.3% |
| Assets, Current | $99.6亿 | $118亿 | -15.7% | $109亿 | $107亿 | +2.1% |
| Assets, Fair Value Disclosure | $35.8亿 | – | – | $42.4亿 | $33.5亿 | +26.6% |
| Business Combination, Contingent Consideration, Liability | $1100万 | – | – | $1400万 | $1900万 | -26.3% |
| Capital Expenditures Incurred but Not yet Paid | $10.5亿 | $9.4亿 | +11.6% | $14.7亿 | $12亿 | +22.9% |
| Cash and Cash Equivalents, at Carrying Value | $9.81亿 | $23.3亿 | -57.8% | $16.4亿 | $10.7亿 | +53.2% |
| Cash and Cash Equivalents, Fair Value Disclosure | $5.01亿 | – | – | $11亿 | $5.52亿 | +99.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $9.87亿 | $23.3亿 | -57.7% | $16.4亿 | $11亿 | +49.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | – | – | – | $5.39亿 | $1.8亿 | +199.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$6.53亿 | $12.3亿 | -153.0% | – | – | – |
| Collateral Already Posted, Aggregate Fair Value | $2200万 | $500万 | +340.0% | $3300万 | $1700万 | +94.1% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.74 | $0.72 | +2.8% | $2.94 | $2.86 | +2.8% |
| Common Stock, Par or Stated Value Per Share | $5.002025-12-31 | $5.00 | 0.0% | $5.00 | $5.00 | 0.0% |
| Common Stock, Shares Authorized | 15亿2025-12-31 | 15亿 | 0.0% | 15亿 | 15亿 | 0.0% |
| Common Stock, Shares, Issued | 11亿2025-12-31 | 11亿 | 0.0% | 11亿 | 11亿 | 0.0% |
| Common Stock, Value, Issued | $55.5亿2025-12-31 | $54.5亿 | +2.0% | $55.5亿 | $54.5亿 | +2.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$1800万 | -$6400万 | +71.9% | -$1.7亿 | -$1.41亿 | -20.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $13.6亿 | $13.4亿 | +1.6% | $43.4亿 | $45亿 | -3.5% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $13.4亿 | $12.7亿 | +5.3% | $23.7亿2015-12-31 | $19.1亿 | +23.8% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $3.38亿 | $3.97亿 | -14.9% | $2.94亿 | $3.23亿 | -9.0% |
| Contract with Customer, Liability | $2.57亿 | $1.9亿 | +35.3% | $2.13亿 | $1.4亿 | +52.1% |
| Contract with Customer, Liability, Revenue Recognized | $5500万 | $2800万 | +96.4% | $1.02亿 | $9800万 | +4.1% |
| Costs and Expenses | $63.8亿 | $57.7亿 | +10.7% | $223亿 | $197亿 | +13.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.39亿 | $2.21亿 | -37.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $9400万 | $1.52亿 | -38.2% |
| Debt Instrument, Fair Value Disclosure | $665亿 | $632亿 | +5.2% | $486亿2022-12-31 | $571亿 | -14.9% |
| Debt Instrument, Unamortized Discount (Premium), Net | $5600万2025-12-31 | $5800万 | -3.4% | $5600万 | $5800万 | -3.4% |
| Decommissioning Fund Investments | $28.9亿 | $26.1亿 | +10.6% | $29.5亿 | $26.2亿 | +12.4% |
| Deferred Costs, Noncurrent | $2.1亿 | $3.89亿 | -46.0% | $2.52亿 | $4.85亿 | -48.0% |
| Deferred Credits and Other Liabilities | $347亿 | $342亿 | +1.4% | $343亿 | $337亿 | +1.7% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $3.99亿 | $3.87亿 | +3.1% |
| Deferred Fuel Cost | $3.16亿2025-12-31 | $7.13亿 | -55.7% | $3.16亿 | $7.13亿 | -55.7% |
| Deferred Income Tax Expense (Benefit) | $1.68亿 | $3.51亿 | -52.1% | $6.18亿 | $6.26亿 | -1.3% |
| Deferred Income Tax Liabilities, Net | $124亿 | $122亿 | +1.6% | $121亿 | $117亿 | +3.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $1.96亿 | $2.09亿 | -6.2% |
| Deferred Tax Assets, Gross | $76.7亿2025-12-31 | $75.9亿 | +1.0% | $76.7亿 | $75.9亿 | +1.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $72.2亿2025-12-31 | $72.6亿 | -0.5% | $72.2亿 | $72.6亿 | -0.5% |
| Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $2.5亿2025-12-31 | $2.65亿 | -5.7% | $2.5亿 | $2.65亿 | -5.7% |
| Deferred Tax Assets, Valuation Allowance | $4.45亿2025-12-31 | $3.33亿 | +33.6% | $4.45亿 | $3.33亿 | +33.6% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
数据截至 2026-11-01