The Southern Company Financial Ratios — SO Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	17.02	17.21	11.75	13.96	16.48	16.38	5.76	16.02	31.59	19.07	14.6	21.25	22.81	23.72	21.92
Return on Assets (%)	3.97	3.95	2.68	3.01	3.26	2.65	0.8	1.97	4.04	2.59	1.92	2.69	2.9	3.09	2.89
Return on Capital (%)	8.03	7.96	5.9	6.6	6.98	6.23	3.51	5.66	8.94	6.76	5.59	6.75	7.58	7.78	7.74
Return on Invested Capital (%)	7	6.97	5.05	5.43	5.86	5.16	2.61	4.46	4.89	5.16	3.83	4.76	5.32	5.66	5.58
Gross Margin (%)	38.79	43.32	42.55	40.27	43.9	42.87	43.05	40.93	44.83	48.57	44.33	36.3	46.63	50	48.47
EBITDA Margin (%)	35.56	39.96	32.5	32.14	38.18	37.24	24.97	32.6	40.46	42.82	33.2	32.22	42.81	46.15	45.05
Operating Margin (%)	23.96	26.99	19.05	19.72	24.48	22.55	9.96	17.49	24.91	23.66	16.01	18.34	23.07	26.45	24.65
Incremental Operating Margin (%)	213.43	-20.71	-219.64	28.04	-65.44	8.52	-69.98	391.59	-59.01	49.33	-40.91	27.08	-11.33	84.43	7.67
Pretax Margin (%)	19.75	22.67	14.98	16.29	20.75	17.49	4.64	11.7	30.54	17.16	11.15	14.42	17.21	19.57	16.92
Profit Margin (%)	12.84	14.6	10.01	11	13.84	12.53	3.82	9.54	22.2	15.38	10.42	12.07	15.74	16.47	14.69
Net Income to Common Margin (%)	12.48	14.21	9.62	10.63	13.53	12.3	3.66	9.47	22.13	15.31	10.35	12.04	15.74	16.47	14.69
Effective Tax Rate (%)	34.96	35.58	33.18	32.48	32.9	27.33	13.3	16.33	27.48	11.24	10.36	18.83	11.42	18.53	16.56
Dvd Payout Ratio (%)	72.67	72.04	107.18	91.59	79.54	81.71	242.18	102.86	54.14	87.34	125.83	87.49	81.54	71.72	75.36
Sustainable Growth Rate (%)	4.65	4.81	-0.84	1.17	3.37	3	-8.19	-0.46	14.49	2.41	-3.77	2.66	4.21	6.71	5.4

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	21,223	22,434	23,295	24,776	28,738	47,457	50,793	46,849	48,686	51,041	55,470	59,135	63,490	66,277	74,075
ST Debt	2,576	3,160	1,951	4,132	4,050	4,828	6,331	6,113	5,273	4,357	3,847	7,091	4,973	6,256	7,139
LT Debt	18,647	19,274	21,344	20,644	24,688	42,629	44,462	40,736	43,413	46,684	51,623	52,044	58,517	60,021	66,936
Total Debt/EBITDA	3.38	3.39	4.2	4.17	4.3	6.4	8.83	6.12	5.62	5.85	7.23	6.27	5.87	5.37	5.56
Net Debt/EBITDA	3.17	3.3	4.07	4.05	4.09	6.13	8.46	5.93	5.18	5.52	6.77	5.9	5.67	5.17	5.33
Total Debt/EBIT	5.02	5.03	7.16	6.8	6.71	10.58	22.15	11.4	9.13	10.59	14.99	11.01	10.9	9.38	10.17
Net Debt/EBIT	4.7	4.88	6.95	6.6	6.38	10.13	21.21	11.06	8.41	9.98	14.03	10.36	10.51	9.02	9.74
EBITDA to Interest Expense	7.33	7.69	6.74	7.11	7.95	5.63	3.39	4.16	4.99	4.79	4.18	4.67	4.42	4.5	4.11
EBITDA-CapEx/Interest Expense	2.05	2.09	0.11	0.83	1.19	0.08	-0.99	-0.19	0.64	0.71	0.05	0.75	0.7	1.23	0.18
EBIT to Interest Expense	4.94	5.2	3.95	4.36	5.1	3.41	1.35	2.23	3.07	2.65	2.01	2.66	2.38	2.58	2.25
Interest Expense	857	859	824	835	840	1,317	1,694	1,842	1,736	1,821	1,837	2,022	2,446	2,743	3,238
Common Equity/Total Assets	22.43	22.19	21.65	20.14	18.62	13.95	12.54	11.86	13.59	13.49	12.71	12.57	12.85	13.22	13.11
Long-Term Debt/Equity (%)	99.93	99.46	105.98	96.92	111.71	159.48	171.99	138.89	135.45	143.53	158.51	150.71	166.12	163.66	172.22
Long-Term Debt/Capital (%)	51.36	50.41	55.59	51.26	55.07	65.85	66.96	62.36	62.59	64.68	67.6	64.88	68.7	67.49	68.77
Long-Term Debt/Total Assets (%)	31.46	30.52	33.07	29.39	31.52	38.86	40.05	34.84	36.57	37.97	40.48	38.58	42	41.34	42.98
Total Debt/Equity (%)	113.74	115.76	115.67	116.31	130.04	177.54	196.48	159.73	151.91	156.93	170.33	171.25	180.24	180.72	190.59
Total Debt/Capital (%)	58.45	58.67	60.67	61.52	64.11	73.31	76.49	71.72	70.19	70.72	72.63	73.72	74.54	74.52	76.1
Total Debt/Total Assets (%)	35.81	35.53	36.09	35.28	36.69	43.26	45.76	40.07	41.02	41.52	43.49	43.84	45.57	45.65	47.57
Net Debt to Equity	106.56	112.41	112.25	112.84	123.54	170.03	188.12	154.97	139.99	147.96	159.42	161.11	173.89	173.84	182.55
Net Debt/Capital (%)	56.82	57.92	59.91	60.75	62.87	72.42	75.67	71.1	66.58	67.68	69.62	71.05	72.55	72.56	74.14
EBITDA	6,279	6,608	5,553	5,935	6,677	7,410	5,750	7,659	8,666	8,725	7,673	9,434	10,812	12,334	13,315
EBITDA-CapEx	1,754	1,799	90	689	1,003	100	-1,673	-342	1,111	1,284	87	1,511	1,717	3,379	578
Operating Income (Loss)	4,231	4,463	3,255	3,642	4,282	4,487	2,293	4,110	5,335	4,820	3,700	5,370	5,826	7,068	7,285

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.2	0.09	0.12	0.08	0.15	0.15	0.16	0.1	0.16	0.09	0.16	0.12	0.06	0.07	0.1
Current Ratio	0.95	0.88	1.02	0.65	0.71	0.75	0.74	0.67	0.78	0.71	0.82	0.66	0.77	0.67	0.65
Quick Ratio	0.48	0.32	0.45	0.3	0.38	0.45	0.45	0.38	0.43	0.36	0.44	0.36	0.35	0.34	0.34
CFO/Avg Current Liab	0.9	0.72	0.97	0.8	0.69	0.44	0.48	0.5	0.43	0.54	0.54	0.47	0.52	0.66	0.6
Common Equity/Total Assets	22.43	22.19	21.65	20.14	18.62	13.95	12.54	11.86	13.59	13.49	12.71	12.57	12.85	13.22	13.11
Long-Term Debt/Equity (%)	99.93	99.46	105.98	96.92	111.71	159.48	171.99	138.89	135.45	143.53	158.51	150.71	166.12	163.66	172.22
Long-Term Debt/Capital (%)	51.36	50.41	55.59	51.26	55.07	65.85	66.96	62.36	62.59	64.68	67.6	64.88	68.7	67.49	68.77
Long-Term Debt/Total Assets (%)	31.46	30.52	33.07	29.39	31.52	38.86	40.05	34.84	36.57	37.97	40.48	38.58	42	41.34	42.98
Total Debt/Equity (%)	113.74	115.76	115.67	116.31	130.04	177.54	196.48	159.73	151.91	156.93	170.33	171.25	180.24	180.72	190.59
Total Debt/Capital (%)	58.45	58.67	60.67	61.52	64.11	73.31	76.49	71.72	70.19	70.72	72.63	73.72	74.54	74.52	76.1
Total Debt/Total Assets (%)	35.81	35.53	36.09	35.28	36.69	43.26	45.76	40.07	41.02	41.52	43.49	43.84	45.57	45.65	47.57
CFO/Total Liabilities	14.54	11.19	13.73	11.88	11.16	5.9	7.51	7.93	6.67	7.41	6.5	6.28	7.26	9.02	8.39
CFO/CapEx	1.3	1.02	1.12	1.11	1.11	0.67	0.86	0.87	0.77	0.9	0.81	0.8	0.83	1.09	0.77
Altman's Z-Score	1.33	1.2	1.13	1.12	1	0.79	0.72	0.7	0.92	0.84	0.86	0.9	0.88	0.95	0.94

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	15.95	16.25	17.19	17.45	16.28	12.19	9.97	9.51	9.38	9.45	11.34	14.89	12.15	12.55	13.2
Days Sales Outstanding	22.88	22.46	21.23	20.92	22.41	29.94	36.6	38.37	38.93	38.61	32.18	24.52	30.05	29.08	27.66
Inventory Turnover	4.91	3.68	3.84	5.17	5.03	4.83	4.85	5.53	4.94	4.3	5.31	7.41	4.47	3.98	4.54
Days Inventory Outstanding	74.38	99.09	95.13	70.59	72.51	75.64	75.26	66.02	73.86	84.93	68.7	49.24	81.64	91.8	80.31
Accounts Payable Turnover	7.74	6.75	6.73	7.21	5.59	5.17	4.39	4.19	3.94	3.94	5.12	6.66	4.41	4.05	4.1
Accounts Payable Turnover Days	47.16	54.08	54.24	50.63	65.33	70.65	83.09	87.09	92.61	92.53	71.31	54.77	82.83	90.02	89.02
Cash Conversion Cycle	50.1	67.47	62.12	40.89	29.59	34.94	28.77	17.3	20.18	31.01	29.57	18.99	28.86	30.86	18.95
Inventory to Cash Days	-51.5	-76.63	-73.89	-49.67	-50.09	-45.7	-38.66	-27.65	-34.93	-46.31	-36.52	-24.71	-51.59	-62.73	-52.66
Inventories	2,270	2,819	2,298	1,969	1,929	2,782	2,627	2,394	2,388	2,488	2,355	2,677	3,352	3,369	3,333
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	2,270	2,819	2,298	1,969	1,929	2,782	2,627	2,394	2,388	2,488	2,355	2,677	3,352	3,369	3,333

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	39,671	37,159	36,477	44,607	42,654	48,708	48,456	45,404	67,076	64,993	72,763	76,766	76,571	90,223	96,182
- Cash & Cash Equivalents	1,315	628	659	710	1,404	1,975	2,130	1,396	1,975	1,065	1,798	1,917	748	1,070	1,639
+ Preferred Equity and Hybrid Capital	1,082	1,082	1,131	1,131	727	727	324	291	291	291	291	- -	- -	- -	- -
+ Minority/Non Controlling Interest	707	707	- -	221	781	1,245	1,361	4,316	4,254	4,262	4,402	4,124	3,781	3,466	2,851
+ Total Debt	21,223	22,434	23,295	24,776	28,738	47,457	50,793	46,849	48,686	51,041	55,470	59,135	63,490	66,277	74,075
Enterprise Value	61,368	60,754	60,244	70,025	71,496	96,162	98,804	95,464	118,332	119,522	131,128	138,108	143,094	158,896	171,469
Total Capital	36,308	38,238	38,397	40,276	44,828	64,737	66,401	65,326	69,365	72,173	76,371	80,214	85,176	88,939	97,336
Total Debt/Capital (%)	58.45	58.67	60.67	61.52	64.11	73.31	76.49	71.72	70.19	70.72	72.63	73.72	74.54	74.52	76.1
Total Debt / EV	0.35	0.37	0.39	0.35	0.4	0.49	0.51	0.49	0.41	0.43	0.42	0.43	0.44	0.42	0.43
EV/Sales	3.48	3.67	3.53	3.79	4.09	4.83	4.29	4.06	5.52	5.87	5.67	4.72	5.67	5.95	5.8
EV/EBITDA	9.77	9.19	10.85	11.8	10.71	12.98	17.18	12.46	13.65	13.7	17.09	14.64	13.23	12.88	12.88
EV/EBIT	14.5	13.61	18.51	19.23	16.7	21.43	43.09	23.23	22.18	24.8	35.44	25.72	24.56	22.48	23.54
EV/Cash Flow to Firm	9.5	11.14	9.06	10.98	10.46	16.43	12.57	11.25	16.81	14.38	16.78	17.39	14.72	13.22	13.71
EV/Free Cash Flow to Firm	5.59	5.92	4.97	6.02	5.71	7.31	6.46	5.79	8.11	7.59	8.51	8.7	7.61	7.57	6.79
Diluted Market Cap	39,671	37,159	36,477	44,607	42,654	48,708	48,456	45,404	67,076	64,993	72,763	77,193	76,992	90,800	96,705
Diluted Enterprise Value	61,368	60,754	60,244	70,025	71,496	96,162	98,804	95,464	118,332	119,522	131,128	138,535	143,515	159,473	171,992
EV per Share	71.61	69.99	67.9	77.09	78.43	97.11	98.06	92.34	112.38	112.97	123.59	128.47	131.04	144.98	155.46
TTM Sales	17,657	16,537	17,087	18,467	17,489	19,896	23,031	23,495	21,419	20,375	23,113	29,279	25,253	26,724	29,553
TTM EBITDA	6,279	6,608	5,553	5,935	6,677	7,410	5,750	7,659	8,666	8,725	7,673	9,434	10,812	12,334	13,315
TTM Operating Income	4,231	4,463	3,255	3,642	4,282	4,487	2,293	4,110	5,335	4,820	3,700	5,370	5,826	7,068	7,285
TTM Cash Flow to Firm	6,460	5,451	6,648	6,379	6,838	5,851	7,863	8,486	7,040	8,312	7,816	7,943	9,720	12,023	12,504
TTM Free Cash Flow to Firm	10,985	10,260	12,111	11,625	12,512	13,161	15,286	16,487	14,595	15,753	15,402	15,866	18,815	20,978	25,241

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	3.8	3.83	3.16	4.03	3.57	3.99	3.51	3.04	5.03	4.6	5.29	5.43	4.62	4.84	4.29
EV/EBIT	14.5	13.61	18.51	19.23	16.7	21.43	43.09	23.23	22.18	24.8	35.44	25.72	24.56	22.48	23.54
Enterprise Value	61,368	60,754	60,244	70,025	71,496	96,162	98,804	95,464	118,332	119,522	131,128	138,108	143,094	158,896	171,469
Low Price	35.73	41.75	40.03	40.27	41.4	46	46.71	42.38	43.26	41.96	56.69	60.71	61.56	65.8	80.46
EV/Sales	3.48	3.67	3.53	3.79	4.09	4.83	4.29	4.06	5.52	5.87	5.67	4.72	5.67	5.95	5.8
EV/EBITDA	9.77	9.19	10.85	11.8	10.71	12.98	17.18	12.46	13.65	13.7	17.09	14.64	13.23	12.88	12.88
Price/Earnings	18.01	15.81	22.19	22.72	18.02	19.9	57.55	20.4	14.15	20.84	30.41	21.78	19.26	20.5	22.16
Price/Earnings Average	15.72	16.75	23.58	20.52	17.35	20.31	59.53	20.98	12.38	19.71	27.94	21.65	19.03	19.83	22.95
Price/Earnings High	18.16	17.95	26.31	23.73	20.47	22.1	64.03	22.96	14.28	24.12	30.54	24.58	20.82	23.52	25.62
Price/Earnings Low	13.9	15.42	21.6	18.63	15.94	18.61	55.9	19.68	9.61	14.23	25.14	18.52	16.91	16.39	20.44
Price/Book Value	2.98	2.65	2.61	3.15	2.93	3.18	3.48	3.27	4.16	3.92	4.49	4.53	4.28	4.7	4.71
Price/Book Value Average	2.61	2.81	2.77	2.85	2.82	3.25	3.6	3.37	3.64	3.71	4.13	4.5	4.23	4.55	4.88
Price/Book Value High	3.01	3.01	3.1	3.29	3.32	3.53	3.87	3.68	4.19	4.54	4.51	5.11	4.62	5.39	5.45
Price/Book Value Low	2.3	2.59	2.54	2.59	2.59	2.98	3.38	3.16	2.82	2.68	3.71	3.85	3.75	3.76	4.35
Price/Tangible Book Value	2.26	2.03	1.92	2.21	2.03	2.59	2.64	1.96	2.59	2.46	2.74	2.65	2.58	2.89	2.88
Price/Tangible Book Value Average	1.97	2.15	2.04	2	1.95	2.65	2.73	2.02	2.26	2.32	2.52	2.63	2.55	2.8	2.98
Price/Tangible Book Value High	2.28	2.31	2.28	2.31	2.3	2.88	2.93	2.21	2.61	2.84	2.75	2.99	2.79	3.32	3.33
Price/Tangible Book Value Low	1.74	1.98	1.87	1.81	1.79	2.43	2.56	1.9	1.76	1.68	2.27	2.25	2.26	2.31	2.66
Price/Sales	2.25	2.25	2.13	2.42	2.44	2.45	2.1	1.93	3.13	3.19	3.15	2.62	3.03	3.38	3.25
Price/Sales Average	1.96	2.38	2.27	2.18	2.35	2.5	2.18	1.99	2.74	3.02	2.89	2.61	3	3.27	3.37
Price/Sales High	2.27	2.55	2.53	2.52	2.77	2.72	2.34	2.17	3.16	3.69	3.16	2.96	3.28	3.87	3.76
Price/Sales Low	1.73	2.19	2.08	1.98	2.16	2.29	2.04	1.86	2.13	2.18	2.6	2.23	2.66	2.7	3
Price/Cash Flow	6.72	7.59	5.98	7.67	6.8	9.95	7.58	6.54	11.6	9.71	11.8	12.18	10.14	9.22	9.81
Price/Cash Flow Average	5.87	8.03	6.36	6.93	6.55	10.16	7.84	6.72	10.15	9.18	10.84	12.1	10.02	8.92	10.16
Price/Cash Flow High	6.78	8.61	7.09	8.01	7.72	11.06	8.43	7.36	11.7	11.23	11.85	13.74	10.96	10.58	11.35
Price/Cash Flow Low	5.19	7.4	5.83	6.29	6.02	9.31	7.36	6.31	7.88	6.63	9.75	10.36	8.9	7.37	9.05
Price/Free Cash Flow Average	3.32	4.05	3.35	3.64	3.44	4.07	3.63	3.12	4.4	4.35	4.86	5.39	4.57	4.69	4.44
Price/Free Cash Flow High	3.84	4.34	3.74	4.21	4.06	4.43	3.9	3.42	5.07	5.32	5.31	6.12	5	5.56	4.96
Price/Free Cash Flow Low	2.94	3.73	3.07	3.31	3.16	3.73	3.41	2.93	3.42	3.14	4.37	4.61	4.06	3.87	3.96
EV/Sales Average	3.19	3.81	3.66	3.56	4	4.88	4.36	4.12	5.13	5.69	5.42	4.7	5.63	5.84	5.92
EV/Sales High	3.49	3.98	3.92	3.9	4.42	5.1	4.53	4.31	5.55	6.37	5.69	5.05	5.91	6.44	6.31
EV/Sales Low	2.96	3.62	3.47	3.36	3.81	4.67	4.23	4	4.52	4.86	5.13	4.32	5.3	5.27	5.55
EV/EBITDA Average	8.97	9.53	11.26	11.07	10.47	13.12	17.47	12.63	12.68	13.29	16.32	14.59	13.15	12.64	13.14
EV/EBITDA High	9.83	9.95	12.07	12.13	11.58	13.71	18.13	13.21	13.72	14.87	17.13	15.68	13.81	13.96	14.01
EV/EBITDA Low	8.33	9.05	10.68	10.45	9.97	12.55	16.94	12.26	11.17	11.34	15.45	13.42	12.37	11.41	12.32
EV/EBIT Average	13.32	14.1	19.21	18.04	16.33	21.66	43.82	23.54	20.6	24.07	33.85	25.63	24.4	22.06	24.01
EV/EBIT High	14.59	14.74	20.59	19.77	18.05	22.63	45.47	24.61	22.29	26.92	35.53	27.55	25.63	24.36	25.6
EV/EBIT Low	12.37	13.41	18.21	17.02	15.55	20.73	42.48	22.84	18.15	20.52	32.03	23.58	22.96	19.92	22.52
Last Price	46.29	42.81	41.11	49.11	46.79	49.19	48.09	43.92	63.7	61.43	68.58	71.41	70.12	82.32	87.2
High Price	46.69	48.59	48.74	51.28	53.16	54.64	53.51	49.43	64.26	71.1	68.88	80.57	75.8	94.45	100.84
Enterprise Value Average	56,337	62,946	62,533	65,700	69,907	97,184	100,474	96,765	109,917	115,994	125,233	137,627	142,175	155,948	174,910
Enterprise Value High	61,710	65,771	67,014	71,996	77,303	101,559	104,265	101,160	118,922	129,753	131,447	147,955	149,297	172,190	186,514
Enterprise Value Low	52,318	59,834	59,286	61,995	66,582	93,003	97,413	93,872	96,809	98,923	118,513	126,605	133,747	140,790	164,034

Shares Outstanding	865	868	887	908	912	990	1,008	1,034	1,053	1,056	1,060	1,099	1,091	1,099	1,119
Diluted Weighted Avg Shares	857	868	887	908	912	990	1,008	1,034	1,053	1,058	1,061	1,081	1,098	1,103	1,109
Basic Weighted Avg Shares	857	868	887	908	912	990	1,008	1,034	1,053	1,058	1,061	1,075	1,092	1,096	1,103
Revenue per Share	20.6	19.05	19.26	20.33	19.18	20.09	22.86	22.73	20.34	19.26	21.78	27.24	23.13	24.38	26.79
EBITDA per Share	7.33	7.61	6.26	6.53	7.32	7.48	5.71	7.41	8.23	8.25	7.23	8.78	9.9	11.25	12.07
Operating Income per Share	4.94	5.14	3.67	4.01	4.7	4.53	2.28	3.98	5.07	4.56	3.49	5	5.34	6.45	6.6
Basic EPS, GAAP	2.57	2.71	1.85	2.16	2.6	2.47	0.84	2.15	4.5	2.95	2.26	3.28	3.64	4.02	3.94
Basic EPS from Cont Ops	2.65	2.78	1.93	2.24	2.67	2.55	0.92	2.22	4.51	2.93	2.18	3.19	3.52	3.89	3.78
Diluted EPS, GAAP	2.57	2.71	1.85	2.16	2.6	2.47	0.84	2.15	4.5	2.95	2.26	3.26	3.62	3.99	3.91
Diluted EPS from Cont Ops	2.65	2.78	1.93	2.24	2.67	2.55	0.92	2.22	4.51	2.93	2.18	3.17	3.51	3.86	3.76
Dividend per Share	1.94	2.03	2.06	2.05	2.15	2.12	2.28	2.35	2.44	2.54	2.62	2.7	2.78	2.7	2.73
Cash Flow per Share	6.89	5.64	6.87	6.4	6.88	4.94	6.35	6.72	5.49	6.33	5.81	5.86	6.92	8.93	8.89
Free Cash Flow per Basic Share	1.61	0.1	0.71	0.63	0.66	-2.44	-1.02	-1.02	-1.68	-0.7	-1.34	-1.51	-1.41	0.76	-2.66
Cash & Equivalents per Share	1.53	0.72	0.74	0.78	1.54	1.99	2.11	1.35	1.88	1.01	1.69	1.78	0.68	0.98	1.49
Book Value per Share	15.51	16.15	15.75	15.58	16	15.46	13.82	13.42	15.32	15.67	15.28	15.77	16.4	17.51	18.5
Tangible Book Value per Share	20.51	21.08	21.42	22.21	23.1	18.97	18.25	22.36	24.64	25.02	25.02	26.94	27.19	28.45	30.29

The Southern Company

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)