Southern Company (The) Series 2020C 4.20% Junior Subordinated Notes due October 15 2060 (SOJE)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach SOJE as a credit instrument first. It is a 4.20% junior subordinated note due in 2060, so my primary questions are payment coverage and ranking, not P/E or book value. The filed figures show a sizable business: fiscal 2025 revenue was $28.9B, net income $4.3B, and diluted EPS $3.92. That compares with fiscal 2024 revenue of $26.8B, net income of $4.4B, and EPS of $3.99, and fiscal 2023 revenue of $24.8B, net income of $4.0B, and EPS of $3.62. Revenue is rising, but profit slipped slightly in fiscal 2025, and the Lynch classification is Slow Grower, with profit up 6.9% a year and revenue up 6.5% a year over five years. Recent filings are still profitable: in fiscal Q1 2026, revenue was $8.0B, net income $1.4B, and EPS $1.20; in fiscal Q3 2025, revenue was $7.8B, net income $1.7B, and EPS $1.54. Quality looks adequate from earnings, but I have no debt ratios, coverage, or credit ratings in the data, and junior subordination matters. The price is $15.67, near the low end of the $15.28–$18.81 52-week range as of the close on 2026-10-16. That may reflect rate and credit concerns, but without yield-to-maturity and spread data I cannot establish a Graham-style margin of safety. I would call this a slow-growth credit with visible earnings, not a bargain I can prove from the supplied numbers.

In plain English: This is a long-term Southern Company debt security paying 4.20% and due in 2060, so it behaves more like a bond than a stock. The filed numbers show a large, profitable business, with fiscal 2025 revenue of $28.9B and net income of $4.3B, but growth is slow. At $15.67, it sits near the low end of its 52-week range, though regular stock measures are unavailable, so it is hard to call it cheap, fair, or expensive from these figures.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer