Southern
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 75.0% | whyThe dividend is set against the allowed return on the rate base. |
| Operating cash flow | 30.8% | whyBefore the capital programme the regulator expects. |
| Free cash flow | negative | whyOCF fell $2,935m short of capex — normal for a utility funding its rate base. |
Spread between highest and lowest: 44.2 percentage points. Same filings, different denominators.
Coverage rating 51 / 100 — Tight. ? Peer standing 10/50Direction 25/30Stability 15/20
GAAP earnings payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 75.0% |
| 2024-12-31 | 71.7% |
| 2023-12-31 | 76.8% |
| 2022-12-31 | 82.8% |
| 2021-12-31 | 117.0% |
| 2020-12-31 | 86.7% |
21% of the 57 utilities here pay out more — at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $2.94 ÷ diluted EPS $3.92
- Operating cash flow — dividends paid $3,015m ÷ operating cash flow $9,802m
- Free cash flow — dividends paid $3,015m ÷ (operating cash flow $9,802m − capex $12,737m)
Where the figures came from
- 10-K filed 2026-02-19 · accession 0000092122-26-000006
Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.
What the GAAP earnings payout ratio measures, and where every company here sits on it.
Who else looks like this
Every figure above is computed from Southern’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules two investors published — free, and nothing you screen leaves your browser.