CMS vs SO: Which Is the Better Dividend Stock?
As of Nov 5, 2026, SO (The Southern Company) screens as the stronger dividend stock, winning 7 of 8 head-to-head metrics. SO offers the higher yield at 3.26%, SO has the higher dividend-safety score, and SO looks like the better value (its fair-value estimate is 3% below its share price).
Key facts: CMS vs SO
Data as of · Source: SmarterDividends data
- As of Nov 5, 2026, The Southern Company (SO) has the higher forward dividend yield at 3.26%, versus 3.21% for CMS Energy Corporation (CMS).
- As of Nov 5, 2026, SmarterDividends grades CMS's dividend safety A (82/100) and SO's A (90/100).
- By SmarterDividends' count as of Nov 5, 2026, CMS has raised its dividend for 18 consecutive years and SO for 25.
- As of Nov 5, 2026, CMS pays out 80% of its earnings as dividends and SO pays out 72%.
- As of Nov 5, 2026, CMS's fair-value estimate is 15% below its share price and SO's fair-value estimate is 3% below its share price, so SO looks like the better value of the two on SmarterDividends' blended model.
Cite this page
SmarterDividends, "CMS vs SO: Dividend Yield, Safety & Value Compared," updated Nov 5, 2026, https://smarterdividends.com/compare/cms-vs-so
| Metric | CMS | SO |
|---|---|---|
| Forward yield | 3.21% | 3.26% |
| Annual dividend | $2.28 | $3.04 |
| Payout ratio | 80% | 72% |
| Years of growth | 18 yr | 25 yr |
| 5-yr dividend growth | 5.9% | 3.0% |
| 5-yr total return | 19% | 53% |
| Dividend safety score | 82 (A) | 90 (A) |
| Fair value estimate | $60.04 | $91.57 |
| Upside to fair value | -15% | -3% |
| Frequency | quarterly | quarterly |
| Market cap | $22.2B | $108.5B |
| P/E ratio | 25.3 | 22.7 |
Higher yield
SO
3.26%
Safer dividend
SO
Grade A
Faster growth
CMS
5.9%
Better value
SO
-3% upside
CMS vs SO — FAQ
Is CMS or SO a better dividend stock?
On the data, SO wins more head-to-head categories (7 vs 1). SO offers the higher yield (3.26%), while SO has the stronger dividend-safety score. The right pick depends on whether you prioritise income, safety or value.
Which has a higher dividend yield, CMS or SO?
SO has the higher forward dividend yield at 3.26%, versus 3.21% for CMS.
Is CMS or SO safer?
SO has the higher dividend-safety score (90/100 vs 82/100), reflecting stronger payout coverage and dividend-growth history.
Is CMS or SO better value right now?
As of Nov 5, 2026, SO looks like the better value: its fair-value estimate is 3% below its share price (fairly valued). For CMS, its fair-value estimate is 15% below its share price.
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See more dividend stock comparisons · data refreshes daily · for informational purposes only, not investment advice.