MGEE vs SO: Which Is the Better Dividend Stock?
As of Nov 5, 2026, MGEE and SO are closely matched. SO offers the higher yield at 3.26%, MGEE 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: MGEE 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 2.62% for MGE Energy, Inc. (MGEE).
- As of Nov 5, 2026, SmarterDividends grades MGEE's dividend safety A (93/100) and SO's A (90/100).
- By SmarterDividends' count as of Nov 5, 2026, MGEE has raised its dividend for 38 consecutive years and SO for 25.
- As of Nov 5, 2026, MGEE pays out 45% of its earnings as dividends and SO pays out 72%.
- As of Nov 5, 2026, MGEE'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, "MGEE vs SO: Dividend Yield, Safety & Value Compared," updated Nov 5, 2026, https://smarterdividends.com/compare/mgee-vs-so
| Metric | MGEE | SO |
|---|---|---|
| Forward yield | 2.62% | 3.26% |
| Annual dividend | $2.03 | $3.04 |
| Payout ratio | 45% | 72% |
| Years of growth | 38 yr | 25 yr |
| 5-yr dividend growth | 5.1% | 3.0% |
| 5-yr total return | 2% | 53% |
| Dividend safety score | 93 (A) | 90 (A) |
| Fair value estimate | $66.64 | $91.57 |
| Upside to fair value | -15% | -3% |
| Frequency | quarterly | quarterly |
| Market cap | $3.0B | $108.5B |
| P/E ratio | 18.1 | 22.7 |
Higher yield
SO
3.26%
Safer dividend
MGEE
Grade A
Faster growth
MGEE
5.1%
Better value
SO
-3% upside
MGEE vs SO — FAQ
Is MGEE or SO a better dividend stock?
MGEE and SO are closely matched. SO has the higher yield; MGEE scores better on safety.
Which has a higher dividend yield, MGEE or SO?
SO has the higher forward dividend yield at 3.26%, versus 2.62% for MGEE.
Is MGEE or SO safer?
MGEE has the higher dividend-safety score (93/100 vs 90/100), reflecting stronger payout coverage and dividend-growth history.
Is MGEE 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 MGEE, 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.