SO vs SPH: Which Is the Better Dividend Stock?
As of Oct 27, 2026, SO (The Southern Company) screens as the stronger dividend stock, winning 5 of 8 head-to-head metrics. SPH offers the higher yield at 7.79%, SO has the higher dividend-safety score, and SPH looks like the better value (its fair-value estimate is 36% above its share price).
Key facts: SO vs SPH
Data as of · Source: SmarterDividends data
- As of Oct 27, 2026, Suburban Propane Partners, L.P. (SPH) has the higher forward dividend yield at 7.79%, versus 3.28% for The Southern Company (SO).
- As of Oct 27, 2026, SmarterDividends grades SO's dividend safety A (90/100) and SPH's C (60/100).
- By SmarterDividends' count as of Oct 27, 2026, SO has raised its dividend for 25 consecutive years and SPH for 0.
- As of Oct 27, 2026, SO pays out 72% of its earnings as dividends and SPH pays out 67%.
- As of Oct 27, 2026, SO's fair-value estimate is 1% below its share price and SPH's fair-value estimate is 36% above its share price, so SPH looks like the better value of the two on SmarterDividends' blended model.
Cite this page
SmarterDividends, "SO vs SPH: Dividend Yield, Safety & Value Compared," updated Oct 27, 2026, https://smarterdividends.com/compare/so-vs-sph
| Metric | SO | SPH |
|---|---|---|
| Forward yield | 3.28% | 7.79% |
| Annual dividend | $3.04 | $1.40 |
| Payout ratio | 72% | 67% |
| Years of growth | 25 yr | 0 yr |
| 5-yr dividend growth | 3.0% | -6.3% |
| 5-yr total return | 52% | 23% |
| Dividend safety score | 90 (A) | 60 (C) |
| Fair value estimate | $91.60 | $24.45 |
| Upside to fair value | -1% | +36% |
| Frequency | quarterly | quarterly |
| Market cap | $106.5B | $1.2B |
| P/E ratio | 22.3 | 9.3 |
Higher yield
SPH
7.79%
Safer dividend
SO
Grade A
Faster growth
SO
3.0%
Better value
SPH
+36% upside
SO vs SPH — FAQ
Is SO or SPH a better dividend stock?
On the data, SO wins more head-to-head categories (5 vs 3). SPH offers the higher yield (7.79%), 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, SO or SPH?
SPH has the higher forward dividend yield at 7.79%, versus 3.28% for SO.
Is SO or SPH safer?
SO has the higher dividend-safety score (90/100 vs 60/100), reflecting stronger payout coverage and dividend-growth history.
Is SO or SPH better value right now?
As of Oct 27, 2026, SPH looks like the better value: its fair-value estimate is 36% above its share price (undervalued). For SO, its fair-value estimate is 1% below its share price.
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See more dividend stock comparisons · data refreshes daily · for informational purposes only, not investment advice.