SO vs SPH: Which Is the Better Dividend Stock?
As of September 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 7.48%, SO has the higher dividend-safety score, and SPH trades at the larger discount to fair value (+50%).
| Metric | SO | SPH |
|---|---|---|
| Forward yield | 3.46% | 7.48% |
| Annual dividend | $3.04 | $1.30 |
| Payout ratio | 72% | 67% |
| Years of growth | 25 yr | 0 yr |
| 5-yr dividend growth | 3.0% | -6.3% |
| 5-yr total return | 41% | 11% |
| Dividend safety score | 90 (A) | 60 (C) |
| Fair value estimate | $96.70 | $26.23 |
| Upside to fair value | +10% | +50% |
| Frequency | quarterly | quarterly |
| Market cap | $100.3B | $1.1B |
| P/E ratio | 21.2 | 9.0 |
Higher yield
SPH
7.48%
Safer dividend
SO
Grade A
Faster growth
SO
3.0%
Better value
SPH
+50% upside
SO vs SPH — FAQ
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