SOUTHERN CO vs TC ENERGY CORPORATION, two Utilities stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Southern Company earns a regulated return on the power grid it owns and pays a steady 3.03 percent dividend; TC Energy charges volume-based tolls to move natural gas through Canadian pipelines and pays 3.59. The pipeline keeps far more of each revenue dollar, a 23.09 percent net margin against Southern's 14.46, and generated real cash, a 7.45 percent free cash yield, where Southern spent past its flow at negative 3.17. Southern earns the higher return on equity, 10.93 percent to 9.54, and is the larger at 109.4 billion versus 72.5. TC Energy asks more on earnings, 28.98 times against 24.81, while their book multiples nearly match, 2.67 and 2.74.
Comparison updated 2026-07-11.
| Metric | SO | TRP |
|---|---|---|
| Price | $95.61 | $67.32 |
| Market cap | $107.8B | $70.0B |
| Sector | Utilities | Utilities |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | -2.2% |
| P/E | 24.4 | 28.0 |
| P/B | 2.70 | 2.58 |
| P/S | 3.57 | 6.25 |
| EV/EBITDA | 14.9 | 8.9 |
| Revenue growth | +8.6% | +3.5% |
| Operating margin | 24.0% | 52.7% |
| Net margin | 14.5% | 23.1% |
| Return on equity | 10.9% | 9.5% |
| Return on assets | 2.8% | 3.0% |
| Return on invested capital | 15.0% | 16.5% |
| FCF yield | -3.2% | 7.7% |
| Dividend yield | 3.1% | 3.7% |
| Debt / equity | 0.04 | 0.04 |
| Current ratio | 0.65 | 0.63 |
| Altman Z (solvency) | 0.75 | 0.94 |
| Piotroski F (quality) | 6 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.