SOUTHERN CO (SO): what the price assumes

boothcheck covers SOUTHERN CO (SO) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed 2026-07-11.

Generated: 2026-08-30 · Exported: 2026-08-31 · Source: https://boothcheck.com/report/SO

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The price sits below what even a 5%/yr operating-profit decline would warrant; the inversion reports a bound, not a solved growth path.

Solve inputs: computed at a 6% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: within-range (limited comparison data)

Valuation X-Ray

Every valuation family lands below the price. The price therefore sits beyond what those standard frames encode.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 9.1%); the inversion above states its own rate.

Per-Model Detail (n=10)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.

Bullet Takeaways

• Southern is the rare utility with a genuine order book: over 11 gigawatts of contracted large-load capacity across 28 projects, first-quarter data center power usage up 42 percent year over year, and 10 gigawatts of generation under construction with an RFP filed for 2 to 6 more by 2033.
• The risk is that regulators, not markets, set the margin: the 10-K concedes commissions may not approve "full recovery of the costs of providing utility service" (accession 0000092122-26-000006), and $71.9 billion of net debt at roughly ten times pre-tax operating income makes the economics rate-sensitive on both meanings of the word.
• Watch the second-quarter report in late July 2026 for large-load contract additions, plus the Georgia Power All-Source RFP proceedings running through 2027 that decide the returns on the growth.

Bull Case

Southern Company is classified here as a growth stock, and that label, strange on a 120-year-old utility, is the whole thesis. Utilities grow when their service territory's demand grows, and Southern's territory is where the AI buildout physically plugs in: data centers consumed 42 percent more power in the first quarter of 2026 than a year earlier, total retail sales grew 2.3 percent in what the CFO called the strongest first-quarter growth in recent history, and operating revenues rose to $8.4 billion from $7.8 billion. For decades a percentage point of load growth was a good year in this industry. Southern signed roughly 2 gigawatts of additional large-load contracts in the first quarter alone, bringing contracted capacity above 11 gigawatts across 28 projects, with a pipeline of 23 gigawatts contracted or in late-stage development.

The regulated model converts that demand into a compounding machine. New load requires new generation and wires; the 10-K describes the investment program plainly, "investments to build new generation facilities to meet projected long-term demand requirements and to replace units being retired as part of the generation fleet transition" (accession 0000092122-26-000006), and regulated utilities earn an approved return on every prudent dollar of that rate base, with authorized returns like the 10.25 percent ROE cited for Atlanta Gas Light's infrastructure program in the same filing (accession 0000092122-26-000006). Georgia Power has 10 gigawatts of generation already under construction and just filed an All-Source RFP for 2 to 6 more gigawatts needed by 2033. Each gigawatt is future rate base, and each rate-base dollar is future regulated earnings.

Even the price analysis, run conservatively, leans friendly: at about 21 times operating income and a low utility-grade discount rate, the price sits below what even a sustained 5 percent annual decline in operating profit would warrant, which means the market is charging nothing for the growth inflection at all on that lens. The concessions are the sector's usual ones, $71.9 billion of net debt and a share count creeping up 1.4 percent a year to fund the buildout. But this is the rare utility where demand, regulation, and geography are all pulling the same direction at once, and the adjusted EPS of $1.32 in the first quarter is the early evidence.

Bear Case

Every dollar of Southern's earnings passes through a regulator's hands before it reaches a shareholder, and that is the sensitivity that governs this stock. The 10-K is explicit: "The Commissions set the rates Mississippi Power is permitted to charge customers", and for Alabama Power "there is a risk that the Commissions will not approve: (1) full recovery of the costs of providing utility service, or (2) full recovery of all amounts" invested (accession 0000092122-26-000006). The data center boom makes this politics sharper, not softer: residential customers and their elected commissioners will not quietly absorb grid costs incurred to serve hyperscalers, and every large-load contract Southern signs invites a rate-design fight about who pays for the new generation. The Georgia All-Source RFP process runs through 2027, which is two years of regulatory proceedings between the growth story and its approved economics.

The second macro lever is interest rates, and Southern carries more exposure than most: $71.9 billion of net debt, roughly ten times pre-tax operating income, against liquid assets of under $1 billion, with the share count growing 1.4 percent a year because the capital program outruns internal cash generation. A utility is a bond with a construction budget; when financing costs rise, the spread between authorized returns and the cost of the money that earns them compresses, and commissions historically lag in repricing. Construction itself is the third risk, and this company's record there needs no embellishment: multi-gigawatt buildouts in this industry have a long history of budget and schedule overruns, and Southern is now committing to one of the largest capacity expansions in its history simultaneously across states.

The valuation offers less shelter than the growth narrative suggests. Only the peer-multiple family reaches the price, and it sits in the upper half of the utility peer range; the asset-value and earnings-power reads land at roughly half the quote, and even the growth-based methods sit about 25 percent below it. One denominator note: EDGAR's trailing operating income reads $7.3 billion while the record basis prices $8.4 billion, different measurement bases, both stated. A buyer at $95.61 is paying a premium utility multiple for load growth whose economics are not yet approved, funded by debt and equity issuance, in a rate environment where the regulator, not management, decides the margin. If data center demand slows, or if commissions shift costs toward shareholders to shield ratepayers, the stock re-rates toward the utility median while the capex commitments stay.

Valuation

The price analysis lands in an odd, informative place for a utility. At $95.61 (July 10, 2026), Southern trades at about 21 times operating income on the record basis, and inverted at a 6.2 percent cost of capital, the price sits below what even a 5 percent annual operating-profit decline would warrant; that is a bound, not a solved growth path, and it says the demanding-looking multiple is arithmetically defensible even under decline, once utility-grade discount rates apply. At the same time, the multiple sits in the upper half of the utility peer range, so relative to its sector the market is already paying up. Both facts fit one story: the sector has re-rated on data center load growth, and Southern is priced as one of its leaders.

The families split along that seam. Peer multiples reach the price, landing about 15 percent below the quote at their central read; the growth-based methods sit roughly 25 percent below; and the asset-value and earnings-power reads sit at about half, which is typical for regulated utilities whose asset returns are capped by commissions. The filing-sourced economics beneath the growth thesis: an investment program to "build new generation facilities to meet projected long-term demand requirements" (accession 0000092122-26-000006), authorized returns exemplified by the 10.25 percent ROE on Atlanta Gas Light's infrastructure program (accession 0000092122-26-000006), and first-quarter operating revenues of $8.4 billion, up from $7.8 billion, with adjusted EPS of $1.32. The 11-plus gigawatts of contracted large load across 28 projects is the order book those returns will be earned on.

Solvency reads as utility-normal but worth stating: $71.9 billion of net debt at roughly ten times pre-tax operating income (EDGAR's trailing tally is $7.3 billion versus $8.4 billion on the record basis; both labeled), thin corporate liquidity, and 1.4 percent annual share growth funding the buildout. Leverage like this is the regulated model working as designed, recoverable through rates if commissions cooperate. The decisive variable is therefore not demand, which is contracted, but regulatory conversion: whether the Georgia RFP process and the various state proceedings through 2027 turn contracted gigawatts into approved rate base at healthy authorized returns.

Catalysts

The first-quarter 2026 report established the demand inflection: operating revenues of $8.4 billion rose from $7.8 billion a year earlier, adjusted EPS reached $1.32, total retail electricity sales grew 2.3 percent (the strongest first quarter in recent history per CFO David Poroch), and data center usage jumped 42 percent year over year, lifting weather-adjusted commercial-class sales 4.5 percent. The contracting pipeline moved with it: roughly 2 gigawatts of new large-load contracts signed in the quarter brought the contracted total above 11 gigawatts across 28 projects, with 23 gigawatts contracted or in late-stage development.

The regulatory calendar is the main forward machinery. Georgia Power filed an All-Source Request for Proposal for 2 to 6 gigawatts of new generation needed by 2033, incremental to the 10 gigawatts already under construction, with the process expected to run through 2027. Each stage of that proceeding, alongside rate cases and cost-recovery filings across Alabama, Georgia and Mississippi, converts contracted demand into approved returns, and each is a date where the economics can improve or erode.

The next earnings report, expected in late July 2026, carries three reads: whether the large-load contract count keeps climbing, whether data center usage growth sustains anything near the first quarter's pace, and financing costs on the capital program given the debt-heavy balance sheet and ongoing equity issuance. Southern's story is unusually legible for a utility: the demand is contracted and public; what remains uncertain, and what each catalyst resolves a piece of, is who pays for the buildout and at what authorized return.

Peer Cohorts (Per Segment, With Filing Citations)

Traditional Electric Operating Companies (Alabama/Georgia/Mississippi Power) (reported)

• DUK (DUKE ENERGY CORPORATION)
• FY2025 10-K: Carolina Electric Membership Corporation NCI Noncontrolling Interests NCUC North Carolina Utilities Commission NDTF Nuclear decommissioning trust funds NERC North American Electric Reliability Corporation NMC National Methanol Company NOL Net operating loss NPNS Normal purchase/normal sale NRC U.S. Nuclear Regulatory…
• FY2025 10-K: …with Piedmont Electric Membership Corporation, Rutherford Electric Membership Corporation and Blue Ridge Electric Membership Corporation (incorporated by reference to Exhibit 10.15 to Duke Energy Corporation's Quarterly Report on Form 10-Q for the Quarter ended June 30, 2006, filed on August 9, 2006, File No.…
• AEP (AMERICAN ELECTRIC POWER CO INC.)
• FY2025 10-K: …and Subsidiaries Indiana Michigan Power Company and Subsidiaries Ohio Power Company and Subsidiaries Public Service Company of Oklahoma Southwestern Electric Power Company Consolidated Audited Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations 40 AMERICAN…
• FY2025 10-K: CompanyLLCMember 2024-01-01 2024-12-31 0000004904 aep:DirectSalesToEastAffiliatesMember srt:AffiliatedEntityMember aep:AppalachianPowerCompanyMember 2024-01-01 2024-12-31 0000004904 aep:DirectSalesToEastAffiliatesMember srt:AffiliatedEntityMember aep:IndianaMichiganPowerCompanyMember 2024-01-01 2024-12-31 0000004904…
• D (DOMINION ENERGY, INC)
• FY2025 10-K: …us-gaap:MarketApproachValuationTechniqueMember srt:NaturalGasReservesMember d:MarketPriceMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:CommodityContractMember 2025-12-31 0000715957 d:VirginiaElectricAndPowerCompanyMember d:BasisNaturalGasCurrentDerivativeContractMember 2025-01-01 2025-12-31 0000715957…
• FY2025 10-K: …d:VirginiaElectricAndPowerCompanyMember d:VirginiaRegulationMember 2025-03-01 2025-03-31 0000715957 d:VirginiaElectricAndPowerCompanyMember us-gaap:ElectricDistributionMember 2023-01-01 2023-12-31 0000715957 us-gaap:ElectricityGenerationPlantNonNuclearMember 2024-01-01 2024-12-31 0000715957…
• XEL (XCEL ENERGY INC)
• FY2025 10-K: …transmits, distributes and sells electricity. NSP-Minnesota and NSP-Wisconsin electric operations are managed on the NSP System. NSP-Wisconsin also purchases, transports, distributes and sells natural gas to retail customers and transports customer-owned natural gas. Natural gas customers 0.1 million Total assets…
• FY2025 10-K: …Protection Agency ERCOT Electric Reliability Council of Texas FASB Financial accounting standards board FERC Federal Energy Regulatory Commission IRS Internal Revenue Service MPUC Minnesota Public Utilities Commission MPSC Michigan Public Service Commission NDPSC North Dakota Public Service Commission NERC North…
• ED (CONSOLIDATED EDISON INC)
• FY2025 10-K: …Energy Research and Development Authority NYSPSC New York State Public Service Commission NYSRC New York State Reliability Council, LLC PJM PJM Interconnection LLC SEC U.S. Securities and Exchange Commission TSA Transportation Security Administration Accounting AFUDC Allowance for funds used during construction ASU…
• FY2025 10-K: …ed:CleanEnergyBusinessesMember 2024-01-01 2024-12-31 0001047862 us-gaap:OperatingSegmentsMember us-gaap:ProductAndServiceOtherMember ed:OtherServicesMember ed:CleanEnergyBusinessesMember 2024-01-01 2024-12-31 0001047862 us-gaap:OperatingSegmentsMember ed:OtherServicesMember ed:CleanEnergyBusinessesMember 2023-01-01…
• WEC (WEC ENERGY GROUP, INC.)
• FY2025 10-K: …Inc. WECC Wisconsin Energy Capital Corporation WECI WEC Infrastructure LLC WECI Energy Holding III WEC Infrastructure Energy Holding III LLC WECI Wind Holding I WEC Infrastructure Wind Holding I LLC WECI Wind Holding II WEC Infrastructure Wind Holding II LLC WEPCo Environmental Trust WEPCo Environmental Trust Finance…
• FY2025 10-K: …2024-12-31 0000783325 us-gaap:OperatingSegmentsMember us-gaap:PublicUtilitiesMember wec:ExternalRevenuesMember wec:WisconsinMember 2023-01-01 2023-12-31 0000783325 us-gaap:OperatingSegmentsMember us-gaap:PublicUtilitiesMember wec:ExternalRevenuesMember wec:IllinoisMember 2023-01-01 2023-12-31 0000783325…
• ETR (ENTERGY CORP /DE/)
• FY2025 10-K: …Other Business Activities Entergy's non-utility operations business includes the ownership of interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers. Entergy's non-utility operations business also provides decommissioning-related services to nuclear power…
• FY2025 10-K: 1-10764 ENTERGY ARKANSAS, LLC 1-34360 ENTERGY TEXAS, INC. (a Texas limited liability company) 425 West Capitol Avenue Little Rock , Arkansas 72201 Telephone ( 501 ) 377-4000 (a Texas corporation) 2107 Research Forest Drive The Woodlands , Texas 77380 Telephone ( 409 ) 981-2000 83-1918668 61-1435798 1-32718 ENTERGY…
• EIX (EDISON INTERNATIONAL)
• FY2025 10-K: :SouthernCaliforniaEdisonCompanyMember 2025-01-01 2025-12-31 0000827052 eix:NaturalGasOptionsSwapsAndForwardsBcfMember eix:SouthernCaliforniaEdisonCompanyMember 2024-01-01 2024-12-31 0000827052 eix:CongestionRevenueRightsGWhMember eix:SouthernCaliforniaEdisonCompanyMember 2025-01-01 2025-12-31 0000827052…
• FY2025 10-K: …srt:MinimumMember eix:SouthernCaliforniaEdisonCompanyMember 2025-12-31 0000827052 us-gaap:ElectricDistributionMember srt:MaximumMember eix:SouthernCaliforniaEdisonCompanyMember 2025-12-31 0000827052 us-gaap:ElectricDistributionMember srt:WeightedAverageMember eix:SouthernCaliforniaEdisonCompanyMember 2025-12-31…
• PPL (PPL Corp)
• FY2025 10-K: AndKentuckyUtilitiesEnergyLlcMember us-gaap:PensionPlansDefinedBenefitMember ppl:LiquidityPortfolioMember ppl:MasterTrustMember 2024-12-31 0000922224 ppl:LouisvilleGasAndElectricAndKentuckyUtilitiesEnergyLlcMember us-gaap:PensionPlansDefinedBenefitMember ppl:MasterTrustMember 2025-12-31 0000922224…
• FY2025 10-K: …us-gaap:PensionPlansDefinedBenefitMember ppl:MasterTrustMember us-gaap:DefinedBenefitPlanDerivativeMember 2024-12-31 0000922224 us-gaap:FairValueInputsLevel1Member us-gaap:PensionPlansDefinedBenefitMember ppl:MasterTrustMember us-gaap:DefinedBenefitPlanDerivativeMember 2024-12-31 0000922224…
• FE (FIRSTENERGY CORP)
• FY2025 10-K: …JCP&L's default service, or BGS supply, is secured through a statewide competitive procurement process approved by the NJBPU. Default service for the Ohio Companies, FE PA and PE's Maryland jurisdiction are provided through a competitive procurement process approved by the PUCO (under the current ESP), PPUC (under…
• FY2025 10-K: …service territory. The Electric Companies are obligated under the regulated construct to deliver power to customers reliably, as it is needed, which creates an implied monthly contract with the end-use customer. See Note 13., "Regulatory Matters," of the Combined Notes to Financial Statements of the Registrants for…
• PNW (PINNACLE WEST CAPITAL CORP)
• FY2025 10-K: …GWh Gigawatt-hour, one billion watts per hour IRP Integrated Resource Plan ITC Investment Tax Credit kV Kilovolt, one thousand volts kWh Kilowatt-hour, one thousand watts per hour LFCR Lost Fixed Cost Recovery Mechanism MW Megawatt, one million watts MWh Megawatt-hour, one million watts per hour NAAQS National…
• FY2025 10-K: …includes Combined Notes to Consolidated Financial Statements. i Table of Contents GLOSSARY OF NAMES AND TECHNICAL TERMS ACC Arizona Corporation Commission ADEQ Arizona Department of Environmental Quality AFUDC Allowance for funds used during construction AI Artificial intelligence ANPP Arizona Nuclear Power Project,…
• EVRG (EVERGY, INC.)
• FY2025 10-K: …and Note 4 to the consolidated financial statements for additional information concerning regulatory matters. Competition Missouri and Kansas continue to operate on the fully integrated and regulated retail utility model. As a result, the Evergy Companies do not compete with others to supply and deliver electricity…
• FY2025 10-K: …Evergy Transmission Company, LLC Exchange Act The Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Board FER Facility Evaluation Report FERC Federal Energy Regulatory Commission FIP Federal implementation plan FMBs First Mortgage Bonds GAAP Generally Accepted Accounting Principles GHG…

Southern Power (reported)

• VST (Vistra Corp.)
• FY2025 10-K: …with a scaled retail platform and disciplined wholesale risk management capabilities remains a core competitive advantage and supports more stable and predictable cash flows across commodity price cycles. • Long-term contracts entered in 2025 underwrite higher base profitability in the future. ◦ In September 2025, we…
• FY2025 10-K: 2025, respectively, as we do not plan to return those assets to operations. See Note 8 for additional information. Facility Location ISO/RTO Fuel Type Net Capacity (MW) Expected Retirement Date (a) Segment Baldwin Baldwin, IL MISO Coal 1,185 By the end of 2027 East Coleto Creek Goliad, TX ERCOT Coal 650 By the end of…
• NRG (NRG Energy, Inc)
• FY2025 10-K: …Texas Legislature passed SB 2268, which separated the 10,000 MW collective cap on the ERCOT loan and grant programs resulting in a 10,000 MW cap for the loan program and a separate 10,000 MW cap for the completion bonus grant program. 15 NRG, through its subsidiaries, filed and received approval from the PUCT for…
• FY2025 10-K: …by STP. The Company sold its interest in STP on November 1, 2023 (b) Cottonwood lease ended in May 2025 12 Competition While there has been consolidation in the competitive retail energy space over the past few years, there is still considerable competition for customers. In Texas, there is healthy competition in…
• CEG (CONSTELLATION ENERGY CORPORATION)
• FY2025 10-K: …Energy Center. The loan will mature in October 2055. Interest rates on the loan will be fixed upon each advance at a spread of 37.5 basis points above U.S. Treasuries of comparable maturity. Cash from operations will fund the remaining capital expenditures. 52 Table of Contents Conowingo Hydroelectric Project License…
• FY2025 10-K: …to find suppliers has slowed in recent years, we have remained the market leader in direct C&I sales with over 32% of the C&I market share of direct customer business, driven by our highly experienced and long-tenor direct sales team. Wholesale Market Our wholesale channel-to-market involves the sale of electricity…
• TLN (Talen Energy Corporation)
• FY2025 10-K: …on a seasonal basis, with peak power generation and expenses during the winter in the Mid-Atlantic. We ordinarily perform planned facility maintenance during milder non-peak demand periods in the spring and fall to ensure reliability during peak periods. The pattern of fluctuations in our operating results varies…
• FY2025 10-K: …contractable opportunities across the portfolio, enabling us to pair reliable assets with long-term, creditworthy demand in a way that enhances stability while preserving flexibility. Recent Developments Cornerstone Acquisition On January 15, 2026, we entered into the Cornerstone Merger Agreement to acquire from…
• CWEN (Clearway Energy, Inc.)
• FY2025 10-K: …regular system audits to identify potential vulnerabilities. In the event of a cybersecurity incident, the Company is equipped with a defined and practiced incident response plan, which includes incident response retainers from respected third parties. This plan includes immediate actions to mitigate the impact of…
• FY2025 10-K: …Standards RTO Regional Transmission Organization SCE Southern California Edison SDG&E San Diego Gas & Electric SEC U.S. Securities and Exchange Commission Senior Notes Collectively, the 2028 Senior Notes, the 2031 Senior Notes, the 2032 Senior Notes and the 2034 Senior Notes SO 2 Sulfur Dioxide SOFR Secured Overnight…
• AES (AES CORP)
• FY2025 10-K: …modernization initiative as part of the development, sustainability, and growth strategy of the business. 28 | 2025 Annual Report (1) Non-GAAP measure. See Item 7.- Management's Discussion and Analysis of Financial Condition and Results of Operations -SBU Performance Analysis-Non-GAAP Measures for reconciliation and…
• FY2025 10-K: …SBU reportable segment. Rexford - On October 2, 2023, the Company, through its subsidiary Rexford 1 Holdings, LLC., entered into an agreement for the purchase of 100 % of the membership interests in 20SD 8me LLC., a 300 MW solar and 240 MW BESS project. The transaction was accounted for as an asset acquisition of…

Southern Company Gas (reported)

• ATO (ATMOS ENERGY CORP)
• FY2025 10-K: …customers. Mid-Tex Cities Represents all incorporated cities other than Dallas and Mid-Tex ATM Cities, or approximately 72 percent of the Mid-Tex Division's customers. MMcf Million cubic feet Moody's Moody's Investor Service, Inc. NGPA Natural Gas Policy Act of 1978 NYSE New York Stock Exchange PHMSA Pipeline and…
• FY2025 10-K: …3.4 million residential, commercial, public-authority, and industrial customers through our six regulated distribution divisions in the service areas described below: Division Service Area Atmos Energy Colorado-Kansas Division Colorado, Kansas Atmos Energy Kentucky/Mid-States Division Kentucky, Tennessee, Virginia…
• NI (NISOURCE INC.)
• FY2025 10-K: Discussion and Analysis of Financial Condition and Results of Operations" and Note 21, "Business Segment Information," in the Notes to Consolidated Financial Statements for additional information related to each segment. Columbia Operations Columbia Operations provides natural gas to approximately 2.4 million…
• FY2025 10-K: …(3) GCT - 2 $ 229.5 9/23/4/26 6/18/2025 New gas peaker generation project costs forecasted through April 2026. NIPSCO - Gas TDSIC - 9 $ 34.0 3/24-3/25 5/23/2025 New or replacement projects undertaken for the purpose of safety, reliability, system modernization, or economic development. NIPSCO - Gas FMCA -5 $ 21.9…
• NJR (NEW JERSEY RESOURCES CORPORATION)
• FY2025 10-K: …njr:CleanEnergyVenturesCEVSegmentMember 2023-10-01 2024-09-30 0000356309 us-gaap:OperatingSegmentsMember njr:WholesaleNaturalGasMember njr:EnergyServicesESSegmentMember 2023-10-01 2024-09-30 0000356309 us-gaap:OperatingSegmentsMember njr:WholesaleNaturalGasMember njr:StorageAndTransportationSTSegmentMember 2023-10-01…
• FY2025 10-K: …2024-10-01 2025-09-30 0000356309 us-gaap:OperatingSegmentsMember njr:ServiceContractsMember njr:NaturalGasDistributionNJNGSegmentMember 2024-10-01 2025-09-30 0000356309 us-gaap:OperatingSegmentsMember njr:ServiceContractsMember njr:CleanEnergyVenturesCEVSegmentMember 2024-10-01 2025-09-30 0000356309…
• SWX (Southwest Gas Holdings, Inc.)
• FY2025 10-K: …Company Southwest Gas Holdings, Inc. (together with its subsidiaries) AFUDC Allowance for Funds Used During Construction Congress United States Congress AGA American Gas Association Cooperation Agreement Cooperation agreement with Icahn Group ANPRM Advance Notices of Proposed Rulemakings COSO Committee of Sponsoring…
• FY2025 10-K: …and principal office address and telephone number State of Incorporation I.R.S. Employer Identification No. 001-37976 Southwest Gas Holdings, Inc. Delaware 81-3881866 8360 S. Durango Dr. Las Vegas, Nevada 89113 (702) 876-7237 1-7850 Southwest Gas Corporation California 88-0085720 8360 S. Durango Dr. Las Vegas, Nevada…
• SR (Spire Inc.)
• FY2025 10-K: …arrangements designed to meet the system's varying levels of demand. In fiscal 2025, Spire Alabama purchased natural gas from 20 different suppliers to meet current gas sales, storage injection, and liquefied natural gas (LNG) liquefaction requirements, of which one supplier is under a long-term supply agreement.…
• FY2025 10-K: 4.4 Bcf from November 1 through May 1. Southern Star tariffs allow both injections and withdrawals into storage year-round with ratchets that restrict the associated flows dependent upon the underlying inventory level per the contracts. 8 Table of Contents In addition, Spire Missouri supplements pipeline gas with…
• NWN (NORTHWEST NATURAL HOLDING COMPANY)
• FY2025 10-K: …nwn:NWNaturalOtherMember 2025-01-01 2025-12-31 0001733998 us-gaap:OperatingSegmentsMember nwn:NorthwestNaturalGasCompanyMember nwn:NorthwestNaturalGasCompanyMember 2025-01-01 2025-12-31 0001733998 us-gaap:CorporateNonSegmentMember nwn:NaturalGasSalesMember us-gaap:TransferredOverTimeMember…
• FY2025 10-K: …2024-12-31 0001733998 nwn:Note3078SeriesDue2051Member 2025-12-31 0001733998 nwn:Note3078SeriesDue2051Member 2024-12-31 0001733998 nwn:Note3078SeriesDue2051Member nwn:NorthwestNaturalGasCompanyMember 2025-12-31 0001733998 nwn:Note3078SeriesDue2051Member nwn:NorthwestNaturalGasCompanyMember 2024-12-31 0001733998…
• NFG (NATIONAL FUEL GAS CO)
• FY2025 10-K: …Purchased Gas Costs, or a liability, Amounts Payable to Customers. These deferrals are subsequently collected from the customer or passed back to the customer, subject to review by the NYPSC and the PaPUC. Absent disallowance of full recovery of Distribution Corporation's purchased gas costs, such costs do not impact…
• FY2025 10-K: …purchase price of $ 2.62 billion, subject to customary adjustments, as provided in the Purchase Agreement. Closing is expected to occur in the fourth quarter of calendar 2026, pending completion of a notice filing and review with the Public Utilities Commission of Ohio, Hart-Scott-Rodino review, and other customary…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.