Southern Company (SO) — Capital Reinvestment Ratio
Southern Company (SO) has a Capital Reinvestment Ratio of 0.90x as of September 2025, meaning it reinvests 1% of its operating cash flow ($3.77 Billion) in capital expenditures ($3.39 Billion). Check SO goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
Southern Company Capital Reinvestment Ratio (1994–2024)
This chart tracks Southern Company's Capital Reinvestment Ratio across 31 annual periods. For the full cash flow conversion analysis, see Southern Company cash flow conversion.
Annual Capital Reinvestment Ratio for Southern Company (1994–2024)
Year-by-year Capital Reinvestment Ratio for Southern Company from 1994 to 2024. See Southern Company (SO) free cash flow to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (USD) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2024 | 0.91x | $9.79 Billion | $8.96 Billion | ▼ -24.0% |
| 2023 | 1.20x | $7.55 Billion | $9.10 Billion | ▼ -4.2% |
| 2022 | 1.26x | $6.30 Billion | $7.92 Billion | ▲ +7.1% |
| 2021 | 1.17x | $6.17 Billion | $7.24 Billion | ▲ +5.6% |
| 2020 | 1.11x | $6.70 Billion | $7.44 Billion | ▼ -15.0% |
| 2019 | 1.31x | $5.78 Billion | $7.55 Billion | ▲ +13.4% |
| 2018 | 1.15x | $6.95 Billion | $8.00 Billion | ▼ -0.7% |
| 2017 | 1.16x | $6.39 Billion | $7.42 Billion | ▼ -22.3% |
| 2016 | 1.49x | $4.89 Billion | $7.31 Billion | ▲ +26.8% |
| 2015 | 1.18x | $6.27 Billion | $7.39 Billion | ▲ +14.6% |
| 2014 | 1.03x | $5.82 Billion | $5.98 Billion | ▲ +14.7% |
| 2013 | 0.90x | $6.10 Billion | $5.46 Billion | ▼ -8.7% |
| 2012 | 0.98x | $4.90 Billion | $4.81 Billion | ▲ +28.1% |
| 2011 | 0.77x | $5.90 Billion | $4.53 Billion | ▼ -25.1% |
| 2010 | 1.02x | $3.99 Billion | $4.09 Billion | ▼ -28.5% |
| 2009 | 1.43x | $3.26 Billion | $4.67 Billion | ▲ +22.8% |
| 2008 | 1.17x | $3.40 Billion | $3.96 Billion | ▲ +11.6% |
| 2007 | 1.04x | $3.40 Billion | $3.54 Billion | ▼ -1.7% |
| 2006 | 1.06x | $2.82 Billion | $2.99 Billion | ▲ +13.3% |
| 2005 | 0.94x | $2.53 Billion | $2.37 Billion | ▲ +19.5% |
| 2004 | 0.78x | $2.69 Billion | $2.11 Billion | ▲ +20.0% |
| 2003 | 0.65x | $3.07 Billion | $2.00 Billion | ▼ -32.0% |
| 2002 | 0.96x | $2.83 Billion | $2.72 Billion | ▼ -12.6% |
| 2001 | 1.10x | $2.38 Billion | $2.62 Billion | ▲ +39.0% |
| 2000 | 0.79x | $2.82 Billion | $2.23 Billion | ▼ -16.0% |
| 1999 | 0.94x | $2.72 Billion | $2.56 Billion | ▲ +28.9% |
| 1998 | 0.73x | $2.75 Billion | $2.00 Billion | ▲ +3.0% |
| 1997 | 0.71x | $2.62 Billion | $1.86 Billion | ▲ +38.4% |
| 1996 | 0.51x | $2.40 Billion | $1.23 Billion | ▼ -15.4% |
| 1995 | 0.61x | $2.31 Billion | $1.40 Billion | ▼ -16.8% |
| 1994 | 0.73x | $2.11 Billion | $1.54 Billion | — |