Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Southern Company (SO) Halal?

FAIL

Southern Company · NYSE: SO · Utilities

The short answer

No - Southern Company (SO) fails this Shariah stock screen at Gate 2. Southern Company, incorporated in Delaware on November 9, 1945 and headquartered in Atlanta, Georgia, is one of the largest US energy providers - about 9.005 million regulated utility customers, ~46,000 megawatts of generating capacity, and roughly 29,800 employees - and its business (regulated electric generation, transmission and distribution plus natural gas distribution) involves no alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance, so Gate 1 passes. But total interest-bearing debt of $75,582M is about 79.49% of its ~$95.08B market cap ($83.47/share, October 2026), far above the ~33% ceiling, so Gate 2 fails. The FY2025 10-K discloses no separate interest income (effectively $0), about 0.00% of FY2025 operating revenues ($29,553M), below the 5% ceiling, so Gate 3 passes. Overall result: FAIL. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

Gate 1 — Business activity: PASS

Southern Company (NYSE: SO), incorporated in Delaware on November 9, 1945 and headquartered in Atlanta, Georgia, is one of the largest US energy providers - ranked 163rd on the 2025 Fortune 500 with about 29,800 full-time employees. Per its FY2025 10-K, Southern Company owns Alabama Power, Georgia Power, and Mississippi Power (regulated electric utilities), Southern Power (wholesale generation), and Southern Company Gas (natural gas distribution in Illinois, Georgia, Virginia, New Jersey, Florida, Tennessee, and Maryland). At year-end 2025 it served about 9.005 million regulated utility customers (4.59 million electric, 4.415 million gas), with aggregate generating capacity of about 46,000 megawatts, roughly 200,000 miles of electric transmission and distribution lines, and more than 80,000 miles of natural gas pipelines. Reportable segments: Traditional Electric Operating Companies, Southern Power, Southern Company Gas. Business-screen implication (factual): the entire reported business is regulated electric generation, transmission, distribution, and natural gas distribution - none involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: FAIL

Per Southern Company's Q2 2026 Form 10-Q (period ended June 30, 2026; Commission File No. 1-3526), total interest-bearing debt was $75,582M - securities due within one year $4,694M + notes payable $2,132M + long-term debt $68,756M. Against a market cap of about $95.08B ($83.47/share, October 2026, per Finnhub), debt / market cap is about 79.49% - far above the ~33% ceiling. Cash and cash equivalents of $2,984M are about 3.14% of market cap. Total assets were $162,027M with total stockholders' equity of $42,342M. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

Southern Company's FY2025 Form 10-K (fiscal year ended December 31, 2025; Commission File No. 1-3526) reports total operating revenues of $29,553M and discloses no separate interest income line in the consolidated statements of income (interest expense, net of amounts capitalized: $3,238M) - interest income is effectively $0, about 0.00% of revenue, below the 5% non-compliant income ceiling. Zoya's public SO page independently reports $0 interest income against $29,553,000,000 revenue. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Southern Company do?

Southern Company (NYSE: SO), incorporated in Delaware on November 9, 1945 and headquartered in Atlanta, Georgia, is one of the largest US energy providers (ranked 163rd on the 2025 Fortune 500) with about 29,800 full-time employees. Per its FY2025 10-K it owns Alabama Power, Georgia Power, and Mississippi Power (regulated electric utilities in Alabama, Georgia, and Mississippi), Southern Power (wholesale generation), and Southern Company Gas (natural gas distribution in seven states). At year-end 2025 it served about 9.005 million regulated utility customers (4.59 million electric, 4.415 million gas), with aggregate generating capacity of about 46,000 megawatts, roughly 200,000 miles of electric transmission and distribution lines, and more than 80,000 miles of natural gas pipelines. Its reportable segments are Traditional Electric Operating Companies, Southern Power, and Southern Company Gas.

Why does Southern Company fail this Shariah stock screen?

Southern Company fails this Shariah stock screen at Gate 2. Gate 1 (business activity): the business is regulated electric generation and natural gas distribution - none involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance; Gate 1 passes. Gate 2 (debt): total interest-bearing debt of $75,582M (securities due within one year $4,694M + notes payable $2,132M + long-term debt $68,756M, Q2 2026 10-Q) is about 79.49% of its ~$95.08B market cap ($83.47/share, October 2026, per Finnhub) - far above the ~33% ceiling; Gate 2 fails. Gate 3 (non-compliant income): the FY2025 10-K discloses no separate interest income (interest expense, net of amounts capitalized, was $3,238M); interest income is effectively $0, about 0.00% of FY2025 operating revenues ($29,553M) - below the 5% ceiling; Gate 3 passes. Result: FAIL. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is Southern Company's interest-bearing debt ratio?

Per Southern Company's Q2 2026 Form 10-Q (period ended June 30, 2026; Commission File No. 1-3526; cover: 1,150,362,966 shares outstanding at June 30, 2026; common stock listed SO on the New York Stock Exchange), total interest-bearing debt was $75,582M - securities due within one year $4,694M + notes payable $2,132M + long-term debt $68,756M. Against a market cap of about $95.08B ($83.47/share, October 2026, per Finnhub), debt / market cap is about 79.49% - well above the ~33% ceiling, so Gate 2 fails. Cash and cash equivalents of $2,984M are about 3.14% of market cap. Facts only.

What is Southern Company's non-compliant income ratio?

Southern Company's FY2025 Form 10-K (fiscal year ended December 31, 2025; Commission File No. 1-3526) reports total operating revenues of $29,553M and discloses no separate interest income line in the consolidated statements of income (interest expense, net of amounts capitalized: $3,238M) - interest income is effectively $0, about 0.00% of revenue, below the 5% non-compliant income ceiling, so Gate 3 passes. Zoya's public SO page independently reports $0 interest income against $29,553,000,000 revenue. Facts only.

Do Zoya, Musaffa, or ShariaPortfolio cover Southern Company?

Zoya covers Southern Company at zoya.finance/stocks/so and flags SO as not Shariah-compliant (September 2026), independently reporting $0 interest income against $29,553,000,000 revenue; its public page renders the usual contradictory auto-generated template text, so the page text itself is reported as inconclusive, though the flagged rating direction is clear. Musaffa: no SO stock page surfaced in search. ShariaPortfolio: no SO entry found. All honestly reported as absent/inconclusive, not invented. This page applies the screen directly from Southern Company's own SEC filings.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).