CMS vs SO: Which Is the Better Dividend Stock?
As of September 2026, SO (The Southern Company) screens as the stronger dividend stock, winning 6 of 8 head-to-head metrics. SO offers the higher yield at 3.56%, SO has the higher dividend-safety score, and SO trades at the larger discount to fair value (+13%).
| Metric | CMS | SO |
|---|---|---|
| Forward yield | 3.52% | 3.56% |
| Annual dividend | $2.28 | $3.04 |
| Payout ratio | 67% | 72% |
| Years of growth | 18 yr | 25 yr |
| 5-yr dividend growth | 5.9% | 3.0% |
| 5-yr total return | 8% | 37% |
| Dividend safety score | 82 (A) | 90 (A) |
| Fair value estimate | $69.53 | $96.70 |
| Upside to fair value | +6% | +13% |
| Frequency | quarterly | quarterly |
| Market cap | $19.9B | $98.0B |
| P/E ratio | 19.3 | 20.5 |
Higher yield
SO
3.56%
Safer dividend
SO
Grade A
Faster growth
CMS
5.9%
Better value
SO
+13% upside
CMS vs SO — FAQ
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