SOMN NYSE

Of US companies ranked in the safest four tenths, about 1 in 3,500 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $1.40 (down 97%), The Southern Company would be worth roughly what it owes.
Total debt $77.09B against a stock market value of $106.49B.
Distance to default 9.97 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $41.20B (short-term plus half of long-term), stock volatility 17.9%; Altman Z'' 0.86. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.