A Business at a Glance
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DOMINION ENERGY, INC
D
$61.2B
Mkt Cap
$71.10
-0.50%
DOMINION ENERGY, INC (D) has a current P/E ratio of 20.6, compared to its historical median P/E of 17.0. The stock is currently considered Fair based on its historical valuation range.
DOMINION ENERGY, INC (D) has a 5-year average return on invested capital (ROIC) of 4.4%. This is below average and may indicate limited pricing power.
DOMINION ENERGY, INC (D) has a market capitalization of $62.5B. It is classified as a large-cap stock.
Yes, DOMINION ENERGY, INC (D) pays a dividend with a trailing twelve-month yield of 3.67%.
Based on historical P/E analysis, DOMINION ENERGY, INC (D) appears fair. The current P/E of 20.6 is 21% above its historical median of 17.0. The estimated fair value CAGR (P/E method) is 11.5%.
DOMINION ENERGY, INC (D) operates in the Electric Services industry, within the Utilities sector.
DOMINION ENERGY, INC (D) reported annual revenue of $16.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Dominion Energy is a regulated electric utility company headquartered in Richmond, Virginia, serving approximately 4.1 million primarily electric customers across Virginia, North Carolina, and South Carolina through its primary operating segments: Dominion Energy Virginia and Dominion Energy South Carolina, with approximately 95% of earnings expected to come from state-regulated utility operations. The company operates approximately 30.7 GW of electric generating capacity, 10,800 miles of transmission lines, and 80,400 miles of distribution lines, generating revenue primarily through rate-based regulated electric transmission, distribution, and generation operations that serve residential, commercial, industrial, governmental, and high-load customers including data centers. Dominion Energy's business model is capital-intensive and asset-heavy, with a five-year capital expenditure plan of approximately $65 billion (2026–2030) focused on zero-carbon and renewable generation including utility-scale solar and the Coastal Virginia Offshore Wind Commercial Project, grid transformation, and transmission and distribution resiliency to meet projected demand growth driven significantly by data center expansion. The company's competitive moat derives from its regulated utility status, long-term contracted generation operations, and strategic positioning as one of the nation's leading developers of offshore wind and solar power and the largest producer of carbon-free electricity in New England, with distribution concentrated in high-growth markets including Loudoun County, Virginia where data centers represent 28% of Virginia Power's electricity sales. Dominion Energy has divested its gas distribution operations to Enbridge and its interest in Cove Point to Berkshire Hathaway Energy, allowing it to focus on expanding regulated electric utilities and long-term contracted businesses while transitioning to cleaner energy through nuclear license extensions and renewable generation investments.
【Regulated capital deployment accelerating】 Management expects to deploy incremental regulated capital opportunities across the system to meet growing customer demand, particularly from data center expansion, with a 30% increase in the five-year capital plan to approximately $65 billion reflecting strong business fundamentals and attractive investment opportunities. The company is pursuing significant grid modernization and storage investments following recent Virginia legislation requiring 20 GW of short- and long-term storage projects by 2045, with details to be reflected in a capital update in early 2026, while maintaining customer bill growth rates comparable to inflation over the long term through disciplined capital deployment. Dominion Energy expects increasing clarity later in 2026 regarding the opportunity to re-contract Millstone Nuclear Power Station following the expiration of its existing power purchase agreement in August 2029, with the Connecticut Department of Energy and Environmental Protection having issued a zero-carbon energy request for proposals. The company continues to execute on the Coastal Virginia Offshore Wind Commercial Project with the majority of turbines expected to be placed in service by the end of 2026 and the remainder in early 2027, while managing tariff-related cost pressures through cost-sharing arrangements with its financing partner and regulatory protections that continue to work as intended.
| Metric | Target | Period |
|---|---|---|
| Operating earnings per share (excluding RNG 45Z credits) | $3.40–$3.60 | FY2026 |
| Long-term operating earnings per share growth | 5%–7% annually | 2026–2030 and beyond |
| Long-term operating earnings per share growth bias | upper half of 5%–7% range | 2028–2030 |
Operating earnings per share (excluding RNG 45Z credits) (FY2026): “we expect 2026 operating earnings per share, excluding RNG 45Z credit income, to be between $3.40 and $3.60 per share, with a midpoint of $3.50”
Long-term operating earnings per share growth (2026–2030 and beyond): “We are reaffirming our existing long-term operating earnings per share guidance of 5%-7% annually off of the original 2025 guidance midpoint of $3.30 per share”
Long-term operating earnings per share growth bias (2028–2030): “we now expect to achieve the upper half of the 5%-7% growth rate range starting in 2028”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Regulated Electric Sales | $4.51B | $5.26B | $5.14B | $5.44B | $6.08B | 73% |
Nonregulated Electric Sales | $1.00B | $1.25B | $758M | $933M | $1.24B | 15% |
Regulated Gas Sales | $1.46B | $1.82B | $293M | $309M | $352M | 4% |
Other Regulated Revenues | $265M | $313M | $253M | $372M | $309M | 4% |
Other Nonregulated Revenues | $236M | $242M | $145M | $167M | $266M | 3% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 17.4B | 16.5B | 14.5B | 14.4B | 14.6B | 11.7B |
| Net Income | 2.9B | 3.0B | 1.8B | 2.0B | 1.2B | 2.0B |
| EPS | $3.41 | $3.45 | $2.33 | $2.25 | $1.33 | $4.12 |
| Free Cash Flow | 3.3B | -7.3B | -7.4B | -3.7B | -4.1B | -2.0B |
| ROIC | 10.9% | 6.8% | 5.0% | 4.7% | 2.2% | 3.2% |
| Gross Margin | - | 48.5% | 44.5% | 48.6% | 25.9% | 45.0% |
| Debt/Equity | 0.24 | 1.79 | 1.65 | 1.87 | 1.78 | 1.48 |
| Dividends/Share | $2.61 | $2.67 | $2.67 | $2.67 | $2.67 | $4.25 |
| Operating Income | 4.6B | 4.4B | 3.2B | 3.4B | 1.4B | 2.0B |
| Operating Margin | 26.3% | 26.7% | 22.5% | 23.7% | 9.9% | 17.1% |
| ROE | 10.1% | 10.6% | 6.5% | 7.3% | 4.3% | 7.4% |
| Shares Outstanding | 879M | 860M | 755M | 892M | 895M | 479M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 12.4B | 11.7B | 11.7B | 12.6B | 11.2B | 14.4B | 14.2B | 11.7B | 14.6B | 14.4B | 14.5B | 16.5B | 17.4B |
| Gross Margin | 34.3% | 43.9% | 46.3% | 49.3% | 49.6% | 36.9% | 40.7% | 45.0% | 25.9% | 48.6% | 44.5% | 48.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 9.5B | 8.1B | 8.2B | 8.6B | 7.9B | N/A | N/A | 8.5B | 10.5B | 10.0B | 10.5B | 11.3B | 11.3B |
| EBIT | 2.7B | 3.5B | 3.4B | 3.9B | 3.0B | 1.5B | 2.1B | 2.0B | 1.4B | 3.4B | 3.2B | 4.4B | 4.6B |
| Op. Margin | 21.9% | 30.3% | 29.4% | 31.3% | 26.9% | 10.7% | 14.5% | 17.1% | 9.9% | 23.7% | 22.5% | 26.7% | 26.3% |
| Net Income | 1.3B | 1.9B | 2.2B | 3.0B | 2.1B | 636M | 1.5B | 2.0B | 1.2B | 2.0B | 1.8B | 3.0B | 2.9B |
| Net Margin | 10.7% | 16.5% | 18.8% | 23.8% | 18.6% | 4.4% | 10.7% | 16.9% | 8.2% | 13.9% | 12.2% | 18.0% | 16.9% |
| Non-Recurring | 0 | 189M | 44M | 162M | 277M | 1.7B | 2.2B | -221M | 989M | 334M | 1.0M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 5.9% | 6.4% | 6.1% | 7.8% | 4.5% | 2.0% | 2.6% | 3.2% | 2.2% | 4.7% | 5.0% | 6.8% | 10.9% |
| ROE | 11.4% | 15.9% | 16.2% | 18.9% | 11.2% | 2.4% | 5.2% | 7.4% | 4.3% | 7.3% | 6.5% | 10.6% | 10.1% |
| ROA | 2.5% | 3.4% | 3.4% | 4.0% | 2.7% | 0.7% | 1.5% | 2.0% | 1.2% | 1.9% | 1.7% | 2.7% | 2.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.4B | 4.5B | 4.2B | 4.5B | 4.8B | 5.2B | 5.2B | 4.0B | 3.7B | 6.6B | 5.0B | 5.4B | 5.1B |
| Free Cash Flow | -1.9B | -1.1B | -1.9B | -1.0B | 519M | 224M | -1.1B | -2.0B | -4.1B | -3.7B | -7.4B | -7.3B | 3.3B |
| Owner Earnings | 2.1B | 3.0B | 2.6B | 2.6B | 3.1B | 2.9B | 2.8B | 1.9B | 1.2B | 3.9B | 2.6B | 2.9B | -23.6B |
| CapEx | 5.3B | 5.6B | 6.1B | 5.5B | 4.3B | 5.0B | 6.3B | 6.1B | 7.8B | 10.2B | 12.4B | 12.7B | 1.8B |
| Maint. CapEx | 1.3B | 1.4B | 1.6B | 1.9B | 1.7B | 2.3B | 2.3B | 2.1B | 2.4B | 2.6B | 2.3B | 2.4B | 28.7B |
| Growth CapEx | 4.1B | 4.2B | 4.5B | 3.6B | 2.6B | 2.7B | 4.0B | 3.9B | 5.3B | 7.7B | 10.1B | 10.3B | 0 |
| D&A | 1.3B | 1.4B | 1.6B | 1.9B | 1.7B | 2.3B | 2.3B | 2.1B | 2.4B | 2.6B | 2.3B | 2.4B | 28.7B |
| CapEx/OCF | 155.4% | 124.6% | 147.4% | 122.3% | 89.1% | 95.7% | 115.2% | 147.6% | 205.2% | 155.4% | 243.1% | 235.8% | 35.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.4B | 1.5B | 1.7B | 1.9B | 2.2B | 3.0B | 2.9B | 2.0B | 2.2B | 2.2B | 2.2B | 2.3B | 2.3B |
| Dividend Yield | 5.6% | 5.7% | 5.6% | 5.7% | 7.8% | 6.2% | 5.7% | 7.0% | 3.9% | 5.5% | 6.1% | 4.8% | 3.7% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 3.1B | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 7.5% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 39M | 39M | 33M | 45M | 48M | 46M | 64M | 42M | 36M | 44M | 53M | 46M | 46M |
| Debt Repayment | 4.0B | 892M | 1.6B | 1.6B | 5.7B | 9.1B | 2.9B | 3.8B | 1.4B | 5.7B | 2.7B | 1.7B | 1.7B |
| Balance Sheet | |||||||||||||
| Net Debt | 24.2B | 26.7B | 33.3B | 35.6B | 33.2B | 36.6B | 34.8B | 37.8B | 47.2B | 49.1B | 41.7B | 51.4B | 6.4B |
| Cash & Equiv. | 318M | 607M | 261M | 120M | 268M | 135M | 172M | 283M | 119M | 184M | 310M | 250M | 702M |
| Long-Term Debt | 21.8B | 23.5B | 30.2B | 30.9B | 31.1B | 37.1B | 35.5B | 37.7B | 41.9B | 40.2B | 39.3B | 46.3B | 440M |
| Debt/Equity | 2.25 | 2.27 | 2.40 | 2.18 | 1.75 | 1.20 | 1.42 | 1.48 | 1.78 | 1.87 | 1.65 | 1.79 | 0.24 |
| Interest Coverage | 2.3 | 3.9 | 3.4 | 3.3 | 2.4 | 1.0 | 1.5 | 1.6 | 1.4 | 2.0 | 1.7 | 2.2 | 2.2 |
| Equity | 11.6B | 12.7B | 14.6B | 17.1B | 20.1B | 32.0B | 26.1B | 27.3B | 27.7B | 27.6B | 26.9B | 29.1B | 29.1B |
| Total Assets | 54.3B | 58.6B | 71.6B | 76.6B | 77.9B | 103.8B | 95.9B | 99.6B | 104.8B | 109.1B | 102.4B | 115.9B | 118.6B |
| Total Liabilities | 42.4B | 45.0B | 54.8B | 57.2B | 55.9B | 69.8B | 69.4B | 70.7B | 77.1B | 81.5B | 72.6B | 82.4B | 84.9B |
| Intangibles | 570M | 570M | 618M | 685M | 670M | 685M | 765M | 784M | 813M | 945M | 1.1B | 1.7B | 1.7B |
| Retained Earnings | 6.1B | 6.5B | 6.9B | 7.9B | 9.2B | 7.6B | 4.2B | 5.4B | 3.8B | 2.2B | 1.6B | 2.3B | 2.3B |
| Working Capital | -1.6B | -3.9B | -3.9B | -5.3B | -2.5B | -3.8B | -4.0B | -1.4B | -3.6B | 959M | -2.7B | -2.4B | -2.6B |
| Current Assets | 5.6B | 4.2B | 4.2B | 4.3B | 5.2B | 6.1B | 6.9B | 7.3B | 9.8B | 25.4B | 6.6B | 8.1B | 9.0B |
| Current Liabilities | 7.2B | 8.1B | 8.1B | 9.6B | 7.6B | 9.9B | 10.8B | 8.7B | 13.4B | 24.5B | 9.3B | 10.4B | 11.6B |
| Per Share Data | |||||||||||||
| EPS | 2.24 | 3.20 | 3.44 | 4.72 | 3.74 | 0.76 | 1.88 | 4.12 | 1.33 | 2.25 | 2.33 | 3.45 | 3.41 |
| Owner EPS | 3.56 | 5.06 | 3.98 | 4.02 | 5.49 | 3.43 | 3.51 | 3.92 | 1.36 | 4.43 | 3.47 | 3.40 | -26.90 |
| Book Value | 19.52 | 21.07 | 22.71 | 26.98 | 36.03 | 38.18 | 32.40 | 57.02 | 30.89 | 30.92 | 35.58 | 33.81 | 33.16 |
| Cash Flow/Share | 5.81 | 7.45 | 6.46 | 7.09 | 8.55 | 6.21 | 6.49 | 8.43 | 4.13 | 7.37 | 6.65 | 6.23 | 35.96 |
| Dividends/Share | 2.40 | 2.59 | 2.80 | 3.04 | 3.34 | 3.67 | 3.45 | 4.25 | 2.67 | 2.67 | 2.67 | 2.67 | 2.61 |
| Shares Out. | 592.0M | 600.9M | 643.0M | 635.4M | 558.0M | 838.0M | 806.0M | 478.9M | 895.5M | 891.6M | 754.9M | 860.3M | 879.0M |
| Valuation | |||||||||||||
| P/E Ratio | 21.9 | 13.6 | 14.8 | 11.9 | 14.2 | 38.6 | N/A | 16.1 | 35.1 | 18.5 | 21.9 | 17.0 | 20.9 |
| P/FCF | N/A | N/A | N/A | N/A | 57.2 | 233.7 | N/A | N/A | N/A | N/A | N/A | N/A | 19.0 |
| EV/EBIT | 19.6 | 15.0 | 17.8 | 18.1 | 18.9 | 57.3 | 36.7 | 29.9 | 64.9 | 25.0 | 26.3 | 23.0 | 15.0 |
| Price/Book | 2.5 | 2.1 | 2.2 | 2.1 | 1.7 | 1.6 | 1.6 | 1.9 | 1.7 | 1.3 | 1.7 | 1.8 | 2.1 |
| Price/Sales | 2.0 | 2.3 | 2.5 | 2.7 | 2.5 | 3.3 | 3.1 | 3.6 | 4.1 | 2.7 | 2.9 | 2.9 | 3.6 |
| FCF Yield | -6.6% | -4.2% | -6.1% | -2.8% | 1.5% | 0.4% | -2.7% | -3.8% | -8.7% | -9.9% | -16.7% | -14.3% | 5.3% |
| Market Cap | 29.1B | 26.2B | 31.4B | 35.7B | 34.8B | 52.4B | 41.2B | 52.9B | 46.4B | 36.8B | 44.5B | 50.9B | 62.5B |
| Avg. Price | 42.49 | 44.74 | 47.91 | 53.17 | 50.11 | 57.25 | 62.18 | 60.74 | 63.97 | 45.18 | 48.26 | 55.40 | 71.10 |
| Year-End Price | 49.10 | 43.59 | 50.96 | 56.21 | 53.24 | 62.47 | 58.53 | 64.04 | 52.35 | 42.29 | 50.93 | 58.58 | 71.10 |
DOMINION ENERGY, INC passes 3 of 9 quality checks, indicating weak fundamentals.
DOMINION ENERGY, INC trades at 20.6x trailing earnings, compared to its 15-year median P/E of 17.0x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 4.4% with a gross margin of 42.5%. Total shareholder yield (dividends) is 3.7%. At current prices, the estimated annualized return to fair value is -15.9%.
DOMINION ENERGY, INC (D) has a net profit margin of 18.0%. This is a healthy margin.
DOMINION ENERGY, INC (D) generated $-7.3 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
DOMINION ENERGY, INC (D) has a debt-to-equity ratio of 1.79. This indicates higher leverage, which may increase financial risk.
DOMINION ENERGY, INC (D) reported earnings per share (EPS) of $3.45 in its most recent fiscal year.
DOMINION ENERGY, INC (D) has a return on equity (ROE) of 10.6%. This indicates moderate shareholder returns.
DOMINION ENERGY, INC (D) has a 5-year average gross margin of 42.5%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for DOMINION ENERGY, INC (D), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DOMINION ENERGY, INC (D) has a book value per share of $33.81, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to deploy incremental regulated capital opportunities across the system to meet growing customer demand, particularly from data center expansion, with a 30% increase in the five-year capital plan to approximately $65 billion reflecting strong business fundamentals and attractive investment opportunities. The company is pursuing significant grid modernization and storage investments following recent Virginia legislation requiring 20 GW of short- and long-term storage projects by 2045, with details to be reflected in a capital update in early 2026, while maintaining customer bill growth rates comparable to inflation over the long term through disciplined capital deployment. Dominion Energy expects increasing clarity later in 2026 regarding the opportunity to re-contract Millstone Nuclear Power Station following the expiration of its existing power purchase agreement in August 2029, with the Connecticut Department of Energy and Environmental Protection having issued a zero-carbon energy request for proposals. The company continues to execute on the Coastal Virginia Offshore Wind Commercial Project with the majority of turbines expected to be placed in service by the end of 2026 and the remainder in early 2027, while managing tariff-related cost pressures through cost-sharing arrangements with its financing partner and regulatory protections that continue to work as intended.
Based on recent SEC filings and earnings calls, DOMINION ENERGY, INC (D) has provided the following forward guidance: Operating earnings per share (excluding RNG 45Z credits): $3.40–$3.60 (FY2026); Long-term operating earnings per share growth: 5%–7% annually (2026–2030 and beyond); Long-term operating earnings per share growth bias: upper half of 5%–7% range (2028–2030).