NYSE: D · Multi-Utilities
Dominion Energy
Dominion Energy is a regulated utility holding company. Its main business, Dominion Energy Virginia (Virginia Power), serves about 2.8 million electric customers in Virginia and North Carolina, including data centers. It also owns Dominion Energy South Carolina (electric and gas) and Contracted Energy (including Millstone nuclear). 2025 revenue was $16.5 billion and net income $3.0 billion, and capital spending reached $12.6 billion. Dominion is building the Coastal Virginia Offshore Wind (CVOW) project, now estimated at about $11.5 billion. In May 2026 Dominion agreed to merge into NextEra Energy, mostly in NextEra stock (0.8138 NextEra shares per Dominion share plus a pro-rata share of $360 million in cash). Dominion shareholders approved the merger on September 3, 2026.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: February 23, 2026
Built on10-K FY2025 · filed 2026-02-2310-Q (quarter ended 2026-09-30) · filed 2026-10-30
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 3.1%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 26.7%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -0.6 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 7.1x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.79x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 20.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.39
Higher than 14% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 76% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 26% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 96% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 62% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; fiscal FY2025
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$68.91close on 2026-11-04
Market cap$60.57B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 20.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.1x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 16.0x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -12.0%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.9%
At FY2025 year-end: 17.0x
Earnings: fiscal FY2025
At FY2025 year-end: 1.8x
Book value at FY2025 year-end
At FY2025 year-end: 14.7x
EBITDA for FY2025
At FY2025 year-end: -14.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Mar 31, 2026.
These figures are behind: a newer quarter was reported on Oct 30, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$4.08B → $5.02B (vs. a year earlier)↑ +23.1%$4.08B → $5.02B (vs. a year earlier)
- Operating margin30.0% → 27.7% (vs. a year earlier)↓ −2.3 pts30.0% → 27.7% (vs. a year earlier)
- Net income$665M → $621M (vs. a year earlier)↓ −6.6%$665M → $621M (vs. a year earlier)
- Diluted EPS$0.77 → $0.69 (vs. a year earlier)↓ −10.4%$0.77 → $0.69 (vs. a year earlier)
- Cash$250M → $351M (vs. previous quarter-end)↑ +40.4%$250M → $351M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 30, 2026.
Management outlook • Issued
Expects the top half of 2026 operating EPS guidance of $3.45–$3.69. Source sentence
The company expects to be in the top half of the 2026 operating earnings guidance range of $3.45 to $3.69 per share and reaffirms existing operating earnings, credit, dividend, and long-term growth guidance.
Key changes
Recorded $719M of nonregulated asset impairments and other charges. Source sentence
$719 million of nonregulated asset impairments and other charges (benefits) primarily due to an $820 million charge associated with nonregulated renewable natural gas facilities and a $79 million charge associated with certain nonregulated solar generation facilities offset by a $195 million benefit related to the revision of asset retirement obligations at Millstone nuclear power station.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- DOMINION ENERGY, INC
- Headquarters
- RICHMOND, VA
- Incorporated in
- Virginia
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: D
- Industry
- Multi-Utilities
- CIK
- 715957
Workforce (as of FY2025 year-end)
Employees
15,200
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 43–54 days after quarter end (Feb 23, 2026; Feb 12, 2025; Feb 22, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–54 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 30, 2026 (+30 days) | Oct 30, 2026 10-Q (+30 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 31, 2026 (+31 days) | Jul 31, 2026 10-Q (+31 days) |
| Q1 FY2026 | Mar 31, 2026 | May 1, 2026 (+31 days) | May 1, 2026 10-Q (+31 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 23, 2026 (+54 days) | Feb 23, 2026 10-K (+54 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 31, 2025 (+31 days) | Oct 31, 2025 10-Q (+31 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 1, 2025 (+32 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | May 1, 2025 (+31 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 12, 2025 (+43 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 1, 2024 (+32 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 22, 2024 (+53 days) | Feb 23, 2024 10-K (+54 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Virginia
Electric service
Examples: Nuclear, gas, solar, CVOW offshore wind
About 2.8M customers.
South Carolina
Electric and gas service
Contracted Energy
Contracted generation
Examples: Millstone
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Carbon-free electricity (Millstone nuclear)
New England
U.S. share
—
Not disclosedWorldwide share
—
Not disclosedNew England
Largest producer
Company-disclosedThe 10-K calls Dominion the largest producer of carbon-free electricity in New England.
Sources:
07
Recent strategic focusSite analysis
The NextEra combination dominates 2026.
Merger with NextEra
Agreed May 15, 2026: each Dominion share converts into 0.8138 NextEra shares plus a pro-rata share of $360M in cash. NextEra will keep Dominion's Richmond headquarters and add four Dominion directors to its board.
Source: 8-K filed 2026-05-18
Shareholder approval
Dominion shareholders approved the merger on September 3, 2026; an enhanced Virginia benefits package was announced September 14. Closing is expected in the second half of 2027, subject to regulatory approvals.
Source: 8-Ks filed 2026-09-03 and 2026-09-14; Form 10-Q (quarter ended 2026-09-30)
CVOW
Estimated total cost rose from about $11.2B to $11.5B (January 2026) and about $11.7B by Q3 2026, reflecting PJM network upgrade costs, tariffs effective April 2026 and updated installation projections; installation of the final turbines of the 2.6 GW project is now expected by the end of 2027.
Source: 8-K filed 2026-01-30; Form 10-Q (quarter ended 2026-09-30)
Q3 2026 results
GAAP EPS $1.30 (vs $1.16) and operating EPS $1.28 (vs $1.06). Dominion expects 2026 operating EPS in the top half of its $3.45–3.69 range.
Source: 8-K filed 2026-10-30 (Exhibit 99)
Capex ÷ D&A (FY2025)
5.30x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$12,641M ÷ $2,387M = 5.30x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $6.02B in FY2020 to $12.64B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$16.51B
As reported in the 10-K
Revenue CAGR (5 years)
+3.1%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($16,506M ÷ $14,172M) ^ (1÷5) − 1 = 3.1%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
26.7%▲favorable
+12.2pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$4,414M ÷ $16,506M × 100 = 26.7%
ROE (FY2025)
10.7%▲favorable
6-year average: 6.8%
As reported in the 10-K
P/B (FY2025 end)
1.77x
formulafiscal year-end closing price ÷ book value per share
e.g.$58.59 ÷ $33.09 = 1.77x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
14.7x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($51,501M + $48,789M − $250M) ÷ ($4,414M + $2,387M) = 14.7x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +3.1% a year over 5 years (modest growth)
From $14.17B in FY2020 to $16.51B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 14.5% → 26.7%
How much operating profit is left per $100 of revenue. It moved +12.2 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 25.1% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 0 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 6.8% over 6 years (latest: 10.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Stonepeak
07 · what it does
Key activities
Regulated electric utility
Power generation and deliverySouth Carolina and Contracted Energy
Utility service and power sales
06 · what it draws on
Key resources
Regulated electric utility
Nuclear, gas, solar and offshore wind generation- Rate base investment
South Carolina and Contracted Energy
Generation and gas distribution
02 · why customers buy
Value propositions
- Electric and gas service, including power for high-load customers such as data centers in Virginia.
04 · how it keeps them
Customer relationships
- Regulated, continuing service to about 2.8 million Virginia customers and others in South Carolina; contracts for high-load customers.
03 · how it reaches them
Channels
- Its own regulated generation, transmission and distribution networks.
01 · who it serves
Customer segments
Regulated electric utility
Customers in Virginia and North CarolinaSouth Carolina and Contracted Energy
South Carolina customers; contract offtakers
09 · where money goes
Cost structure
FY2025, share of revenue ($16.51B)
- Other operating costs (incl. cost of goods sold)73.3%
Operating profit left: 26.7% of revenue. Depreciation & amortization (inside the costs above): $2.39B. Capital spending: $12.64B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Regulated electric utility
Regulated ratesSouth Carolina and Contracted Energy
Rates and contracts
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Regulated electric utility (Virginia)
Generation, transmission and distribution for about 2.8 million residential, commercial, high-load (including data centers), industrial and government customers.
01 what it draws on
Inputs & resources
- Nuclear, gas, solar and offshore wind generation
- Rate base investment
02 what it does
Activities
- Power generation and delivery
03 who it serves
Customers
- Customers in Virginia and North Carolina
04 how money comes in
How it earns
- Regulated rates
Regulated electric utility (Virginia): how it makes money
- 2025 segment net income $2.3B on $11.8B revenue.
- The 2026–2030 capital plan is about $55B, net of Stonepeak reimbursements.
South Carolina and Contracted Energy
Regulated electric and gas utility in South Carolina, plus contracted generation (including Millstone).
01 what it draws on
Inputs & resources
- Generation and gas distribution
02 what it does
Activities
- Utility service and power sales
03 who it serves
Customers
- South Carolina customers; contract offtakers
04 how money comes in
How it earns
- Rates and contracts
South Carolina and Contracted Energy: how it makes money
- 2025 net income: South Carolina $535M, Contracted Energy $438M.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Dominion’s revenue comes from state- and FERC-regulated rates.
Regulated prices & reimbursement
Regulated rates
Rates and returns are set through rate cases before the Virginia and South Carolina commissions and FERC (formula transmission rates); revenue depends on what regulators allow.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
Greenhouse gas reporting
Reports greenhouse gas emissions beyond EPA’s mandatory program requirements.
Supports and constrainsTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Dominion Energy Virginia
11,840 (71%)profit 2,325 · margin 19.6%
Dominion Energy South Carolina
3,578 (22%)profit 535 · margin 15.0%
Contracted Energy
1,179 (7%)profit 438 · margin 37.2%
Source: Form 10-K (FY2025) — segment information note Profit is net income attributable to Dominion Energy by segment; Corporate and Other lost $300M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
Stonepeak
In October 2024 Virginia Power sold a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak, receiving $2.6B.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Residential, commercial, high-load (including data centers), industrial and government customers.
Named by the company
No customer is named as significant.
Suppliers
Fuel, equipment and construction contractors.
Named by the company
The 10-K doesn't name suppliers.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
As a regulated utility, Dominion faces limited direct competition in its service territories; the 10-K names no competitors.
Competitors named in the 10-K
Dominion's 10-K doesn't name competitors.
Peer group the company chose
2025 Compensation Peer Group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Utilities that compete for talent and capital; unchanged from 2024.
- Amerensite ↗
- American Electric Powersite ↗
- CenterPoint Energysite ↗
- CMS Energysite ↗
- Consolidated Edisonsite ↗
- DTE Energysite ↗
- Duke Energysite ↗
- Edison Internationalsite ↗
- Entergysite ↗
- Eversource Energysite ↗
- Exelonsite ↗
- FirstEnergysite ↗
- NextEra Energysite ↗
- PSEGsite ↗
- Southern Companysite ↗
- WEC Energy Groupsite ↗
- Xcel Energysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 14,172 | 11,419 | 13,938 | 14,393 | 14,459 | 16,506 |
| Operating income | 2,055 | 1,996 | 1,447 | 3,414 | 3,247 | 4,414 |
| Pretax income | 1,411 | 1,880 | 328 | 2,731 | 2,195 | 3,611 |
| Net income (attributable) | -401 | 3,399 | 1,191 | 1,962 | 2,034 | 2,998 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -19.4% | 22.1% | 3.3% | 0.5% | 14.2% |
| Operating margincalcoperating income ÷ revenue × 100 | 14.5% | 17.5% | 10.4% | 23.7% | 22.5% | 26.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -2.8% | 29.8% | 8.5% | 13.6% | 14.1% | 18.2% |
| Balance sheet ($M) | ||||||
| Total assets | 95,905 | 99,590 | 104,795 | 109,080 | 102,415 | 115,857 |
| Total equity | 26,461 | 27,308 | 27,659 | 27,567 | 29,802 | 33,417 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 33,957 | 37,426 | 45,295 | 44,162 | 41,820 | 48,789 |
| Equity ratio | 27.2% | 27.4% | 26.4% | 25.3% | 26.2% | 25.1% |
| ROE | -1.5% | 12.7% | 4.3% | 7.1% | 7.5% | 10.7% |
| Cash flow ($M) | ||||||
| Operating CF | 5,227 | 4,037 | 3,700 | 6,572 | 5,018 | 5,361 |
| Investing CF | -2,916 | -6,247 | -6,746 | -7,207 | -3,183 | -12,969 |
| Financing CF | -2,333 | 2,371 | 2,979 | 595 | -1,771 | 7,586 |
| Free cash flowcalccash flow from operations − capital expenditures | -793 | -1,923 | -3,891 | -3,639 | -7,180 | -7,280 |
| Cash and equivalents | 172 | 283 | 119 | 184 | 310 | 250 |
| Per share & other | ||||||
| EPS ($) | -0.57 | 4.12 | 1.33 | 2.25 | 2.33 | 3.45 |
| BVPS ($) | 32.40 | 33.71 | 33.12 | 32.90 | 31.53 | 33.09 |
| Dividend per share ($) | 3.45 | 2.52 | 2.67 | 2.67 | 2.67 | 2.67 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 61.2% | 200.8% | 118.7% | 114.6% | 77.4% |
| P/E (x) | — | 19.1 | 46.1 | 20.9 | 23.1 | 17.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 21.5 | 24.5 | 24.8 | 13.9 | 15.6 | 14.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.32 | 2.33 | 1.85 | 1.43 | 1.71 | 1.77 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-03-31 | $5.02B+23.1% | $1.39B+13.8% | $621M-6.6% | $0.69 |
| 2025-12-31 | $4.09B+20.4% | $756M+93.4% | $567M+323.1% | $0.65 |
| 2025-09-30 | $4.53B+14.9% | $1.34B+9.9% | $1.01B+7.7% | $1.16 |
| 2025-06-30 | $3.81B+9.3% | $1.1B+36.1% | $760M+35.0% | $0.88 |
| 2025-03-31 | $4.08B | $1.22B | $665M | $0.77 |
| 2024-12-31 | $3.4B | $391M | $134M | $0.14 |
| 2024-09-30 | $3.94B | $1.22B | $934M | $1.09 |
| 2024-06-30 | $3.49B | $805M | $563M | $0.64 |
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
4.7%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$4,414M × (1 − 18.5%) ÷ $76,914M × 100 = 4.7%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
5.29%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $51.5B ÷ ($51.5B + $48.79B) = 51.4%
e.g.Debt weight: $48.79B ÷ ($51.5B + $48.79B) = 48.6%
e.g.WACC: 7.1% × 51.4% + 4.1% × (1 − 18.5%) × 48.6% = 5.29%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 4.6%–6.2% and ROIC − WACC runs −1.5 to +0.1 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 5.29% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.39 (price-derived adjusted beta, but correlation with the market is low (R² 0.00), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.10%
- Cost of debt
- 4.14%
- Tax rate
- 18.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 51% : 49%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 5.29%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.39 (price-derived adjusted beta. Raw β 0.09, R² 0.00, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.086 + 0.33 = 0.387
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.39 × 5.5% = 7.1%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.38x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.2%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 122%
Most profit comes from core operations.
- ✓
Days sales outstanding: 59 → 52 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-23
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$5,361M ÷ $2,998M = 1.79x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$4,414M ÷ $3,611M × 100 = 122%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,169M + $2,531M) ÷ 2 ÷ $16,506M × 365 = 52 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 81.0%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 19.0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 295 of 416
- Beta (adjusted)
- 0.39
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 71% of covered companies have more
above 1 = swings more than the market
- 712.6M shares reported by 1,549 13F filers ÷ 879.5M shares outstanding on 2026-04-24. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-19 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-04-24)
19
Strengths & weaknessesSite analysis
Strengths
1. Data center growth
Virginia Power serves high-load customers, including data centers, and plans about $55B of investment for 2026–2030.
Evidence: Form 10-K (FY2025)
2. Regulated earnings
Net income rose from $2.0B (2024) to $3.0B (2025).
Evidence: SEC EDGAR XBRL
Weaknesses
1. Heavy capital needs
Capex of $12.6B in 2025, far above operating cash flow of $5.4B.
Evidence: Form 10-K (FY2025)
2. Flat dividend
Dividend has been $2.67 per share since 2022.
Evidence: SEC EDGAR XBRL
3. Offshore wind risk
CVOW costs rose to about $11.5B and completion slipped to early 2027 after a federal suspension order.
Evidence: 8-K filed 2026-01-30
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
17.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.56%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
77%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-14.1%
(Operating CF − capex) ÷ market cap
1. Merger value
Shareholders would hold NextEra stock.
- What has to hold
- Merger closes.
- The other side
- Regulatory risk.
Evidence: 8-K filed 2026-05-18
2. Dividend yield
$2.67 per share annually.
- What has to hold
- Maintained until closing.
- The other side
- No growth since 2022.
Evidence: SEC EDGAR XBRL
2021 net income includes discontinued operations. Capex is plant construction and other property additions (including nuclear fuel).
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.1x
$250M vs. $4.87B
Interest coverage (operating income ÷ interest expense)
2.2x
$4.41B vs. $2.02B
Free cash flow ÷ dividends paid
-3.2x
−$7.28B vs. $2.28B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -19.4% in FY2021 ($14.17B → $11.42B) | Yes, by FY2023 |
| Operating income | -27.5% in FY2022 ($2B → $1.45B) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Regulated base
Most earnings come from regulated utilities.
Source: Form 10-K (FY2025)
Credit facilities
Sustainability revolving credit facility extended to April 2029.
Source: 8-K filed 2026-04-08
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Dominion Energy reports ordinary-course legal proceedings and regulatory examinations, along with lawsuits over unrelated property damage and personal injury incidents. Its main exposures are environmental rules and rate regulation.
Company statement: Dominion cannot estimate the impact of its property damage and personal injury suits, which could be material, but does not expect unreported proceedings to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1M&A & integration
NextEra merger
- Company disclosure (summarized from the 10-K)
- The merger needs regulatory approvals; termination fees range from $2.24B (payable by Dominion) to $6.52B (payable by NextEra) in specified cases.
- Company’s stated mitigation
- Shareholder approval obtained; Virginia benefits package announced.
- This site’s assessment
- Impact High / Likelihood Med
- 2Law & regulation
Rate regulation
- Company disclosure (summarized from the 10-K)
- Earnings depend on state rate decisions.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Law & regulation
Federal permits for CVOW
- Company disclosure (summarized from the 10-K)
- In December 2025 BOEM ordered a 90-day suspension of CVOW work; a court granted a preliminary injunction in January 2026.
- Company’s stated mitigation
- Litigation challenging the order.
- This site’s assessment
- Impact Med / Likelihood Med
- 4FX & interest rates
Interest rates
- Company disclosure (summarized from the 10-K)
- Debt of about $48.8B; interest expense of $2.0B in 2025.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What to watch going forwardSite analysis
- Regulatory approvals for the NextEra merger.
- CVOW completion (early 2027).
- Data center load growth.
- Virginia rate outcomes.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: February 23, 2026
Built on10-K FY2025 · filed 2026-02-23
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Dominion Energy’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.