Dominion Energy (D)
Utilities · $60.2B market cap · SEC CIK 0000715957
ahead of 61% of the S&P 500 · #10 of 31 in Utilities
Next reports on Feb 22, 2027, after the close, with analysts expecting $0.62 in earnings per share.
52-week range $55.85 to $72.99. 6% below its 52-week high and 22% above its low.
The case for D
- Revenue up 23.2% on the year.
- Pays a 5.7% dividend while you wait.
- Moves less than the market (beta 0.57).
The case against
- Long-term debt of $46.3B would take 9 years of operating cash flow to repay.
- Current liabilities exceed current assets (ratio 0.88).
- Dividend takes 87% of earnings, leaving little cushion.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Utilities companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 62 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 45 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 71 |
| Momentumhow the price has behaved lately | 63 |
| Stabilityhow violently it moves, what it owes and what it pays you | 52 |
- Capital spending is missing from its filings, so free cash flow cannot be worked out. Operating cash flow stands in for the cash test, against a stricter bar.
- Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.
The financials
Revenue growth
Is the business growing? Yes
| Last 12 months | +23.2% |
|---|---|
| Over 5 years | +3.8% a year |
| FY2025 revenue | $16.5B (+14%) |
Free cash flow
Is it generating real cash? Can't tell: no capital spending in its filings
| FY2025 operating cash flow | $5.4B |
|---|---|
| Of profit, before capital spending | 179% |
Its filings do not give capital spending, so free cash flow cannot be worked out. Operating cash flow, which is before that spending, is shown instead, and the score judges it against a stricter bar.
Profit margins
Is profitability improving? Holding steady
| Gross margin | 43% |
|---|---|
| Operating margin | 23% |
| Net margin, FY24 → FY25 → now | 14.1% → 18.1% → 14.4% |
Debt vs. cash
Is the balance sheet healthy? Stretched
| Cash | $250M |
|---|---|
| Long-term debt | $46.3B |
| Net debt | $46.1B |
| Years to repay | 8.6 yrs |
Valuation
Is the stock price reasonable? Yes, about fair
| P/E | 22.4× |
|---|---|
| Fair P/E for its growth | 29× |
| Forward P/E | 17.6× |
| EV / EBITDA | 16.6× |
At 22.4× earnings it trades below the 29× that 8%+ a year of growth plus a 5.7% dividend would justify. As a utility it is judged on earnings alone: it borrows to build, so its free cash flow says little about its price.
The financials, five years deep
Pulled from Dominion Energy's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $16.5B | $14.5B | $14.4B | $14.6B | $11.7B |
| Change on the year | +14% | 0% | −1% | +25% | — |
| Profit margins | |||||
| Operating margin | 26.7% | 22.5% | 23.7% | 9.9% | 17.1% |
| Net margin | 18.1% | 14.1% | 13.6% | 8.2% | 29.1% |
| Debt vs. cash | |||||
| Cash | $250M | $310M | $184M | $119M | $283M |
| Long-term debt | $46.3B | $39.3B | $40.2B | $41.9B | $37.4B |
| Net cash (debt) | −$46.1B | −$39.0B | −$40.0B | −$41.8B | −$37.1B |
What Dominion Energy says it does
for additional discussion of various significant capital projects currently under development. The above estimates are based on a capital expenditures plan reviewed and endorsed by Dominion Energy’s Board of Directors in early 2026 and are subject to continuing review and adjustment. Actual capital expenditures may vary from these estimates. Dominion Energy may also choose to postpone or cancel certain planned capital expenditures in order to mitigate the need for future debt financings and equity issuances. Dividends Dominion Energy believes that its operations provide a stable source of cash flow to contribute to planned levels of capital expenditures and maintain or grow the dividend on common shares. In December 2025, Dominion Energy’s Board of Directors established an annual dividend rate for 2026 of $2.67 per share of common stock, consistent with the 2025 rate. Dividends are subject to declaration by the Board of Directors. In…
Risk factors D lists in its 10-K
- The vice president of cybersecurity (CISO) has been involved in designing and evolving the Companies’ cyber risk management policies, practices and procedures
- The chief information officer has over 25 years of experience at Dominion Energy primarily in various roles within the information technology department, including information technology risk management