Dominion Energy (D)
NYSE:D
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Dominion Energy
(NYSE:D)
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Rating:56Neutral
Price Target:
$65.00
â–²(4.13% Upside)
Action:ReiteratedDate:04/09/26
The score is primarily held back by persistently negative free cash flow and rising leverage, which increase dependence on external financing amid an expanded capital plan. Offsetting factors include improved profitability, constructive EPS guidance and reaffirmed long-term growth targets, plus a supportive dividend yield and neutral-to-modestly positive technical setup.
Positive Factors
Rate-base growth & regulatory recovery
A large share of the five‑year $65B plan sits in Dominion Energy Virginia and ~two‑thirds is rider‑eligible. That structural rate‑base recovery provides predictable allowed returns over time, anchoring durable earnings and reducing cash flow volatility from core investments.
Negative Factors
Rising leverage
Material debt growth over several years elevates financial leverage and tightens the margin of safety for ratings. Higher leverage increases sensitivity to interest rates and constrains financial flexibility when executing a large capital program or absorbing unforeseen project cost shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Rate-base growth & regulatory recovery
A large share of the five‑year $65B plan sits in Dominion Energy Virginia and ~two‑thirds is rider‑eligible. That structural rate‑base recovery provides predictable allowed returns over time, anchoring durable earnings and reducing cash flow volatility from core investments.
Read all positive factors
Dominion Energy (D) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$55.01B
Dividend Yield4.59%
Average Volume (3M)3.96M
Price to Earnings (P/E)16.7
Beta (1Y)0.13
Revenue Growth16.62%
EPS Growth27.30%
CountryUS
Employees14,700
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)0.68
Shares Outstanding878,964,700
10 Day Avg. Volume4,176,749
30 Day Avg. Volume3,961,542
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)1.72
Price to Sales (P/S)3.03
P/FCF Ratio-6.87
Enterprise Value/Market Cap1.88
Enterprise Value/Revenue6.28
Enterprise Value/Gross Profit12.81
Enterprise Value/Ebitda13.34
Forecast
1Y Price Target
$66.64Price Target Upside6.77% Upside
Rating ConsensusHold
Number of Analyst Covering15
EPS Forecast (FY)3.59
Revenue Forecast (FY)$17.73B
Dominion Energy Business Overview & Revenue Model
Company Description
Dominion Energy, Inc. produces and distributes energy in the United States. The company operates through four segments: Dominion Energy Virginia, Gas Distribution, Dominion Energy South Carolina, and Contracted Assets. The Dominion Energy Virginia...
How the Company Makes Money
Dominion Energy makes money primarily through regulated utility revenues from providing electricity and natural gas service to customers in territories where rates are set through state regulatory frameworks. A large portion of earnings typically ...
Dominion Energy Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue by different business units, highlighting which segments drive growth and profitability, and where there may be challenges or opportunities for expansion.
Breaks down revenue by different business units, highlighting which segments drive growth and profitability, and where there may be challenges or opportunities for expansion.
Data provided by:
The Fly
The FlyDominion Energy Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 01, 2026
Earnings Call Sentiment Positive
The call communicated strong operational and financial results for 2025 (EPS above guidance, robust credit metrics, record safety, CVOW construction progress, expanding data center pipeline and reaffirmed long-term growth guidance) while acknowledging meaningful challenges tied to a significantly larger five-year capital plan (30% increase), financing needs and dilution, RNG 45Z credit reductions, project-level operational risks (weather, installation learning, tariff/legal exposure) and higher interest costs. Management presented a clear financing plan and emphasized execution confidence, but highlighted contingent risks (CVOW cost per quarter if delayed, regulatory and transmission timing, Millstone RFP uncertainty). Overall, positive operational momentum and balance-sheet strength offset notable execution and financing risks.Positive Updates
Full-Year 2025 Earnings Above Guidance
Delivered full-year 2025 operating earnings of $3.42 per share and operating EPS excluding RNG 45Z credits of $3.33, both above the midpoint of guidance; GAAP EPS was $3.45.
Negative Updates
Material Increase in Capital Spending Requiring Financing
Five-year capital plan rose ~30% to $65 billion, increasing financing needs; company expects to issue ~2.5% of market cap in common equity annually (equity dilution cited as ~250 basis points drag on growth) and to rely on hybrids, DRIP/ATM equity and ~20% long/short-term debt.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year 2025 Earnings Above Guidance
Delivered full-year 2025 operating earnings of $3.42 per share and operating EPS excluding RNG 45Z credits of $3.33, both above the midpoint of guidance; GAAP EPS was $3.45.
Read all positive updates
Company Guidance
Dominion guided 2026 operating EPS (ex‑RNG 45Z) of $3.40–$3.60 (midpoint $3.50), with total operating EPS at the midpoint of $3.57 (RNG 45Z treated separately at an expected ~$0.07 with a $0.05–$0.09 range; 2025 booked $0.09); full‑year 2025 operating EPS was $3.42 ($3.33 ex‑45Z) and GAAP EPS $3.45. The company reaffirmed long‑term operating EPS growth of 5%–7% annually off the original 2025 midpoint of $3.30 with a bias to the upper half (targeting ~6% average and upper‑half achievement starting 2028–2030); Millstone double outages cut EPS by $0.08–$0.10 every three years. Five‑year capital was increased from $50B to ~ $65B (+30%), >90% of which is at Dominion Energy Virginia, ~2/3 eligible for rider recovery, and the investment base CAGR is ~10%; CVOW budget is $11.5B (unused contingency $155M), project >70% complete with first power targeted by March, ~70% towers/nacelles and ~30% blades fabricated, and each quarter of turbine installation delay beyond July 2027 would add ~$150–$200M. Financing plan: ~60% of five‑year investing cash flows and dividends from internal OCF, ~10% net hybrid issuance, ~10% common equity via DRIP/ATM, ~20% debt, and average annual equity issuance of ~2.5% of market cap (equity dilution explains ~250 bps of the gap between rate base and EPS growth); Moody’s CFO pre‑W/C to debt is nearly 100 bps above the downgrade threshold (highest since 2012). Other notable metrics: data center pipeline >48 GW (up ~1.4 GW, +3% QoQ), Virginia weather‑normal sales +5.4% in 2025, DEV/DESC rates ~4% and 12% below national average, residential rate CAGR ~2.6%–2.8%, PJM awards >$5B of transmission projects, Chesterfield ~1 GW (~$1.5B) in service 2029, and Millstone ran >91% capacity factor in 2025 with ~55% of output under fixed‑price contracts through late 2029.Dominion Energy Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
54
Neutral
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 16.51B | 14.46B | 14.39B | 13.94B | 11.42B |
| Gross Profit | 8.09B | 6.92B | 6.96B | 6.38B | 5.41B |
| EBITDA | 8.02B | 6.71B | 7.53B | 4.44B | 5.39B |
| Net Income | 3.00B | 2.12B | 2.03B | 1.19B | 3.40B |
Balance Sheet | |||||
| Total Assets | 115.86B | 102.42B | 109.03B | 104.80B | 99.59B |
| Cash, Cash Equivalents and Short-Term Investments | 250.00M | 310.00M | 184.00M | 119.00M | 283.00M |
| Total Debt | 48.94B | 41.75B | 44.24B | 41.20B | 40.58B |
| Total Liabilities | 82.44B | 72.22B | 81.51B | 77.14B | 72.28B |
| Stockholders Equity | 29.08B | 27.25B | 27.53B | 27.66B | 27.31B |
Cash Flow | |||||
| Free Cash Flow | -7.28B | -7.41B | -3.66B | -4.06B | -2.02B |
| Operating Cash Flow | 5.36B | 5.02B | 6.57B | 3.70B | 4.04B |
| Investing Cash Flow | -12.97B | -3.18B | -7.21B | -6.75B | -6.25B |
| Financing Cash Flow | 7.59B | -1.77B | 595.00M | 2.98B | 2.37B |
Dominion Energy Technical Analysis
Neutral
62.42
Price Trends
62.72
Negative
60.86
Positive
59.59
Positive
Market Momentum
0.23
Negative
49.70
Neutral
21.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For D, the sentiment is Neutral. The current price of 62.42 is above the 20-day moving average (MA) of 62.04, below the 50-day MA of 62.72, and above the 200-day MA of 59.59, indicating a neutral trend. The MACD of 0.23 indicates Negative momentum. The RSI at 49.70 is Neutral, neither overbought nor oversold. The STOCH value of 21.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for D.
Dominion Energy Risk Analysis
Dominion Energy disclosed 27 risk factors in its most recent earnings report. Dominion Energy reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Dominion Energy Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $73.23B | 16.71 | 12.06% | 3.25% | 10.46% | 19.64% | |
72 Outperform | $40.27B | 18.98 | 12.60% | 3.13% | 19.61% | 19.03% | |
71 Outperform | $99.04B | 18.33 | 9.69% | 3.61% | 6.19% | 11.06% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $49.40B | 19.38 | 9.43% | 3.09% | 8.94% | >-0.01% | |
59 Neutral | $47.99B | 15.92 | 9.87% | 3.68% | 5.34% | 11.60% | |
56 Neutral | $55.01B | 16.69 | 10.77% | 4.59% | 16.62% | 27.30% |
* Utilities Sector Average
D
Dominion Energy
62.50
11.14
21.69%
AEP
American Electric Power
135.07
31.47
30.37%
DUK
Duke Energy
127.09
10.55
9.05%
EXC
Exelon
46.59
1.71
3.81%
PEG
Public Service Enterprise
80.21
1.84
2.35%
XEL
Xcel Energy
79.41
11.96
17.74%
Dominion Energy Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Dominion Energy Extends Core Revolving Credit Facility Maturity
Positive
Apr 8, 2026
On April 7, 2026, Dominion Energy amended its Sustainability Revolving Credit Agreement, extending its maturity to April 7, 2029, and securing the option to request up to two additional one-year extensions under specified conditions. This move len...
Business Operations and StrategyExecutive/Board Changes
Dominion Energy Adopts 2026 Performance-Based Incentive Plan
Neutral
Feb 3, 2026
On January 30, 2026, Dominion Energy’s Compensation and Talent Development Committee approved the company’s 2026 Annual Incentive Plan, which provides officers with eligibility for an annual performance-based cash award set as a percen...
Business Operations and StrategyRegulatory Filings and Compliance
Dominion Energy Updates Offshore Wind Project Costs and Timeline
Negative
Jan 30, 2026
On January 30, 2026, Dominion Energy reported updated cost and timing guidance for its Coastal Virginia Offshore Wind (CVOW) project after a temporary suspension of work stemming from a December 2025 order from the U.S. Department of the Interior&...
Business Operations and StrategyLegal Proceedings
Dominion Energy Wins Injunction to Resume Offshore Wind
Positive
Jan 20, 2026
On January 16, 2026, the U.S. District Court for the Eastern District of Virginia granted Dominion Energy and its subsidiary Virginia Electric and Power Company a preliminary injunction, allowing construction work on the Coastal Virginia Offshore ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.