# Dominion Energy (D.US)

Canonical: https://gigainvestors.com/s/D

Analysis as of: 2026-10-16T07:27:53.983Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $62.86 per share; close as of 2026-10-15.

Estimated value: low $4.13 per share, central $4.70 per share, high $5.45 per share. Buy at or below the central value $4.70 per share. Valuation as of 2026-10-16T07:27:53.983Z; scenarios are not confidence intervals.

Expected annual return: 3.5% at the stated quote. About 3.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.31×

- FY2018: 0.27×

- FY2019: 0.11×

- FY2020: 0.15×

- FY2021: 0.17×

- FY2022: 0.10×

- FY2023: 0.24×

- FY2024: 0.22×

- FY2025: 0.27×

- LTM to Jun 2026: 0.25×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.2%

- ROIC, second-lowest year: 2.1%

- Typical minus recent gross margin: -0.7 pp

- Typical gross margin (annual median): 47.7%

- Recent gross margin (lower of latest and 3-year median): 48.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 52.2%

- ROIC including acquisitions, ten-year median: 0.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.2%

- FY2017: 8.2%

- FY2018: 4.8%

- FY2019: 2.1%

- FY2020: 3.5%

- FY2021: 3.2%

- FY2022: 1.8%

- FY2023: 4.0%

- FY2024: 4.3%

- FY2025: 5.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.58×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$6.8B

- Net income, five-year total: $12B

- Return on incremental invested capital: 2.6%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.6 pp

- Working capital / revenue, final three-year average: 23.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.06×

- FY2022: 1.00×

- FY2023: -1.55×

- FY2024: -3.47×

- FY2025: 0.77×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.2% vs 4.3%

- Per-share earnings: 3.44 to 2.53 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.7%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: $3.4B

- Cumulative retained earnings: -$4.5B

- Diluted shares, 10-year annual growth: 3.7%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.8%

- Per-share value change: -$0.91

- Per-share value, starting three-year median: $3.44

- Per-share value, ending three-year median: $2.53

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 3.3%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: $6.7B

- Cumulative net income, 10 years: $20B

- ROIC, first three-year median: 6.2%

- ROIC, last three-year median: 4.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.44

- FY2017: $4.72

- FY2018: $3.74

- FY2019: $1.68

- FY2020: -$0.48

- FY2021: $4.20

- FY2022: $1.44

- FY2023: $2.43

- FY2024: $2.53

- FY2025: $3.51

### accounting: pass

- Sloan accruals: -2.0%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.79×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.20×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: -2.0%

- FY2018: -3.0%

- FY2019: -3.7%

- FY2020: -5.9%

- FY2021: -0.6%

- FY2022: -2.4%

- FY2023: -4.2%

- FY2024: -2.8%

- FY2025: -2.0%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 26% since Mar 2022 · "Dominion's Coastal Virginia Among 5 Offshore Wind Projects Paused by Trump Administration; Shares Fall" (finance.yahoo.com, Dec 2025) · sales +11%

Story as of 2026-10-16T09:58:36.472Z; price observation 2026-10-15.

Price needs cash profits to grow 35.1% a year for ten years

- 2025-05-01: Dominion beats quarterly estimates on Virginia, South Carolina power demand ([finance.yahoo.com](https://finance.yahoo.com/news/dominion-beats-quarterly-estimates-virginia-125308624.html))

- 2025-08-25: Dominion Energy drops as Trump wind policies seen endangering huge offshore Virginia project ([seekingalpha.com](https://seekingalpha.com/news/4489002-dominion-energy-drops-as-trump-wind-policies-seen-endangering-huge-offshore-virginia-project?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-12-23: Dominion Energy (D) Tumbles 3.7% as US Govt Halts Offshore Wind Projects ([finance.yahoo.com](https://finance.yahoo.com/news/dominion-energy-d-tumbles-3-175151943.html))

- 2026-01-07: Dominion seeks higher ROE, rate hike in South Carolina starting in July ([finance.yahoo.com](https://finance.yahoo.com/news/dominion-seeks-higher-roe-rate-085607589.html))

- 2026-02-24: Dominion Energy Expands US$65b Plan As Data Centers Shape Growth ([finance.yahoo.com](https://finance.yahoo.com/news/dominion-energy-expands-us-65b-180808877.html))

- 2026-05-18: Dominion Energy Stock Soars on $67 Billion Deal to Be Acquired by NextEra ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/dominion-energy-stock-soars-67-162520901.html))

### Sales · FY2025–2026

sales +11%; source https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm; observed 2026-02-23.

- FY2017: $13B 

- FY2018: $11B 

- FY2019: $14B 

- FY2020: $14B 

- FY2021: $11B 

- FY2022: $14B 

- FY2023: $14B 

- FY2024: $14B 

- FY2025: $17B 

- FY2026: $18B 

### Gross margin · FY2025

gross margin 49%; source https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm; observed 2026-02-23.

- FY2016: 47.4% 

- FY2017: 50.7% 

- FY2018: 44.6% 

- FY2019: 42.2% 

- FY2020: 51.5% 

- FY2021: 47.4% 

- FY2022: 45.8% 

- FY2023: 48.3% 

- FY2024: 47.9% 

- FY2025: 49.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities regulated electric; annual sales are USD 16.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm (filed 2026-02-23); FY2025: revenue 16506000000; grossProfit 8091000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); D.US: Dominion Energy, Inc. provides regulated electricity and natural gas services in the United States. It operates through Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy segments. The Dominion Energy Virginia segment engages in the generation, distribution, and transmission of electricity to approximately 2.8 million residential, commercial, industrial, and governmental customers in Virginia and North Carolina. The Dominion Energy South Carolina segment generates, transmits, and distributes electricity to approximately 0.8 million customers in the central, southern, and southwestern portions of South Carolina; and distributes natural gas to approximately 0.5 million residential, commercial, and industrial customers in South Carolina. The Contracted Energy segment is involved in the nonregulated long-term contracted renewable electric generation fleet and renewable natural gas facilities. As of December 31, 2025, the company's portfolio of assets included approximately 30.7 GW of electric generating capacity, 10,800 miles of electric transmission lines, and 80,400 miles of electric distribution lines. The company was formerly known as Dominion Resources, Inc. Dominion Energy, Inc. was incorporated in 1983 and is headquartered in Richmond, Virginia.

### Why customers stay

Margins ranged from 47.9% to 49% during 2023–25; it earns 4.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: grossProfit / revenue = 48.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: grossProfit / revenue = 47.9%.

- Source: https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm (filed 2026-02-23); FY2025: grossProfit / revenue = 49%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); 10-year return on capital observations [[2016,0.06180910061032931],[2017,0.0821217746813792],[2018,0.04810030486248643],[2019,0.02061707914919831],[2020,0.03480005842345575],[2021,0.03150600602970657],[2022,0.0183702238918674],[2023,0.040041541544057334],[2024,0.043464308408630116],[2025,0.051115643263102646]]; median 0.041752924976343725. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 2.6% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2017: growth capex 2969536048.6969924; upkeep 2939463951.3030076; owner earnings 2290136413.47509. Growth capex / owner earnings = 1.2966633914138637.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2018: growth capex 0; upkeep 4405000000; owner earnings 322000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2019: growth capex 2003000000; upkeep 2977000000; owner earnings 1358000000. Growth capex / owner earnings = 1.4749631811487482.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2021: growth capex 0; upkeep 5960000000; owner earnings 207000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2022: growth capex 4478000000; upkeep 3113000000; owner earnings 1191000000. Growth capex / owner earnings = 3.7598656591099915.

- Source: https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm (filed 2026-02-23); FY2025: growth capex 9259989544.861858; upkeep 3381010455.1381416; owner earnings 2319325968.0077467. Growth capex / owner earnings = 3.9925347590601934.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Incremental return on capital 0.02621231763440649, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Dividend observations: [[2016,1727000000],[2017,1931000000],[2018,2185000000],[2019,2983000000],[2020,2873000000],[2021,2036000000],[2022,2209000000],[2023,2233000000],[2024,2239000000],[2025,2278000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); D.US SharesStats.PercentInsiders = 0.132 percentage points; cache date 2026-10-16.

### What could break it

"The construction of the CVOW Commercial Project involves significant risks." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm (filed 2026-02-23); The construction of the CVOW Commercial Project involves significant risks.

### What the price says

The price assumes cash profits grow 35.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Ten-year compound average after fade. Initial solved rate 0.5047004201849854. Price 62.86; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -4.084554488799057 → FY2025 2.711710473527121. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $75.20 per share

- 2016-11: $73.29 per share

- 2016-12: $76.59 per share

- 2017-01: $76.28 per share

- 2017-02: $77.64 per share

- 2017-03: $77.57 per share

- 2017-04: $77.43 per share

- 2017-05: $80.77 per share

- 2017-06: $76.63 per share

- 2017-07: $77.18 per share

- 2017-08: $78.77 per share

- 2017-09: $76.93 per share

- 2017-10: $81.14 per share

- 2017-11: $84.13 per share

- 2017-12: $81.06 per share

- 2018-01: $76.44 per share

- 2018-02: $74.07 per share

- 2018-03: $67.43 per share

- 2018-04: $66.56 per share

- 2018-05: $64.19 per share

- 2018-06: $68.18 per share

- 2018-07: $71.71 per share

- 2018-08: $70.77 per share

- 2018-09: $70.28 per share

- 2018-10: $71.42 per share

- 2018-11: $74.50 per share

- 2018-12: $71.46 per share

- 2019-01: $70.24 per share

- 2019-02: $74.09 per share

- 2019-03: $76.66 per share

- 2019-04: $77.87 per share

- 2019-05: $75.18 per share

- 2019-06: $77.32 per share

- 2019-07: $74.29 per share

- 2019-08: $77.63 per share

- 2019-09: $81.04 per share

- 2019-10: $82.55 per share

- 2019-11: $83.11 per share

- 2019-12: $82.82 per share

- 2020-01: $85.75 per share

- 2020-02: $78.18 per share

- 2020-03: $72.19 per share

- 2020-04: $77.13 per share

- 2020-05: $85.01 per share

- 2020-06: $81.18 per share

- 2020-07: $81.03 per share

- 2020-08: $78.44 per share

- 2020-09: $78.93 per share

- 2020-10: $80.34 per share

- 2020-11: $78.49 per share

- 2020-12: $75.20 per share

- 2021-01: $72.89 per share

- 2021-02: $68.32 per share

- 2021-03: $75.96 per share

- 2021-04: $79.90 per share

- 2021-05: $76.14 per share

- 2021-06: $73.57 per share

- 2021-07: $74.87 per share

- 2021-08: $77.84 per share

- 2021-09: $73.02 per share

- 2021-10: $75.93 per share

- 2021-11: $71.20 per share

- 2021-12: $78.56 per share

- 2022-01: $80.66 per share

- 2022-02: $79.53 per share

- 2022-03: $84.97 per share

- 2022-04: $81.64 per share

- 2022-05: $84.22 per share

- 2022-06: $79.81 per share

- 2022-07: $81.98 per share

- 2022-08: $81.80 per share

- 2022-09: $69.11 per share

- 2022-10: $69.97 per share

- 2022-11: $61.11 per share

- 2022-12: $61.32 per share

- 2023-01: $63.64 per share

- 2023-02: $55.62 per share

- 2023-03: $55.91 per share

- 2023-04: $57.14 per share

- 2023-05: $50.28 per share

- 2023-06: $51.79 per share

- 2023-07: $53.55 per share

- 2023-08: $48.54 per share

- 2023-09: $44.67 per share

- 2023-10: $40.32 per share

- 2023-11: $45.34 per share

- 2023-12: $47.00 per share

- 2024-01: $45.72 per share

- 2024-02: $47.83 per share

- 2024-03: $49.19 per share

- 2024-04: $50.98 per share

- 2024-05: $53.92 per share

- 2024-06: $49.00 per share

- 2024-07: $53.46 per share

- 2024-08: $55.90 per share

- 2024-09: $57.79 per share

- 2024-10: $59.53 per share

- 2024-11: $58.75 per share

- 2024-12: $53.86 per share

- 2025-01: $55.59 per share

- 2025-02: $56.62 per share

- 2025-03: $56.07 per share

- 2025-04: $54.38 per share

- 2025-05: $56.67 per share

- 2025-06: $56.52 per share

- 2025-07: $58.45 per share

- 2025-08: $59.90 per share

- 2025-09: $61.17 per share

- 2025-10: $58.69 per share

- 2025-11: $62.77 per share

- 2025-12: $58.59 per share

- 2026-01: $60.17 per share

- 2026-02: $63.14 per share

- 2026-03: $61.82 per share

- 2026-04: $64.50 per share

- 2026-05: $66.94 per share

- 2026-06: $68.29 per share

- 2026-07: $69.17 per share

- 2026-08: $66.01 per share

- 2026-09: $60.52 per share

- 2026-10: $62.30 per share

## Annual estimated value (USD per share)

- FY2019: low $5.60 per share, central $6.37 per share, high $7.39 per share

- FY2020: low $5.36 per share, central $6.10 per share, high $7.08 per share

- FY2021: low $4.51 per share, central $5.12 per share, high $5.93 per share

- FY2022: low $5.31 per share, central $6.04 per share, high $7.02 per share

- FY2023: low $3.41 per share, central $3.88 per share, high $4.51 per share

- FY2025: low $3.82 per share, central $4.35 per share, high $5.05 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:34.687Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm); period 2025-12-31, filed 2026-02-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.