Dominion Energy (D)


Market Price (10/14/2026): $62.37 | Market Cap: $54.9 BilInvestor Relations Sector: Utilities | Industry: Multi-Utilities

Dominion Energy (D)


Market Price (10/14/2026): $62.37
Market Cap: $54.9 Bil
Sector: Utilities
Industry: Multi-Utilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, Dividend Yield is 3.4%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 19%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, CFO LTM is 5.9 Bil

Low stock price volatility
Vol 12M is 20%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Sustainable Infrastructure, Offshore Wind Development, and Electrification of Everything. Show more.

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 97%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -35%

Key risks
D key risks include [1] managing a substantial debt burden while funding massive capital projects, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, Dividend Yield is 3.4%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 19%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, CFO LTM is 5.9 Bil
3 Low stock price volatility
Vol 12M is 20%
4 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, Sustainable Infrastructure, Offshore Wind Development, and Electrification of Everything. Show more.
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 97%
6 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -35%
7 Key risks
D key risks include [1] managing a substantial debt burden while funding massive capital projects, Show more.

D in ETFs

Weight = D's share of each fund

SPY0.08%
VOO0.09%
IVV0.08%
VTI0.08%
ITOT0.07%
IWB0.08%
RSP0.19%
VTV0.21%
+23 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 10/1/2026

Dominion Energy (D) stock has lost about 10% since 6/30/2026 because of the following key factors:

1. Rising interest rates and surging Treasury yields diminished the appeal of utility stocks.

The utility sector, including Dominion Energy, faced significant pressure from macroeconomic factors as long-term Treasury yields, particularly the 10-year yield, surged to multi-decade highs, reaching near 4.8% and peaking at 5.15% in September 2026. This made fixed-income investments more attractive compared to dividend-paying utility stocks, leading investors to rotate out of rate-sensitive defensive names. The 10-year Treasury yield in September was a full 2 percentage points higher than the Morningstar US Utilities Index's dividend yield, making bonds a more competitive option.

2. Dominion Energy's GAAP net income declined significantly due to substantial asset impairments, despite an operating earnings beat in fiscal Q2 2026.

On July 31, 2026, Dominion Energy reported its fiscal Q2 2026 results. While operating earnings (non-GAAP) per share were $0.79, beating analysts' consensus estimates of $0.68, the company's GAAP net income fell to $0.37 per share, a considerable drop from $0.88 per share in fiscal Q2 2025. This decline in GAAP earnings was primarily driven by $626 million in nonregulated asset impairments and other charges, along with $153 million in regulated asset retirement and other charges.

Show more
Updated on 10/1/2026

Dominion Energy (D) stock has lost about 10% since 6/30/2026 because of the following key factors:

1. Rising interest rates and surging Treasury yields diminished the appeal of utility stocks.

The utility sector, including Dominion Energy, faced significant pressure from macroeconomic factors as long-term Treasury yields, particularly the 10-year yield, surged to multi-decade highs, reaching near 4.8% and peaking at 5.15% in September 2026. This made fixed-income investments more attractive compared to dividend-paying utility stocks, leading investors to rotate out of rate-sensitive defensive names. The 10-year Treasury yield in September was a full 2 percentage points higher than the Morningstar US Utilities Index's dividend yield, making bonds a more competitive option.

2. Dominion Energy's GAAP net income declined significantly due to substantial asset impairments, despite an operating earnings beat in fiscal Q2 2026.

On July 31, 2026, Dominion Energy reported its fiscal Q2 2026 results. While operating earnings (non-GAAP) per share were $0.79, beating analysts' consensus estimates of $0.68, the company's GAAP net income fell to $0.37 per share, a considerable drop from $0.88 per share in fiscal Q2 2025. This decline in GAAP earnings was primarily driven by $626 million in nonregulated asset impairments and other charges, along with $153 million in regulated asset retirement and other charges.

3. Regulatory scrutiny and opposition created uncertainty surrounding Dominion Energy's proposed merger.

Dominion Energy's proposed $66.8 billion all-stock merger with NextEra Energy, although overwhelmingly approved by shareholders, faced significant regulatory headwinds during fiscal Q3 2026. Virginia's Governor Abigail Spanberger formally intervened in the review process on August 6, 2026, and public hearings were scheduled, injecting uncertainty into the completion and potential benefits of this major strategic initiative.

4. Broader utility sector faced a capital squeeze and increased regulatory resistance to rate increases.

The overall utility sector encountered financial challenges, including an estimated $240 billion capital requirement, as highlighted by Fitch Ratings. On June 12, 2026, Fitch revised its North American utility and power sector outlook from neutral to deteriorating, citing growing political and regulatory resistance to rate increases needed for utilities to recover investment costs. This industry-wide challenge, exacerbated by rising electricity demand from data centers and electrification, created a less favorable environment for utility investments and raised concerns about project timelines and financing terms.

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Stock Movement Drivers

Fundamental Drivers

The -7.9% change in D stock from 6/30/2026 to 10/13/2026 was primarily driven by a -17.4% change in the company's Net Income Margin (%).
(LTM values as of)630202610132026Change
Stock Price ($)67.6162.30-7.9%
Change Contribution By: 
Total Revenues ($ Mil)17,44918,1193.8%
Net Income Margin (%)16.9%14.0%-17.4%
P/E Multiple20.121.67.5%
Shares Outstanding (Mil)879880-0.1%
Cumulative Contribution-7.9%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/13/2026
ReturnCorrelation
D-7.9% 
Market (SPY)4.2%2.1%
Sector (XLU)-7.7%76.0%

Fundamental Drivers

The 2.8% change in D stock from 3/31/2026 to 10/13/2026 was primarily driven by a 24.7% change in the company's P/E Multiple.
(LTM values as of)331202610132026Change
Stock Price ($)60.6062.302.8%
Change Contribution By: 
Total Revenues ($ Mil)16,50618,1199.8%
Net Income Margin (%)18.2%14.0%-23.0%
P/E Multiple17.321.624.7%
Shares Outstanding (Mil)858880-2.4%
Cumulative Contribution2.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/13/2026
ReturnCorrelation
D2.8% 
Market (SPY)19.9%-0.1%
Sector (XLU)-8.2%65.4%

Fundamental Drivers

The 6.2% change in D stock from 9/30/2025 to 10/13/2026 was primarily driven by a 19.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510132026Change
Stock Price ($)58.6762.306.2%
Change Contribution By: 
Total Revenues ($ Mil)15,22718,11919.0%
Net Income Margin (%)16.4%14.0%-14.6%
P/E Multiple20.121.67.7%
Shares Outstanding (Mil)853880-3.0%
Cumulative Contribution6.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/13/2026
ReturnCorrelation
D6.2% 
Market (SPY)17.8%-4.4%
Sector (XLU)-2.0%62.5%

Fundamental Drivers

The 60.6% change in D stock from 9/30/2023 to 10/13/2026 was primarily driven by a 66.5% change in the company's P/E Multiple.
(LTM values as of)930202310132026Change
Stock Price ($)38.7962.3060.6%
Change Contribution By: 
Total Revenues ($ Mil)14,81518,11922.3%
Net Income Margin (%)16.9%14.0%-17.0%
P/E Multiple13.021.666.5%
Shares Outstanding (Mil)836880-4.9%
Cumulative Contribution60.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/13/2026
ReturnCorrelation
D60.6% 
Market (SPY)88.2%14.2%
Sector (XLU)54.3%71.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
D Return8%-19%-19%20%14%10%7%
Peers Return20%5%-1%16%10%3%64%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
D Win Rate50%50%58%67%58%70% 
Peers Win Rate57%62%53%62%67%48% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
D Max Drawdown-11%-33%-35%-13%-13%-15% 
Peers Max Drawdown-11%-24%-19%-12%-17%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: SO, DUK, AEP, EXC, EIX. See D Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/13/2026 (YTD)

How Low Can It Go

EventDS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-26.0%-9.5%
  % Gain to Breakeven35.1%10.5%
  Time to Breakeven197 days24 days
2023 SVB Regional Banking Crisis
  % Loss-14.2%-6.7%
  % Gain to Breakeven16.6%7.1%
  Time to Breakeven427 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-18.0%-24.5%
  % Gain to Breakeven22.0%32.4%
  Time to Breakeven1219 days427 days
2020 COVID-19 Crash
  % Loss-31.6%-33.7%
  % Gain to Breakeven46.3%50.9%
  Time to Breakeven77 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-13.3%-12.2%
  % Gain to Breakeven15.3%13.9%
  Time to Breakeven97 days62 days
2013 Taper Tantrum
  % Loss-10.4%-0.2%
  % Gain to Breakeven11.6%0.2%
  Time to Breakeven85 days1 days

Compare to SO, DUK, AEP, EXC, EIX

In The Past

Dominion Energy's stock fell -9.7% during the 2025 US Tariff Shock. Such a loss loss requires a 10.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventDS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-26.0%-9.5%
  % Gain to Breakeven35.1%10.5%
  Time to Breakeven197 days24 days
2020 COVID-19 Crash
  % Loss-31.6%-33.7%
  % Gain to Breakeven46.3%50.9%
  Time to Breakeven77 days140 days
2008-2009 Global Financial Crisis
  % Loss-40.5%-53.4%
  % Gain to Breakeven67.9%114.4%
  Time to Breakeven505 days1085 days

Compare to SO, DUK, AEP, EXC, EIX

In The Past

Dominion Energy's stock fell -9.7% during the 2025 US Tariff Shock. Such a loss loss requires a 10.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Dominion Energy (D)

Dominion Energy, Inc. (D) is a large-scale energy company primarily involved in the regulated generation, transmission, and distribution of electricity, as well as the gathering, storage, transportation, and distribution of natural gas. The company’s core business segments deliver essential electric utility services to residential, commercial, industrial, and governmental customers across Virginia and North Carolina. Additionally, it operates regulated natural gas distribution networks serving similar customer types and participates in the distribution of non-regulated renewable natural gas.

Operating extensively across Virginia, North Carolina, and South Carolina, Dominion Energy provides comprehensive electricity and natural gas services to approximately 7 million customers. Beyond direct consumer sales, the company also sells electricity at wholesale prices to rural electric cooperatives, municipalities, and into broader wholesale electricity markets. With a substantial infrastructure, as of late 2021, its assets included over 30 gigawatts of electric generating capacity, tens of thousands of miles of electric transmission and distribution lines, and nearly 100,000 miles of gas distribution mains.

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1. The Duke Energy of Virginia and the Carolinas, supplying both electricity and natural gas.

2. Think of it as a large, integrated utility like Southern Company, but operating in the mid-Atlantic.

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  • Electricity Generation, Transmission, and Distribution: Provides regulated electricity services to residential, commercial, industrial, and governmental customers in specific regions.
  • Natural Gas Distribution and Sales: Delivers regulated natural gas services, including gathering, storage, transportation, and sales, to various customer segments.
  • Renewable Natural Gas Distribution: Distributes non-regulated renewable natural gas to customers.
  • Wholesale Electricity Sales: Sells electricity in bulk to rural electric cooperatives, municipalities, and into wholesale electricity markets.
  • Energy Marketing and Risk Management: Engages in marketing energy and managing associated price risks for its assets.

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Dominion Energy (D) sells electricity and natural gas primarily to a wide range of end-users and organizations directly. With approximately 7 million customers, it does not sell primarily to a few major public companies. Instead, its major customer categories include:

  • Residential customers: Individuals and households consuming electricity and natural gas for personal use.
  • Commercial customers: Various businesses, small and large, using energy for their operations.
  • Industrial customers: Large-scale manufacturing, processing, and other industrial facilities requiring significant energy for production.

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Dominion Energy Management Team

Robert M. Blue
Chair, President, and Chief Executive Officer

Robert M. Blue serves as the Chair, President, and Chief Executive Officer of Dominion Energy. He assumed the role of CEO and President in October 2020 and became Chair of the Board in April 2021. Blue joined Dominion Energy in 2005, and prior to his current role, he served as the company's executive vice president and co-chief operating officer, as well as president of Dominion Energy Virginia. His earlier roles at Dominion Energy include vice president-State and Federal Affairs; senior vice president–Public Policy and Corporate Communications; and senior vice president–Regulation, Law, Energy Solutions, & Policy. Before joining Dominion Energy, Blue was counselor to the Governor and director of policy for Virginia Governor Mark Warner and worked as an attorney at Hogan & Hartson.

Steven D. Ridge
Senior Vice President and Chief Financial Officer

Steven D. Ridge is the Senior Vice President and Chief Financial Officer of Dominion Energy, a position he assumed in November 2022. In this role, he is responsible for corporate and financial planning, investor relations, accounting, tax, treasury, mergers and acquisitions, and asset management. Before becoming CFO, Ridge was vice president and general manager–Western Distribution, overseeing the company's western gas distribution operations. He also held the position of vice president–Investor Relations. Prior to joining Dominion Energy in 2014, Ridge spent nearly a decade at J.P. Morgan in New York City, where he worked in the Energy Investment Banking Group, progressing from Analyst to Executive Director. During his time at J.P. Morgan, he advised public and private clients in the power and natural gas sectors on strategic and financing transactions.

Carlos M. Brown
Executive Vice President, Chief Administrative and Projects Officer and Corporate Secretary, and President-Dominion Energy Services

Carlos M. Brown holds multiple leadership roles, including Executive Vice President, Chief Administrative and Projects Officer, and Corporate Secretary, as well as President of Dominion Energy Services. He also oversees the Project Construction group. Brown joined Dominion Energy in 2007 and has held various business, operational, and legal positions within the company.

Regina J. Elbert
Senior Vice President and Chief Legal and Human Resources Officer

Regina J. Elbert serves as Senior Vice President and Chief Legal and Human Resources Officer, overseeing both the company's law and human resources functions. Elbert joined Dominion Energy in 2011 and has led in HR, Governance, and the Law Department.

Edward H. Baine
President-Utility Operations

Edward H. Baine is the President of Utility Operations. In this role, he extends his oversight to include the company's utilities across Virginia, North Carolina, and South Carolina.

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Dominion Energy (D) faces several key risks inherent to its business, primarily stemming from the highly regulated nature of the energy sector, its substantial capital expenditure plans, and the evolving climate and environmental landscape.

  1. Legal, Regulatory, and Climate Transition Risks: As a major energy producer and distributor, Dominion Energy operates under stringent environmental regulations and is significantly impacted by climate change policies. The company has committed to achieving Net Zero carbon and methane emissions by 2050, which necessitates substantial investments in clean energy technologies and infrastructure. This transition exposes the company to risks associated with increased regulatory scrutiny, potential changes in environmental standards, and the need for significant capital to comply with evolving regulations. Political shifts and regulatory decisions can directly affect project approvals, cost recovery mechanisms, and overall profitability.
  2. Project Execution and Cost Overruns for Major Capital Projects: Dominion Energy is undertaking massive capital investment plans, most notably the Coastal Virginia Offshore Wind (CVOW) project. Such large-scale infrastructure projects carry inherent risks of cost overruns, construction delays, and unforeseen technical challenges. For instance, the CVOW project has already seen increased cost estimates, and the company faces risks if costs exceed certain thresholds. Delays or financial setbacks in these critical projects can significantly impact the company's financial performance, credit ratings, and ability to meet strategic growth targets.
  3. High Debt Levels and Funding of Capital Expenditures: Dominion Energy's ambitious capital expenditure program, projected to be tens of billions over the next few years, requires significant external funding. This reliance on debt and other financing methods exposes the company to interest rate fluctuations and capital market risks. Concerns have been raised regarding its debt-to-EBITDA ratio and negative free cash flow, which can affect its financial flexibility and the sustainability of its dividend. The ability to access capital at attractive rates is crucial for funding its investments and maintaining financial health.
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  • The widespread adoption of decentralized and distributed energy resources (DERs) such as rooftop solar panels, battery storage systems, and community microgrids directly threatens Dominion Energy's traditional electricity sales volume by enabling customers to generate and store their own power, reducing reliance on the central grid.
  • Accelerating governmental and societal pushes towards electrification and decarbonization, including policies to reduce or eliminate natural gas use in buildings (e.g., through mandates for electric heating and appliances), pose a significant threat to the demand for natural gas distributed by Dominion Energy's Gas Distribution and Dominion Energy South Carolina segments.

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Dominion Energy, Inc. operates in various energy markets, primarily focusing on regulated electricity and natural gas distribution. The addressable markets for its main products and services are sized as follows:

  • Regulated Electricity Distribution, Transmission, and Generation (Virginia): The total retail electricity sales market in Virginia was approximately $14.66 billion in 2024. This figure is derived from the state's total retail electricity sales of 138,044,772 megawatt-hours (MWh) and an average retail price of 10.62 cents per kilowatt-hour (kWh) in 2024.
  • Regulated Electricity Distribution, Transmission, and Generation (North Carolina): The total retail electricity sales market in North Carolina was approximately $15.95 billion in 2024. This is based on total retail sales of 136,904,526 MWh and an average retail price of 11.65 cents per kWh in the same year.
  • Regulated Electricity Distribution, Transmission, and Generation (South Carolina): The total retail electricity sales market in South Carolina was approximately $9.15 billion in 2024. This calculation uses the state's total retail sales of 83,961,428 MWh and an average retail price of 10.90 cents per kWh in 2024.
  • Regulated Natural Gas Distribution and Sales (South Carolina): The total natural gas sales market in South Carolina was approximately $1.96 billion in 2024. This market size is an aggregation of sales revenue across various sectors for 2024: residential ($564.31 million from 33,367 million cubic feet at $16.91/Mcf), commercial ($280.68 million from 26,402 million cubic feet at $10.63/Mcf), industrial ($464.75 million from 95,257 million cubic feet at $4.88/Mcf), and electric power ($651.98 million from 176,210 million cubic feet at $3.70/Mcf).
  • Regulated Natural Gas Distribution and Sales (Virginia): null
  • Non-regulated Renewable Natural Gas (North America): The addressable market for Renewable Natural Gas (RNG) in North America was approximately $6.56 billion in 2024. This represents 45% of the estimated global RNG market, which was between $14.0 billion and $15.17 billion in 2024.

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Dominion Energy (symbol: D) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

  1. Surging Data Center Demand: The rapid growth of data centers in Northern Virginia is a significant driver of electricity demand within Dominion Energy Virginia's service territory. This unprecedented demand directly contributes to the revenue growth of the Dominion Energy Virginia segment, which is the company's largest.
  2. Extensive Capital Investment Program: Dominion Energy has an expanded five-year capital plan (2026-2030) totaling approximately $65 billion, with a substantial portion allocated to Dominion Energy Virginia. This investment focuses on expanding transmission networks, modernizing grid infrastructure, and building additional generation capacity to meet rising electricity demand. These regulated investments are expected to increase the company's rate base, thereby driving earnings and revenue growth.
  3. Clean Energy Transition and Grid Modernization Initiatives: The company's strategy for clean energy transition and grid modernization is central to its long-term investment strategy. This includes significant investments in renewable energy projects, such as the Coastal Virginia Offshore Wind (CVOW) project, which is over 70% complete and on track for first power by March 2026. These strategic initiatives contribute to sustained revenue growth.
  4. Increased Sales and Customer Usage Growth: Dominion Energy anticipates continued growth in sales and customer usage, particularly within its regulated utility segments in Virginia and South Carolina. This growth is supported by economic expansion, ongoing electrification trends, and the aforementioned data center expansion.
  5. Renewable Natural Gas (RNG) 45Z Tax Credits: While a more near-term factor, the Renewable Natural Gas (RNG) 45Z tax credit is projected to contribute to operating earnings per share annually from 2026 through 2029.
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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

  • Dominion Energy has not engaged in significant share repurchase programs, with reported quarterly buyback amounts being negligible, indicating this is not a primary capital allocation strategy.

Share Issuance

  • The company issued approximately $1.0 billion in common equity in 2025, primarily through Dividend Reinvestment Plan (DRIP) and At-The-Market (ATM) programs.
  • Share issuances are projected to be around $1.2 billion for 2026-2027, then decreasing to approximately $600 million per year.
  • Shares outstanding have consistently increased, with 0.855 billion in 2025, a 1.89% increase from 2024, reflecting ongoing equity issuance to support growth.

Inbound Investments

  • Dominion Energy closed a transaction in October 2024 to sell a 50% noncontrolling equity interest in its Coastal Virginia Offshore Wind (CVOW) commercial project to Stonepeak Partners, LLC.
  • This transaction provided Dominion Energy with proceeds of $2.6 billion, representing reimbursement for about 50% of project-to-date capital investment, with Stonepeak also funding 50% of the remaining project costs.

Outbound Investments

  • In March and May 2024, Dominion Energy completed the sale of its regulated gas distribution operations (East Ohio Gas Company, Questar Gas Company, and Wexpro Company) to Enbridge.
  • The East Ohio transaction generated $4.3 billion in cash and included the assumption of approximately $2.3 billion in related long-term debt by Enbridge.
  • The company also sold its remaining 50% noncontrolling partnership interest in Cove Point to BHE (Berkshire Hathaway Energy) in September 2023.

Capital Expenditures

  • Dominion Energy's capital expenditures averaged $9.827 billion annually from 2021 to 2025, reaching a peak of $12.653 billion in 2025.
  • The company has a substantially increased five-year capital investment plan of approximately $65 billion for 2026-2030, a 30% increase from previous estimates.
  • The primary focus of these expenditures is on meeting surging electricity demand from data centers in Virginia, alongside investments in zero-carbon and renewable generation (including the $11.5 billion Coastal Virginia Offshore Wind project), grid transformation, and transmission and distribution infrastructure.

Better Bets vs. Dominion Energy (D)

Peer Outperformance in Multi-Utilities

D has trailed 94% of its 17 Multi-Utilities peers over 5Y. Among the peers that beat it are NI, PNW and ED. Multi-Utilities ranks 2nd of 6 industries in Utilities by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Multi-Utilities constituents that D has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
71%
of 17 industry peers · 5.9% return
3Y
76%
of 17 industry peers · 71.3% return
5Y
6%
of 17 industry peers · 6.3% return
Multi-Utilities peers with revenue growth within 4pp of D's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
D Dominion Energy 7.3% 21.6x 5.9%71.3%6.3% —
NI NiSource 6.3% 22.0x -0.3%76.7%97.7% +91pp
PNW Pinnacle West Capital 6.9% 19.3x 14.5%52.1%90.1% +84pp
ED Consolidated Edison 4.6% 17.9x 10.4%35.7%68.5% +62pp
NWE NorthWestern Energy 4.1% 27.0x 36.4%78.4%63.6% +57pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Utilities sector, ranked by 5Y. Multi-Utilities is D's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Independent Power Producers & Energy Traders 5 -21.6%122.7%191.3% OKLO 225% · NRG 191% · TAC 29%
Multi-Utilities ← 18 2.0%49.4%47.0% NI 98% · MDU 90% · PNW 90%
Electric Utilities 24 0.1%46.8%44.3% VST 793% · ETR 146% · AEP 80%
Gas Utilities 10 0.7%54.5%40.6% ATO 101% · NFG 66% · NJR 64%
Water Utilities 11 2.4%6.0%-14.4% AWR 3% · WTRG -1% · HTO -1%
Renewable Electricity 5 -66.1%-65.3%-89.5% ORA 29% · CWEN 17%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

DSODUKAEPEXCEIXMedian
NameDominion.Southern Duke Ene.American.Exelon Edison I. 
Mkt Price62.5388.43118.17125.9842.5055.5275.48
Mkt Cap55.0100.592.168.643.621.461.8
Rev LTM18,11930,17833,25022,79125,32619,42324,058
Op Inc LTM5,0967,3058,8505,3405,2674,4825,303
FCF LTM-6,342-3,269-4,274-2,437-1,916-389-2,853
FCF 3Y Avg-6,298-1,668-1,953-2,136-1,824-715-1,889
CFO LTM5,90810,65111,5627,6947,2126,3917,453
CFO 3Y Avg5,3799,50811,6746,7666,1455,4006,456

Growth & Margins

DSODUKAEPEXCEIXMedian
NameDominion.Southern Duke Ene.American.Exelon Edison I. 
Rev Chg LTM19.0%6.4%6.3%10.3%6.6%10.7%8.4%
Rev Chg 3Y Avg7.3%3.1%4.6%5.5%8.5%4.3%5.0%
Rev Chg Q17.6%0.1%1.1%7.0%10.0%-4.1%4.1%
QoQ Delta Rev Chg LTM3.8%0.0%0.3%1.6%2.2%-0.9%0.9%
Op Inc Chg LTM12.6%1.5%5.4%4.1%10.8%31.9%8.1%
Op Inc Chg 3Y Avg10.4%16.2%10.7%15.2%14.3%30.1%14.8%
Op Mgn LTM28.1%24.2%26.6%23.4%20.8%23.1%23.8%
Op Mgn 3Y Avg27.7%25.4%26.4%23.0%19.8%19.0%24.2%
QoQ Delta Op Mgn LTM-0.6%0.0%0.7%-1.1%-0.2%1.8%-0.1%
CFO/Rev LTM32.6%35.3%34.8%33.8%28.5%32.9%33.3%
CFO/Rev 3Y Avg34.0%33.6%37.1%32.2%25.6%29.9%32.9%
FCF/Rev LTM-35.0%-10.8%-12.9%-10.7%-7.6%-2.0%-10.8%
FCF/Rev 3Y Avg-39.7%-5.7%-6.0%-10.0%-7.6%-4.1%-6.8%

Valuation

DSODUKAEPEXCEIXMedian
NameDominion.Southern Duke Ene.American.Exelon Edison I. 
Mkt Cap55.0100.592.168.643.621.461.8
P/S3.03.32.83.01.71.12.9
P/Op Inc10.813.810.412.88.34.810.6
P/EBIT9.911.99.212.17.83.19.5
P/E21.721.617.521.815.65.419.6
P/CFO9.39.48.08.96.03.38.4
Total Yield8.0%7.7%9.4%7.6%10.3%24.6%8.7%
Dividend Yield3.4%3.1%3.7%3.0%3.8%6.1%3.5%
FCF Yield 3Y Avg-12.2%-1.6%-2.2%-3.5%-4.3%-2.6%-3.0%
D/E1.00.81.00.81.22.01.0
Net D/E1.00.71.00.81.22.01.0

Returns

DSODUKAEPEXCEIXMedian
NameDominion.Southern Duke Ene.American.Exelon Edison I. 
1M Rtn-2.8%1.4%-1.0%2.1%-1.5%0.8%-0.1%
3M Rtn-11.4%-7.1%-5.7%-5.9%-8.6%-26.3%-7.8%
6M Rtn0.1%-6.3%-7.4%-5.6%-11.0%-21.1%-6.8%
12M Rtn6.3%-6.9%-3.0%11.2%-6.0%9.3%1.7%
3Y Rtn71.9%47.3%49.2%88.5%19.1%-1.4%48.3%
1M Excs Rtn-5.5%-0.8%-3.2%0.6%-3.0%-1.9%-2.5%
3M Excs Rtn-14.1%-8.9%-7.2%-7.3%-9.3%-29.5%-9.1%
6M Excs Rtn-12.0%-18.4%-19.4%-17.7%-23.1%-33.2%-18.9%
12M Excs Rtn-12.3%-26.3%-22.8%-8.2%-25.6%-6.6%-17.6%
3Y Excs Rtn-8.8%-30.6%-29.0%13.0%-56.5%-76.9%-29.8%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Dominion Energy Virginia11,84010,2359,5739,6437,976
Dominion Energy South Carolina3,5783,3043,3753,3302,975
Contracted Energy1,1791,1098519021,084
Corporate and other1,1728411,553922224
Adjustments & Eliminations-1,263-1,030-959-859-840
Total16,50614,45914,39313,93811,419


Operating Income by Segment
$ Mil199819971996
Virginia Power6861,0151,000
Dominion Capital21015782
Dominion UK142247 
Dominion Energy907137
Total1,1271,4901,118


Net Income by Segment
$ Mil20252024202320222021
Dominion Energy Virginia2,3252,0111,6841,9051,863
Dominion Energy South Carolina535398377505437
Contracted Energy43835999188226
Adjustments & Eliminations00000
Corporate and other-300-734-198-1,407873
Total2,9982,0341,9621,1913,399


Assets by Segment
$ Mil20252024202320222021
Dominion Energy Virginia80,80070,00060,70055,40050,300
Dominion Energy South Carolina19,30018,40017,30017,20016,400
Contracted Energy12,1009,500 9,70012,300
Corporate and other10,20010,20026,0008,1007,100
Adjustments & Eliminations-6,500-5,700-4,100-5,800-5,000
Gas Distribution  9,10019,60018,500
Total115,900102,400109,000104,20099,600


Price Behavior

Price Behavior
Market Price$62.30 
Market Cap ($ Bil)54.8 
First Trading Date10/03/1984 
Distance from 52W High-12.2% 
   50 Days200 Days
DMA Price$64.48$63.44
DMA Trenddownup
Distance from DMA-3.4%-1.8%
 3M1YR
Volatility14.4%20.2%
Downside Capture57.20-12.51
Upside Capture-16.45-2.30
Correlation (S&P 500)7.7%-3.2%
D Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.260.30-0.01-0.01-0.070.21
Up Beta-0.260.14-0.07-0.08-0.040.27
Down Beta0.03-0.07-0.030.290.010.15
Up Capture1%-2%-21%-4%-5%7%
Bmk +ve Days6162766132424
Stock +ve Days8152559124396
Down Capture109%121%43%-9%-22%29%
Bmk -ve Days16263760120328
Stock -ve Days14263866127352

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with D
D6.6%20.2%0.20-
Sector ETF (XLU)-5.2%15.5%-0.5563.6%
Equity (SPY)20.2%12.7%1.16-3.4%
Gold (GLD)3.4%29.5%0.1111.2%
Commodities (DBC)52.0%20.7%1.904.3%
Real Estate (VNQ)7.4%13.7%0.2643.6%
Bitcoin (BTCUSD)-27.7%43.7%-0.62-5.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with D
D1.4%22.7%0.01-
Sector ETF (XLU)8.4%17.4%0.3376.5%
Equity (SPY)13.9%17.1%0.6225.2%
Gold (GLD)18.3%18.9%0.7814.4%
Commodities (DBC)9.7%19.5%0.388.4%
Real Estate (VNQ)1.5%18.8%-0.0352.9%
Bitcoin (BTCUSD)9.7%51.9%0.376.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with D
D2.7%23.7%0.11-
Sector ETF (XLU)9.0%19.2%0.3982.4%
Equity (SPY)15.5%17.9%0.7339.7%
Gold (GLD)11.8%16.4%0.5813.6%
Commodities (DBC)8.3%18.1%0.379.7%
Real Estate (VNQ)4.8%20.7%0.1958.7%
Bitcoin (BTCUSD)63.2%66.2%1.036.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity24.9 Mil
Short Interest: % Change Since 915202611.5%
Average Daily Volume5.1 Mil
Days-to-Cover Short Interest4.9 days
Basic Shares Quantity879.5 Mil
Short % of Basic Shares2.8%

Earnings Returns History

Updated 9/14/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/31/2026-0.8%-4.2%-6.0%
5/1/2026-0.9%-4.5%1.2%
2/23/2026-2.6%-3.3%-8.3%
10/31/2025-1.4%1.6%1.4%
8/1/20253.4%5.6%2.5%
5/1/20250.8%1.4%5.5%
2/12/20250.4%-0.1%-1.7%
11/1/2024-0.9%-4.9%-2.6%
...
SUMMARY STATS   
# Positive101212
# Negative141212
Median Positive0.9%1.8%4.3%
Median Negative-1.4%-2.9%-5.5%
Max Positive6.2%9.2%13.9%
Max Negative-3.3%-9.9%-13.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/31/2026-0.8%-4.2%-6.0%
5/1/2026-0.9%-4.5%1.2%
2/23/2026-2.6%-3.3%-8.3%
10/31/2025-1.4%1.6%1.4%
8/1/20253.4%5.6%2.5%
5/1/20250.8%1.4%5.5%
2/12/20250.4%-0.1%-1.7%
11/1/2024-0.9%-4.9%-2.6%
8/1/20243.7%3.0%5.0%
5/2/20240.0%2.0%6.7%
2/22/2024-1.5%4.5%6.2%
11/3/20236.2%9.2%13.9%
8/4/2023-3.0%-1.7%-4.3%
5/5/2023-0.1%-2.0%-9.5%
2/8/2023-3.3%-5.7%-10.8%
11/4/2022-3.0%-9.9%-13.4%
8/8/2022-1.4%0.3%-0.5%
5/5/20220.6%0.6%1.0%
2/11/20221.1%1.1%4.8%
11/5/20211.4%-0.5%-0.6%
8/6/2021-0.1%1.7%3.9%
5/4/2021-1.2%-1.1%-5.0%
2/12/2021-1.6%-2.6%3.0%
11/5/20200.5%3.6%-7.5%
SUMMARY STATS   
# Positive101212
# Negative141212
Median Positive0.9%1.8%4.3%
Median Negative-1.4%-2.9%-5.5%
Max Positive6.2%9.2%13.9%
Max Negative-3.3%-9.9%-13.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/31/202610-Q
03/31/202605/01/202610-Q
12/31/202502/23/202610-K
09/30/202510/31/202510-Q
06/30/202508/01/202510-Q
03/31/202505/01/202510-Q
12/31/202402/27/202510-K
09/30/202411/01/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/23/202410-K
09/30/202311/08/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/21/202310-K
09/30/202211/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/31/202610-Q
03/31/202605/01/202610-Q
12/31/202502/23/202610-K
09/30/202510/31/202510-Q
06/30/202508/01/202510-Q
03/31/202505/01/202510-Q
12/31/202402/27/202510-K
09/30/202411/01/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/23/202410-K
09/30/202311/08/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/21/202310-K
09/30/202211/04/202210-Q
06/30/202208/08/202210-Q
03/31/202205/05/202210-Q
12/31/202102/24/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/04/202110-Q
12/31/202002/25/202110-K
09/30/202011/06/202010-Q
06/30/202008/05/202010-Q
03/31/202005/05/202010-Q
12/31/201902/28/202010-K
09/30/201911/01/201910-Q

Recent Forward Guidance

Updated 8/1/2026

Latest: Q2 2026 Earnings Reported 7/31/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Operating Earnings per shareReported3.453.573.690.0% AffirmedGuidance: 3.57 for 2026


Prior: Q1 2026 Earnings Reported 5/1/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Operating EarningsReported3.453.573.69  AffirmedGuidance: 3.57 for 2026

Q4 2025 Earnings Reported 2/23/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Operating EarningsReported3.453.573.695.0% Higher NewGuidance: 3.4 for 2025
2028 Operating EPS GrowthReported5.0%6.0%7.0%   

Q3 2025 Earnings Reported 10/31/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Operating Earnings per shareReported3.333.43.480.0% AffirmedGuidance: 3.4 for 2025
2029 Operating Earnings per share growthReported5.0%6.0%7.0%   

Insider Activity

Updated 5/7/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Blue, Robert MChair, President and CEODirectBuy827202560.354,152250,5579,729,985Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Blue, Robert MChair, President and CEODirectBuy827202560.354,152250,5579,729,985Form
Core Cache Last Updated: 10/13/2026