NYSE · Utilities

Dominion Energy, Inc.

D · Utilities - Regulated Electric

$62.95

▼ -0.99 (-1.55%)

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Mr. Market is currently offering Dominion Energy, Inc. at $62.95.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 49.0%

Operating Margin 29.9%

Net Income Margin 18.2%

Fin. Health F

Years to Pay Off Debt 16.3 yrs

Working Capital vs Long-Term Debt -$46.0B

Working Capital -$2.4B

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.97x

Cash Flow F

Free Cash Flow -$7.3B

CapEx % of Net Income 421.6%

Owner Earnings $18.3B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $55.3B

Enterprise Value $111.9B

P/E (TTM) 18.14

Dividend Yield 4.14%

Exchange NYSE

Key Margins

Gross Profit 49.0%

Operating Margin 29.9%

Net Margin 18.2%

Company Info

Sector Utilities

Industry Utilities - Regulated Electric

Employees 15200

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Dominion Energy, Inc. at $62.95.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $62.95, the stock trades at a 27% premium to its Graham Number of $49.52. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Dominion Energy, Inc.

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	49.0% ▲	47.9%	48.5%	45.8%	N/A
Operating Margin %	29.9% ▲	26.6%	25.9%	23.4%	N/A
Net Income %	18.2% ▲	14.1%	13.6%	8.5%	N/A
Diluted EPS	3.41 ▲	2.44	2.29	1.09	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$115.9B	$102.4B	$109.1B	$104.8B	N/A
Total Debt	$48.9B ↑	$41.8B	$44.2B	$41.2B	N/A
Working Capital	-$2.4B ▲	-$2.7B	$959M	-$3.6B	N/A
Years to Pay Debt	16.32	20.53	22.55	34.60	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$7.3B ▼	-$7.2B	-$3.6B	-$3.9B	N/A
Owner Earnings	$18.3B	$16.9B	$15.3B	$11.9B	N/A
CapEx % of Net Income	421.6%	599.7%	520.4%	637.4%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-75,999	-112,200	-72,452	-378,917
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	8,834,000	7,327,000	7,845,000	6,256,000
Total Unusual Items	-517,000	-600,000	-307,000	-1,813,000
Total Unusual Items Excluding Goodwill	-517,000	-600,000	-307,000	-1,813,000
Net Income From Continuing Operation Net Minority Interest	3,012,000	1,837,000	2,087,000	269,000
Reconciled Depreciation	2,684,000	2,639,000	3,128,000	3,113,000
Reconciled Cost Of Revenue	8,118,000	7,242,000	6,860,000	6,890,000
EBITDA	8,317,000	6,727,000	7,538,000	4,443,000
EBIT	5,633,000	4,088,000	4,410,000	1,330,000
Net Interest Income	-2,022,000	-1,893,000	-1,679,000	-1,002,000
Interest Expense	2,022,000	1,893,000	1,679,000	1,002,000
Normalized Income	3,453,001	2,324,800	2,321,548	1,703,083
Net Income From Continuing And Discontinued Operation	2,998,000	2,034,000	1,962,000	1,191,000
Total Expenses	11,575,000	10,612,000	10,672,000	10,678,000
Total Operating Income As Reported	4,414,000	3,247,000	3,414,000	1,447,000
Diluted Average Shares	879,000	852,000	838,000	835,000
Basic Average Shares	879,000	852,000	838,000	835,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,954,000	1,956,000	1,881,000	1,098,000
Net Income Common Stockholders	2,954,000	1,956,000	1,881,000	1,098,000
Preferred Stock Dividends	44,000	78,000	81,000	93,000
Net Income	2,998,000	2,034,000	1,962,000	1,191,000
Minority Interests	-67,000	53,000	0	0
Net Income Including Noncontrolling Interests	3,065,000	1,981,000	1,962,000	1,191,000
Net Income Discontinuous Operations	-14,000	197,000	-125,000	922,000
Net Income Continuous Operations	3,079,000	1,784,000	2,087,000	269,000
Tax Provision	532,000	411,000	644,000	59,000
Pretax Income	3,611,000	2,195,000	2,731,000	328,000
Other Income Expense	702,000	241,000	689,000	-1,930,000
Other Non Operating Income Expenses	1,219,000	841,000	996,000	-117,000
Special Income Charges	-517,000	-600,000	-307,000	-1,813,000
Gain On Sale Of Ppe		1,000	27,000	-412,000	-415,000
Write Off				2,063,000	195,000
Impairment Of Capital Assets	517,000	600,000	307,000	1,401,000
Earnings From Equity Interest				299,000	276,000
Net Non Operating Interest Income Expense	-2,022,000	-1,893,000	-1,679,000	-1,002,000
Total Other Finance Cost			1,674,000	966,000	1,255,000
Interest Expense Non Operating	2,022,000	1,893,000	1,679,000	1,002,000
Operating Income	4,931,000	3,847,000	3,721,000	3,260,000
Operating Expense	3,160,000	3,076,000	3,264,000	3,117,000
Other Taxes	773,000	731,000	684,000	675,000
Depreciation Amortization Depletion Income Statement	2,387,000	2,345,000	2,580,000	2,442,000
Depreciation And Amortization In Income Statement	2,387,000	2,345,000	2,580,000	2,442,000
Gross Profit	8,091,000	6,923,000	6,985,000	6,377,000
Cost Of Revenue	8,415,000	7,536,000	7,408,000	7,561,000
Total Revenue	16,506,000	14,459,000	14,393,000	13,938,000
Operating Revenue	16,523,000	14,182,000	13,487,000	14,552,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	879,000	852,000	838,000	835,000
Share Issued	879,000	852,000	838,000	835,000
Net Debt	48,255,000	41,226,000	43,867,000	40,993,000
Total Debt	48,941,000	41,750,000	44,243,000	41,203,000
Tangible Book Value	22,267,000	20,593,000	20,696,000	20,920,000
Invested Capital	76,597,000	67,408,000	69,835,000	66,988,000
Working Capital	-2,373,000	-2,676,000	959,000	-3,600,000
Net Tangible Assets	23,258,000	21,584,000	22,479,000	22,703,000
Capital Lease Obligations	436,000	214,000	192,000	91,000
Common Stock Equity	28,092,000	25,872,000	25,784,000	25,876,000
Preferred Stock Equity	991,000	991,000	1,783,000	1,783,000
Total Capitalization	72,722,000	64,174,000	60,623,000	62,011,000
Total Equity Gross Minority Interest	33,417,000	29,802,000	27,567,000	27,659,000
Minority Interest	4,334,000	2,939,000	0	0
Stockholders Equity	29,083,000	26,863,000	27,567,000	27,659,000
Gains Losses Not Affecting Retained Earnings	-118,000	-152,000	-173,000	-1,572,000
Other Equity Adjustments	-118,000	-152,000	-173,000	-1,572,000
Retained Earnings	2,318,000	1,641,000	2,229,000	3,843,000
Capital Stock	26,883,000	25,374,000	25,511,000	25,388,000
Common Stock	25,892,000	24,383,000	23,728,000	23,605,000
Preferred Stock	991,000	991,000	1,783,000	1,783,000
Total Liabilities Net Minority Interest	82,440,000	72,613,000	81,513,000	77,136,000
Total Non Current Liabilities Net Minority Interest	71,996,000	63,324,000	57,037,000	63,686,000
Other Non Current Liabilities	2,035,000	1,454,000	1,434,000	1,275,000
Liabilities Heldfor Sale Non Current			0	7,544,000
Preferred Securities Outside Stock Equity				0	1,610,000
Derivative Product Liabilities	134,000	305,000	321,000	766,000
Employee Benefits					442,000
Non Current Deferred Liabilities	9,476,000	8,205,000	7,719,000	6,161,000
Non Current Deferred Taxes Liabilities	9,476,000	8,205,000	7,719,000	6,161,000
Long Term Debt And Capital Lease Obligation	44,075,000	37,525,000	33,248,000	34,443,000
Long Term Capital Lease Obligation	436,000	214,000	192,000	91,000
Long Term Debt	43,639,000	37,311,000	33,056,000	34,352,000
Long Term Provisions	7,204,000	7,074,000	5,641,000	5,062,000
Current Liabilities	10,444,000	9,289,000	24,476,000	13,450,000
Other Current Liabilities	2,996,000	2,870,000	11,485,000	4,618,000
Current Debt And Capital Lease Obligation	4,866,000	4,225,000	10,995,000	6,760,000
Current Debt	4,866,000	4,225,000	10,995,000	6,760,000
Other Current Borrowings	4,866,000	4,225,000	10,995,000	6,760,000
Payables And Accrued Expenses	2,582,000	2,194,000	1,996,000	2,072,000
Current Accrued Expenses	1,244,000	1,045,000	1,075,000	909,000
Interest Payable	1,244,000	1,045,000	1,075,000	909,000
Payables	1,338,000	1,149,000	921,000	1,163,000
Accounts Payable	1,338,000	1,149,000	921,000	1,163,000
Total Assets	115,857,000	102,415,000	109,080,000	104,795,000
Total Non Current Assets	107,786,000	95,802,000	83,645,000	94,945,000
Other Non Current Assets	1,761,000	1,620,000	1,507,000	20,318,000
Defined Pension Benefit	2,658,000	2,240,000	1,779,000	1,479,000
Financial Assets	623,000	963,000	597,000	1,038,000
Investments And Advances	9,676,000	8,550,000	7,538,000	6,577,000
Other Investments	9,544,000	8,412,000	7,270,000	6,282,000
Long Term Equity Investment	132,000	138,000	268,000	295,000
Investmentsin Associatesat Cost					2,932,000
Goodwill And Other Intangible Assets	5,825,000	5,279,000	5,088,000	4,956,000
Other Intangible Assets	1,682,000	1,136,000	945,000	813,000
Goodwill	4,143,000	4,143,000	4,143,000	4,143,000
Net PPE	78,967,000	68,862,000	58,780,000	52,312,000
Accumulated Depreciation	-27,348,000	-25,982,000	-24,637,000	-23,396,000
Gross PPE	106,315,000	94,844,000	83,417,000	75,708,000
Construction In Progress	22,307,000	17,962,000	12,147,000	8,748,000
Other Properties	4,639,000	4,342,000	3,809,000	3,833,000
Current Assets	8,071,000	6,613,000	25,435,000	9,850,000
Other Current Assets	1,560,000	1,157,000	1,484,000	2,093,000
Hedging Assets Current	335,000	436,000	699,000	1,019,000
Assets Held For Sale Current		0	18,577,000	1,785,000	25,000
Restricted Cash	181,000	104,000	38,000	480,000
Prepaid Assets	377,000	315,000	246,000	294,000
Inventory	1,957,000	1,764,000	1,698,000	1,528,000
Other Inventories	416,000	404,000	447,000	396,000
Receivables	3,411,000	2,527,000	2,509,000	2,532,000
Receivables Adjustments Allowances				-3,000	-4,000
Other Receivables	446,000	358,000	258,000	375,000
Taxes Receivable	434,000	0
Accounts Receivable	2,531,000	2,169,000	2,251,000	2,157,000
Allowance For Doubtful Accounts Receivable	-31,000	-30,000	-38,000	-27,000
Gross Accounts Receivable	2,562,000	2,199,000	2,289,000	2,184,000
Cash Cash Equivalents And Short Term Investments	250,000	310,000	184,000	119,000
Cash And Cash Equivalents	250,000	310,000	184,000	119,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-7,280,000	-7,180,000	-3,639,000	-3,891,000
Repurchase Of Capital Stock	0	-801,000	0	-1,610,000
Repayment Of Debt	-1,928,000	-12,461,000	-7,548,000	-1,838,000
Issuance Of Debt	8,897,000	10,275,000	10,468,000	6,974,000
Issuance Of Capital Stock	1,488,000	732,000	94,000	1,866,000
Capital Expenditure	-12,641,000	-12,198,000	-10,211,000	-7,591,000
Interest Paid Supplemental Data	1,799,000	1,900,000	1,991,000	1,408,000
Income Tax Paid Supplemental Data	186,000	840,000	286,000	139,000
End Cash Position	343,000	365,000	301,000	341,000
Beginning Cash Position	365,000	301,000	341,000	408,000
Changes In Cash	-22,000	64,000	-40,000	-67,000
Financing Cash Flow	7,586,000	-1,771,000	595,000	2,979,000
Cash Flow From Continuing Financing Activities	7,586,000	-1,771,000	595,000	2,979,000
Net Other Financing Charges	1,407,000	2,723,000	-186,000	-204,000
Cash Dividends Paid	-2,278,000	-2,239,000	-2,233,000	-2,209,000
Common Stock Dividend Paid	-2,278,000	-2,239,000	-2,233,000	-2,209,000
Net Preferred Stock Issuance	0	-801,000	0	-1,610,000
Preferred Stock Payments	0	-801,000	0	-1,610,000
Preferred Stock Issuance			0	0	742,000
Net Common Stock Issuance	1,488,000	732,000	94,000	1,866,000
Common Stock Issuance	1,488,000	732,000	94,000	1,866,000
Net Issuance Payments Of Debt	6,969,000	-2,186,000	2,920,000	5,136,000
Net Short Term Debt Issuance	-43,000	-6,656,000	5,283,000	1,559,000
Short Term Debt Payments	-43,000	-9,656,000	-1,875,000	-450,000
Short Term Debt Issuance	0	3,000,000	7,158,000	2,009,000
Net Long Term Debt Issuance	7,012,000	4,470,000	-2,363,000	3,577,000
Long Term Debt Payments	-1,885,000	-2,805,000	-5,673,000	-1,388,000
Long Term Debt Issuance	8,897,000	7,275,000	3,310,000	4,965,000
Investing Cash Flow	-12,969,000	-3,183,000	-7,207,000	-6,746,000
Cash Flow From Continuing Investing Activities	-12,969,000	-3,183,000	-7,207,000	-6,746,000
Net Other Investing Changes	-193,000	9,279,000	24,000	110,000
Net Investment Purchase And Sale	-99,000	-141,000	-186,000	215,000
Sale Of Investment	10,492,000	3,072,000	2,966,000	5,282,000
Purchase Of Investment	-10,591,000	-3,213,000	-3,152,000	-5,067,000
Net Business Purchase And Sale	-36,000	-123,000	3,166,000	520,000
Sale Of Business	0	126,000	3,294,000	730,000
Purchase Of Business	-36,000	-249,000	-128,000	-210,000
Net PPE Purchase And Sale	-12,641,000	-12,198,000	-10,211,000	-7,591,000
Sale Of PPE			0	0	495,000
Purchase Of PPE	-12,641,000	-12,198,000	-10,211,000	-7,591,000
Operating Cash Flow	5,361,000	5,018,000	6,572,000	3,700,000
Cash Flow From Continuing Operating Activities	5,361,000	5,018,000	6,572,000	3,700,000
Change In Working Capital	-1,371,000	547,000	50,000	-3,148,000
Change In Other Working Capital	-428,000	543,000	-84,000	-2,689,000
Change In Payables And Accrued Expense	290,000	-9,000	-331,000	597,000
Change In Accrued Expense	224,000	-85,000	175,000	41,000
Change In Interest Payable	224,000	-85,000	175,000	41,000
Change In Payable	66,000	76,000	-506,000	556,000
Change In Account Payable	66,000	76,000	-506,000	556,000
Change In Prepaid Assets	-184,000	-108,000	516,000	145,000
Change In Inventory	-187,000	-87,000	-198,000	-216,000
Change In Receivables	-862,000	208,000	147,000	-985,000
Changes In Account Receivables	-862,000	208,000	147,000	-985,000
Other Non Cash Items	-43,000	18,000	378,000	-62,000
Provisionand Write Offof Assets			0	0	356,000
Asset Impairment Charge	516,000	639,000	695,000	1,435,000
Deferred Tax	1,056,000	-267,000	1,490,000	199,000
Deferred Income Tax	1,056,000	-267,000	1,490,000	199,000
Depreciation Amortization Depletion	2,684,000	2,639,000	3,128,000	3,113,000
Operating Gains Losses	-546,000	-539,000	-1,131,000	972,000
Earnings Losses From Equity Investments				7,000	20,000
Gain Loss On Investment Securities	-546,000	-669,000	-474,000	505,000
Gain Loss On Sale Of PPE			0	0	514,000
Gain Loss On Sale Of Business	0	130,000	0	0
Net Income From Continuing Operations	3,065,000	1,981,000	1,962,000	1,191,000

These metrics estimate what Dominion Energy, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$49.52

Margin of Safety

Market Cap ÷ Company Value

2.18

P/B Ratio

1.97

Warren's Owner Earnings

$18.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$16.5B

vs > $1.5B revenue

❌ Strong Financial Condition

0.77x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

414.00%

vs Uninterrupted dividends

✅ Earnings Growth

+212.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

18.1x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.97x P/B (P/E×P/B: 35.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-84.61

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$62.33

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	421.6%	599.7%	520.4%	637.4%	N/A
Repurchase of Capital Stock	$0M	-$801M	$0M	-$1.6B	N/A
Free Cash Flow	-$7.3B ▼	-$7.2B ▼	-$3.6B ▲	-$3.9B •	N/A •
Warren's Owner Earnings	$18.3B	$16.9B	$15.3B	$11.9B	N/A

Peers & Industry

No auto-detected peers for Utilities - Regulated Electric. You can manually compare D against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.12%

Low — management has little skin in the game

Return on Equity (ROE)

10.7%

Adequate — returns are moderate

Return on Assets (ROA)

2.6%

Fair — average asset utilization

Debt Trend YoY

+17.2% YoY

Debt is growing — management is leveraging up

Leadership Team

Robert Blue

President, CEO & Chairman of the Board

Age 57

Pay: $5,909,278

0.197% of net income

Steven Ridge

Executive VP & CFO

Age 44

Pay: $1,893,292

0.063% of net income

Edward Baine

Executive VP of Utility Operations & President of Dominion Energy Virginia

Age 51

Pay: $1,624,549

0.054% of net income

Eric Carr

Chief Nuclear Officer and President-Nuclear Operations & Contracted Energy

Age 50

Pay: $1,550,584

0.052% of net income

David McFarland

Senior Vice President of Investor Relations & Treasurer

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.18%	107,099,758
Blackrock Inc.	9.15%	80,443,690
Capital Research Global Investors	6.80%	59,790,734
State Street Corporation	5.53%	48,620,273
Wellington Management Group, LLP	5.11%	44,943,727
Massachusetts Financial Services Co.	3.18%	27,956,036
JPMORGAN CHASE & CO	3.07%	27,006,893
Dodge & Cox Inc.	2.52%	22,149,918

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.66

Low volatility — more stable than the market

Short Interest

2.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.50x

Moderate leverage

Current Ratio