Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin33.1%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin20.7%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt47.1 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$50.3B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$1.4B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book2.11x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
F
Free Cash Flow-$1.4B
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income322.8%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$6.2B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering Dominion Energy, Inc. at $68.60.
The business passes only 2 of 6 of Graham's defensive criteria — well below his required standard.
At $68.60, the stock trades at a 123% premium to its Graham Number of $30.82. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q3 2026
Q4 2025
Gross Profit %
49.8%▲
44.9%
Operating Margin %
33.1%▲
25.6%
Net Income %
20.7%▲
13.9%
Diluted EPS
1.30▲
0.65
Balance Sheet Highlights
Metric
Q3 2026
Q4 2025
Total Assets
$124.8B
$115.9B
Total Debt
$54.6B▲
$48.9B
Working Capital
-$1.4B▲
-$2.4B
Years to Pay Debt
47.11
86.32
Cash Flow Highlights
Metric
Q3 2026
Q4 2025
Free Cash Flow
-$1.4B▲
-$2.4B
Owner Earnings
$6.2B
$4.6B
CapEx % of Net Income
322.8%
597.2%
Income Statement
2026
2025
Tax Effect Of Unusual Items
-2,742
-28,000
Tax Rate For Calcs
0
0
Normalized EBITDA
3,156,000
2,722,000
Total Unusual Items
-19,000
-291,000
Total Unusual Items Excluding Goodwill
-19,000
-291,000
Net Income From Continuing Operation Net Minority Interest
1,161,000
581,000
Reconciled Depreciation
1,276,000
682,000
Reconciled Cost Of Revenue
2,265,000
2,189,000
EBITDA
3,137,000
2,431,000
EBIT
1,861,000
1,749,000
Net Interest Income
-623,000
-509,000
Interest Expense
Normalized Income
1,177,258
844,000
Net Income From Continuing And Discontinued Operation
1,160,000
567,000
Total Expenses
3,756,000
3,046,000
Total Operating Income As Reported
1,842,000
756,000
Diluted Average Shares
882,100
879,000
Basic Average Shares
879,500
879,000
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
1,150,000
556,000
Net Income Common Stockholders
1,150,000
556,000
Preferred Stock Dividends
11,000
11,000
Net Income
1,160,000
567,000
Minority Interests
-114,000
55,000
Net Income Including Noncontrolling Interests
1,274,000
512,000
Net Income Discontinuous Operations
-1,000
-14,000
Net Income Continuous Operations
1,275,000
526,000
Tax Provision
215,000
56,000
Pretax Income
1,490,000
582,000
Other Income Expense
252,000
44,000
Other Non Operating Income Expenses
271,000
335,000
Special Income Charges
-19,000
-291,000
Impairment Of Capital Assets
19,000
291,000
Net Non Operating Interest Income Expense
-623,000
-509,000
Total Other Finance Cost
623,000
Interest Expense Non Operating
Operating Income
1,861,000
1,047,000
Operating Expense
937,000
791,000
Other Taxes
215,000
175,000
Depreciation Amortization Depletion Income Statement
722,000
616,000
Depreciation And Amortization In Income Statement
722,000
616,000
Gross Profit
2,798,000
1,838,000
Cost Of Revenue
2,819,000
2,255,000
Total Revenue
5,617,000
4,093,000
Operating Revenue
5,592,000
4,210,000
Balance Sheet
2026
2025
Ordinary Shares Number
879,526
879,000
Share Issued
879,526
879,000
Net Debt
54,211,000
48,255,000
Total Debt
54,646,000
48,941,000
Tangible Book Value
24,420,000
22,267,000
Invested Capital
83,209,000
76,597,000
Working Capital
-1,386,000
-2,373,000
Net Tangible Assets
25,411,000
23,258,000
Capital Lease Obligations
436,000
Common Stock Equity
28,563,000
28,092,000
Preferred Stock Equity
991,000
991,000
Total Capitalization
78,493,000
72,722,000
Total Equity Gross Minority Interest
34,415,000
33,417,000
Minority Interest
4,861,000
4,334,000
Stockholders Equity
29,554,000
29,083,000
Gains Losses Not Affecting Retained Earnings
-42,000
-118,000
Other Equity Adjustments
-42,000
-118,000
Retained Earnings
2,646,000
2,318,000
Capital Stock
26,950,000
26,883,000
Common Stock
25,959,000
25,892,000
Preferred Stock
991,000
991,000
Total Liabilities Net Minority Interest
90,369,000
82,440,000
Total Non Current Liabilities Net Minority Interest
79,233,000
71,996,000
Other Non Current Liabilities
10,377,000
2,035,000
Derivative Product Liabilities
134,000
Non Current Deferred Liabilities
9,940,000
9,476,000
Non Current Deferred Taxes Liabilities
9,940,000
9,476,000
Long Term Debt And Capital Lease Obligation
48,939,000
44,075,000
Long Term Capital Lease Obligation
436,000
Long Term Debt
48,939,000
43,639,000
Long Term Provisions
7,204,000
Current Liabilities
11,136,000
10,444,000
Other Current Liabilities
2,816,000
2,996,000
Current Debt And Capital Lease Obligation
5,707,000
4,866,000
Current Debt
5,707,000
4,866,000
Other Current Borrowings
5,707,000
4,866,000
Line Of Credit
0
Payables And Accrued Expenses
2,613,000
2,582,000
Current Accrued Expenses
1,347,000
1,244,000
Interest Payable
1,347,000
1,244,000
Payables
1,266,000
1,338,000
Accounts Payable
1,266,000
1,338,000
Total Assets
124,784,000
115,857,000
Total Non Current Assets
115,034,000
107,786,000
Other Non Current Assets
8,012,000
1,761,000
Defined Pension Benefit
2,658,000
Financial Assets
623,000
Investments And Advances
10,613,000
9,676,000
Other Investments
10,490,000
9,544,000
Long Term Equity Investment
123,000
132,000
Goodwill And Other Intangible Assets
4,143,000
5,825,000
Other Intangible Assets
1,682,000
Goodwill
4,143,000
4,143,000
Net PPE
83,735,000
78,967,000
Accumulated Depreciation
-28,692,000
-27,348,000
Gross PPE
112,427,000
106,315,000
Construction In Progress
22,307,000
Other Properties
4,639,000
Current Assets
9,750,000
8,071,000
Other Current Assets
2,601,000
1,560,000
Hedging Assets Current
221,000
335,000
Assets Held For Sale Current
264,000
Restricted Cash
181,000
Prepaid Assets
351,000
377,000
Inventory
2,030,000
1,957,000
Other Inventories
416,000
Receivables
3,848,000
3,411,000
Other Receivables
275,000
446,000
Taxes Receivable
479,000
434,000
Accounts Receivable
3,094,000
2,531,000
Allowance For Doubtful Accounts Receivable
-35,000
-31,000
Gross Accounts Receivable
3,129,000
2,562,000
Cash Cash Equivalents And Short Term Investments
435,000
250,000
Cash And Cash Equivalents
435,000
250,000
Cash Flow
2026
2025
Free Cash Flow
-1,437,000
-2,399,000
Repayment Of Debt
-3,213,000
-876,000
Issuance Of Debt
7,134,000
1,228,000
Issuance Of Capital Stock
-410,000
1,383,000
Capital Expenditure
-3,744,000
-3,386,000
End Cash Position
563,000
343,000
Beginning Cash Position
253,000
1,066,000
Changes In Cash
198,000
-723,000
Financing Cash Flow
1,686,000
1,758,000
Cash Flow From Continuing Financing Activities
1,686,000
1,758,000
Net Other Financing Charges
-64,000
593,000
Cash Dividends Paid
-1,761,000
-570,000
Common Stock Dividend Paid
-1,761,000
-570,000
Net Common Stock Issuance
-410,000
1,383,000
Common Stock Issuance
-410,000
1,383,000
Net Issuance Payments Of Debt
3,921,000
352,000
Net Short Term Debt Issuance
309,000
-65,000
Short Term Debt Payments
-43,000
Short Term Debt Issuance
2,559,000
-22,000
Net Long Term Debt Issuance
3,612,000
417,000
Long Term Debt Payments
-963,000
-833,000
Long Term Debt Issuance
4,575,000
1,250,000
Investing Cash Flow
-3,795,000
-3,468,000
Cash Flow From Continuing Investing Activities
-3,795,000
-3,468,000
Net Other Investing Changes
-10,000
-86,000
Net Investment Purchase And Sale
-27,000
8,000
Sale Of Investment
1,256,000
7,929,000
Purchase Of Investment
-1,283,000
-7,921,000
Net Business Purchase And Sale
-14,000
-4,000
Sale Of Business
0
Purchase Of Business
-14,000
-4,000
Net PPE Purchase And Sale
-3,744,000
-3,386,000
Purchase Of PPE
-3,744,000
-3,386,000
Operating Cash Flow
2,307,000
987,000
Cash Flow From Continuing Operating Activities
2,307,000
987,000
Change In Working Capital
-326,000
-706,000
Change In Other Working Capital
211,000
-349,000
Change In Payables And Accrued Expense
-42,000
144,000
Change In Accrued Expense
71,000
36,000
Change In Interest Payable
71,000
36,000
Change In Payable
-113,000
108,000
Change In Account Payable
-113,000
108,000
Change In Prepaid Assets
-174,000
361,000
Change In Inventory
-32,000
-63,000
Change In Receivables
-289,000
-799,000
Changes In Account Receivables
-289,000
-799,000
Other Non Cash Items
0
-8,000
Asset Impairment Charge
721,000
291,000
Deferred Tax
26,000
320,000
Deferred Income Tax
26,000
320,000
Depreciation Amortization Depletion
1,276,000
682,000
Operating Gains Losses
-405,000
-104,000
Gain Loss On Investment Securities
-405,000
-104,000
Net Income From Continuing Operations
1,015,000
512,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $4.5B▲ $5.6B+24.1%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 50.2%▲ 49.8%-0.4pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 41.1%▲ 33.1%-8.0pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 22.2%▲ 20.7%-1.6pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$5.6B/qtr (≈$22.5B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.88x current ratio
vs ≥ 2.0x
❌ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
-$1.4B
vs Positive
Operating Cash Flow
$2.3B
Latest quarter · Buffett's cash reality check
ROIC
1.3%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
1.8x
Net Assets: $34.4B
⚠️Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.
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
0.14%
Low — management has little skin in the game
Return on Equity (ROE)
4.1%
Weak — poor returns on equity
Return on Assets (ROA)
0.9%
Poor — assets are not generating adequate returns
Debt Trend YoY
+2.3% YoY
Debt is roughly stable
Leadership Team
Robert Blue
President, CEO & Chairman of the Board
Age 57
Pay: $5,909,278
0.509% of net income
Steven Ridge
Executive VP & CFO
Age 44
Pay: $1,893,292
0.163% of net income
Carlos Brown
EVP, Chief Admin & Projects Officer, Corporate Secretary and President of Dominion Energy Services
Age 50
Pay: $2,182,189
0.188% of net income
Edward Baine
Executive VP of Utility Operations & President of Dominion Energy Virginia
Age 51
Pay: $1,624,549
0.140% of net income
Eric Carr
Chief Nuclear Officer and President-Nuclear Operations & Contracted Energy
Age 50
Pay: $1,550,584
0.134% of net income
Top Institutional Holders
Institution
% Owned
Shares
Capital Research Global Investors
8.40%
73,855,890
Blackrock Inc.
8.30%
73,018,575
Vanguard Capital Management LLC
6.53%
57,396,293
State Street Corporation
5.79%
50,917,469
Vanguard Portfolio Management LLC
5.12%
45,067,363
Wellington Management Group, LLP
4.65%
40,867,860
Massachusetts Financial Services Co.
2.28%
20,030,451
Geode Capital Management, LLC
2.25%
19,792,934
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
0.59
Low volatility — more stable than the market
Short Interest
2.7% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
1.62x
Moderate leverage
Current Ratio
0.88x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $55.85Current: $68.60High: $72.99
Currently at 74% of 52-week range
Dominion Energy, Inc. (D) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $30.82. Margin of safety: 0%. Gross profit margin: 49.8%. Operating margin: 33.1%. Net margin: 20.7%. Market cap: $60.3B. Sector: Utilities. Industry: Utilities - Regulated Electric. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.