Start here if you're new
what it is
Dominion sells electricity and gas to millions of regulated customers, then asks state regulators to let it earn a return.
how it gets paid
Last year Dominion Energy made $16.5B in revenue. Residential electric was the main engine at $7.43B, or 45% of sales.
why it's growing
Revenue grew 16.5% last year. Quarterly revenue hit $12.3 billion, up 173% vs. prior year in the provided SEC data, while Wall Street data shows the latest reported quarter at.
what just happened
Dominion's latest quarter was fine, with EPS at $0.69 versus a $0.66 estimate.
At a glance
A balance sheet — strong enough to weather a downturn
65/100 earnings predictability — reasonably predictable
17.7x trailing p/e — the market's not buying it — or you found a deal
5.5% return on capital — nothing to write home about
xvary composite: 70/100 — average
What they do
Dominion sells electricity and gas to millions of regulated customers, then asks state regulators to let it earn a return.
Dominion wins because your power bill is not optional. It serves 3.6 million electric customers and 500,000 gas customers in regulated territories, which means competition is mostly a legal concept. Rate base (approved assets utilities earn on) → the stuff regulators let Dominion charge you for → so what: that turns boring wires and plants into recurring cash flow.
How they make money
$16.5B
annual revenue · their business grew +16.5% last year
Residential electric
$7.43B
Commercial electric
$6.44B
Industrial electric
$1.16B
Other electric
$1.49B
The products that matter
regulated electric service
Virginia electric utility
center of a $16.5B revenue base
virginia is the center of gravity because dominion's whole system produced $16.5B in revenue last year, and its biggest current build — the $11.2B coastal virginia offshore wind project — sits here.
core earnings base
regulated electric service
North Carolina electric utility
part of a three-state franchise
this business sits inside the same three-state regulated footprint that supports the full $16.5B revenue base. it matters because utilities win on territory density, not novelty.
territory scale
regulated electric and gas service
South Carolina electric & gas
linked to capital recovery
this is another piece of the monopoly map, and that matters when you are carrying $43.3B in long-term debt. stable service territories help fund the balance sheet. they do not make execution mistakes disappear.
cash flow support
Key numbers
$43.3B
debt load
Long-term debt → money owed for years → so what: at 46% of capital, Dominion has room to operate, not room to get sloppy.
26.7%
operating margin
Operating margin → profit after running the business, before interest and taxes → so what: regulated utilities rarely look exciting, but this is still solid.
95/100
price stability
Price stability → how little the stock tends to swing → so what: this usually trades more like a paycheck substitute than a casino chip.
17.7x
trailing p/e
P/E → stock price divided by past earnings → so what: you are paying a middle-of-the-road utility multiple for a business with extra project risk.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 2 — safer than 80% of stocks
- price stability 95 / 100
- long-term debt $43.3B (46% of capital)
- return on equity 11% — $0.11 profit for every $1 investors have put in
A — balance sheet grade looks solid but long-term debt needs watching.
Total return vs. market
You invested $10,000 in D 3 years ago → it's now worth $11,180.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Dominion's latest quarter was fine, with EPS at $0.69 versus a $0.66 estimate.
Quarterly revenue hit $12.3 billion, up 173% vs. prior year in the provided SEC data, while Wall Street data shows the latest reported quarter at roughly $4.09 billion. The point is simpler than the mismatch: earnings beat, but this is still a capital-heavy utility story, not a hypergrowth story.
$12.3B
revenue
$0.69
eps
26.7%
gross margin
the number that mattered
The 4.55% EPS beat matters because utilities are supposed to be boring, and boring companies get punished fast when they miss easy numbers.
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in mid-december, the u.s.department of the interior (doi) said the suspension was driven by national security considerations, warning that large offshore turbines could interfere with military and aviation radar systems. doi officials said the pause would allow federal agencies to work with developers and state authorities to address security risks. while these things may be true, it is also the case that the trump administration is without a doubt antioffshore wind viewing this renewable resource as too expensive and unreliable to depend on as a major energy source. dominion is in the process of completing one of the largest offshore windfarms — the 2.6-gigawatt coastal virginia offshore wind project (cvow).
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the build has been ongoing for years.
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cvow was initially 100% utility owned, as it was completely included within the rate base of dominion’s utility subsidiary virginia power.this means the state has a stake in the project and it needs to live up to the power generation projections in order to justify the regulated revenue that virginia ratepayers will endure.
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dominion partially derisked this new project by selling a 50% stake to stonepeak infrastructure for $2.6 billion in october of 2024 and has shared in the ‘‘on budget’’ capital expenditures equally from that point.in mid-january, dominion was able to get a district court judge to rule that it can resume work on cvow while it continues its legal challenge to the federal government’s order to stop the $11.2 billion development.
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its legal team argued that each day work is idled, it costs the company millions.the project was due to generate initial power for the grid in the first quarter of this year, with full capacity expected by the end of 2026 to early 2027.
source: company earnings report, 2026
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What could go wrong
the #1 risk is coastal virginia offshore wind delays or cost-recovery friction.
med
cvow timing slips again
the $11.2B project was supposed to begin initial power generation in the first quarter, with full capacity expected by the end of 2026 to early 2027. every legal or construction delay pushes cash recovery further out.
when a project this large moves, the equity story moves with it.
med
regulators get less generous
dominion's moat is legal, which means its profits are political. if regulators push back on rate recovery or allowed returns, the model gets tighter fast.
a company earning 5.5% on capital does not have massive cushion for bad regulatory outcomes.
med
debt stays expensive
$43.3B in long-term debt equals 46% of capital. utilities live with leverage, but they still feel it when financing costs stay elevated for longer.
higher financing costs pressure earnings and make every future infrastructure dollar less attractive.
med
stable does not mean market-beating
the last 3 years turned $10,000 into $11,180 versus $14,770 for the index. if you overpay for safety, you can still get mediocre returns.
this stock can do exactly what utilities are supposed to do and still trail the market.
a utility with an A balance sheet, $43.3B in debt, and an $11.2B project build does not need a disaster to disappoint you. it just needs delays, lower allowed returns, or a few more years of ordinary execution.
source: institutional data · regulatory filings · risk analysis
Pay attention to
project timing
cvow milestone dates
initial power was expected in the first quarter, with full capacity by the end of 2026 to early 2027. any slip tells you the real risk is execution, not just politics.
regulation
virginia rate recovery language
dominion's moat comes from regulation. pay attention to what regulators let the company earn back on new investment.
returns
return on capital vs. 5.5%
if capital intensity keeps rising while returns stay stuck near 5.5%, growth is getting bigger without getting better.
ownership
whether institutional buying holds
three straight quarters of net buying helped the setup. if that flow reverses while the project story stays messy, the stock loses a quiet support line.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts see a stock moving like a normal utility, not a market leader or a falling knife.
risk profile
above average
stability score 2 — safer than roughly 80% of stocks. that is why income investors keep showing up.
chart momentum
average
technical score 3 — there is no strong tape signal here. welcome to utility investing.
earnings predictability
65 / 100
better than a cyclical stock, weaker than the cleanest regulated names. you should expect steadiness, not precision.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 726 buyers vs. 507 sellers in 3q2025. total institutional holdings: 0.7B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$52
$75
$60
current price
$64
target midpoint · +6% from current · 3-5yr high: $85 (+40% · 12% ann'l return)
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