# Dominion Energy, Inc. (D)

> Source: Nexqual · https://nexqual.com/D · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Dominion Energy, Inc. (D), nexqual.com/D" · informational, not investment advice.

**Price:** USD 65.4 (+4.93% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 62.33 · day 62.73–65.43 · 52w 55.85–72.99 · market cap $57.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $18.2B, net income $2.53B (13.9% margin) (SEC filings).
- Valuation: P/E 22.7x (avg 19.6x at the last 3 fiscal year-ends), EV/EBITDA 16.9x, net debt $48.9B.
- Earnings quality: non-operating income $1.45B (gains on equity investments $1.24B) vs operating income $3.82B over the last four quarters; P/E excluding non-operating income ≈44.5x (estimate: non-operating income taxed at the company's 14.2% effective rate).
- 1 of 80 tracked superinvestors hold D (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 2.56 on a 1–5 scale) (16 analysts), mean target USD 70.67 (range 62–87).
- Total return with dividends: 1Y +12.4% vs S&P 500 +14.9%; 5Y +6.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-30, EPS estimate USD 1.21, revenue estimate $4.74B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.7B | $14.6B | $14.4B | $14.5B | $16.5B | $18.2B |
| Operating income | $2.00B | $1.45B | $3.41B | $3.25B | $4.41B | $3.82B |
| Net income | $3.40B | $1.19B | $1.96B | $2.03B | $3.00B | $2.53B |
| EPS (diluted) | $4.12 | $1.33 | $2.25 | $2.33 | $3.45 | — |
| Operating margin | 17.1% | 9.9% | 23.7% | 22.5% | 26.7% | 21.0% |
| Net margin | 29.1% | 8.2% | 13.6% | 14.1% | 18.1% | 13.9% |
| Revenue growth | -17.7% | +24.8% | -1.1% | +0.5% | +14.3% | — |
| Cash + short-term investments | $283M | $153M | $217M | $310M | $250M | — |
| Total debt | $39.7B | $45.3B | $44.2B | $41.8B | $48.8B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.7x · P/E ex non-operating (est.) ≈44.5x · P/S 3.2x · EV/EBITDA 16.9x · EV/Sales 5.8x · P/B 2.0x · Earnings yield 4.41% · Dividend yield (paid, TTM) 4.02% · Net debt $48.9B · EV $106B
P/E at fiscal year-ends: Dec 2025 16.7x, Dec 2024 22.2x, Dec 2023 20.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold D. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 0.65% | $1.25B | Reduced -6.0% |

## Analysts
Consensus Hold (mean 2.56 on a 1–5 scale), 16 analysts; mean target USD 70.67 (low 62, high 87).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Mizuho | Target lowered | Neutral | $72 → $67 |
| 2026-10-19 | Barclays | Target lowered | Overweight | $69 → $65 |
| 2026-10-12 | Truist Securities | Target lowered | Hold | $66 → $62 |
| 2026-09-18 | Morgan Stanley | Target lowered | Equal-Weight | $68 → $66 |
| 2026-08-21 | Morgan Stanley | Target lowered | Equal-Weight | $71 → $68 |
| 2026-08-19 | TD Cowen | Upgrade | Hold → Buy | $69 → $80 |
| 2026-08-17 | Evercore ISI Group | Target raised | In-Line | $67 → $70 |
| 2026-08-13 | Truist Securities | Target lowered | Hold | $68 → $66 |
| 2026-07-22 | BMO Capital | Target raised | Market Perform | $64 → $70 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +12.4% | +6.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +12.4% | +1.2% |
| Volatility (annualized) | 20.7% | 21.6% |
| Max drawdown | -15.1% (Jul 2026→Sep 2026) | -51.6% (Apr 2022→Oct 2023) |

## Peers (Utilities - Regulated Electric)
ETR (Entergy Corporation) USD 108.19 +1.99% · XEL (Xcel Energy Inc.) USD 78.9 +2.76% · AEP (American Electric Power Company) USD 130.64 +2.55% · EXC (Exelon Corporation) USD 44.85 +4.18% · ED (Consolidated Edison, Inc.) USD 116.26 +3.97% · NGG (National Grid Transco, PLC Nati) USD 82.64 +2.30%

## More
Full page: https://nexqual.com/D · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in D's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/715957/000119312526063120/d-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | SMITHFIELD FOODS INC (SFD) | "Align RNG—In November 2018, Dominion Energy announced the formation of Align RNG, an equal partnership with Smithfield Foods, Inc. to capture methane from swine farms across various states and convert it into pipeline qu…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Dominion Energy Virginia | $3.42B | 76.4% | +26.1% |
| Dominion Energy South Carolina | $878.0M | 19.6% | +5.0% |
| Contracted Energy | $299.0M | 6.7% | +22.0% |
| Corporate & Other | $275.0M | 6.1% | -13.8% |
| Total revenue | $4.48B | 100% | — |
The lines above cover 108.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Nonregulated Electricity Sales | $255.0M | 5.7% | +7.1% |
| — Other Regulated Revenues (part of Nonregulated Electricity Sales) | $136.0M | 3.0% | +37.4% |
| — Other Nonregulated Revenues (part of Nonregulated Electricity Sales) | $82.0M | 1.8% | +64.0% |
| — Renewable Energy Investment Tax Credits (part of Nonregulated Electricity Sales) | $27.0M | 0.6% | +440.0% |
| — Regulated Gas Transportation & Storage (part of Nonregulated Electricity Sales) | $10.0M | 0.2% | +0.0% |
| Total revenue | $4.48B | 100% | — |
The lines above cover 5.7% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.21 | $1.20 | +0.6% | $4.74B | 13 |
| Next quarter (ends 2026-12-31) | $0.64 | $0.73 | -12.6% | $4.41B | 10 |
| Current fiscal year (ends 2026-12-31) | $3.59 | $3.59 | +0.0% | $18.27B | 17 |
| Next fiscal year (ends 2027-12-31) | $3.82 | $3.82 | +0.0% | $19.50B | 18 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-30): ±4.4%; last 8 reports averaged ±2.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 19.3% | ±4.4% |
| 2026-12-18 | 56 | 19.5% | ±5.8% |
| 2027-01-15 | 84 | 18.9% | ±7.1% |
| 2027-03-19 | 147 | 19.5% | ±10.0% |
| 2027-04-16 | 175 | 21.2% | ±11.8% |
| 2027-06-17 | 237 | 20.3% | ±13.2% |
| 2027-09-17 | 329 | 21.1% | ±15.7% |