DOMINION ENERGY, INC (D)

Price—Loading quote

AI: Fair-priced

Price checkThe shares look fairly priced because expected growth is balanced by debt and deal risk.

The latest verifiable close was $69.17 on August 14, 2026. Against management’s 2026 operating-earnings midpoint of $3.57 a share, the price is about 19.4 times earnings; operating earnings exclude selected unusual items. The $2.67 annual dividend yields about 3.9%. That is not cheap for guided annual growth of 5% to 7%, but it is defensible if the merger succeeds. Because the offer exchanges each Dominion share for 0.8138 NextEra shares, value now also moves with NextEra’s price and approval odds.

Big pictureRegulated demand supports earnings, but heavy construction spending consumes more cash than operations provide.

Revenue rose 16.5% to $16.52 billion in 2025, while income available to common shareholders rose 69% to $2.97 billion. Operating cash increased only 6.8% to $5.36 billion, however, and dividends consumed $2.28 billion. Investing used $12.97 billion, leaving roughly $7.61 billion more invested than operations produced; this is not a precise free-cash-flow calculation because investing includes more than routine construction. Regulated customers steady demand, but weather still shifts results. Second-quarter 2026 operating earnings grew 10%, while reported earnings more than halved after write-downs.

Business strengthThe utility base is dependable, while rising debt and share growth weaken owner protection.

Dominion supplies regulated electricity to 3.6 million customers and regulated gas to another 500,000, supporting durable collections and investment recovery. The balance sheet offers less protection: March 2026 debt was $48.21 billion against $351 million of cash, up from $40.03 billion at year-end 2024. Current assets covered only 78% of current liabilities. Funding also diluted owners: shares rose 3.2%, from 852 million to 879 million. The dividend consumed 43% of 2025 operating cash, while planned investment of roughly $65 billion through 2030 requires continued external financing.

What could change the storyMerger approval and clean wind-project execution could help, while delays would damage the case.

The strongest bull case is a completed NextEra merger: management projects lower financing costs, an immediate increase in adjusted earnings and 6% annual dividend growth through 2028. Growing data-center electricity demand could also support profitable regulated grid investment. The bear case is costly approval conditions, rejection, or weaker NextEra shares because Dominion receives a fixed share ratio. Watch Coastal Virginia Offshore Wind stay near its $11.5 billion budget and finish in early 2027. Without the merger, today’s 19.4-times valuation requires Dominion to deliver its 5% to 7% growth target despite debt and dilution.

$69.17 price considered

AI: News

NextEra merger announcedThe proposed takeover raised Dominion’s price but replaced standalone upside with deal and approval risk.

On May 18, NextEra and Dominion agreed to an all-stock combination valued at about $66.8 billion. Each Dominion share would receive 0.8138 NextEra shares, plus part of an aggregate $360 million cash payment at closing. The Associated Press reported Dominion rose 9.61% that morning; that is consistent with deal repricing, though intraday moves can have other drivers. Closing is targeted within 12 to 18 months and requires shareholder and federal and state approvals.

Quarterly guidance maintainedCore quarterly profit improved, while reported profit fell sharply because several assets lost accounting value.

On July 31, Dominion reported second-quarter income under standard accounting rules of $340 million, or $0.37 a share, down from $760 million and $0.88 a year earlier. Operating earnings, which remove selected unusual items, increased to $712 million and $0.79 a share from $649 million and $0.75. Management retained its 2026 range of $3.45 to $3.69. The release therefore supported core expectations, although the pending fixed-ratio merger makes any isolated stock reaction difficult to attribute reliably.

Large asset charges surfaceLarge write-downs exposed weak past investments and some wind-project costs that customers may not repay.

The July 31 results disclosed $704 million of first-half net charges involving nonregulated assets, mainly an $820 million renewable-natural-gas write-down and $78 million solar write-down, partly offset by a $195 million nuclear-related benefit. Dominion also recorded $95 million of regulated-asset and other charges, mainly Coastal Virginia Offshore Wind costs not expected to be recovered from customers. A write-down reduces an asset’s accounting value. It is not a same-period cash payment, but it shows that earlier spending produced less value than expected.

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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$16.52B	$14.18B	$13.49B	$14.55B	$11.66B	$13.75B	$13.74B	$10.89B	$12.59B	$11.74B	$11.68B	$12.44B	$13.12B	$12.84B	$13.77B	$14.93B	$14.80B	$15.89B	$14.82B
Operating income	$4.41B	$3.25B	$3.41B	$1.45B	$2.00B	$2.06B	$1.54B	$3.01B	$3.94B	$3.45B	$3.54B	$2.72B	$3.32B	$2.86B	$2.88B	$5.85B	$2.57B	$3.48B	$5.57B
EBITDAderived	$6.80B	$5.59B	$5.99B	$3.89B	$4.11B	$4.39B	$3.83B	$4.67B	$5.84B	$5.01B	$4.93B	$4.01B	$4.52B	$3.98B	$3.90B	$6.89B	$3.71B	$4.67B	$7.10B
Net income	$3.00B	$2.03B	$1.96B	$1.19B	$3.40B	−$401.0M	$1.36B	$2.45B	$3.00B	$2.12B	$1.90B	$1.31B	$1.70B	$302.0M	$1.41B	$2.81B	$1.29B	$1.83B	$2.54B
Basic EPSper diluted share	$3.46	$2.33	$2.25	$1.33	$4.12	-$0.56	$1.66	$3.74	$4.72	$3.44	$3.21	$2.25	$2.93	$0.53	$2.46	$4.77	$2.17	$3.17	$3.90
Diluted EPSper diluted share	$3.45	$2.33	$2.25	$1.33	$4.12	-$0.57	$1.62	$3.74	$4.72	$3.44	$3.20	$2.24	$2.93	$0.53	$2.45	$4.76	$2.17	$3.16	$3.88

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$276.2K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Aug 27, 2025Form 4	BLUE ROBERT MChair, President and CEO	BuyCommon Stock	4.2K	$60.35	$250.6K	161.2K
Mar 13, 2025Form 4	Sutherland Vanessa AllenDirector	BuyCommon Stock	475	$54.01	$25.7K	475

Review ownership filings at SEC.gov ↗

DOMINION ENERGY, INC (D)

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Financial statements

Insider buys & sells