Dominion Energy, Inc. (D) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-257.5%

-$106.46

vs $67.61 price

Levered DCF

-$441.63

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.71

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.93×	22.07×	19.75×	41.15×	19.69×	-150.4×	49.89×	19.11×
P/B	1.72×	1.66×	1.37×	1.83×	2.32×	2.39×	2.09×	2.33×
P/S	3.03×	3.13×	2.63×	3.62×	5.56×	4.41×	4.65×	4.17×
EV / EBITDA	11.87×	12.92×	10.88×	20.62×	19.31×	14.32×	16.86×	16.2×
Gross margin	49.0%	47.9%	48.3%	45.8%	47.4%	51.5%	42.2%	44.6%
Operating margin	26.7%	22.5%	23.7%	10.4%	17.5%	14.5%	10.7%	26.9%
Net margin	18.2%	14.7%	14.1%	8.5%	29.8%	-2.8%	9.4%	21.9%
Current ratio	0.77×	0.71×	1.04×	0.73×	0.84×	0.64×	0.61×	0.67×
Debt / equity	1.68×	1.53×	1.61×	1.49×	1.49×	1.42×	1.01×	1.75×
Interest coverage	2.18×	1.72×	2.04×	1.44×	1.54×	1.49×	1.04×	2.36×
Dividend yield	4.6%	5.0%	5.9%	4.4%	3.2%	4.6%	4.5%	4.7%
Payout ratio	76.0%	105.4%	109.9%	185.5%	59.9%	-716.5%	219.7%	89.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.3%	7.8%	7.4%	4.3%	12.4%	-1.5%	4.2%	12.2%
Return on invested capital	3.4%	2.9%	2.8%	1.2%	2.1%	2.2%	1.2%	3.2%
Return on assets	2.6%	2.1%	1.9%	1.1%	3.4%	-0.4%	1.3%	3.1%
Free cash flow yield	-14.5%	-16.4%	-9.7%	-8.0%	-3.2%	-1.8%	-0.2%	0.8%
Earnings yield	6.0%	4.7%	5.4%	2.4%	5.4%	-0.6%	2.0%	5.2%
Enterprise value	$98.7B	$86.6B	$81.8B	$91.6B	$103.8B	$99.3B	$99.3B	$81.7B
Net debt / EBITDA	5.85×	6.18×	5.85×	9.25×	7.5×	5.31×	5.48×	6.93×
Cash conversion cycle (days)	102	94	102	84	108	97	87	97