Dominion Energy, Inc. D
Dominion Energy at $66.61 trades at roughly an 11% premium to the regulated-electric peer median on P/E (23.0x vs 20.7x) and EV/EBITDA (15.2x vs 13.9x), with FY2025 free cash flow of -$7.3B against $48.9B of total debt and the proposed NextEra acquisition drawing regulatory opposition from Maine's governor over competition concerns. FY2025 results showed genuine improvement — revenue growth of 14.2%, operating margin expansion to 26.7%, and EPS of $3.45 up 41% YoY — and insiders cluster-bought at $62.95 in May 2026, but the smart-money score turned slightly negative at -0.0091 as of Q2 2026 and the stock sits below its 50-day MA of $69.13 with a bearish MACD histogram.
The merger outcome is the dominant swing factor; until regulatory clarity emerges, the risk/reward is balanced.
What could go wrong
- Merger regulatory risk. Maine's governor has publicly opposed the NextEra-Dominion merger on competition grounds, and Halper Sadeh LLC is investigating whether shareholders are receiving fair deal terms.
- Balance sheet leverage. Total debt of $48.9B against stockholders' equity of $29.1B, with FY2025 free cash flow of -$7.3B and capex of -$12.6B, constrains financial flexibility.
- Valuation premium with negative FCF. Trading at 11% above peer median P/E (23.0x vs 20.7x) and 9% above peer median EV/EBITDA (15.2x vs 13.9x) despite persistently negative free cash flow.
- Technical deterioration. RSI at 35.9 approaching oversold, stock below 50-day MA of $69.13, and MACD histogram negative at -0.19, indicating ongoing near-term selling pressure.
What would change my mind
Where this comes from: peer_relative · FY2025 fundamentals · derived_metrics FY2025 · insider transactions. Orin's read on D; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All D filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Capital Research Global Investors | $5.0B | 0.7% of fund |
| Vanguard Capital Management | $3.9B | 0.1% of fund |
| State Street | $3.5B | 0.1% of fund |
| Vanguard Portfolio Management | $3.1B | 0.1% of fund |
| Wellington Management Group Llp | $2.8B | 0.5% of fund |
| Massachusetts Financial Services /Ma/ | $1.4B | 0.4% of fund |
104 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 44 Form 4 filings, net $5.3M. Of the 44 on hand, 1 was an open-market purchase and 0 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about D
Orin answers questions about D from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 20.9× | 18.7× | 25.9× |
| EV/EBITDA | 14.5× | 12.9× | — |
| P/S | 2.90× | 3.13× | — |
| P/B | 1.8× | 1.7× | — |
Its P/E sits 60th percentile of its own last 5 years (−0.28σ from its own mean).
What Wall Street published
$72
$66 – $80 · +19% against today's price
- 12 buy or overweight
- 19 hold
- 2 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| DDominion Energy, Inc. | $53B | 20.9× | 14.5× | 49.3% | 13.9% | 9% |
| AEPAmerican Electric Power Company, Inc. | $64B | 20.2× | 13.6× | 49.0% | 13.9% | 10% |
| EDConsolidated Edison, Inc. | $38B | 16.8× | 9.9× | 76.0% | 12.5% | 9% |
| ETREntergy Corporation | $46B | 24.8× | 13.7× | 38.9% | 13.5% | 10% |
| EXCExelon Corporation | $41B | 14.7× | 10.2× | 24.5% | 11.0% | 10% |
| PCGPG&E Corporation | $33B | 8.9× | 9.2× | 56.2% | 12.3% | 10% |
| PEGPublic Service Enterprise Group Incorporated | $33B | 16.5× | 13.2× | 85.4% | 16.0% | 12% |
| SRESempra | $51B | 22.4× | 13.4× | 41.7% | 16.8% | 7% |
| WECWEC Energy Group, Inc. | $33B | 19.4× | 13.6× | 62.0% | 16.7% | 12% |
| XELXcel Energy Inc. | $43B | 19.0× | 12.5× | 48.8% | 15.3% | 10% |
The median is of the 9 peers listed above and nothing else — check it against the column. This company trades 10.3% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $-121 | $66.72 · −281% | 2026-06-10 |
| Levered DCF | $-528 | $66.72 · −892% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.