Dominion Energy, Inc.

UtilitiesRegulated ElectricNYSE

$61.88

Market Cap: $54.43B

Dominion Energy, Inc. (D) Valuation Summary

Updated May 11, 2026 07:09

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$53.47 – $3,091.31	$148.77	+140.4%
Growth Exit 10Y	$74.30 – $3,621.68	$186.21	+200.9%
EBITDA Exit 5Y	$152.86 – $377.64	$255.74	+313.2%
EBITDA Exit 10Y	$165.83 – $464.18	$292.38	+372.5%
▸ Trading Multiples
P/E	$64.80 – $82.43	$66.42	+7.3%
EV/EBITDA	$44.13 – $73.96	$72.32	+16.9%
EV/Revenue	$18.69 – $59.30	$50.95	-17.7%
▸ PEG
PEG Fair Value	$36.39 – $36.39	$36.39	-41.2%
▸ Earnings Power Value
Earnings Power Value	—	N/A	—
▸ Dividend Discount
Dividend Discount	$37.21 – $100.96	$56.36	-8.9%

Valuation History

DCF Analysis

Fair Value

$148.77

Market Price

$61.89

Upside / Downside

+140.4%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Dominion Energy, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 8.9% to 6.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 70, DPO 58, DIO 85). At a 5.7% WACC with mid-year discounting, the terminal value (86% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $148.77 per share, suggesting D is undervalued by 140.4% at the current price of $61.88.

FCFF Present Value Calculation

WACC

5.70%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	5,679	6,024	6,345	6,758	7,199	7,379
(−) Net Interest	1,994	2,115	2,228	2,373	2,528	2,591
(+) D&A	9,824	11,075	12,135	12,839	13,284	13,617
EBITDA	17,498	19,214	20,709	21,971	23,011	23,586

(−) Tax	659	700	737	785	836	857
(−) CapEx	12,312	13,061	13,756	14,652	15,607	15,997
(−) ΔWC	114	252	234	301	321	329
Free Cash Flow (FCFF)	4,412	5,202	5,981	6,233	6,247	6,403

Terminal Value						200,084
WACC / Discount Rate	5.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	4,291	4,787	5,207	5,134	4,868	151,647

Enterprise Value	175,934
Projection Period	24,287	13.8%
Terminal Value	151,647	86.2%

(−) Current Net Debt	48,691

Equity Value	127,243
(/) Outstanding Shares	855

Fair Price	$148.77

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
3.7%	$257	$340	$493	$864	$3091
4.7%	$158	$193	$243	$322	$468
5.7%	$107	$125	$149	$182	$229
6.7%	$75	$86	$100	$117	$140
7.7%	$53	$61	$69	$80	$93

Current price: $61.88. Green = undervalued, Red = overvalued.

Fair Value

$186.21

Market Price

$61.89

Upside / Downside

+200.9%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Dominion Energy, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 8.9% to 4.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 70, DPO 58, DIO 85). At a 5.7% WACC with mid-year discounting, the terminal value (77% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $186.21 per share, suggesting D is undervalued by 200.9% at the current price of $61.88.

FCFF Present Value Calculation

WACC

5.70%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	5,679	6,024	6,345	6,758	7,199	7,814	8,394	8,925	9,391	9,777	10,021
(−) Net Interest	1,994	2,115	2,228	2,373	2,528	2,744	2,947	3,134	3,297	3,433	3,519
(+) D&A	9,824	11,075	12,135	12,839	13,284	13,878	14,803	15,831	16,949	18,091	18,543
EBITDA	17,498	19,214	20,709	21,971	23,011	24,435	26,145	27,890	29,638	31,300	32,083

(−) Tax	659	700	737	785	836	907	975	1,036	1,090	1,135	1,164
(−) CapEx	12,312	13,061	13,756	14,652	15,607	16,940	18,199	19,350	20,359	21,195	21,725
(−) ΔWC	114	252	234	301	321	449	424	387	340	282	289
Free Cash Flow (FCFF)	4,412	5,202	5,981	6,233	6,247	6,139	6,548	7,116	7,848	8,688	8,905

Terminal Value											278,276
WACC / Discount Rate	5.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	4,291	4,787	5,207	5,134	4,868	4,526	4,567	4,696	4,899	5,131	159,852

Enterprise Value	207,958
Projection Period	48,106	23.1%
Terminal Value	159,852	76.9%

(−) Current Net Debt	48,691

Equity Value	159,267
(/) Outstanding Shares	855

Fair Price	$186.21

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
3.7%	$334	$431	$608	$1039	$3622
4.7%	$208	$246	$301	$389	$550
5.7%	$142	$161	$186	$221	$271
6.7%	$101	$113	$126	$144	$167
7.7%	$74	$81	$90	$100	$112

Current price: $61.88. Green = undervalued, Red = overvalued.

Fair Value

$255.72

Market Price

$61.89

Upside / Downside

+313.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Dominion Energy, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 8.9% to 6.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 70, DPO 58, DIO 85). At a 5.7% WACC with mid-year discounting, the terminal value (91% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 13.6x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $255.74 per share, suggesting D is undervalued by 313.2% at the current price of $61.88.

FCFF Present Value Calculation

WACC

5.70%

3% – 20%

EV/EBITDA Exit Multiple

13.60x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	5,679	6,024	6,345	6,758	7,199	7,379
(−) Net Interest	1,994	2,115	2,228	2,373	2,528	2,591
(+) D&A	9,824	11,075	12,135	12,839	13,284	13,617
EBITDA	17,498	19,214	20,709	21,971	23,011	23,586

(−) Tax	659	700	737	785	836	—
(−) CapEx	12,312	13,061	13,756	14,652	15,607	—
(−) ΔWC	114	252	234	301	321	—
Free Cash Flow (FCF)	4,412	5,202	5,981	6,233	6,247	—

Peers' EBITDA Multiple						13.6x
Terminal Value						320,773
WACC / Discount Rate	5.70%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	4,291	4,787	5,207	5,134	4,868	243,119

Enterprise Value	267,406
Projection Period	24,287	9.1%
Terminal Value	243,119	90.9%

(−) Current Net Debt	48,691
Equity Value	218,715
(÷) Outstanding Shares	855M
Fair Price	$256	+313.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	9.6x	11.6x	13.6x	15.6x	17.6x
3.7%	$194	$240	$286	$332	$378
4.7%	$183	$226	$270	$314	$358
5.7%	$172	$214	$256	$298	$339
6.7%	$162	$202	$242	$282	$322
7.7%	$153	$191	$229	$267	$305

Current price: $61.88. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$292.36

Market Price

$61.89

Upside / Downside

+372.4%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Dominion Energy, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 8.9% to 4.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 70, DPO 58, DIO 85). At a 5.7% WACC with mid-year discounting, the terminal value (84% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 13.6x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $292.38 per share, suggesting D is undervalued by 372.5% at the current price of $61.88.

FCFF Present Value Calculation

WACC

5.70%

3% – 20%

EV/EBITDA Exit Multiple

13.60x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	5,679	6,024	6,345	6,758	7,199	7,814	8,394	8,925	9,391	9,777	10,021
(−) Net Interest	1,994	2,115	2,228	2,373	2,528	2,744	2,947	3,134	3,297	3,433	3,519
(+) D&A	9,824	11,075	12,135	12,839	13,284	13,878	14,803	15,831	16,949	18,091	18,543
EBITDA	17,498	19,214	20,709	21,971	23,011	24,435	26,145	27,890	29,638	31,300	32,083

(−) Tax	659	700	737	785	836	907	975	1,036	1,090	1,135	—
(−) CapEx	12,312	13,061	13,756	14,652	15,607	16,940	18,199	19,350	20,359	21,195	—
(−) ΔWC	114	252	234	301	321	449	424	387	340	282	—
Free Cash Flow (FCF)	4,412	5,202	5,981	6,233	6,247	6,139	6,548	7,116	7,848	8,688	—

Peers' EBITDA Multiple											13.6x
Terminal Value											436,325
WACC / Discount Rate	5.70%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	4,291	4,787	5,207	5,134	4,868	4,526	4,567	4,696	4,899	5,131	250,641

Enterprise Value	298,747
Projection Period	48,106	16.1%
Terminal Value	250,641	83.9%

(−) Current Net Debt	48,691
Equity Value	250,056
(÷) Outstanding Shares	855M
Fair Price	$292	+372.4%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	9.6x	11.6x	13.6x	15.6x	17.6x
3.7%	$256	$308	$360	$412	$464
4.7%	$230	$277	$324	$372	$419
5.7%	$206	$249	$292	$335	$379
6.7%	$185	$224	$263	$303	$342
7.7%	$166	$202	$237	$273	$309

Current price: $61.88. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$66.42

Market Price

$61.89

Upside / Downside

+7.3%

Verdict

Undervalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Dominion Energy, Inc. (D) has a fair value of $66.42 based on 9 comparable companies in the Regulated Electric industry.

P/E Valuation — Regulated Electric

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Dominion Energy, Inc.D	52,930	17.9x	17.2x
American Electric Power Company, Inc.AEP	70,821	19.5x	20.5x
SempraSRE	59,839	33.3x	17.9x
Entergy CorporationETR	51,089	28.5x	25.4x
Xcel Energy Inc.XEL	50,210	23.5x	19.6x
Exelon CorporationEXC	44,929	16.0x	15.4x
Consolidated Edison, Inc.ED	39,167	18.8x	17.4x
Public Service Enterprise Group IncorporatedPEG	38,817	18.5x	17.8x
WEC Energy Group, Inc.WEC	36,735	23.3x	20.2x
PG&E CorporationPCG	35,654	13.7x	9.8x
Industry Median		19.5x	17.9x
(*) Profit after tax		2,998	3,070
Equity Value		58,592	55,021
(/) Outstanding shares		855	855
Fair Price		$69	$64

Selected Fair Value (avg of trailing + forward)

$66.42

+7.3%

Fair Value

$72.32

Market Price

$61.89

Upside / Downside

+16.9%

Verdict

Undervalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Dominion Energy, Inc. (D) has a fair value of $72.32 based on 9 comparable companies in the Regulated Electric industry.

EV/EBITDA Valuation — Regulated Electric

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Dominion Energy, Inc.D	52,930	12.7x	11.6x
American Electric Power Company, Inc.AEP	70,821	13.7x	12.8x
SempraSRE	59,839	14.0x	13.5x
Entergy CorporationETR	51,089	13.3x	12.4x
Xcel Energy Inc.XEL	50,210	14.0x	12.9x
Exelon CorporationEXC	44,929	10.7x	10.3x
Consolidated Edison, Inc.ED	39,167	10.8x	10.4x
Public Service Enterprise Group IncorporatedPEG	38,817	13.6x	13.5x
WEC Energy Group, Inc.WEC	36,735	14.6x	14.2x
PG&E CorporationPCG	35,654	9.8x	9.2x
Industry Median		13.6x	12.8x
(*) EBITDA		8,020	8,736
= Enterprise Value		109,079	112,013
(-) Net Debt		48,691	48,691
Equity Value		60,388	63,322
(/) Outstanding shares		855	855
Fair Price		$71	$74

Selected Fair Value (avg of trailing + forward)

$72.32

+16.9%

Fair Value

$50.95

Market Price

$61.89

Upside / Downside

-17.7%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Dominion Energy, Inc. (D) has a fair value of $50.95 based on 9 comparable companies in the Regulated Electric industry.

EV/Revenue Valuation — Regulated Electric

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Dominion Energy, Inc.D	52,930	6.2x	5.7x
American Electric Power Company, Inc.AEP	70,821	5.5x	5.2x
SempraSRE	59,839	7.0x	6.8x
Entergy CorporationETR	51,089	6.3x	5.9x
Xcel Energy Inc.XEL	50,210	5.8x	5.3x
Exelon CorporationEXC	44,929	3.9x	3.7x
Consolidated Edison, Inc.ED	39,167	3.9x	3.8x
Public Service Enterprise Group IncorporatedPEG	38,817	5.2x	5.2x
WEC Energy Group, Inc.WEC	36,735	6.0x	5.9x
PG&E CorporationPCG	35,654	3.9x	3.6x
Industry Median		5.5x	5.2x
(*) Revenue		16,506	17,981
= Enterprise Value		91,531	93,006
(-) Net Debt		48,691	48,691
Equity Value		42,840	44,315
(/) Outstanding shares		855	855
Fair Price		$50	$52

Selected Fair Value (avg of trailing + forward)

$50.95

-17.7%

PEG Fair Value

Fair Value

$36.39

Market Price

$61.89

Upside / Downside

-41.2%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 10.1% plus 4.2% dividend yield, the company has a fair value of $36.39 based on NTM EPS (FY2026) of $3.59. The current PEG ratio is 1.70.

PEG Ratio

1.70Pricey

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 17.2 ÷ (6.0% + 4.2%) = 1.70

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Slow GrowerPEG less reliable

PEG tends to undervalue slow growers — consider dividend yield and asset value instead.

Fair Value Calculation

EPS Growth RateForward	6.0%
Dividend Yield	+4.2%
Adjusted Growth (clamped 8–25%)	10.1%
Fair P/E	10.1x
NTM EPS (FY2026)	$3.59
Fair Value	$36.39

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$3.45	—	—
FY2026E	$3.59	+4.0%	11
FY2027E	$3.81	+6.1%	11
FY2028E	$4.05	+6.4%	12
FY2029E	$4.31	+6.4%	11
FY2030E	$4.61	+6.8%	6

5Y Forward EPS CAGR: 6.0%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$3.4B	$3.98	—
FY2022	$1.2B	$0.21	-94.7%
FY2023	$2.0B	$2.29	+990.5%
FY2024	$2.1B	$2.44	+6.6%
FY2025	$3.0B	$3.45	+41.4%

4Y Historical EPS CAGR: -3.5%

Dividend Discount Model

Fair Value

$56.36

Market Price

$61.89

Upside / Downside

-8.9%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.7% and projected dividend growth of 3.9%, the fair value is $56.36 per share. The DDM range is $37.21 – $100.96 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$2.66

Dividend Yield

4.19%

Payout Ratio

76.0%

Dividend Coverage

1.32x

DPS CAGR (4Y)1.4%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$2.66	76.0%	-0.1%
2024	$2.67	105.4%	-0.1%
2023	$2.67	109.9%	+0.9%
2022	$2.65	185.5%	+5.1%
2021	$2.52	59.9%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$2.77	3.9%	0.9289	$2.57
2027	$2.88	3.9%	0.8628	$2.48
2028	$2.99	3.9%	0.8014	$2.40
2029	$3.11	3.9%	0.7444	$2.31
2030	$3.23	3.9%	0.6915	$2.23
Terminal Value	$3.31 DPS	2.5%		$44.36

PV of Projected Dividends$11.99

PV of Terminal Value$44.36

Fair Value per Share$56.36

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	1.9%	2.9%	3.9%	4.9%	5.9%
5.7%	$84	$88	$92	$97	$101
6.7%	$64	$67	$70	$73	$76
7.7%	$52	$54	$56	$59	$61
8.7%	$43	$45	$47	$49	$51
9.7%	$37	$39	$41	$42	$44

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.