MeritValue

DOMINION ENERGY, INC

Ddata completeness 88%19 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

DOMINION ENERGY, INC earns about 3% on invested capital, but has diluted owners by 6% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $24.64 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$11.7B1$14.6B2$13.5B3$14.2B3$16.5B3
Net income$3.4B4$1.19B5$1.96B6$2.03B6$3B6
Operating cash flow$4.04B7$3.7B8$6.57B9$5.02B9$5.36B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$2.31B10$45.3B11$44.2B12$41.8B13$48.8B14
Cash & equivalents$283M15$119M16$184M17$310M18$250M18
Diluted shares808.5M824.8M836.5M839.4M855.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$340.03
your share of equity
Profit it earned you last year
$35.05
Free cash flow it threw off
—
Debt you’d be carrying
$570.43

10 shares is a claim on $340.03 of net worth that earned you $35.05 last year, against $570.43 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 6%FY22 0%FY23 3%FY24 3%FY25 4%

It earned an average 3% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 2008% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$24.64
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.03B
  • growthAssumed0.0%
Graham Number
$51.38
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-019110 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-028387 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-063120 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-019110 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-028387 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-063120 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-019110 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-028387 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-063120 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-003287 (ShortTermBorrowings)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-23-003287 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-24-019110 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0000950170-25-028387 (LongTermDebt)
  14. 10-K · period ending 2025-12-31 · accession 0001193125-26-063120 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0000950170-23-003287 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0000950170-24-019110 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0000950170-25-028387 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001193125-26-063120 (CashAndCashEquivalentsAtCarryingValue)