Latest Ratios: P/E Ratio 22.4x · EV/EBITDA 14.8x · ROE 9.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $60.3B | $50.1B | $45.2B | $39.3B | $51.2B | $63.5B | $62.5B | $67.0B | $48.7B | $51.6B | $48.1B |
| Enterprise Value | $109.0B | $98.8B | $86.7B | $83.4B | $92.3B | $103.8B | $99.3B | $99.3B | $83.6B | $88.8B | $82.9B |
| P/E Ratio → | 22.35 | 16.98 | 22.07 | 20.52 | 292.00 | 19.74 | — | 49.89 | 19.91 | 17.17 | 22.66 |
| P/S Ratio | 3.11 | 3.04 | 3.13 | 2.73 | 3.67 | 5.56 | 4.41 | 4.65 | 4.35 | 4.10 | 4.10 |
| P/B Ratio | 1.76 | 1.50 | 1.50 | 1.43 | 1.85 | 2.33 | 2.36 | 1.97 | 2.21 | 2.66 | 2.86 |
| P/FCF | — | — | — | — | — | — | — | — | 132.24 | — | — |
| P/OCF | 11.25 | 9.35 | 9.01 | 5.98 | 13.84 | 15.73 | 11.96 | 12.87 | 10.20 | 11.45 | 11.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.99 | 5.99 | 5.79 | 6.62 | 9.09 | 7.01 | 6.89 | 7.46 | 7.05 | 7.07 |
| EV / EBITDA | 14.77 | 13.92 | 14.72 | 12.74 | 20.24 | 21.79 | 20.31 | 21.96 | 15.79 | 14.46 | 15.66 |
| EV / EBIT | 24.70 | 17.54 | 21.30 | 18.96 | 69.39 | 39.85 | 24.23 | 34.09 | 30.28 | 23.33 | 24.31 |
| EV / FCF | — | — | — | — | — | — | — | — | 227.10 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.0% | 49.0% | 47.9% | 48.3% | 45.8% | 47.4% | 51.5% | 42.2% | 44.6% | 50.7% | 47.4% |
| Operating Margin | 26.7% | 26.7% | 22.5% | 23.7% | 10.4% | 17.5% | 14.5% | 10.7% | 26.9% | 31.3% | 29.4% |
| Net Profit Margin | 18.2% | 18.2% | 14.7% | 14.1% | 8.5% | 29.8% | -2.8% | 9.4% | 21.9% | 23.8% | 18.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.4% | 9.4% | 7.4% | 7.4% | 4.3% | 12.6% | -1.3% | 4.8% | 11.8% | 16.6% | 13.9% |
| ROA | 2.7% | 2.7% | 2.0% | 1.9% | 1.2% | 3.5% | -0.4% | 1.5% | 3.2% | 4.0% | 3.3% |
| ROIC | 4.3% | 4.3% | 3.4% | 3.6% | 1.6% | 2.3% | 2.4% | 1.9% | 4.0% | 5.5% | 5.5% |
| ROCE | 4.4% | 4.4% | 3.7% | 3.9% | 1.6% | 2.3% | 2.3% | 1.9% | 4.4% | 6.0% | 6.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.46 | 1.46 | 1.38 | 1.61 | 1.49 | 1.49 | 1.40 | 0.95 | 1.60 | 1.93 | 2.08 |
| Debt / EBITDA | 6.90 | 6.90 | 7.09 | 6.76 | 9.04 | 8.52 | 7.57 | 7.17 | 6.65 | 6.08 | 6.63 |
| Net Debt / Equity | — | 1.46 | 1.37 | 1.60 | 1.49 | 1.48 | 1.39 | 0.95 | 1.58 | 1.92 | 2.07 |
| Net Debt / EBITDA | 6.86 | 6.86 | 7.04 | 6.73 | 9.01 | 8.46 | 7.53 | 7.14 | 6.59 | 6.06 | 6.58 |
| Debt / FCF | — | — | — | — | — | — | — | — | 94.86 | — | — |
| Interest Coverage | 2.79 | 2.79 | 2.16 | 2.63 | 1.33 | 2.01 | 2.98 | 1.96 | 2.16 | 3.16 | 3.38 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.77 | 0.77 | 0.71 | 1.04 | 0.73 | 0.84 | 0.64 | 0.61 | 0.67 | 0.45 | 0.52 |
| Quick Ratio | 0.59 | 0.59 | 0.52 | 0.97 | 0.62 | 0.65 | 0.49 | 0.45 | 0.49 | 0.30 | 0.34 |
| Cash Ratio | 0.02 | 0.02 | 0.03 | 0.01 | 0.01 | 0.03 | 0.02 | 0.01 | 0.04 | 0.01 | 0.03 |
| Asset Turnover | — | 0.14 | 0.14 | 0.13 | 0.13 | 0.11 | 0.15 | 0.14 | 0.14 | 0.16 | 0.16 |
| Inventory Turnover | 4.30 | 4.30 | 4.27 | 4.38 | 4.95 | 3.68 | 4.43 | 5.15 | 4.37 | 4.20 | 4.05 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.9% | 4.5% | 5.0% | 5.7% | 4.3% | 3.2% | 4.6% | 4.5% | 4.5% | 3.7% | 3.6% |
| Payout Ratio | 76.0% | 76.0% | 105.4% | 109.9% | 185.5% | 59.9% | — | 219.7% | 89.3% | 64.4% | 81.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 5.9% | 4.5% | 4.9% | 0.3% | 5.1% | — | 2.0% | 5.0% | 5.8% | 4.4% |
| FCF Yield | — | — | — | — | — | — | — | — | 0.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 1.8% | 0.0% | 3.1% | 0.0% | 4.9% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.9% | 4.5% | 6.7% | 5.7% | 7.5% | 3.2% | 9.5% | 4.5% | 4.5% | 3.7% | 3.6% |
| Shares Outstanding | — | $855M | $839M | $837M | $835M | $809M | $831M | $809M | $681M | $636M | $628M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying D stock.
Dominion Energy, Inc.'s current P/E ratio is 22.4x. The historical average is 25.6x. This places it at the 68th percentile of its historical range.
Dominion Energy, Inc.'s current EV/EBITDA is 14.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.5x.
Dominion Energy, Inc.'s return on equity (ROE) is 9.4%. The historical average is 10.4%.
Based on historical data, Dominion Energy, Inc. is trading at a P/E of 22.4x. This is at the 68th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dominion Energy, Inc.'s current dividend yield is 3.88% with a payout ratio of 76.0%.
Dominion Energy, Inc. has 49.0% gross margin and 26.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Dominion Energy, Inc.'s Debt/EBITDA ratio is 6.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Offshore wind execution and leverage
Metrics are mathematically derived from official filings.
Premium P/E Priced Against Rate Sensitivity
Based on the supplied valuation metrics, Dominion trades at a trailing P/E of 20.19 and a 3.8% dividend yield, a multiple that sits near the upper half of its utility peer set and implies the market is pricing in sustained rate base growth from Virginia data center demand.
A trailing P/E of 20.19 and forward P/E of 19.40 place Dominion above PCG, EXC and AEP while remaining close to SO and ED, which suggests investors are paying for expected earnings growth rather than a bond-proxy multiple alone. Because utility P/E tends to be anchored to interest rates, the 3.8% yield offers a thinner spread over Treasuries than the headline multiple might imply, and investors should monitor whether authorized returns keep pace with the valuation. The premium appears to rest on the assumption that the offshore wind build converts into earned return on schedule.
Reported ROE Lags Regulated Return Potential
As reported in financial statements, Dominion's ROE ranged from -0.3% to 3.4% across recent quarters, well below the 9% to 11% authorized returns typical for Virginia and South Carolina utilities, indicating a material gap between earned and allowed returns.
Quarterly ROE figures in the supplied data are depressed relative to the regulated return framework that governs the Virginia rate base, which may reflect timing effects from fuel recovery, AFUDC accounting and construction-period drag rather than a permanent shortfall. The gap between earned and allowed ROE is the single most important ratio here, since it determines earnings power and valuation. Investors should monitor whether the rate base expansion translates into earned returns closer to authorized levels as construction assets enter service.
Elevated Leverage Against Construction Program
According to reported figures, Dominion's debt-to-capital ratio held near 0.60 across the period while the interest coverage ratio ranged from 1.96x to 3.42x, a profile that appears adequate today but thin relative to the scale of its capital program.
Debt-to-capital stable around 0.60 suggests the company has not materially deleveraged despite divestiture activity, and the coverage ratio's swing from 3.42x to 1.96x indicates sensitivity to earnings timing. FFO-to-debt in the 2.19x to 4.70x range sits near the threshold where rating agencies become cautious, which warrants further investigation given the continued heavy capex. The leverage profile appears to be the main constraint on how fast the offshore wind program can be funded.
Dividend Payout Strained by Earnings Volatility
Based on the reported figures, Dominion's dividend payout ratio reached 172.6% in 2026Q2 and 94.5% to 97.3% in several other quarters, while operating cash flow covered quarterly dividends only about 1.1x to 3.8x, suggesting the dividend depends heavily on cash timing.
Payout ratios above 100% in several quarters reflect earnings volatility rather than a stable regulated earnings base, which limits the dividend's usefulness as a reliable return anchor. Operating cash flow coverage of roughly 1 to 4 times indicates the dividend is funded from operations in most periods, but with the company simultaneously running negative free cash flow, dividend capacity may depend on external financing. Investors should monitor whether the dividend is sustained without incremental debt, since payout pressure could constrain internal funding of the capex program.
Earnings Multiple Misreads Regulated Economics
The most commonly misapplied ratio for Dominion is standard P/E compared against industrial or growth-sector benchmarks, which obscures that AFUDC and regulatory asset deferrals can inflate reported earnings relative to cash returns.
Comparing Dominion's 20.19 P/E to industrial multiples ignores that utility earnings include non-cash AFUDC income on construction work, which lifts reported profit without matching cash generation during the CVOW build. A more appropriate lens is price-to-operating-cash-flow or earned-versus-allowed ROE adjusted for AFUDC and regulatory asset timing. Using these alternatives would better reveal whether the valuation premium is supported by durable regulated cash earnings.