Forensic Analysis · Electric Utilities · as of Nov 7, 2026
Dominion Energy, Inc (D)
A forensic read on Dominion Energy, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
3
Forensic signals
10.7%
ROE
14.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Dominion Energy, Inc earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3.7%
FY2025
Return on invested capital.Return on invested capital is 3.7% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.8-point range. After-tax operating profit was $2.6B in FY2023 and $3.8B in FY2025, with operating income at 23.7% of revenue in FY2023, 22.5% in FY2024 and 26.7% in FY2025. The capital base behind it grew +15% across FY2023–FY2025, from $88.4B to $101.5B, and the return did not fall doing it, so the dollars added over that window earned at least the 3.0% the older base was already earning. $19.2B of the $101.5B base at FY2025 is construction in progress (18.9%) — paid for, not yet in service, and so in the denominator of this return. FY2024's operating profit carried a $600M asset write-down that alone took about 0.5 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.
FCF ($7.3B)
FY2025
Shareholder returns.Returned $2.3B to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($7.3B) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $5.4B — 42% of that. Capex and the payout together ran $9.6B past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. The balance sheet covered it: cash fell $60M and total debt rose $6.5B over FY2025 — $6.6B of the $9.6B. The FY2025 cash-flow statement filed $8.9B of debt issued against $1.7B repaid; $1.5B from shares issued; $10.6B of investments purchased; net cash used in investing activities of $13.0B; net cash provided by financing activities of $7.6B.
+12.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +12.9% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $546.0M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by receivables up +17% against revenue +14% and PP&E up +15% against revenue +14%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 3% of net operating assets, against an accruals ratio of 12.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$16.51B
Revenue Growth YoY+14.2%
Revenue CAGR (2yr)+7.1%
Net Margin18.2%
Free Cash Flow-$7.28B
Return on Equity10.7%
Debt / Equity1.60x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Dominion Energy, Inc's actual 10-K/10-Q/8-K filings?