The business behind the dividend
| Measure | D | Median | Formula |
|---|---|---|---|
| Return on equity | 10.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.9% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-7.27bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-7.29bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 26.7% | 15.0% | Operating income ÷ revenue |
| Net margin | 18.1% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.59x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.18x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.77x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.79x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 10.3% | 7.6% | 7.1% | 4.3% | 12.4% | -1.5% | 4.2% | 12.2% | 17.5% | 14.5% | 7.6% |
| Return on capital employed | 5.9% | 4.9% | 5.0% | 2.1% | 3.1% | 3.4% | 2.5% | 5.9% | 7.7% | 7.4% | 4.9% |
| Operating margin | 26.7% | 22.9% | 25.3% | 9.9% | 17.1% | 14.9% | 11.2% | 27.7% | 31.3% | 29.4% | 22.9% |
| Net margin | 18.1% | 14.3% | 14.5% | 8.2% | 29.1% | -2.9% | 9.9% | 22.5% | 23.8% | 18.1% | 14.5% |
| Debt to equity | 1.59x | 1.46x | 1.46x | 1.51x | 1.37x | 1.30x | 0.91x | 1.55x | 1.98x | 2.19x | 1.46x |
| Current ratio | 0.77x | 0.71x | 1.04x | 0.73x | 0.84x | 0.64x | 0.61x | 0.67x | 0.45x | 0.52x | 0.67x |
| Cash conversion | 1.79x | 2.47x | 3.35x | 3.11x | 1.19x | — | 3.83x | 1.95x | 1.50x | 1.96x | 1.96x |
How it compares in utilities
Among the 57 utilities companies here measured on GAAP earnings, Dominion Energy pays out less than 9 of them. The median for that group is 61.5%, against this company’s 77.4%.
Closest on GAAP earnings
- Portland General Electric (POR) 74.9%
- Southern (SO) 75.0%
- Oneok (OKE) 76.0%
- DT Midstream (DTM) 76.3%
Same sector and same denominator, so the figures are comparable. All 58 in utilities →