Dominion Energy

The 2024 portfolio review delivered significant deleveraging capacity and improved liquidity, including proceeds from LDC divestitures and the 50% CVOW sale to Stonepeak.

Nevertheless, leverage remains meaningful: total debt was about $46 billion at Sept. 30, 2025, with junior subordinated notes and securitization bonds alongside substantial long-term debt. Moody’s affirmed ratings but revised Dominion’s outlook to negative in May 2025, citing metrics and execution risks.

Critically, TTM free cash flow is deeply negative given elevated capex: summing Q4 2024 through Q3 2025 implies about negative $7.8 billion FCF. Liquidity is supported by large revolvers and ongoing ATM equity programs.

Financial strength is adequate for a regulated utility, but watchlists center on project execution, rate relief timing, and interest rate sensitivity.