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Dominion Energy$D · filed: grew revenue 14.3% in FY2025 to $16.5BNew shipTrillion Score 483Fall Risk MediumNext year $15.8B–$19.6B sealedCheck ▾Close ▴
What Dominion Energy filed
Grew revenue 14.3% in FY2025 to $16.5 billion, operating margin 26.7% against a 20.3% median for electric services, equity 25.1% of assets. Every figure links to the filing it came from on Dominion Energy’s card. New ship: no warning signs. Trillion Score 483, #22 of 39 in its field; Fall Risk Medium (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $15.8B and $19.6B, an 80% range sealed on 26 Sept 2026 · receipt #f9a2cb · graded in public by the revenue in Dominion Energy’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Starboard's partial exit after **22%** gain signals thesis completion on regulated-utility revaluation, not structural dissatisfaction.
22%
through the period
4.1 million shares
valued at
$230 million
down from
$310 million
at September's quarter-end
Starboard Value reduced its Dominion Energy stake by approximately one-third during the fourth quarter, regulatory filings show, after the Virginia-based utility climbed 22% through the period. The activist fund now holds roughly 4.1 million shares valued at $230 million, down from 6.2 million shares worth $310 million at September's quarter-end. Dominion closed Friday at $56.12, within 3% of its twelve-month high.
Starboard first disclosed the Dominion position in mid-2023 when the stock traded near $48, arguing the company's regulated transmission and distribution assets were undervalued relative to peer utilities and that management had overcorrected following the cancelled Atlantic Coast Pipeline. The fund pushed for capital discipline, balance-sheet optimization, and clearer communication around data-center interconnection demand in Northern Virginia. Dominion's shares gained 18% in 2024, outpacing the Utilities Select Sector SPDR's 12% return, as management accelerated $43 billion in grid-investment plans through 2029 and signed three hyperscale data-center power agreements totaling 1.8 gigawatts of incremental load.
The partial exit suggests Starboard captured its thesis on regulated-asset revaluation and redeployed capital rather than pressing for structural change. Dominion's forward price-to-earnings multiple expanded from 14.2x in early 2023 to 18.6x today, in line with Southern Company and Duke Energy, erasing the valuation discount Starboard identified. The utility now trades at a 4.2% dividend yield with analyst consensus modeling 6-7% annual earnings growth through 2027, driven by regulated rate-base expansion rather than merchant-generation upside. Starboard's remaining $230 million position represents roughly 0.9% of Dominion's $47 billion market capitalization, below the 2-3% stake threshold typically associated with active engagement.
The timing reflects broader activist rotation within the utility sector. Elliott Management exited FirstEnergy completely in Q3 after a 19% gain, while Inclusive Capital reduced its NextEra Energy position by 40% following renewable-development slowdowns. Activists extracted $18 billion in shareholder returns from utilities over the past eighteen months through buybacks, dividend increases, and asset sales, according to Lazard's activism review. Dominion itself bought back $1.1 billion in stock during 2024, its first repurchase program since 2018, and raised its quarterly dividend 5.4% to $0.7075 per share.
Allocators should track Dominion's March investor day, where management will detail five-year capital allocation and provide updated load-growth forecasts for its Virginia and Carolina service territories. The company has $8.3 billion in pending rate cases across three jurisdictions, with decisions expected between April and July that will set allowed returns on equity for $23 billion in transmission and distribution investments. Watch whether Starboard's exit prompts other long-only holders to trim positions after the multiple expansion, or whether data-center power demand sustains premium valuations for utilities with available grid capacity.
Dominion reports fourth-quarter earnings February 14th. Consensus expects $1.09 per share, implying full-year 2024 earnings of $3.18, up 7% year-over-year.
Branded by POPS4 · proof in 60 seconds
For the principal
Activist exits in utilities after multiple expansion suggest sector rotation; review regulated-asset exposure against data-center adjacency.
For the operator
Dominion's March investor day and Q2 rate-case decisions will clarify whether premium valuation holds without activist pressure.
For the house
Huang Goodman maintains underweight utilities post-revaluation; monitor FirstEnergy and Southern for next activist entry points.
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