Dominion stock forecast
Dominion's weighted value is $59.68 in October 2029. It hinges on earnings growth, project recovery, financing and merger outcomes.
Where could Dominion's shares be by 2029?
The forecast points to modest dividend-supported returns but little price appreciation from today’s $63.56. The probability-weighted value is $61.42 in October 2027, $60.57 in October 2028 and $59.68 in October 2029, producing returns of 1%, 3% and 5% with dividends.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 28% | 47.43 (-21%) | 43.75 (-23%) | 40.51 (-25%) |
| Base | 52% | 63.26 (+3%) | 62.91 (+6%) | 62.32 (+9%) |
| Bull | 20% | 76.24 (+24%) | 78.05 (+30%) | 79.68 (+36%) |
| Weighted | 100% | 61.42 (+1%) | 60.57 (+3%) | 59.68 (+5%) |
What has to go right or wrong for Dominion?
That path sits inside management’s 5%–7% operating EPS growth target and assumes gradual data-center connections, rate recovery and CVOW completion. The bear case uses $3,100 million in the first period and $3,130 million in the second, then $3,190 million. It assumes financing costs and weak earned returns offset most growth. The bull case starts at $3,450 million, reaches $3,726 million, then $4,024 million, requiring above-target growth from timely load connections and project recovery.
How much cash does Dominion really make?
Dominion’s negative free cash flow reflects a construction program that currently spends more cash than operations provide.
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Cash from operations | 5,361 | |||
| − Capital spending | 12,641 | 11,686 | 9,022 | 6,544 |
| = Free cash flow | -7,280 | |||
| − Stock pay | 46 | 53 | 44 | 36 |
| = Real free cash flow | -7,326 | |||
| Real free cash flow, % of revenue | -44.4% |
What this means. Free cash flow is negative because the company spent more on equipment, buildings, and nuclear fuel than it brought in from daily business.
What does an investor pay for Dominion today?
The continuing business’s four-year run is 2022–2025; 2021 has no clean recast after the gas utility sales. Revenue and operating margin rose in 2025, but net debt also rose. Dominion’s own free cash flow was deeply negative as a share of revenue in 2025, while diluted EPS stayed positive and free cash flow per share trailed it. At $63.56, shares trade at 16.7x next-twelve-month earnings. The dividend yields 4.2%, but free cash flow yield is -13.0% and buyback yield is 0.0%.
| Today (Oct 18, 2026) | |
|---|---|
| Share price | 63.56 |
| P/E, next 12 months (calculated) | 16.7x |
| Price to book (calculated) | 2.0x |
| Free cash flow yield (calculated) | -13.0% |
| Real free cash flow yield (calculated) | -13.1% |
| Dividend yield (calculated) | 4.2% |
What this means. The negative free cash flow yields mean the company used more cash than it generated, even though it still paid a dividend.