Dominion Energy vs Xcel Energy
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The short version
- Dominion Energy is the larger business, with $16.5B of revenue in fiscal 2025 against $14.7B for Xcel Energy.
- Dominion Energy grew revenue faster (14.2%, against 9.1%).
- Dominion Energy kept more of each dollar of sales as operating profit (26.7% operating margin, against 17.6%).
- Dominion Energy turned more of its sales into free cash flow (−44.2% FCF margin, against −46.5%).
- Investors pay more for each dollar of Xcel Energy’s earnings: a P/E of 21.4x against 19.3x for Dominion Energy.
| Latest fiscal year | D · FY25 | XEL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $57.4B | $48.9B |
| Revenue | $16.5B | $14.7B |
| Free cash flow | −$7.3B | −$6.8B |
| Net income | $3.0B | $2.0B |
| Growth | ||
| Revenue growth | 14.2% | 9.1% |
| 5-year growth | 3.1% | 4.9% |
| Share count change | 1.9% | 4.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 26.7% | 17.6% |
| Net margin | 18.2% | 13.8% |
| FCF margin | −44.2% | −46.5% |
| Return on capital | 4.9% | 4.9% |
| Return on equity | 10.7% | 9.4% |
| Balance sheet | ||
| Net debt | $49.1B | $34.4B |
| Net debt / EBITDA | 7.2x | 6.2x |
| Dividends and buybacks | $2.3B | $1.3B |
| Valuation & quality | ||
| P/E | 19.3x | 21.4x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
D $11.7B
XEL $11.1B
FY17
D $12.6B
XEL $11.4B
FY18
D $11.2B
XEL $11.5B
FY19
D $14.4B
XEL $11.5B
FY20
D $14.2B
XEL $11.5B
FY21
D $11.4B
XEL $13.4B
FY22
D $13.9B
XEL $15.3B
FY23
D $14.4B
XEL $14.2B
FY24
D $14.5B
XEL $13.4B
FY25
D $16.5B
XEL $14.7B
D
XEL
Operating margin
FY16
D 29.4%
XEL 20.2%
FY17
D 31.3%
XEL 19.5%
FY18
D 26.9%
XEL 17.0%
FY19
D 10.7%
XEL 18.3%
FY20
D 14.5%
XEL 18.4%
FY21
D 17.5%
XEL 16.4%
FY22
D 10.4%
XEL 15.9%
FY23
D 23.7%
XEL 17.5%
FY24
D 22.5%
XEL 17.8%
FY25
D 26.7%
XEL 17.6%
D
XEL
Free cash flow
FY16
D −$2.0B
XEL −$143M
FY17
D −$1.4B
XEL −$118M
FY18
D $368M
XEL −$835M
FY19
D −$117M
XEL −$962M
FY20
D −$1.1B
XEL −$2.5B
FY21
D −$2.0B
XEL −$2.1B
FY22
D −$4.1B
XEL −$706M
FY23
D −$3.7B
XEL −$527M
FY24
D −$7.4B
XEL −$2.7B
FY25
D −$7.3B
XEL −$6.8B
D
XEL
Return on capital
FY16
D 5.7%
XEL 5.9%
FY17
D 7.2%
XEL 5.7%
FY18
D 4.2%
XEL 6.1%
FY19
D 1.8%
XEL 6.3%
FY20
D 2.9%
XEL 6.3%
FY21
D 3.1%
XEL 6.0%
FY22
D 1.7%
XEL 6.1%
FY23
D 3.6%
XEL 5.8%
FY24
D 3.7%
XEL 5.2%
FY25
D 4.9%
XEL 4.9%
D
XEL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.