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Vistra

VST NYSE Electric Utilities Financials FY2017–FY2025

Vistra's revenue rose 3.0% to $17.7 billion in fiscal 2025. Its operating margin was 10.8%, down from 23.7% a year earlier. Free cash flow was $1.3 billion, down 47.0%. It paid out $1.3 billion in dividends and buybacks, 101% of free cash flow. The diluted share count fell 2.0%.

Last close · Oct 23, 2026

$140.16

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$17.7B
3.0% vs prior year
Operating margin Operating income as a share of revenue.
10.8%
12.9 pts
Net income Profit after all expenses, interest and tax.
$944M
64.5%
Free cash flow Cash from operations minus capital spending.
$1.3B
47.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.2%
10.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$47.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.7x
On $5.92 EPS (TTM)

About these figures. Vistra's 2025 filing doesn't tag its inventories in the SEC's structured data, so inventory and the quick ratio are blank for 2025.

What Vistra does

No business description yet.

Legal name
Vistra Operations Company LLC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001692819-26-000006
0001692819

Revenue and margins

Vistra had $17.7B of revenue in fiscal 2025, up 3.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.3B in fiscal 2025, 7.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Vistra returned $1.3B to shareholders in fiscal 2025, 101% of free cash flow. The diluted share count fell 2.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Vistra yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$18.3B and divides by 345.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.7x · peers 18.3x · sector 20.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Vistra can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.3B$455M$3.5B$1.2B$785M
Debt incl. finance leases $10.7B$12.6B$14.6B$16.5B$19.1B
Net debt / EBITDA 39.5x29.0x2.7x2.6x4.7x
Debt / equity 1.3x2.6x2.8x3.0x3.7x
Interest coverage −4.0x−3.2x3.6x4.5x1.6x
Current ratio 1.4x1.1x1.2x1.0x0.8x
Quick ratio 1.2x1.0x1.1x0.9x—
Total assets $29.7B$32.8B$33.0B$37.8B$41.6B
Total liabilities $21.4B$27.9B$27.6B$32.2B$36.4B
Shareholders' equity $8.3B$4.9B$5.3B$5.6B$5.1B
Net debt (− = net cash) $9.4B$12.2B$11.2B$15.3B$18.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.2M

1 insider

Sold, 12 months

$24.3M

6 insiders

Of sales under plans

100%

$24.3M

DateInsiderTradeSharesPriceValueFiling
Oct 7, 2026 Kristopher E. MoldovanEVP and CFO Sold plan 20,000 $165.00 $3.3M Form 4
Oct 6, 2026 Scott A HudsonEVP & President Vistra Retail Sold plan 22,222 $160.14 $3.6M Form 4
Sep 8, 2026 Kristopher E. MoldovanEVP and CFO Sold plan 20,000 $151.03 $3.0M Form 4
Sep 8, 2026 Scott A HudsonEVP & President Vistra Retail Sold plan 44,444 $151.82 $6.7M Form 4
Sep 1, 2026 James A BurkePresident and CEO, Director Bought 4,465 $135.25 $0.6M Form 4
Aug 31, 2026 James A BurkePresident and CEO, Director Bought 2,200 $135.99 $0.3M Form 4
Aug 24, 2026 James A BurkePresident and CEO, Director Bought 2,000 $135.00 $0.3M Form 4
Jun 18, 2026 Arcilia AcostaDirector Sold plan 15,000 $167.52 $2.5M Form 4
Jun 18, 2026 John R SultDirector Sold plan 6,500 $170.00 $1.1M Form 4
Jun 16, 2026 Scott B HelmDirector Sold plan 25,000 $160.00 $4.0M Form 4
Jun 15, 2026 Paul M BarbasDirector Sold plan 244 $153.00 $0.0M Form 4
Jun 12, 2026 Paul M BarbasDirector Sold plan 244 $147.93 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✕
F-score 6 / 86 / 84 / 8
Accruals ratio −12.1%−5.4%−7.9%
Altman Z'' 0.850.810.04

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Vistra VST $47.5B 3.0% 10.8% 7.4% 7.2% 23.7x 4
Edison International EIX $22.2B 9.8% 36.7% −3.7% 9.8% 6.2x 6 Compare →
FirstEnergy FE $26.8B 12.0% 14.6% −6.7% 4.6% 25.2x 5 Compare →
American Electric Power AEP $71.0B 10.9% 24.3% −6.9% 6.7% 19.2x 7 Compare →
Eversource Energy ES $25.4B 13.8% 22.1% −0.3% 6.4% 17.5x 6 Compare →

9 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.4B $9.1B $11.8B $11.4B $12.1B $13.7B $14.8B $17.2B $17.7B
Operating income $198M $491M $2.0B $1.5B −$1.5B −$1.2B $2.7B $4.1B $1.9B
Interest expense $193M $572M $797M $630M $384M $368M $740M $900M $1.2B
Pretax income $250M −$101M $1.2B $890M −$1.7B −$1.6B $2.0B $3.5B $1.1B
Income tax $504M −$45.0M $290M $266M −$458M −$350M $508M $655M $179M
Net income −$254M −$54.0M $928M $636M −$1.3B −$1.2B $1.5B $2.7B $944M
Diluted EPS −$0.59 −$0.11 $1.86 $1.30 −$2.69 −$3.26 $3.58 $7.00 $2.18
Diluted shares 0.43B 0.51B 0.50B 0.49B 0.48B 0.42B 0.38B 0.35B 0.35B
Cash flow
Cash from operations $1.4B $1.5B $2.7B $3.3B −$206M $485M $5.5B $4.6B $4.1B
Capital expenditure $114M $530M $713M $1.3B $1.0B $1.3B $1.7B $2.1B $2.8B
Free cash flow $1.3B $941M $2.0B $2.1B −$1.2B −$816M $3.8B $2.5B $1.3B
Depreciation and amortization $699M $1.4B $1.6B $1.7B $1.8B $1.6B $1.5B $1.8B $2.0B
Stock-based compensation $0.0M $73.0M $47.0M $65.0M $47.0M $63.0M $77.0M $100M $113M
Acquisitions $0.0M $0.0M $374M $0.0M $0.0M $0.0M $0.0M $3.1B $0.0M
Share buybacks $0.0M $763M $656M $0.0M $471M $1.9B $1.2B $1.3B $1.0B
Dividends paid $0.0M $0.0M $243M $266M $290M $302M $313M $305M $306M
Dividends and buybacks $0.0M $763M $899M $266M $761M $2.3B $1.6B $1.6B $1.3B
Balance sheet
Cash and short-term investments $1.5B $636M $300M $406M $1.3B $455M $3.5B $1.2B $785M
Total debt $4.4B $11.1B $10.7B $9.3B $10.7B $12.6B $14.4B $16.3B $18.8B
Finance lease liabilities $0.0M $0.0M $86.0M $214M $243M $246M $236M $227M $222M
Current assets $2.7B $3.4B $4.1B $3.4B $7.9B $11.1B $11.6B $8.1B $9.2B
Current liabilities $1.4B $3.6B $4.6B $3.0B $5.8B $10.3B $9.8B $8.4B $11.8B
Inventory $253M $412M $469M $515M $610M $570M $740M $970M —
Property and equipment, net $4.8B $14.6B $13.9B $13.5B $13.1B $12.6B $12.4B $18.2B $19.8B
Total assets $14.6B $26.0B $26.6B $25.2B $29.7B $32.8B $33.0B $37.8B $41.6B
Total liabilities $8.3B $18.2B $18.7B $16.8B $21.4B $27.9B $27.6B $32.2B $36.4B
Shareholders' equity $6.3B $7.9B $8.0B $8.4B $8.3B $4.9B $5.3B $5.6B $5.1B
Margins
Operating margin 3.7% 5.4% 16.9% 13.3% −12.5% −8.6% 18.0% 23.7% 10.8%
EBITDA margin 16.5% 20.6% 30.8% 28.5% 2.0% 3.1% 28.2% 34.4% 21.9%
Net margin −4.7% −0.6% 7.9% 5.6% −10.6% −8.9% 10.1% 15.4% 5.3%
FCF margin 23.4% 10.3% 17.1% 18.2% −10.3% −5.9% 25.6% 14.4% 7.4%
Returns
Return on capital — 2.8% 8.3% 6.0% −6.8% −5.4% 11.8% 17.7% 7.2%
Return on capital employed — 2.8% 9.0% 6.9% −6.6% −5.1% 11.7% 15.6% 6.5%
Return on equity — −0.8% 11.7% 7.8% −15.3% −18.6% 29.3% 48.9% 17.7%
Return on assets — −0.3% 3.5% 2.5% −4.6% −3.9% 4.5% 7.5% 2.4%
Growth
Revenue growth — 68.4% 29.1% −3.1% 5.5% 13.7% 7.7% 16.5% 3.0%
Net income growth — — — −31.5% −300.3% — — 78.1% −64.5%
EPS growth — — — −30.1% −306.9% — — 95.5% −68.9%
FCF growth — −26.0% 115.0% 2.7% −159.6% — — −34.2% −47.0%
Share count change — 18.1% −1.0% −1.8% −1.8% −12.4% −11.2% −6.0% −2.0%
Financial health
Net debt / EBITDA 3.3x 5.5x 2.9x 2.7x 39.5x 29.0x 2.7x 2.6x 4.7x
Debt / equity 0.7x 1.4x 1.4x 1.1x 1.3x 2.6x 2.8x 3.0x 3.7x
Interest coverage 1.0x 0.9x 2.5x 2.4x −4.0x −3.2x 3.6x 4.5x 1.6x
Current ratio 2.0x 1.0x 0.9x 1.1x 1.4x 1.1x 1.2x 1.0x 0.8x
Quick ratio 1.8x 0.8x 0.8x 1.0x 1.2x 1.0x 1.1x 0.9x —
Capital allocation
Capex / revenue 2.1% 5.8% 6.0% 11.0% 8.6% 9.5% 11.3% 12.1% 15.5%
Stock comp / revenue 0.0% 0.8% 0.4% 0.6% 0.4% 0.5% 0.5% 0.6% 0.6%
Payouts / FCF 0.0% 81.1% 44.4% 12.8% — — 41.3% 63.2% 101.2%
Quality scores
Piotroski F-score — — 6.0 6.0 4.0 4.0 6.0 6.0 4.0
Altman Z'' 1.2 0.4 0.7 1.0 0.3 −0.3 0.9 0.8 0.0
Accruals ratio — −7.5% −6.9% −10.4% −3.9% −5.5% −12.1% −5.4% −7.9%

Source: SEC EDGAR XBRL filings (CIK 0001692819). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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