FirstEnergy
FE · Electric Utilities
$46.15
0.7%Vistra
VST · Electric Utilities
$140.16
0.5%The short version
- Vistra is the larger business, with $17.7B of revenue in fiscal 2025 against $15.1B for FirstEnergy.
- FirstEnergy grew revenue faster (12.0%, against 3.0%).
- FirstEnergy kept more of each dollar of sales as operating profit (14.6% operating margin, against 10.8% operating margin).
- Vistra turned more of its sales into free cash flow (7.4% FCF margin, against −6.7% FCF margin).
- Vistra earned a higher return on the capital invested in it (7.2%, against 4.6%).
- Investors pay more for each dollar of FirstEnergy’s earnings: a P/E of 25.2x against 23.7x for Vistra.
| Latest fiscal year | FE · FY25 | VST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $26.8B | $47.5B |
| Revenue | $15.1B | $17.7B |
| Free cash flow | −$1.0B | $1.3B |
| Net income | $1.0B | $944M |
| Growth | ||
| Revenue growth | 12.0% | 3.0% |
| 5-year growth | 6.9% | 9.2% |
| Share count change | 0.2% | −2.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 14.6% | 10.8% |
| Net margin | 6.8% | 5.3% |
| FCF margin | −6.7% | 7.4% |
| Return on capital | 4.6% | 7.2% |
| Return on equity | 8.2% | 17.7% |
| Balance sheet | ||
| Net debt | $26.5B | $18.3B |
| Net debt / EBITDA | 6.9x | 4.7x |
| Dividends and buybacks | $1.0B | $1.3B |
| Valuation & quality | ||
| P/E | 25.2x | 23.7x |
| Piotroski F-score | 5 | 4 |
FY16
FE $10.7B
VST —
FY17
FE $10.9B
VST $5.4B
FY18
FE $11.3B
VST $9.1B
FY19
FE $11.0B
VST $11.8B
FY20
FE $10.8B
VST $11.4B
FY21
FE $11.1B
VST $12.1B
FY22
FE $12.5B
VST $13.7B
FY23
FE $12.9B
VST $14.8B
FY24
FE $13.5B
VST $17.2B
FY25
FE $15.1B
VST $17.7B
FE
VST
FY16
FE 19.2%
VST —
FY17
FE 22.2%
VST 3.7%
FY18
FE 22.2%
VST 5.4%
FY19
FE 22.8%
VST 16.9%
FY20
FE 20.0%
VST 13.3%
FY21
FE 15.5%
VST −12.5%
FY22
FE 15.3%
VST −8.6%
FY23
FE 17.6%
VST 18.0%
FY24
FE 17.6%
VST 23.7%
FY25
FE 14.6%
VST 10.8%
FE
VST
FY16
FE $548M
VST —
FY17
FE $1.2B
VST $1.3B
FY18
FE −$1.3B
VST $941M
FY19
FE −$198M
VST $2.0B
FY20
FE −$1.2B
VST $2.1B
FY21
FE $324M
VST −$1.2B
FY22
FE −$165M
VST −$816M
FY23
FE −$2.0B
VST $3.8B
FY24
FE −$1.1B
VST $2.5B
FY25
FE −$1.0B
VST $1.3B
FE
VST
FY16
FE 3.3%
VST —
FY17
FE 4.7%
VST —
FY18
FE 8.0%
VST 2.8%
FY19
FE 8.7%
VST 8.3%
FY20
FE 6.7%
VST 6.0%
FY21
FE 4.5%
VST −6.8%
FY22
FE 3.0%
VST −5.4%
FY23
FE 5.5%
VST 11.8%
FY24
FE 4.9%
VST 17.7%
FY25
FE 4.6%
VST 7.2%
FE
VST
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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.