Edison International vs Vistra
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The short version
- Edison International is the larger business, with $19.3B of revenue in fiscal 2025 against $17.7B for Vistra.
- Edison International grew revenue faster (9.8%, against 3.0%).
- Edison International kept more of each dollar of sales as operating profit (36.7% operating margin, against 10.8%).
- Vistra turned more of its sales into free cash flow (7.4% FCF margin, against −3.7%).
- Edison International earned a higher return on the capital invested in it (9.8%, against 7.2%).
- Investors pay more for each dollar of Vistra’s earnings: a P/E of 23.7x against 6.2x for Edison International.
| Latest fiscal year | EIX · FY25 | VST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $22.2B | $47.5B |
| Revenue | $19.3B | $17.7B |
| Free cash flow | −$715M | $1.3B |
| Net income | $4.5B | $944M |
| Growth | ||
| Revenue growth | 9.8% | 3.0% |
| 5-year growth | 7.3% | 9.2% |
| Share count change | −0.5% | −2.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 36.7% | 10.8% |
| Net margin | 23.1% | 5.3% |
| FCF margin | −3.7% | 7.4% |
| Return on capital | 9.8% | 7.2% |
| Return on equity | 26.9% | 17.7% |
| Balance sheet | ||
| Net debt | $40.2B | $18.3B |
| Net debt / EBITDA | 3.9x | 4.7x |
| Dividends and buybacks | $1.3B | $1.3B |
| Valuation & quality | ||
| P/E | 6.2x | 23.7x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
EIX $11.9B
VST —
FY17
EIX $12.3B
VST $5.4B
FY18
EIX $12.7B
VST $9.1B
FY19
EIX $12.3B
VST $11.8B
FY20
EIX $13.6B
VST $11.4B
FY21
EIX $14.9B
VST $12.1B
FY22
EIX $17.2B
VST $13.7B
FY23
EIX $16.3B
VST $14.8B
FY24
EIX $17.6B
VST $17.2B
FY25
EIX $19.3B
VST $17.7B
EIX
VST
Operating margin
FY16
EIX 17.4%
VST —
FY17
EIX 11.8%
VST 3.7%
FY18
EIX −4.4%
VST 5.4%
FY19
EIX 14.4%
VST 16.9%
FY20
EIX 9.0%
VST 13.3%
FY21
EIX 9.9%
VST −12.5%
FY22
EIX 8.6%
VST −8.6%
FY23
EIX 16.1%
VST 18.0%
FY24
EIX 16.7%
VST 23.7%
FY25
EIX 36.7%
VST 10.8%
EIX
VST
Free cash flow
FY16
EIX −$495M
VST —
FY17
EIX −$247M
VST $1.3B
FY18
EIX −$1.3B
VST $941M
FY19
EIX −$5.2B
VST $2.0B
FY20
EIX −$4.2B
VST $2.1B
FY21
EIX −$5.5B
VST −$1.2B
FY22
EIX −$2.6B
VST −$816M
FY23
EIX −$2.0B
VST $3.8B
FY24
EIX −$693M
VST $2.5B
FY25
EIX −$715M
VST $1.3B
EIX
VST
Return on capital
FY16
EIX 7.1%
VST —
FY17
EIX 3.8%
VST —
FY18
EIX −1.6%
VST 2.8%
FY19
EIX 5.7%
VST 8.3%
FY20
EIX 3.3%
VST 6.0%
FY21
EIX 3.5%
VST −6.8%
FY22
EIX 3.2%
VST −5.4%
FY23
EIX 4.9%
VST 11.8%
FY24
EIX 5.5%
VST 17.7%
FY25
EIX 9.8%
VST 7.2%
EIX
VST
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.