Eversource Energy vs Vistra
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The short version
- Vistra is the larger business, with $17.7B of revenue in fiscal 2025 against $13.5B for Eversource Energy.
- Eversource Energy grew revenue faster (13.8%, against 3.0%).
- Eversource Energy kept more of each dollar of sales as operating profit (22.1% operating margin, against 10.8%).
- Vistra turned more of its sales into free cash flow (7.4% FCF margin, against −0.3%).
- Vistra earned a higher return on the capital invested in it (7.2%, against 6.4%).
- Investors pay more for each dollar of Vistra’s earnings: a P/E of 23.7x against 17.5x for Eversource Energy.
| Latest fiscal year | ES · FY25 | VST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $25.4B | $47.5B |
| Revenue | $13.5B | $17.7B |
| Free cash flow | −$45.1M | $1.3B |
| Net income | $1.7B | $944M |
| Growth | ||
| Revenue growth | 13.8% | 3.0% |
| 5-year growth | 8.8% | 9.2% |
| Share count change | 3.8% | −2.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 22.1% | 10.8% |
| Net margin | 12.6% | 5.3% |
| FCF margin | −0.3% | 7.4% |
| Return on capital | 6.4% | 7.2% |
| Return on equity | 10.9% | 17.7% |
| Balance sheet | ||
| Net debt | $28.2B | $18.3B |
| Net debt / EBITDA | 5.2x | 4.7x |
| Dividends and buybacks | $1.1B | $1.3B |
| Valuation & quality | ||
| P/E | 17.5x | 23.7x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
ES $7.6B
VST —
FY17
ES $7.8B
VST $5.4B
FY18
ES $8.4B
VST $9.1B
FY19
ES $8.5B
VST $11.8B
FY20
ES $8.9B
VST $11.4B
FY21
ES $9.9B
VST $12.1B
FY22
ES $12.3B
VST $13.7B
FY23
ES $11.9B
VST $14.8B
FY24
ES $11.9B
VST $17.2B
FY25
ES $13.5B
VST $17.7B
ES
VST
Operating margin
FY16
ES 24.1%
VST —
FY17
ES 24.4%
VST 3.7%
FY18
ES 20.1%
VST 5.4%
FY19
ES 18.7%
VST 16.9%
FY20
ES 22.3%
VST 13.3%
FY21
ES 20.2%
VST −12.5%
FY22
ES 17.9%
VST −8.6%
FY23
ES 20.1%
VST 18.0%
FY24
ES 20.2%
VST 23.7%
FY25
ES 22.1%
VST 10.8%
ES
VST
Free cash flow
FY16
ES $231M
VST —
FY17
ES −$352M
VST $1.3B
FY18
ES −$739M
VST $941M
FY19
ES −$902M
VST $2.0B
FY20
ES −$1.3B
VST $2.1B
FY21
ES −$1.2B
VST −$1.2B
FY22
ES −$1.0B
VST −$816M
FY23
ES −$2.7B
VST $3.8B
FY24
ES −$2.3B
VST $2.5B
FY25
ES −$45.1M
VST $1.3B
ES
VST
Return on capital
FY16
ES 5.9%
VST —
FY17
ES 5.5%
VST —
FY18
ES 5.6%
VST 2.8%
FY19
ES 4.8%
VST 8.3%
FY20
ES 5.5%
VST 6.0%
FY21
ES 5.0%
VST −6.8%
FY22
ES 4.8%
VST −5.4%
FY23
ES 5.1%
VST 11.8%
FY24
ES 4.0%
VST 17.7%
FY25
ES 6.4%
VST 7.2%
ES
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.