Vistra (VST)
Utilities · $48.0B market cap · SEC CIK 0001692819
fundamentals score out of 100
Next reports on Nov 4, 2026, with analysts expecting $2.95 in earnings per share.
The case for VST
- Earns 42% back on shareholder equity.
- Revenue growing 18.6% year over year.
- Has compounded revenue at 10.1% a year over five years.
- Free-cash-flow yield of 2.7% is higher than 87% of Utilities companies.
The case against
- Down 33.4% over the past year.
- Current liabilities exceed current assets (ratio 0.97).
- Near the bottom of its 52-week range, 36% below the high. Falling prices usually have a reason; find it first.
- Long-term debt of $17.0B against $785M of cash.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Utilities companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 45 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 65 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 77 |
| Momentumhow the price has behaved lately | 15 |
| Stabilityhow violently it moves, what it owes and what it pays you | 28 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Utilities companies.
Key numbers
| Price / earnings | 21.7× |
|---|---|
| Price / book | 9.76× |
| Price / sales | 2.5× |
| Revenue growth (YoY) | +18.6% |
| EPS growth (YoY) | -4.9% |
| Gross margin | 9% |
| Operating margin | 19% |
| Net margin | 12% |
| Return on equity | 42% |
| Debt / equity | 3.74× |
| Current ratio | 0.97 |
| Dividend yield | 0.62% |
| Beta | 1.38 |
| 52-week range | $132.66 – $219.82 |
| Position in that range | 9% of the way up |
| 3-month return | -14.0% |
| 1-year return | -33.4% |
Five years of financials, as filed
Pulled from Vistra's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $17.6B | $14.8B | $13.8B | $15.6B | $17.7B |
| Operating income | $1.9B | $4.1B | $2.7B | -$1.2B | -$1.5B |
| Net income | $944M | $2.7B | $1.5B | -$1.2B | -$1.3B |
| Operating cash flow | $4.1B | $4.6B | $5.5B | $485M | -$206M |
| Capital expenditure | $2.8B | $2.1B | $1.7B | $1.3B | $1.0B |
| Total assets | $41.5B | $37.8B | $33.0B | $32.8B | $29.7B |
| Total liabilities | $36.4B | $32.2B | $27.6B | $27.9B | $21.4B |
| Shareholder equity | $5.1B | $5.6B | $5.3B | $4.9B | $8.3B |
| Cash | $785M | $1.2B | $3.5B | $455M | $1.3B |
| Long-term debt | $17.0B | $16.3B | $14.4B | — | — |
| Free cash flow | $1.3B | $2.5B | $3.8B | -$816M | -$1.2B |
| Operating margin | 10.8% | 27.6% | 19.3% | -7.5% | -8.6% |
| Net margin | 5.4% | 18.0% | 10.8% | -7.8% | -7.2% |
| Diluted shares | 346M | 353M | 375M | 422M | 482M |
Share count is down 28.3% over 4 years. Buybacks have been shrinking the pie.
What Vistra says it does
References in this report to "we," "our," "us," and "the Company" are to Vistra and/or its subsidiaries, as apparent in the context. See Glossary of Terms and Abbreviations for defined terms. General Vistra is an integrated retail electricity and power generation company that provides essential power resources to customers, businesses, and communities from California to Maine. We combine an innovative, customer-centric approach to retail sales with safe, reliable, diverse, and efficient power generation. Our integrated power generation and wholesale operation allows us to efficiently obtain the electricity needed to serve our customers at the lowest cost. The integrated model enables us to structure products and contracts in a way that offers significant value compared to stand-alone retail electric providers. The Company brings its products and services to market in 18 states and the District of Columbia, including all major…
Risk factors VST lists in its 10-K
- Management's Discussion and Analysis of Financial Condition, and Results of Operations
- Glossary of Terms and Abbreviations
- Independent System Operators (ISOs) and Regional Transmission Organizations (RTOs)
- We care about our key stakeholders
- Long-term, attractive earnings profile through the integrated business model
- Maintaining a resilient balance sheet
- Strategic energy transition that supports the reliability, affordability, and sustainability of the electric grid
- Best Defense. Everyone wins. No one gets hurt
- Environmental Regulations and Related Considerations
- Acquisition of Nuclear Generation Facilities
- Acquisition of Natural Gas Generation Facilities
- Uprated capacity at existing plants
- Regional Greenhouse Gas Initiative (RGGI)
- Cross-State Air Pollution Rule (CSAPR) and Good Neighbor Plan