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Vistra Corp.

VST Utilities Utilities Independent Power Producers

Vistra Corp.’s revenue for fiscal 2025 (year ended December 2025) was $17.7 billion, up 2.98% from fiscal 2024.

Revenue
−5.48%
EPS
−6.10%
Free cash flow
+401.7%
Total debt
+17.8%

Quarter to June 2026, against a year earlier

113.98 6.31 −5.25%
Market cap
$37.9B
P/E
19.0×
Fwd P/E
14.9×
Dividend yield
0.80%
F-score
5/9
Altman Z
1.40
Beneish M
−2.54
Dividend safety
59/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Bought, $m 1.17
Sold, $m 31.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 2 — — —
Sell 1 — — 1 — 1 5 — — 2 2 —
Insider Ownership 1.29%

Capital & Financial Ratios $m

Size
Market Cap 37,890.00
Revenue ttm 19,212.00
Net income ttm 2,219.00
Free cash flow ttm 2,424.00
Net debt Q 19,119.00
Valuation
P/E 19.00
Forward P/E 14.90
Price / sales 2.00
Forward P/S Powerpack
Price / FCF 15.84
Price / book 12.72 (above 6: high)
Financial health
Current ratio Q 0.97 (below 1: weak)
Debt / equity Q 3.57 (above 2: weak)
Interest coverage Q 1.77
Growth
Revenue growth Q −5.48% (below 0%: shrinking)
Operating income growth Q +7.38% (above 0%: growing)
EPS, this year +294.04% (at or above 15%: strong)
EPS, next year A +16.72% (at or above 15%: strong)
Revenue, next year A +23.44% (at or above 10%: strong)
EPS, past 5 yrs +10.89%
EPS, next 5 yrs A +72.88% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.0×, against a ten-year median of 2.0×; over the ten years it ranged from 1.3× in 2023 to 4.8× in 2025.
P/E against its own 10 years 47.26%
10-year low 10-year high
P/S against its own 10 years 73.13%
10-year low 10-year high
P/B against its own 10 years 78.87%
10-year low 10-year high
EV/Sales against its own 10 years 71.52%
10-year low 10-year high
EV/FCF against its own 10 years 63.21%
10-year low 10-year high

Dividends raised every year since 2019

Yield
0.80%
Annual rate
0.91
Payout ratio
15.4%
Growth, 2019–25
+10.3%/yr
  1. 0.50 ’19
  2. 0.54 ’20 +8
  3. 0.60 ’21 +11
  4. 0.72 ’22 +21
  5. 0.82 ’23 +13
  6. 0.87 ’24 +6
  7. 0.90 ’25 +3
  8. 0.96 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,525 1,216 816 476
Receivables 1,680 1,982 2,323 2,293
Inventory 740 970 1,016 1,041
Other 5,692 3,951 5,024 6,466
11,637 8,119 9,179 10,276
2023 2024 2025 Q'26
Payables 1,147 1,510 1,644 1,504
ST’ Debt 2,286 880 3,001 1,876
Other 5,981 5,640 6,757 6,800
9,823 8,432 11,814 10,557

Compound Annual Growth %

10y 5y 3y
Sales 12.69% 9.16% 8.92%
Cash Flow 32.89% 4.05% 103.21%
Earnings 0.00% 3.41% 0.00%
Book Value 0.00% (9.38%) 1.28%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.54 Actual 1.80

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.20 1.75 Beat by 0.55
Q4 FY25 2.51 2.18 Miss by 0.33
Q1 FY26 2.21 2.87 Beat by 0.66
Q2 FY26 1.54 1.80 Beat by 0.26
Q3 FY26 2.91 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 2.87 0.76 — — —
’25 (0.93) 0.81 1.75 0.54 2.18
’24 (0.24) 0.90 5.25 1.14 7.00
’23 1.71 1.17 1.25 (0.55) 3.58
’22 (0.72) (3.27) 1.51 (0.73) (3.26)
’21 (4.21) 0.07 0.01 1.45 (2.69)
’20 0.11 0.34 0.90 (0.05) 1.30
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,640 4,017 — — —
’25 3,933 4,250 4,971 4,584 17,738
’24 3,054 3,845 6,288 4,037 17,224
’23 4,425 3,189 4,086 3,079 14,779
’22 3,125 1,588 5,146 3,869 13,728
’21 3,207 2,565 2,991 3,314 12,077
’20 2,858 2,509 3,552 2,524 11,443
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,199 1,023 — — —
’25 599 572 1,467 1,432 4,070
’24 312 1,196 1,702 1,353 4,563
’23 1,435 1,577 1,560 881 5,453
’22 591 (1,314) 815 393 485
’21 (1,653) 596 564 287 (206)
’20 552 757 1,041 987 3,337
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 344 356 — — —
’25 (169) (118) 1,030 694 1,437
’24 (26) 700 1,025 982 2,681
’23 953 1,243 1,225 471 3,892
’22 221 (1,543) 526 58 (738)
’21 (1,845) 250 319 67 (1,209)
’20 291 430 814 567 2,102
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 8.8% a year for ten years.

Implied
8.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,164 5,430 9,144 11,809 11,443 12,077 13,728 14,779 17,224 17,738 19,212 +14.7% 21,895 23,323 24,789 +11.8%
Gross margin, % 28.85 28.03 30.74 38.42 40.61 11.17 12.25 37.35 43.69 32.89 37.99 +4.0 pt
EBT 21,351 250 (101) 1,216 890 (1,722) (1,560) 2,000 3,467 1,123 2,803 (27.9%)
EBT margin, % 413.46 4.60 (1.10) 10.30 7.78 (14.26) (11.36) 13.53 20.13 6.33 14.59 (407.1) pt
Net income 22,688 (254) (56) 926 624 (1,264) (1,210) 1,492 2,812 944 2,219 (29.8%)
Per share, $
Per share, $ Revenue 12.08 12.69 18.11 23.90 23.42 25.04 32.50 39.97 49.96 52.31 57.03 +17.7%
Earnings 53.06 (0.59) (0.11) 1.88 1.30 (2.69) (3.26) 3.63 7.16 2.22 6.00 (29.7%)
Cash flow (0.37) 3.24 2.91 5.54 6.83 (0.43) 1.15 14.75 13.23 12.00 15.20 n/m
Capex (0.65) (0.71) (1.04) (1.43) (2.53) (2.08) (2.89) (4.22) (5.46) (7.76) (8.01) +31.7%
Free cash flow (1.02) 2.53 1.88 4.11 4.30 (2.51) (1.75) 10.53 7.78 4.24 7.20 n/m
Book value 15.43 14.83 15.58 16.11 17.11 17.20 11.64 14.39 16.19 15.07 16.31 (0.3%)
Shares, m 428 428 505 494 489 482 422 370 345 339 338 (2.5%)
Valuation, ×
Valuation, × P/E 0.29 0.00 0.00 12.23 15.12 0.00 0.00 10.52 19.12 72.67 19.00 13.0
P/S 1.27 1.45 1.26 0.96 0.84 0.91 0.69 0.95 2.76 3.08 2.00 1.4
P/B 1.00 1.24 1.47 1.43 1.15 1.75 3.22 4.95 15.30 20.77 12.72 5.2
EV/Sales 1.99 1.98 2.40 1.83 1.62 1.69 1.57 1.69 3.64 4.10 2.99 2.2
EV/FCF (23.57) 9.94 23.13 10.67 8.81 (16.84) (29.18) 6.41 23.36 50.62 23.73 6.3
Cash, $m
Cash, $m Operating cash flow (157) 1,386 1,471 2,736 3,337 (206) 485 5,453 4,563 4,070 5,121 n/m
Capex (278) (304) (523) (707) (1,235) (1,003) (1,223) (1,561) (1,882) (2,633) (2,697) +28.4%
Free cash flow (435) 1,082 948 2,029 2,102 (1,209) (738) 3,892 2,681 1,437 2,424 n/m
Balance, $m
Balance, $m Working capital 969 1,322 (190) (460) 393 2,040 779 1,814 (313) (2,635) (281) n/m
Net debt 3,685 2,877 10,372 10,282 8,905 9,385 12,129 10,877 15,082 18,027 19,119 +19.3%
Shareholders’ equity 6,597 6,342 7,867 7,960 8,361 8,292 4,918 5,322 5,583 5,110 5,494 (2.8%)
Returns, %
Returns, % ROA 147.21 (1.71) (0.27) 3.53 2.45 (4.72) (4.41) 4.08 6.98 1.90 5.02 (145.3) pt
ROIC 2.47 1.34 1.68 6.83 5.50 (5.36) (4.32) 10.27 12.34 5.15 9.05 +2.7 pt
ROE (278.60) (3.93) (0.76) 11.73 7.79 (17.68) (29.90) 46.60 82.88 26.20 75.38 +304.8 pt
People
People Employees 1,786 4,150 5,275 5,475 5,365 5,060 4,910 4,870 6,850 6,390 — +15.2%
Revenue/emp, $m 2.89 1.31 1.73 2.16 2.13 2.39 2.80 3.03 2.51 2.78 — (0.5%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Vistra is an integrated retail electricity and power-generation company. It sells electricity, natural gas and related services to residential, commercial and industrial customers, while owning plants that generate electricity for its retail customers and for wholesale markets. Its retail brands include TXU Energy, Ambit Energy, Dynegy Energy Services, Homefield Energy, Energy Harbor and U.S. Gas & Electric. [item1]

The generation fleet uses natural gas, nuclear fuel, coal, solar and battery energy storage. Natural-gas plants include combined-cycle, peaking and steam-turbine units; nuclear units generally run at full capacity except during planned refuelling outages. The company also operates wholesale commodity-risk-management activities that link plant output, retail demand and wholesale sales. [item1]

Vistra Corp. vs peers in Utilities Independent Power Producers (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CEG Constellation Energy Corporation $84.9B 23.4× 21.3× +23.00% (above 0%: growing) −46.82% (below 0%: shrinking) −116.62% (below 0%: shrinking) 46.39% 7.73% Compare
VST Vistra Corp. $37.9B 19.0× 14.9× −5.48% (below 0%: shrinking) −6.10% (below 0%: shrinking) +401.69% (above 0%: growing) 34.60% 13.77%
NRG NRG Energy, Inc. $16.9B 21.4× 11.9× +10.99% (above 0%: growing) n/m +8,715.12% (above 0%: growing) 26.88% 13.05% Compare
TLN Talen Energy Corporation $13.8B — (loss-making) 21.5× +63.42% (above 0%: growing) −35.89% (below 0%: shrinking) −38.44% (below 0%: shrinking) 50.26% 19.22% Compare
OKLO Oklo Inc. $3.6B — (loss-making) — — n/m −632.29% (below 0%: shrinking) 40.41% (6,048.76%) Compare
KEN Kenon Holdings Ltd. $3.0B 25.7× 5.7× +93.37% (above 0%: growing) +750.00% (above 0%: growing) −3,783.33% (below 0%: shrinking) 22.16% 15.04% Compare
HNRG Hallador Energy Company $441.3M 234× — (loss-making) −1.28% (below 0%: shrinking) n/m −3,158.67% (below 0%: shrinking) 33.82% (12.05%) Compare
DGXX Digi Power X Inc. $193.9M — (loss-making) — (loss-making) −18.28% (below 0%: shrinking) n/m −850.98% (below 0%: shrinking) (83.34%) (153.44%) Compare
ONEN ONE Nuclear Energy Inc. $183.0M — — — — — — — Compare
Median of peers $3.3B 24.5× 16.6× +17.00% −35.89% −632.29% 33.82% 7.73%

All 9 Utilities Independent Power Producers stocks →

From the latest earnings call

Updated

  • Jim Burke said activity in Vistra’s markets reinforced its view that long-term power-market fundamentals are improving, while the company continued to see demand growth materialize.
  • Chris Moldovan said lower ERCOT forward prices were not fully offset by higher PJM prices, hedging and production-tax-credit protection, pointing 2027 toward the range’s lower end.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
KeyBanc Nov 5, 2026 Downgrade Outperform → Hold —
Morgan Stanley Nov 2, 2026 Target cut — 226.00 → 224.00
CIBC Nov 2, 2026 Target cut — 201.00 → 181.00
Scotiabank Oct 28, 2026 Reiterated — —
Wells Fargo Oct 28, 2026 Target cut Outperform 212.00 → 198.00
Raymond James Oct 24, 2026 Target cut — 182.00 → 176.00
HSBC Oct 24, 2026 Initiated Buy 190.00
BMO Capital Oct 9, 2026 Target cut — 231.00 → 210.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 84.28%
Held by the ten largest 42.35%
Holder Shares Stake Change
Vanguard 41.69m 12.41% +80.65k
BlackRock 29.06m 8.65% +584.12k
State Street 16.85m 5.02% +79.97k
Fidelity (FMR) 14.16m 4.21% −1.65m
Geode Capital Management 9.04m 2.69% +3.72k
Morgan Stanley 8.88m 2.64% +623.79k
UBS 7.04m 2.09% +869.89k
Norges Bank 5.81m 1.73% +5.81m
Franklin Templeton 5.00m 1.49% −65.98k
Goldman Sachs 4.74m 1.41% +1.40m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 18 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 15.99m 40.72m 912.44

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group, Inc. 12.60%
BlackRock, Inc. 8.40%
Qatar Investment Authority 5.50%
FMR LLC 5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Vistra Corp. (VST) Latest News

5 Nov

Impact 3 · · 24/7 Wall St.
Impact 3 · · TIKR
Impact 3 · · Barchart
Impact 3 · · Trefis

4 Nov

Impact 3 · · TIKR
Impact 3 · · Investing.com

2 Nov

Impact 4 · · power-technology.com
Impact 3 · · TIKR

1 Nov

Impact 3 · · Simply Wall St.

30 Oct

Impact 4 · · PR Newswire

29 Oct

Impact 4 · · Trefis
Impact 3 · · PR Newswire

28 Oct

Impact 4 · · Trefis
Impact 4 · · Trefis
Impact 4 · · Simply Wall St.
Impact 3 · · TIKR
Impact 3 · · Zacks
Impact 3 · · Investing.com

27 Oct

Impact 3 · · Barchart

25 Oct

Impact 4 · · TIKR
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

24 Oct

Impact 3 · · TIKR

23 Oct

Impact 3 · · Zacks

22 Oct

Impact 4 · · TIKR
Impact 4 · · Trefis
Impact 4 · · internationalaccountingbulletin.com
Impact 4 · · internationalaccountingbulletin.com
Impact 3 ·

21 Oct

Impact 3 · · Zacks

VST metrics, ten years each

stockrow.com/VST · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com