Oklo Inc. (OKLO) vs Vistra Corp. (VST)

Oklo Inc. and Vistra Corp. are both Utilities Independent Power Producers companies. Vistra Corp. is the larger, with a market value of $46.7B against $7.2B — 6.5× the size. Oklo Inc. has negative trailing earnings, so its P/E is not meaningful; Vistra Corp. trades at 23.1×. Vistra Corp. has the higher net margin (10.6% vs 0.00%) and the higher return on invested capital (9.05% vs −17.0%). Across the 13 metrics below, Vistra Corp. leads on 9 and Oklo Inc. on 4.

Valuation

Metric OKLO VST Utilities Independent Power Producers median
P/E n/m 23.08 25.63
P/S n/m 2.43 2.78
P/B 2.05 15.45 3.29
Price to free cash flow n/m 19.24 —
EV/EBITDA n/m 10.37 13.69
EV/Sales n/m 3.42 3.62
Earnings yield (2.47%) 4.33% 2.03%
Free cash flow yield (4.11%) 5.20% (1.89%)

Profitability

Metric OKLO VST Utilities Independent Power Producers median
Gross margin — 37.99% 37.99%
Operating margin 0.00% 18.55% 4.83%
Net margin 0.00% 10.55% 1.18%
Free cash flow margin 0.00% 12.62% 0.50%
Return on equity (7.70%) 75.38% 1.70%
Return on assets (7.47%) 5.02% 0.93%
Return on invested capital (17.00%) 9.05% 2.93%

Growth

Metric OKLO VST Utilities Independent Power Producers median
Revenue growth (TTM) — 3.80% 12.80%
EPS growth (last fiscal year) 2.70% (68.86%) —
Revenue growth, 5-year CAGR — 9.16% 15.82%
Net income growth, 5-year CAGR — 3.41% 1.71%

Health

Metric OKLO VST Utilities Independent Power Producers median
Debt to equity 0.00 3.57 0.74
Current ratio 48.46 0.97 1.21
Net debt to EBITDA 8.63 3.71 3.88

Dividend

Metric OKLO VST Utilities Independent Power Producers median
Dividend yield — 1.95% —
Payout ratio 0.00 0.22 0.17

Size

Metric OKLO VST Utilities Independent Power Producers median
Market cap 7.21b 46.65b 11.01b

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