VSTVistra Corp.

Utilities · Electric Utilities · NYSE

Vistra is an integrated retail electricity and power generation company that provides essential power resources to customers, businesses, and communities from California to Maine. 10-K, Item 1

Employees: 6,390
Headquarters: Irving, TX
CEO: James A. Burke
Next results: around Feb 25, 2027

Compare with peers → Embed

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	7.40	Sales (ttm)	20.6B	Net income (ttm)	2.7B	Sales growth	+3.0%	EPS growth	-68.9%	Sales Q/Q	+27.7%
Free cash flow	2.6B	Gross margin	-	Oper. margin	20.6%	Net margin	13.1%	FCF margin	12.7%	ROE	42.9%
ROA	6.0%	R&D / sales	-	Dividend	0.90	Debt/Eq	3.35	Curr. ratio	1.16	Cash	2.7B
Op. cash flow (ttm)	5.8B	EBITDA	3.9B	EBITDA margin	21.9%	Net debt	18.4B	Quick ratio	1.07	Interest cover	1.62
ROIC	5.8%	Payout ratio	41.4%	Tax rate	15.9%	Stock pay / sales	0.6%	Shares out.	339.4M	Shares Y/Y	-2.0%
Book / share	18.58	Cash / share	8.08	Sales / share	60.66	Asset turnover	0.46	Days sales out.	48	Sales 3Y CAGR	+4.3%
Sales 5Y CAGR	+9.2%	EPS 5Y CAGR	+10.9%	Employees	6,390	Sales / employee	3.2M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow fell 47%$2.5B → $1.3B · Cash from operations − capital expenditure · 10-K ↗
Revenue growth slowed to +3.0%+16.5% → +3.0% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin narrowed to 10.7%23.7% → 10.7% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

VST against Utilities peers

Ten years, side by side → · All 31 →

VSTPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 31 companies, the better end on the right. Hover a dot for the company.

Sales growth

+3.0%28th of 31 · median +9.7%

Net margin

13.1%19th of 31 · median 13.8%

Return on equity

42.9%1st of 31 · median 10.3%

Free cash flow margin

12.7%1st of 24 · median -13.7%

Debt / equity (less is better)

3.3529th of 30 · median 1.70

VST and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
VST Vistra Corp.	$20.6B	+3.0%	-	13.1%	42.9%	12.7%	3.35
AEP American Electric Power	$22.4B	+10.9%	-	16.3%	11.5%	11.6%	1.58
EIX Edison International	$18.6B	+9.8%	-	19.6%	20.3%	-0.7%	2.33
ED Consolidated Edison	$18.2B	+10.2%	-	12.6%	8.7%	-	0.98
D Dominion Energy	$17.5B	+16.5%	-	16.9%	10.1%	-	1.78
DTE DTE Energy	$16.5B	+26.9%	-	7.7%	10.3%	-	2.17

Profitability

1 of 3

!
Net margin below the peer median13.1% vs 13.8%
✓
Return on equity above 15%42.9%
!
A profit in 5 of 9 years

Net margin, FY2017 to FY2025: -4.7% → 5.3%

Balance sheet

1 of 4

!
Interest covered less than 5 timesOperating income is 1.6× interest expense
!
Debt larger than equityDebt / equity 3.35 on the latest balance sheet (peer median 1.70)
✓
Current assets cover current liabilitiesCurrent ratio 1.16
!
Net debt over 3 years of free cash flow$18.4B net debt, 7.1 years

Debt / equity at each year end, FY2017 to FY2025: 0.70 → 3.70

What the debt is made of ↓

Cash and shareholders

3 of 4

!
Free cash flow positive in 7 of 9 years$1.3B last year
✓
Share count down over 5 years−29.6%
✓
Dividend per share up over 3 years$0.72 → $0.90
✓
Cash from operations above net income$4.1B vs $944.0M

Free cash flow, FY2017 to FY2025: 1.3B → 1.3B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Vistra Operations debt	–	–	not stated	$15.6B
Project-level debt	–	–	not stated	$1.6B
Revenue Bonds	Notes and bonds	–	not stated	$431.0M

From the debt note in the 10-K's XBRL (0001692819-26-000006), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2017 to FY2025

Revenue 17.7B Net income 944.0M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $17.6B of revenue came from

by segment, year to Dec 31, 2025

Retail $13.0B · 74%
East $3.3B · 19%
Texas $918.0M · 5%
West $328.0M · 2%
Asset Closure $4.0M · 0%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

VST's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue17.7B

Net income944.0M

Free cash flow1.3B

EPS (diluted)2.18

Dividend per share0.90

Diluted shares345.7M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Retail	13.0B	73.4%	+11.7%
East	3.3B	18.7%	+81.6%
Texas	918.0M	5.2%	+11.8%
West	328.0M	1.8%	-21.9%
Asset Closure	4.0M	0.0%	-89.5%

10-K 0001692819-26-000006, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Retail energy charge in ERCOT	9.0B	50.5%	+11.2%
Retail energy charge in Northeast/Midwest	4.1B	22.9%	+12.9%
Wholesale generation revenue from ISO/RTO	3.2B	18.0%	+61.2%
Revenue from other wholesale contracts	1.1B	6.5%	+9.1%
Hedging revenues — realized	583.0M	3.3%	-34.9%
Transferable PTC revenues	229.0M	1.3%	-58.8%
Capacity revenue from ISO/RTO	227.0M	1.3%	+207%
Transferable Nuclear Production Tax Credit Revenues	220.0M	1.2%	-59.6%
Business interruption insurance proceeds	118.0M	0.7%	-
Intersegment sales	0	0.0%	-
Intangible amortization and other revenues	-12.0M	-0.1%	-
Hedging revenue — unrealized	-766.0M	-4.3%	-176%

10-K 0001692819-26-000006, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5.4B	9.8B	11.8B	11.4B	17.7B	15.6B	14.8B	17.2B	17.7B
SG&A	600.0M	926.0M	904.0M	1.0B	1.0B	1.2B	1.3B	1.6B	1.7B
Operating income	198.0M	491.0M	2.0B	1.5B	-1.5B	-1.2B	2.7B	4.1B	1.9B
Interest expense	193.0M	572.0M	797.0M	630.0M	384.0M	368.0M	740.0M	900.0M	1.2B
Pretax income	250.0M	-101.0M	1.2B	890.0M	-1.7B	-1.6B	2.0B	3.5B	1.1B
Income tax	504.0M	-45.0M	290.0M	266.0M	-458.0M	-350.0M	508.0M	655.0M	179.0M
Net income	-254.0M	-54.0M	928.0M	636.0M	-1.3B	-1.2B	1.5B	2.7B	944.0M
EPS (diluted)	-0.59	-0.11	1.86	1.30	-2.69	-3.26	3.58	7.00	2.18
Diluted shares	427.8M	505.0M	499.9M	491.1M	482.2M	422.4M	375.2M	352.6M	345.7M
Depreciation & amortization	699.0M	1.4B	1.6B	1.7B	1.8B	1.6B	1.5B	1.8B	2.0B
EBITDA	897.0M	1.9B	3.6B	3.3B	238.0M	419.0M	4.2B	5.9B	3.9B
Operating margin	3.6%	5.0%	16.9%	13.3%	-8.6%	-7.5%	18.0%	23.7%	10.7%
Net margin	-4.7%	-0.6%	7.9%	5.6%	-7.2%	-7.8%	10.1%	15.4%	5.3%
Revenue growth	-	+80.4%	+20.5%	-3.1%	+54.7%	-11.7%	-5.5%	+16.5%	+3.0%
EPS growth	-	-	-	-30.1%	-307%	-	-	+95.5%	-68.9%

Balance sheet

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	1.5B	636.0M	300.0M	406.0M	1.3B	455.0M	3.5B	1.2B	785.0M
Receivables	582.0M	1.1B	1.4B	1.3B	1.4B	2.1B	1.7B	2.0B	2.3B
Inventory	253.0M	412.0M	469.0M	515.0M	610.0M	570.0M	740.0M	970.0M	-
Current assets	2.7B	3.4B	4.1B	3.4B	7.9B	11.1B	11.6B	8.1B	9.2B
Property & equipment	4.8B	14.6B	13.9B	13.5B	13.1B	12.6B	12.4B	18.2B	19.8B
Goodwill	1.9B	2.1B	2.6B	2.6B	2.6B	2.6B	2.6B	2.8B	2.8B
Total assets	14.6B	26.0B	26.6B	25.2B	29.7B	32.8B	33.0B	37.8B	41.5B
Accounts payable	473.0M	945.0M	947.0M	880.0M	1.5B	1.6B	1.1B	1.5B	1.6B
Current liabilities	1.4B	3.6B	4.6B	3.0B	5.8B	10.3B	9.8B	8.4B	11.8B
Total debt	4.4B	11.1B	10.7B	9.3B	10.7B	12.6B	14.4B	16.3B	18.8B
Total liabilities	8.3B	18.2B	18.7B	16.8B	21.4B	27.9B	27.6B	32.2B	36.4B
Shareholders' equity	6.3B	7.9B	8.0B	8.4B	8.3B	4.9B	5.3B	5.6B	5.1B
Retained earnings	-1.4B	-1.4B	-764.0M	-399.0M	-2.0B	-3.6B	-2.6B	-454.0M	-12.0M

Cash flow

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.4B	1.5B	2.7B	3.3B	-206.0M	485.0M	5.5B	4.6B	4.1B
Capital spending	114.0M	530.0M	713.0M	1.3B	1.0B	1.3B	1.7B	2.1B	2.8B
Free cash flow	1.3B	941.0M	2.0B	2.1B	-1.2B	-816.0M	3.8B	2.5B	1.3B
Stock-based pay (added back)	0	73.0M	47.0M	65.0M	47.0M	63.0M	77.0M	100.0M	113.0M
Dividends paid	0	0	243.0M	266.0M	290.0M	302.0M	313.0M	305.0M	306.0M
Buybacks	0	763.0M	656.0M	0	471.0M	1.9B	1.2B	1.3B	1.0B
Acquisitions	0	0	374.0M	0	0	0	0	3.1B	-
Debt raised	0	1.0B	6.5B	0	1.2B	1.5B	2.5B	3.8B	2.5B
Debt repaid	-	-	-	-	-	251.0M	33.0M	2.3B	2.6B
Investing cash flow	-727.0M	-101.0M	-1.7B	-1.6B	-1.2B	-1.2B	-2.1B	-5.3B	-4.4B
Financing cash flow	-201.0M	-2.7B	-1.2B	-1.8B	2.3B	-80.0M	-294.0M	-1.6B	-74.0M
Dividend per share	-	-	0.12	-	-	0.72	0.82	0.87	0.90

Stock-based pay and leases

From EDGAR

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	0	73.0M	47.0M	65.0M	47.0M	63.0M	77.0M	100.0M	113.0M
Stock-based pay / revenue	0.0%	0.7%	0.4%	0.6%	0.3%	0.4%	0.5%	0.6%	0.6%
Operating lease cost	-	-	14.0M	14.0M	11.0M	9.0M	12.0M	17.0M	16.0M
Operating lease cash paid	-	-	17.0M	17.0M	11.0M	11.0M	-	-	-
Finance lease principal paid	-	-	4.0M	10.0M	5.0M	12.0M	-	-	-
Right-of-use assets	-	0	44.0M	45.0M	40.0M	51.0M	50.0M	106.0M	98.0M
Operating lease liabilities	-	109.0M	55.0M	48.0M	43.0M	53.0M	55.0M	111.0M	105.0M
Finance lease liabilities	-	-	86.0M	214.0M	243.0M	246.0M	236.0M	227.0M	222.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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