FirmAtlas
Company handbook · VST · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
VST · CIK 1692819 · LATEST FILING: 10-Q JUN '26 · FILED AUG 10, 2026
Vistra Corp.
$152.02
−2.15 (−1.39%)
Close, Oct 16, 2026 · 52-week $133–210
Last fiscal year
Vistra Corp. reported revenue of $17.6B for the year ended Dec 31, 2025 (FY25), up 19.1% from FY24. Net income was $944M, operating cash flow $4.1B and free cash flow $1.3B. Source: 10-K filed Feb 27, 2026.
Market cap
$51.4B
P/E
23.2
EV/EBITDA
17.1x
P/B
9.4
Div yield
0.60%
ROIC
8.0%
Revenue 1Y
19.1%/yr
EPS 1Y
−68.9%/yr
Shares 1Y
−0.5%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJames A. Burke
HQIrving, TX
AuditorDeloitte & Touche LLP
Employees6,390
Year endsDecember
Revenue by segment · FY25
Retail74%
East19%
Texas5%
West2%
Asset Closure0%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
25.2%
50.5%
67.6%
−27.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$10.8B deployed
Capex
$4.8B
44.7%
Acquisitions
$3.1B
28.4%
Dividends
$611M
5.7%
Buybacks
$2.3B
21.2%
Operating cash flow over the period: $8.6B. Total debt changed by +$424M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
14,761
17,586+19.1%
18,985
YoY
+19.1%
Operating income
4,081
1,906−53.3%
3,563
Operating margin
27.6%
10.8%−16.8 pp
—
EBITDA
5,924
3,892−34.3%
—
EBITDA margin
40.1%
22.1%−18.0 pp
—
Interest expense
900
1,179+31.0%
—
Interest coverage
6.58x
3.30x−3.28x
—
Net income
2,659
944−64.5%
2,219
YoY
−64.5%
Net margin
18.0%
5.4%−12.6 pp
—
EPS (diluted, $)
7.00
2.18−68.9%
—
YoY
−68.9%
Balance sheet
Total assets
37,770
41,550+10.0%
42,603
Cash & short-term investments
1,222
822−32.7%
—
Accounts receivable
1,982
2,323+17.2%
—
Inventory
970
—
—
Net PP&E
18,173
19,846+9.2%
—
Other assets
15,423
18,559+20.3%
—
Total liabilities
32,200
36,453+13.2%
37,121
Accounts payable
1,510
1,644+8.9%
—
Total debt
15,418
15,842+2.8%
17,719
Other liabilities
15,272
18,967+24.2%
—
Shareholders’ equity
5,570
5,097−8.5%
5,482
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,563
4,070−10.8%
5,121
Net income
2,812
944−66.4%
—
Depreciation & amortization
1,843
1,986+7.8%
—
Stock-based compensation
100
113+13.0%
—
Working capital & other
(192)
1,027n/m
—
Cash from investing
(5,276)
(4,396)n/m
—
Capex
(2,078)
(2,752)n/m
—
Acquisitions
(3,065)
—
—
Other investing
(133)
(1,644)n/m
—
Cash from financing
(1,604)
(74)n/m
—
Debt raised
3,817
2,506−34.3%
—
Debt repaid
(2,287)
(2,584)n/m
—
Dividends
(305)
(306)n/m
—
Buybacks
(1,266)
(1,028)n/m
—
Other financing
(1,563)
1,338n/m
—
Net change in cash
(2,317)
(400)n/m
—
Free cash flow (OCF − capex)
2,485
1,318−47.0%
2,255
Where the cash went
Operating cash flow
4,563
4,070−10.8%
5,121
Reinvested in the business
5,143
2,752−46.5%
—
% of operating cash flow
112.7%
67.6%
Capex
2,078
2,752+32.4%
2,866
Acquisitions
3,065
—
—
Free cash flow
2,485
1,318−47.0%
2,255
YoY
−47.0%
Returned to shareholders
1,571
1,334−15.1%
—
% of free cash flow
63.2%
101.2%
Dividends
305
306+0.3%
—
Buybacks
1,266
1,028−18.8%
—
Change in total debt
—
424
—
Cash left over
—
408
—
FCF conversion (FCF ÷ net income)
93.5%
139.6%+46.2 pp
—
Owner earnings
—
941
—
Owner earnings margin
—
5.4%
—
Buyback yield
2.7%
1.9%−0.8 pp
—
Returns & ratios
ROIC (all capital)
16.7%
8.0%−8.7 pp
—
ROIC (operating)
16.9%
8.0%−8.9 pp
—
Net debt / EBITDA
2.40x
3.86x+1.46x
—
Debt / equity
2.77x
3.11x+0.34x
—
ROE
47.7%
18.5%−29.2 pp
—
ROA
7.0%
2.3%−4.8 pp
—
ROCE
13.9%
6.4%−7.5 pp
—
NOPAT
3,310
1,602−51.6%
—
Invested capital (operating)
19,615
20,525+4.6%
—
Invested capital (all)
19,766
20,117+1.8%
—
Reinvestment rate
—
56.8%
—
Net debt is 3.9x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
4,778
4,805
5,001
4,401
vs year-ago quarter
Operating income
1,037
474
1,499
553
Net income
652
233
1,029
305
vs year-ago quarter
Net margin
13.6%
4.8%
20.6%
6.9%
EPS (diluted, $)
1.75
0.69
2.87
0.76
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
38,020
41,550
41,308
42,603
Cash & equivalents
638
822
677
481
Total debt
15,757
15,842
17,264
17,719
Shareholders’ equity
5,210
5,097
5,597
5,482
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,467
1,432
1,199
1,023
Capex
458
836
883
689
Free cash flow
1,009
596
316
334
vs year-ago quarter