Vistra Corp.VST
NYSE•Utilities•Utilities - Independent Power Producers
Vistra Corp., together with its subsidiaries, operates as an integrated retail electricity and power generation company in the United States. The company operates through five segments: Retail, Texas, East, West, and Asset Closure. The company retails electricity and natural gas to residential, commercial, and industrial customers across states in the United States and the District of Columbia. It is also involved in electricity generation, wholesale energy purchases and sales, commodity risk management, fuel procurement, and fuel logistics management activities. In addition, the company engages in decommissioning and reclamation of retired generation facilities, including mines, and battery removal and remediation activities. It serves approximately 5 million customers with a generation capacity of approximately 44,000 megawatts with a portfolio of natural gas, nuclear, coal, solar, and battery energy storage facilities. The company was formerly known as Vistra Energy Corp. and changed its name to Vistra Corp. in July 2020. Vistra Corp. was founded in 1882 and is based in Irving, Texas.
Vistra Corp. (VST) reported trailing twelve months revenue of $19.13B as of March 2026, a 4.4% increase year-over-year. Quarterly revenue reached $5.64B, reflecting continued top-line momentum.
Vistra Corp. generated $2.24B in TTM net income, with quarterly EBITDA of $1.98B. The operating margin expanded from -2.8% to 26.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (26.6%) and net margin (18.2%) indicates moderate non-operating costs. Net margin has improved from -6.3% a year ago, signaling stronger bottom-line efficiency.
VST trades at a P/E of 22.2x (in line with broad market averages) and a P/S of 2.6x. The price-to-book ratio of 8.9x indicates a significant premium over book value.
The company generated $316.00M in free cash flow over the trailing twelve months, a 287.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $41.31B in total assets with $19.16B in long-term debt against $5.60B in stockholders equity for a debt-to-equity ratio of 3.4, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 18.2%. The business may lack pricing power or face rising costs.'
ROE averages 34.6% but has fluctuated — the competitive advantage may be cyclical or emerging.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~35.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 5.3% — watch for continued compression, which may signal competitive or cost pressure.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 3.4 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 2.7% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation