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Vistra Corp. (VST) stock

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NYSE: VST NYSE Electric Utilities Next results ~November 6, 2026

C Fundamentals grade

Vistra Corp. is a US-listed company in the electric utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: after-tax interest is 42% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

Price vs value

Under review: after-tax interest is 42% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy. We'll show the comparison once resolved.

Vistra Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Vistra files

Where Vistra stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $19.2bn, up 3.8% on a year earlier, slower than 7.4% a quarter earlier. That puts it 12 of 12 for growth among the electric utilities companies we cover. Free-cash-flow margin rose to 11.7% from 8.9% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 6 financial-health checks. At that price, our model says the market is pricing in about 14.2% a year of cash-flow growth for five years, faster than the 9.7% a year revenue growth it has delivered.

Our model value for Vistra is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Vistra Corp.'s trailing-twelve-month revenue grew 3.8% year on year, with a free-cash-flow margin of 11.7%. Where it stands out: change in share count of -1.0% ranks 1 of 23 electric utilities companies we cover. Where it lags: long-term debt as % of assets of 46.0% ranks 24 of 24 electric utilities companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$80–$190 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 36.4% while net income fell 7.1%: a 43pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Vistra Corp.'s latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 7 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 50% and a beta of 1.5 against the S&P 500.
  • Growth easing. The growth rate is 3.6 points lower than a quarter earlier.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 46.0% ranks 24 of 24 electric utilities companies we cover (median 40.9%).
  • Below peers: change in growth rate. Change in growth rate of -3.6pp ranks 23 of 25 electric utilities companies we cover (median -0.1pp).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.76 against an average estimate of $1.66: missed by 54.2%
Revenue
$4.02bn, down 5.5% on a year earlier
Share reaction
+1.1% in the first session after the results on August 7, 2026, against +0.6% for the S&P 500
Guidance given
ongoing Operations Adjusted EBITDA $6.8bn to $7.6bn (2026); ongoing Operations Adjusted Free Cash Flow before Growth (FCFbG) $3.93bn to $4.73bn (2026)
Next report
November 6, 2026; average EPS estimate $3.01

Vistra's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.7%
  • 1 week-5.0%
  • 1 month-3.9%
  • This year-16.2%
  • 1 year-28.1%
  • 5 years+645.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$19.2B
Operating margin
18.5%
Net margin
11.6%
EPS (TTM, diluted)
$6.44

Growth

Revenue growth
+3.8%
Change in growth rate
−3.6 pts
Share count change
−1.0%

Cash

Free cash flow (TTM)
$2.3B
FCF margin
11.7%
Stock pay % of revenue
0.7%

Earnings

Last results
August 7, 2026
Next results (est.)
November 7, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Insider trade
  3. Insider trade
  4. Agreement
  5. Agreement
  6. Insider trade
  7. Insider trade
  8. Results
  9. Guidance
  10. Agreement
  11. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Vistra Corp. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: after-tax interest is 42% of the cash flow left for shareholders; our flat discount rate doesn't yet reflect debt this heavy.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Vistra Corp. as an utility or power producer, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.03 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$140 ~$110–$170 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$160 ~$160–$200 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$48 ~$42–$57 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$51 ~$38–$70 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$53 ~$45–$64 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Vistra Corp. with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$15.60$19.49$19.97$17.60$21.05$22.12$37.76$136.52$160.62$134.61
Market value$6.7bn$9.8bn$10.0bn$8.6bn$10.1bn$9.3bn$14.2bn$48.1bn$55.5bn$46.4bn
+ Net debt (− = net cash)$2.9bn$10.4bn$10.4bn$8.9bn$9.4bn$12.2bn$11.0bn$15.3bn$18.1bn$19.3bn
Enterprise value$9.6bn$20.3bn$20.4bn$17.6bn$19.6bn$21.5bn$25.2bn$63.4bn$73.6bn$65.7bn
Multiples
Price / sales 1.2x1.1x0.8x0.8x0.8x0.7x1.0x2.8x3.1x2.4x
Price / earnings ——10.8x13.6x——9.5x18.1x58.8x20.9x
Price / free cash flow 5.2x10.5x4.9x4.2x——3.8x19.4x42.1x20.6x
EV / EBITDA 10.7x10.8x5.6x5.4x82.2x51.3x6.1x10.7x18.9x12.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

48 /100

Moderate moat

How hard Vistra's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 2.2% of total assets over 9 years.

  • Durability 3 / 20

    Operating margin has been a median 13.5%; its worst year was -10.5%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 7 of 9 years, at a median 13.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 29.5% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 6, 2026, before the open. Analysts expect revenue of $6.4bn and EPS of $3.01 (range $2.55 to $3.53) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.39 +331% $22.2bn +25%
Next $10.40 +11% $23.9bn +8%

Next year's EPS estimate has moved −6.2% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.6% on 90 days ago. In the last 30 days, 1 analyst raised Vistra Corp.'s forecast and 1 cut it.

Consensus EPS forecast Vistra Corp., last 90 days
$9.00 $9.50 $10.00 $10.50 $11.00 $11.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.74 Current fiscal year, 60 days ago: $9.59 Current fiscal year, 30 days ago: $9.47 Current fiscal year, 7 days ago: $9.58 Current fiscal year, Now: $9.39 $9.39 Next fiscal year, 90 days ago: $11.09 Next fiscal year, 60 days ago: $10.35 Next fiscal year, 30 days ago: $10.38 Next fiscal year, 7 days ago: $10.36 Next fiscal year, Now: $10.40 $10.40

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.74$11.09
60 days ago $9.59$10.35
30 days ago $9.47$10.38
7 days ago $9.58$10.36
Now $9.39$10.40

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.66 $0.76 −54.2%
Mar 2026 $1.87 $2.87 +53.3%
Dec 2025 $2.30 $0.54 −76.5%
Sept 2025 $1.96 $1.75 −10.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 7, 2026
  • Ongoing Operations Adjusted EBITDA 2026 $6.8bn to $7.6bn Non-GAAP Maintained
    “Reaffirmed 2026 Ongoing Operations Adjusted EBITDA 1 and Ongoing Operations Adjusted FCFbG 1 guidance ranges of $6.8 billion to $7.6 billion and $3.925 billion to $4.725 billion, respectively. 3” source
  • Ongoing Operations Adjusted Free Cash Flow before Growth (FCFbG) 2026 $3.925bn to $4.725bn Non-GAAP Maintained
    “Reaffirmed 2026 Ongoing Operations Adjusted EBITDA 1 and Ongoing Operations Adjusted FCFbG 1 guidance ranges of $6.8 billion to $7.6 billion and $3.925 billion to $4.725 billion, respectively. 3” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

23 analysts, Oct 2026
Buy2296%
Hold00%
Sell14%

Monthly trend

  1. Oct 202641823
  2. Sep 202641520
  3. Aug 202641520
  4. Jul 202641520

Counts of recommendations published by analysts covering Vistra Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.4%
of tradable shares
Days to cover
1.42
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
0.8%
of shares
Employees
6,390
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −28.1%

$187.21 on October 31, 2025 to $134.61

ThenNowEffect
Revenue (last 12 months) $18.5bn $19.2bn +3.8%
Net margin 12.9% 11.6% −10.5%
P/E multiple 27.3x 20.9x −23.4%
Share count 348m 345m +1.0%

Biggest factor: p/e multiple.

Last 3 years +294.7%

$34.11 on November 3, 2023 to $134.61

ThenNowEffect
Revenue (last 12 months) $16.6bn $19.2bn +15.5%
Net margin 9.6% 11.6% +20.3%
P/E multiple 8.4x 20.9x +148.8%
Share count 393m 345m +14.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VST+20%+5%+71%+262%+18%−16%
Industry peers (median)+18%−1%−4%+16%+16%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VST58%58%67%75%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VST−33%−22%−13%−35%−49%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 5, 2016: 53% from November 4, 2019 to March 18, 2020. Getting back needed a 114% gain, reached on April 20, 2022, 763 days after the low.

Price behaviour

52-week range
$134.30 – $191.93
From 52-week high
−29.9%
vs 50-day average
−7.1%
vs 200-day average
−12.0%
Volatility (1 year)
50%
Beta vs S&P 500
1.54

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.4%
After a week
7 up, 5 down
typical move ±9.8%
After a month
7 up, 5 down
typical move ±12.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 7, 2026 +1.1% +0.6% +4.8% +7.3%
May 7, 2026 −6.7% +0.5% −10.4% −7.2%
February 26, 2026 −0.8% −1.0% −4.5% −11.2%
November 6, 2025 +0.9% −1.0% −9.4% −12.3%
August 7, 2025 +0.6% +0.7% +0.7% −6.4%
May 7, 2025 −2.7% +1.1% +6.9% +19.9%
February 27, 2025 −9.8% −0.1% −22.8% −19.5%
November 7, 2024 +12.5% +1.2% +9.8% +17.6%
August 8, 2024 +6.3% +2.8% +10.1% +1.4%
May 8, 2024 +14.0% +0.6% +18.6% +4.1%
February 28, 2024 +7.0% +0.2% +19.5% +37.1%
November 7, 2023 −1.9% +0.4% −0.3% +5.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Vistra Corp. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Vistra Corp.
$12B $14B $16B $18B $20B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $15.6B Revenue (TTM), FY23 Q4: $14.8B Revenue (TTM), FY24 Q1: $13.4B Revenue (TTM), FY24 Q2: $14.1B Revenue (TTM), FY24 Q3: $16.3B Revenue (TTM), FY24 Q4: $17.2B Revenue (TTM), FY25 Q1: $18.1B Revenue (TTM), FY25 Q2: $18.5B Revenue (TTM), FY25 Q3: $17.2B Revenue (TTM), FY25 Q4: $17.7B Revenue (TTM), FY26 Q1: $19.4B Revenue (TTM), FY26 Q2: $19.2B $19.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $15.6B
FY23 Q4 $14.8B
FY24 Q1 $13.4B
FY24 Q2 $14.1B
FY24 Q3 $16.3B
FY24 Q4 $17.2B
FY25 Q1 $18.1B
FY25 Q2 $18.5B
FY25 Q3 $17.2B
FY25 Q4 $17.7B
FY26 Q1 $19.4B
FY26 Q2 $19.2B
Revenue growth, TTM YoY Vistra Corp.
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 4.4% Revenue growth, TTM YoY, FY23 Q4: -4.4% Revenue growth, TTM YoY, FY24 Q1: -20.0% Revenue growth, TTM YoY, FY24 Q2: -15.4% Revenue growth, TTM YoY, FY24 Q3: 4.5% Revenue growth, TTM YoY, FY24 Q4: 16.6% Revenue growth, TTM YoY, FY25 Q1: 35.0% Revenue growth, TTM YoY, FY25 Q2: 31.6% Revenue growth, TTM YoY, FY25 Q3: 5.7% Revenue growth, TTM YoY, FY25 Q4: 3.0% Revenue growth, TTM YoY, FY26 Q1: 7.4% Revenue growth, TTM YoY, FY26 Q2: 3.8% 3.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 4.4%
FY23 Q4 -4.4%
FY24 Q1 -20.0%
FY24 Q2 -15.4%
FY24 Q3 4.5%
FY24 Q4 16.6%
FY25 Q1 35.0%
FY25 Q2 31.6%
FY25 Q3 5.7%
FY25 Q4 3.0%
FY26 Q1 7.4%
FY26 Q2 3.8%
Operating margin (TTM) Vistra Corp.
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 15.8% Operating margin (TTM), FY23 Q4: 18.0% Operating margin (TTM), FY24 Q1: 12.0% Operating margin (TTM), FY24 Q2: 13.0% Operating margin (TTM), FY24 Q3: 22.0% Operating margin (TTM), FY24 Q4: 23.7% Operating margin (TTM), FY25 Q1: 21.4% Operating margin (TTM), FY25 Q2: 19.4% Operating margin (TTM), FY25 Q3: 11.8% Operating margin (TTM), FY25 Q4: 10.7% Operating margin (TTM), FY26 Q1: 18.1% Operating margin (TTM), FY26 Q2: 18.5% 18.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 15.8%
FY23 Q4 18.0%
FY24 Q1 12.0%
FY24 Q2 13.0%
FY24 Q3 22.0%
FY24 Q4 23.7%
FY25 Q1 21.4%
FY25 Q2 19.4%
FY25 Q3 11.8%
FY25 Q4 10.7%
FY26 Q1 18.1%
FY26 Q2 18.5%
FCF margin (TTM) Vistra Corp.
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 21.3% FCF margin (TTM), FY23 Q4: 25.6% FCF margin (TTM), FY24 Q1: 19.9% FCF margin (TTM), FY24 Q2: 15.9% FCF margin (TTM), FY24 Q3: 12.5% FCF margin (TTM), FY24 Q4: 14.4% FCF margin (TTM), FY25 Q1: 13.6% FCF margin (TTM), FY25 Q2: 8.9% FCF margin (TTM), FY25 Q3: 9.6% FCF margin (TTM), FY25 Q4: 7.4% FCF margin (TTM), FY26 Q1: 9.3% FCF margin (TTM), FY26 Q2: 11.7% 11.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 21.3%
FY23 Q4 25.6%
FY24 Q1 19.9%
FY24 Q2 15.9%
FY24 Q3 12.5%
FY24 Q4 14.4%
FY25 Q1 13.6%
FY25 Q2 8.9%
FY25 Q3 9.6%
FY25 Q4 7.4%
FY26 Q1 9.3%
FY26 Q2 11.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Vistra took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $17.7B
  2. Selling, general and admin $1.7B · 9.7%
  3. Other operating costs $14.1B · 79.6%
  4. Operating income $1.9B · 10.7%
  5. Income tax $179M · 1.0%
  6. Interest and other $783M · 4.4%
  7. Net income $944M · 5.3%

Shares of revenue. Source: Vistra's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 5.4 9.1 11.8 11.4 12.1 13.7 14.8 17.2 17.7 19.2
EBITDA 0.9 1.9 3.6 3.3 0.2 0.4 4.2 5.9 3.9 5.4
Operating income 0.2 0.5 2.0 1.5 −1.5 −1.2 2.7 4.1 1.9 3.6
Net income −0.3 −0.1 0.9 0.6 −1.3 −1.2 1.5 2.7 0.9 2.2
Diluted EPS −$0.59 −$0.11 $1.86 $1.30 −$2.69 −$3.26 $3.58 $7.00 $2.18 $6.44
Growth (year on year)
Revenue — +68.4% +29.1% −3.1% +5.5% +13.7% +7.7% +16.5% +3.0% +3.8%
EBITDA — +110.1% +92.7% −10.4% −92.7% — +893.6% +42.3% −34.3% −4.1%
Operating income — +148.0% +305.9% −23.8% −199.7% — — +53.4% −53.3% −0.5%
Net income — — — −31.5% −300.3% — — +78.1% −64.5% −7.1%
Diluted EPS — — — −30.1% −306.9% — — +95.5% −68.9% −6.1%
Margins
EBITDA margin 16.5% 20.6% 30.8% 28.5% 2.0% 3.1% 28.2% 34.4% 21.9% 28.2%
Operating margin 3.6% 5.4% 16.9% 13.3% −12.5% −8.6% 18.0% 23.7% 10.7% 18.5%
Net margin −4.7% −0.6% 7.9% 5.6% −10.5% −8.9% 10.1% 15.4% 5.3% 11.6%
Free-cash-flow margin 23.4% 10.3% 17.1% 18.2% −10.3% −5.9% 25.6% 14.4% 7.4% 11.7%
Cash flow
Cash from operations 1.4 1.5 2.7 3.3 −0.2 0.5 5.5 4.6 4.1 5.1
Capital spending 0.1 0.5 0.7 1.3 1.0 1.3 1.7 2.1 2.8 2.9
Free cash flow 1.3 0.9 2.0 2.1 −1.2 −0.8 3.8 2.5 1.3 2.3
Stock-based pay 0.0 0.1 0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 1.3 0.9 2.0 2.0 −1.3 −0.9 3.7 2.4 1.2 2.1
Balance sheet
Cash 1.5 0.6 0.3 0.4 1.3 0.5 3.5 1.2 0.8 0.4
Total debt 4.4 11.1 10.7 9.3 10.7 12.6 14.5 16.5 18.8 19.8
Net debt (negative = net cash) 2.9 10.4 10.4 8.9 9.4 12.2 11.0 15.3 18.1 19.3
Diluted shares 428m 505m 500m 491m 482m 422m 375m 353m 346m 345m
Returned to shareholders
Dividends 0.0 0.0 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Buybacks 0.0 0.8 0.7 0.0 0.5 1.9 1.2 1.3 1.0 1.1
Total returned 0.0 0.8 0.9 0.3 0.8 2.3 1.6 1.6 1.3 1.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 30, 2026
What it owns · $42.6bn
Short-term assets $10.3bnLonger-term assets $32.3bn
What it owes, and who funded it · $42.6bn
Short-term liabilities $10.6bnLonger-term liabilities $26.6bnShareholders' equity $5.5bn
  • Short-term assets cover short-term liabilities $10.3bn of assets due within a year against $10.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $10.3bn short-term assets against $26.6bn of longer-dated liabilities.
  • More cash than debt $435m of cash against $19.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 357% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 126% to 357% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.1bn of operating cash flow against $19.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $3.6bn against $1.1bn of interest.

From Vistra Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.1B
Dividends (TTM)
$308M
Returned to shareholders
65%
of free cash flow
Buybacks, last 3 fiscal years
$3.5B
Diluted share count
−1.0%
year over year
Total shareholder yield
3.2%
dividends 0.7% + buybacks 2.5% of market value
Dividend payout ratio
14%
of net income paid out
Sales & admin spending
9.0%
of revenue
Days sales outstanding
44 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electric utilities
Last 12 months unless stated VST EIX FE AEP EXC ES Median
Revenue, last 12 months $19.2bn $18.6bn $16.2bn $22.8bn $25.9bn $14.0bn $9.4bn
Revenue growth, last 12 months 3.8% 2.6% 12.2% 10.3% 6.7% 7.8% 6.4%
Revenue growth, 3-year average 4.9% 3.7% 8.0% 5.4% 7.3% 3.4% 3.7%
Revenue growth, latest quarter −5.5% −15.0% 9.9% 7.0% 9.2% 2.3% 4.3%
Operating margin 18.5% 31.8% 14.9% 23.0% 19.8% 21.5% 22.3%
Operating margin, 3-year average 17.0% 25.7% 17.3% 22.5% 19.8% 21.2% 22.4%
Net margin 11.6% 19.6% 7.4% 13.8% 10.2% 10.4% 13.3%
Cash from operations / revenue 26.7% 37.5% 19.7% 33.8% 25.6% 31.6% 27.0%
Free-cash-flow margin 11.7% −0.7% −13.3% 18.8% −10.0% 2.1% −10.0%
Free-cash-flow margin, 3-year average 12.2% −3.4% −9.8% 22.6% −7.7% −9.4% −8.2%
Stock pay / revenue 0.7% 0.2% 0.1% — 0.2% — 0.4%
Change in share count −1.0% 0.0% 0.2% 1.8% 1.6% 2.6% 1.7%

Median of all 25 companies we cover in electric utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 electric utilities companies
Measure Company Peer median Rank
Revenue growth Growth 3.8% 6.4% 18 of 25
Change in growth rate Growth -3.6pp -0.1pp 23 of 25
Operating margin Profitability 18.5% 22.5% 18 of 24
Net margin Profitability 11.6% 13.3% 15 of 25
Free-cash-flow margin Cash generation 11.7% -10.0% 2 of 24
Stock pay as % of revenue Cash generation 0.7% 0.5% 7 of 8
Long-term debt as % of assets Balance sheet 46.0% 40.9% 24 of 24
Change in share count Balance sheet -1.0% 1.7% 1 of 23
Days sales outstanding Balance sheet 44 days 45 days 6 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Retail Energy Charge In ERCOT $9B ▲ 11.2%
Retail Energy Charge In Northeast Midwest $4.1B ▲ 12.9%
Wholesale Generation Revenue From ERCOT $3.2B ▲ 61.2%
Revenue From Other Wholesale Contracts $1.1B ▲ 9.1%
Hedging Revenue Realized $583M ▼ 34.9%
Transferable Production Tax Credit Revenues $229M ▼ 58.8%
Capacity Revenue $227M ▲ 206.8%
Transferable Nuclear Production Tax Credit Revenues $220M ▼ 59.6%
Total Other Revenues $152M ▼ 93.8%
Business Interruption Insurance Proceeds $118M —
Intersegment Sales $0 —
Intangible Amortization and Other Revenues -$12M —
Hedging and Other Revenues -$766M ▼ 175.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From Vistra Corp.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$45.1B
Institutions reporting
1,395
Shares held vs prior quarter
▲ 2.6%
Positions opened / closed
200 / 121

Top buyers and sellers, Q2 2026: 819 institutions bought and 535 sold ; the biggest buyer was SG Americas Securities, LLC (+1.9M shares) and the biggest seller Lone Pine Capital LLC (−6.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $4.6B 29.1M 10.2% ▲ 2.1%
Vanguard Capital Management LLC $3.4B 21.4M 7.5% 0.0%
Vanguard Portfolio Management LLC $2.7B 16.9M 6.0% ▲ 0.2%
State Street Corp $2.7B 16.9M 5.9% ▲ 0.5%
FMR LLC $2.2B 14.2M 5.0% ▼ 10.4%
Geode Capital Management, LLC $1.4B 9.0M 3.2% 0.0%
Morgan Stanley $1.4B 8.9M 3.1% ▲ 7.6%
Norges Bank $922M 5.8M 2.0% —
UBS Group AG $856M 5.4M 1.9% ▲ 17.4%
Goldman Sachs Group Inc $752M 4.7M 1.7% ▲ 42.0%
Invesco Ltd. $589M 3.7M 1.3% ▲ 17.8%
Dimensional Fund Advisors LP $563M 3.5M 1.2% ▲ 3.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Vistra Corp.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.2M 3 trades by 1 insider, last 12 months Insider sales History → $59.8M 21 trades by 10 insiders · 62% under pre-set plans
Net ▼ $58.7M net selling
Insider Date Trade Shares Price Value
Moldovan Kristopher E. EVP and CFO October 7, 2026 Sell pre-set plan 20,000 $165.00 $3.3M
Hudson Scott A EVP & President Vistra Retail October 6, 2026 Sell pre-set plan 22,222 $160.14 $3.6M
Hudson Scott A EVP & President Vistra Retail September 8, 2026 Sell pre-set plan 7,777 $150.97 $1.2M
Hudson Scott A EVP & President Vistra Retail September 8, 2026 Sell pre-set plan 28,826 $151.85 $4.4M
Hudson Scott A EVP & President Vistra Retail September 8, 2026 Sell pre-set plan 7,841 $152.56 $1.2M
Moldovan Kristopher E. EVP and CFO September 8, 2026 Sell pre-set plan 20,000 $151.03 $3M
Burke James A President and CEO September 1, 2026 Buy 4,465 $135.25 $603,891
Burke James A President and CEO August 31, 2026 Buy 2,200 $135.99 $299,178
Burke James A President and CEO August 24, 2026 Buy 2,000 $135.00 $270,000
Acosta Arcilia Director June 18, 2026 Sell pre-set plan 7,500 $170.00 $1.3M
Acosta Arcilia Director June 18, 2026 Sell pre-set plan 7,500 $165.04 $1.2M
Sult John R Director June 18, 2026 Sell pre-set plan 6,500 $170.00 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 22 trades and filings

In the last 12 months, 2 members of Congress disclosed 2 purchases and 0 sales of Vistra Corp. shares.

  • Julia Letlow(R-LA 5):Purchase, $1,001 - $15,000, traded February 17, 2026, filed March 12, 2026
  • Nancy Pelosi(D-CA 11):Purchase (option), $100,001 - $250,000, traded January 16, 2026, filed January 23, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 7, 2026 estimated from the company's past filing pattern, not announced

  • August 7, 2026
  • May 7, 2026
  • February 26, 2026
  • November 6, 2025
  • August 7, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Vistra Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Vistra Corp. in brief

What does Vistra Corp. do?
Vistra Corp. is a US-listed company in the electric utilities industry. Its financial year ends in December.
What is Vistra Corp.'s stock ticker?
Vistra Corp. trades under the ticker VST on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Vistra Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Vistra Corp. reported revenue of $19.2B, 3.8% higher than a year earlier, according to its SEC filings.
What is Vistra Corp.'s free cash flow?
Vistra Corp.'s free-cash-flow margin is 11.7% of revenue over the trailing twelve months, ranking 2 of the 24 electric utilities companies we cover.
Who are Vistra Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Vistra Corp. buying back stock, and does it pay a dividend?
Vistra Corp. spent $1.1B on share repurchases over the trailing twelve months, and its diluted share count fell 1.0% over the year.
What is Vistra Corp.'s market cap?
On November 2, 2026, Vistra Corp.'s market capitalisation was about $46.4B, with a price-to-earnings ratio of 20.9 and net debt of $19.3B. Market figures come from third-party market data and may be delayed.
Does Vistra Corp. pay a dividend?
Yes: Vistra Corp. paid $308M in dividends over the trailing twelve months, a dividend yield of 0.68% and a payout ratio of 13.9%.
How much debt does Vistra Corp. have?
Vistra Corp.'s debt-to-equity ratio is 357.4%, from its latest balance sheet (126.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Vistra Corp.'s competitors?
In our Electric Utilities peer group, the companies closest to Vistra Corp. are Edison International, FirstEnergy, American Electric Power, Exelon and Eversource Energy. The side-by-side comparison below sets their revenue, margins and growth against Vistra Corp.'s.
Are insiders buying or selling Vistra Corp. stock?
Over the last 12 months, Vistra Corp.'s directors and officers reported 3 open-market purchases and 21 sales on Form 4. The insider trading page charts every trade.
When is Vistra Corp.'s next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Vistra Corp. announces its own schedule.