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Vistra Corp. key statistics and ratios

In fiscal 2025, Vistra Corp. had return on equity of 17.7%, an operating margin of 10.7%, debt equal to 369.7% of equity and a current ratio of 0.78. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Operating margin3.6%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 margin23.4%10.3%17.1%18.2%−10.3%−5.9%25.6%14.4%7.4%11.7%
Return on equity−4.0%−0.8%11.7%7.8%−15.3%−18.6%29.2%48.9%17.7%42.0%
Return on assets−1.7%−0.3%3.5%2.5%−4.6%−3.9%4.5%7.5%2.4%5.3%
Asset turnover0.370.450.450.440.440.440.450.490.450.46
Current ratio1.980.950.901.131.351.081.180.960.780.97
Debt to equity69.7%140.7%134.8%111.5%129.4%257.5%273.5%295.7%369.7%360.5%
Interest cover (operating income ÷ interest)1.0x0.9x2.5x2.4xn/mn/m3.6x4.5x1.6x3.1x
Effective tax rate——23.8%29.9%——25.4%18.9%15.9%20.8%
SG&A as % of revenue11.0%10.1%7.7%9.0%8.6%8.7%8.9%9.3%9.7%9.0%
Capital spending as % of revenue2.1%5.8%6.0%11.0%8.6%9.5%11.3%12.1%15.5%14.9%
Free cash flow ÷ net income——218.0%326.7%——253.0%93.5%139.6%101.6%
Dividends ÷ net income——26.2%41.8%——21.0%11.5%32.4%13.9%
Dividends and buybacks ÷ free cash flow0.0%81.1%44.4%12.8%——41.2%63.2%101.2%64.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Vistra Corp.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Vistra Corp.