NYSE: VST
Vistra
Utilities · Electric Services
52-week range
$132.66$198.82
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$53.2B
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| Period | Market cap |
|---|---|
| FY2017, ended Dec 31, 2017 | $7.85B |
| FY2018, ended Dec 31, 2018 | $11.1B |
| FY2019, ended Dec 31, 2019 | $11.2B |
| FY2020, ended Dec 31, 2020 | $9.51B |
| FY2021, ended Dec 31, 2021 | $10.2B |
| FY2022, ended Dec 31, 2022 | $8.85B |
| FY2023, ended Dec 31, 2023 | $13.4B |
| FY2024, ended Dec 31, 2024 | $46.7B |
| FY2025, ended Dec 31, 2025 | $54.4B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $53.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$19.2B
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| Period | Revenue |
|---|---|
| FY2017, ended Dec 31, 2017 | $5.43B |
| FY2018, ended Dec 31, 2018 | $9.80B |
| FY2019, ended Dec 31, 2019 | $11.8B |
| FY2020, ended Dec 31, 2020 | $11.4B |
| FY2021, ended Dec 31, 2021 | $17.7B |
| FY2022, ended Dec 31, 2022 | $15.6B |
| FY2023, ended Dec 31, 2023 | $14.8B |
| FY2024, ended Dec 31, 2024 | $17.2B |
| FY2025, ended Dec 31, 2025 | $17.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $19.2B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2017, ended Dec 31, 2017 | −$254M | $1.27B |
| FY2018, ended Dec 31, 2018 | −$54.0M | $941M |
| FY2019, ended Dec 31, 2019 | $928M | $2.02B |
| FY2020, ended Dec 31, 2020 | $636M | $2.08B |
| FY2021, ended Dec 31, 2021 | −$1.27B | −$1.24B |
| FY2022, ended Dec 31, 2022 | −$1.23B | −$816M |
| FY2023, ended Dec 31, 2023 | $1.49B | $3.78B |
| FY2024, ended Dec 31, 2024 | $2.66B | $2.48B |
| FY2025, ended Dec 31, 2025 | $944M | $1.32B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.22B | $2.25B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$435M
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| Period | Cash and cash equivalents |
|---|---|
| FY2017, ended Dec 31, 2017 | $1.49B |
| FY2018, ended Dec 31, 2018 | $636M |
| FY2019, ended Dec 31, 2019 | $300M |
| FY2020, ended Dec 31, 2020 | $406M |
| FY2021, ended Dec 31, 2021 | $1.32B |
| FY2022, ended Dec 31, 2022 | $455M |
| FY2023, ended Dec 31, 2023 | $3.48B |
| FY2024, ended Dec 31, 2024 | $1.19B |
| FY2025, ended Dec 31, 2025 | $785M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $435M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$19.6B
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| Period | Total debt |
|---|---|
| FY2017, ended Dec 31, 2017 | $4.42B |
| FY2018, ended Dec 31, 2018 | $11.1B |
| FY2019, ended Dec 31, 2019 | $10.7B |
| FY2020, ended Dec 31, 2020 | $9.33B |
| FY2021, ended Dec 31, 2021 | $10.7B |
| FY2022, ended Dec 31, 2022 | $12.6B |
| FY2023, ended Dec 31, 2023 | $14.4B |
| FY2024, ended Dec 31, 2024 | $16.3B |
| FY2025, ended Dec 31, 2025 | $18.8B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $19.6B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 21.7% since 2017.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.336M
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| Period | Shares outstanding |
|---|---|
| FY2017, ended Dec 31, 2017 | 428M |
| FY2018, ended Dec 31, 2018 | 486M |
| FY2019, ended Dec 31, 2019 | 488M |
| FY2020, ended Dec 31, 2020 | 484M |
| FY2021, ended Dec 31, 2021 | 449M |
| FY2022, ended Dec 31, 2022 | 381M |
| FY2023, ended Dec 31, 2023 | 348M |
| FY2024, ended Dec 31, 2024 | 339M |
| FY2025, ended Dec 31, 2025 | 337M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 336M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $1.01B more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2017, ended Dec 31, 2017 | $0 | $0 | — |
| FY2018, ended Dec 31, 2018 | $763M | $73.0M | $1.90B |
| FY2019, ended Dec 31, 2019 | $656M | $47.0M | — |
| FY2020, ended Dec 31, 2020 | $0 | $65.0M | — |
| FY2021, ended Dec 31, 2021 | $471M | $47.0M | — |
| FY2022, ended Dec 31, 2022 | $1.95B | $63.0M | — |
| FY2023, ended Dec 31, 2023 | $1.25B | $77.0M | — |
| FY2024, ended Dec 31, 2024 | $1.27B | $100M | $2.31B |
| FY2025, ended Dec 31, 2025 | $1.03B | $113M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.15B | $134M | — |
Revenue (TTM)
$19.2B
+3.8% YoY
Net income (TTM)
$2.22B
−7.1% YoY
Cash
$435M
−5.0% YoY
Total debt
$19.6B
+17.8% YoY
Valuation
At current price- Market Cap
- $46.4B
- P/E
- 20.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.4×
- Price / Book
- 8.5×
- EV / EBITDA
- 12.1×
Growth
Trailing 12 months- Revenue (TTM)
- $19.2B
- Revenue Growth YoY
- 3.8%
- Revenue CAGR 3Y
- 4.3%
- Revenue CAGR 5Y
- 9.2%
- EPS Growth YoY
- −4.8%
- Net Income Growth YoY
- −7.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 18.5%
- Net Margin
- 11.6%
- FCF Margin
- 11.7%
- Return on Equity
- 43.1%
Earnings
Trailing 12 months- Net Income
- $2.22B
- EPS (diluted)
- $5.93
- EBITDA
- $5.42B
- Operating Income
- $3.56B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $435M
- Total Debt
- $19.6B
- Net Debt
- $19.2B
- Total Assets
- $42.6B
- Total Liabilities
- $37.1B
- Shareholders' Equity
- $5.48B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $5.12B
- Capital Expenditure
- $2.87B
- Free Cash Flow
- $2.25B
Dividends and risk
Last 12 months- Dividend Yield
- 0.7%
- Dividend / Share
- $0.91
- Beta (5Y)
- 1.37
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $19.2B.
Note
Net margin of 11.6% over the last 12 months.
Watch
Net debt is 3.5× EBITDA ($19.2B), a heavy load.
Note
Free cash flow of $2.25B, 11.7% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K72Good news
72Good news
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 28, 2025 · Read the filing on EDGAR
- Revenue rose 16.5% to $17.2 billion and net income nearly doubled to $2.81 billion, helped by the Energy Harbor nuclear plants, $545 million in nuclear tax credits and $1.16 billion in paper gains on hedges.
- Vistra closed the Energy Harbor deal in March 2024, then paid about $3.2 billion to buy out the partners' 15% stake in Vistra Vision.
- A January 2025 fire at the Moss Landing battery site will lead to a write-off of about $400 million. Two other battery facilities at the site are offline.
- Management expects demand from data centers and oil fields to speed up, and is negotiating long-term power sales from its nuclear and gas plants.
Business momentum
Strong improvement
“Net income increased $1.32 billion to Net income of $2.812 billion for the year ended December 31, 2024 compared to the year ended December 31, 2023.”
Outlook
Positive
“Multiple demand drivers such as emergence of large load data centers and electrification of oil field operations (specifically in the Permian Basin of west Texas), are expected to continue to accelerate load growth in the geographic regions we serve.”
Financial stress
Low
“We believe that we will have access to sufficient liquidity to fund our anticipated cash requirements through at least the next 12 months, including the upcoming payments associated with the acquisition of Nuveen's noncontrolling interest in Vistra Vision”
Tone against the previous report
More positive
Red flags
- Medium
Large write-down
Positives
Energy Harbor adds nuclear scale
“In March 2024, we completed the acquisition of Energy Harbor, adding an additional 4,048 MW of nuclear generation to our fleet.”
Sharp rise in PJM capacity prices
“Average price per MW-day $ 41.38 $ 267.12”
Adjusted EBITDA up sharply
“Adjusted EBITDA for the year ended December 31, 2024 compared to the year ended December 31, 2023 increased by $1.438 billion.”
Concerns
Debt grew to $18.4 billion
“As of December 31, 2024, we had approximately $18.4 billion of total indebtedness and approximately $17.2 billion of indebtedness net of cash.”
Cash and available liquidity fell
“Total available liquidity (d)(e) $ 4,121 $ 5,799 $ (1,678)”
Operating cash flow declined
“Cash provided by operating activities totaled $4.563 billion and $5.453 billion for the years ended December 31, 2024 and 2023, respectively.”
New risks since the previous report
Moss Landing battery fire losses
“Additional costs incurred from the events include loss of revenue from the facilities being offline, and may include litigation costs and penalties under contracts.”
Data center demand may fall short or deals may not close
“If electricity demand does not grow at the rate expected, or if we are unable to execute on large load offtake opportunities, our financial performance, growth opportunities, and stock price could be adversely impacted.”
Nuclear tax credit amounts could change under Treasury guidance
“Any interpretive guidance on the definition of gross receipts which differs from the interpretation used in our estimate could result in a material change to PTC revenues attributable to 2024”
Russia halted uranium shipments to the US
“On November 15, 2024, the Russian Federation temporarily suspended shipments of uranium to the U.S., stating that they would grant future export licenses on a case-by-case basis.”
Tariffs and policy changes under the new administration
“Any such material changes in trade policies, including the imposition of tariffs, could lead to increased supply chain disruptions and increased supply chain costs”
Biggest risks named
- Power and gas price swings and hedging losses
- $18.4 billion of debt with junk credit ratings
- Plant fires and other outages, including Moss Landing
- Data center demand and long-term power deals may disappoint
- Changes to regulation, tax credits and markets
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −3 | |
| New risks | −2 | |
| Score | 72 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 27, 2026 | Pro | |||
| 10-K | Feb 28, 2025 | 72 | Strong improvement | 1 medium | |
| 10-K | Feb 29, 2024 | 60 | Mixed | None | |
| 10-K | Mar 1, 2023 | 51 | Mixed | 1 minor | |
| 10-K | Feb 25, 2022 | 28 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 26, 2021 | 32 | Weakening | 3 medium | |
| 10-K | Feb 28, 2020 | 55 | Mixed | None | |
| 10-K | Feb 28, 2019 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 26, 2018 | 39 | Sharp deterioration | 1 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 10, 2026. View filings on SEC EDGAR