Overview
Vistra Corp.
Latest 10-K: FY2025, filed Feb 27, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $17.74B
- 3.0%YoYup from FY2024
- TotalRevenue
- Gross profit
- Not reported
- Operating income
- $1.91B
- 53.3%YoYdown from FY2024
- OperatingIncome
- Net income
- $0.94B
- 64.5%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $2.18
- 68.9%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 345.7M
- 2.0%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- Vistra Corp. reported revenue of $17.74B for fiscal 2025, up 3.0% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 10.7% and net margin was 5.3%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $2.18, down 68.9% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $17.74B3.0%up Benchmark median 6.4% | $17.22B16.5%up Benchmark median 4.5% | $14.78B7.7%up Benchmark median 4.8% | $13.73B13.7%up Benchmark median 10.3% | $12.08B5.5%up Benchmark median 13.8% | 10.1% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | — | — | — | — | — | — Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $1.91B53.3%down Benchmark median 7.3% | $4.08B53.4%up Benchmark median 7.4% | $2.66Bn/m Benchmark median 4.9% | negative: -$1.18Bn/m Benchmark median 7.5% | negative: -$1.51B199.7%down Benchmark median 23.5% | n/m Benchmark median 7.2% |
| Net Income | $0.94B64.5%down Benchmark median 4.8% | $2.66B78.1%up Benchmark median 5.7% | $1.49Bn/m Benchmark median 1.9% | negative: -$1.23Bn/m Benchmark median 1.3% | negative: -$1.27B300.3%down Benchmark median 33.9% | n/m Benchmark median 4.1% |
| EPS (Diluted) | $2.1868.9%down Benchmark median 6.2% | $7.0095.5%up Benchmark median 7.9% | $3.58n/m Benchmark median 1.9% | negative: -$3.26n/m Benchmark median 1.5% | negative: -$2.69306.9%down Benchmark median 34.8% | n/m Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $41.55B10.0%up Benchmark median 5.6% | $37.77B14.6%up Benchmark median 3.4% | $32.97B0.5%up Benchmark median 4.1% | $32.79B10.5%up Benchmark median 2.2% | $29.68B17.8%up Benchmark median 6.7% | 8.8% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $36.44B13.2%up Benchmark median 6.4% | $32.19B16.4%up Benchmark median 1.9% | $27.64B0.8%down Benchmark median 2.9% | $27.87B30.3%up Benchmark median 2.0% | $21.39B27.0%up Benchmark median 5.2% | 14.2% Benchmark median 4.4% |
| Stockholders' Equity | $5.11B8.5%down Benchmark median 6.8% | $5.58B4.9%up Benchmark median 5.4% | $5.32B8.2%up Benchmark median 7.3% | $4.92B40.7%down Benchmark median 2.5% | $8.29B0.8%down Benchmark median 9.0% | -11.4% Benchmark median 6.1% |
| Cash & Equivalents | $0.79B33.9%down Benchmark median 5.2% | $1.19B65.9%down Benchmark median 1.9% | $3.48B665.9%up Benchmark median 6.7% | $0.46B65.7%down Benchmark median -8.6% | $1.32B226.4%up Benchmark median -2.9% | -12.3% Benchmark median 2.0% |
| Total Debt | $17.04B4.6%up Benchmark median 2.1% | $16.30B13.2%up Benchmark median 0.2% | $14.40B20.3%up Benchmark median 0.3% | $11.97B11.6%up Benchmark median 0.1% | $10.73B15.0%up Benchmark median -0.1% | 12.3% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.07B10.8%down Benchmark median 6.3% | $4.56B16.3%down Benchmark median 4.8% | $5.45B1024.3%up Benchmark median 9.9% | $0.48Bn/m Benchmark median -0.7% | negative: -$0.21B106.2%down Benchmark median 10.7% | n/m Benchmark median 7.0% |
| Capital Expenditures | $2.75B32.4%up Benchmark median 5.4% | $2.08B24.0%up Benchmark median 2.8% | $1.68B28.8%up Benchmark median 11.3% | $1.30B25.9%up Benchmark median 14.0% | $1.03B18.0%down Benchmark median 8.1% | 27.8% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $1.32B47.0%down Benchmark median 7.3% | $2.48B34.2%down Benchmark median 6.1% | $3.78Bn/m Benchmark median 8.8% | negative: -$0.82Bn/m Benchmark median -11.3% | negative: -$1.24B159.6%down Benchmark median 10.2% | n/m Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
1.4%
Wall Street
on net earnings
FY2024 5.1%
2.4%
Value investor
on free cash flow
FY2024 5.1%
Gap +1.0 pts: Value-investor figure 1.0 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 74.0×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
6.7%
Wall Street
on EBITDA
FY2024 10.5%
2.6%
Value investor
on EBIT
FY2024 6.4%
Gap −4.1 pts: Value-investor figure 4.1 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 14.8×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
9.2%
Wall Street
on book equity
FY2024 11.5%
n/m
Value investor
on tangible book
FY2024 1.2%
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 10.9×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
17.7%
Wall Street
ROE: net income ÷ equity
FY2024 48.8%
5.0%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 11.4%
Gap −12.7 pts: Value-investor figure 12.7 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
27.4%
Wall Street
EBITDA margin
FY2024 39.0%
7.4%
Value investor
Free-cash-flow margin
FY2024 14.4%
Gap −20.0 pts: Value-investor figure 20.0 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.78×
Wall Street
Current ratio
FY2024 0.96×
0.78×
Value investor
Quick ratio, inventory excluded
FY2024 0.85×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.28×
Wall Street
EBITDA ÷ total debt
FY2024 0.41×
0.08×
Value investor
FCF ÷ total debt
FY2024 0.15×
Gap −0.20×: Value-investor figure 0.20 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 3.35×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
57.8×
Wall Street
EBITDA ÷ interest
FY2024 101.7×
22.7×
Value investor
EBIT ÷ interest
FY2024 61.8×
Gap −35.1×: Value-investor figure 35.1 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on VST yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on VST and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/VST
Valuein. (2026, October 31). Vistra Corp. (VST) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/VST
@misc{valuein_vst_2026,
author = {{Valuein}},
title = {Vistra Corp. (VST) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/VST}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 27, 2026 · accession 0001692819-26-000006
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point-in-time · survivorship-free · every number traceable to its SEC filing
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