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US independent power producer selling electricity from a mixed generation fleet (gas, nuclear, coal, solar/battery) plus retail supply.
US independent power producer selling electricity from a mixed generation fleet (gas, nuclear, coal, solar/battery) plus retail supply.
Sells power from its own plants into wholesale markets, mainly Texas and the PJM grid in the Mid-Atlantic and Midwest, and supplies households and businesses through retail brands such as TXU Energy. Advance sales fix prices on part of the output, and the retail book steadies earnings. The 2024 purchase of Energy Harbor added nuclear plants in Ohio and Pennsylvania.
Moat: narrow (scale, installed base). Large, diversified merchant generation fleet with retail supply gives some hedge, but merchant power prices are market-set.
Headquarters: Irving, Texas, US · Founded: 2016 · Employees: 6,390
Size Vistra (VST) is a United States Utilities company (Electric Utilities) with a market value of $41.9B, the 288th largest of 3,117 United States companies the cockpit tracks. Shares closed at $124.80 on 6 Nov 2026.
Performance Over six months the shares fell 15.4%, against +4.0% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 9.4% over the last twelve months (peer median +5.4%); the operating margin is 18.7% (peer median 22.7%).
Valuation It trades at 12.8× forward earnings against a peer median of 18.6× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.6 points above its cost of capital (9.7% WACC).
Backlog Backlog (remaining performance obligations) was $7.13B at 30 Jun 2026, up 166% on a year earlier — 0.4 years of trailing revenue. Backlog detail →
Credit Vistra has 10 bonds outstanding ($10.7B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 117 bp.
Short interest Short interest is 3.0% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $19.3B | $17.9B | $19.4B | $15.5B | $17.8B |
| Revenue growth | — | -8% | +25% | -13% | — |
| Gross profit | $5.28B | $3.92B | $7.69B | $5.17B | $3.81B |
| EBITDA | $6.40B | $5.23B | $8.86B | $5.78B | $4.63B |
| Net income | $2.22B | $944M | $2.66B | $1.49B | -$1.23B |
| Free cash flow | $2.25B | $1.32B | $2.48B | $3.78B | -$816M |
| Capital expenditure | $3.86B | $3.94B | $3.30B | $2.75B | $2.60B |
| Total debt | $19.9B | $20.4B | $17.4B | $14.7B | $13.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Vistra VST | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% |
| Constellation Energy CEG | $88.6B | -18% | +21% | 15% | 20.5× | 20.3% |
| NRG Energy NRG | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% |
| Talen Energy TLN | $14.7B | -12% | +20% | 20% | 13.0× | 21.1% |
| NextEra Energy NEE | $182B | -6% | +13% | 30% | 21.0× | 18.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.1% | +8.6% | lowest of 21 |
| 6-month return | -15.4% | +4.0% | 3rd lowest of 21 |
| Distance from 52-week high | -36.3% | -6.2% | lowest of 21 |
| Revenue growth (TTM) | +9.4% | +5.4% | 6th highest of 21 |
| Operating margin | 18.7% | 22.7% | 6th lowest of 21 |
| Forward P/E | 12.8× | 18.6× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 12.5% | n/a | — |
| Growth delivered (Del g) | +10.1% | n/a | — |
| Hurdle (Req g minus delivered) | +2.3 pp | n/a | — |
| ROIC minus cost of capital | +1.6 pp | -1.2 pp | 3rd highest of 21 |
| EV / EBITDA | 10.0× | 13.8× | 4th cheapest of 18 |
| Net debt / EBITDA | 3.0× | 4.9× | 3rd least indebted of 18 |
| Bond spread | 117 bp | 82 bp | 2nd widest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vistra VST | United States | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% | +10.1% |
| Adani Power ADANIPOWER.NS | India | $41.6B | -11% | +8% | 23% | 29.4× | n/a | n/a |
| Sse SSE.L | United Kingdom | $43.2B | +7% | +1% | 19% | 14.2× | n/a | n/a |
| Consolidated Edison ED | United States | $43.7B | +12% | +10% | 18% | 18.5× | n/a | n/a |
| WEC Energy WEC | United States | $38.1B | +5% | +8% | 25% | 21.6× | n/a | n/a |
| Exelon EXC | United States | $47.2B | +5% | +7% | 20% | 15.2× | n/a | n/a |
| Public Service Enterprise PEG | United States | $36.2B | -5% | +13% | 27% | 16.0× | n/a | n/a |
| Rwe RWE.DE | Germany | $50.4B | +2% | -34% | 0% | 18.6× | n/a | n/a |
| Endesa ELE.MC | Spain | $51.0B | +21% | +6% | 17% | 18.4× | 0.5% | +4.7% |
| Xcel Energy XEL | United States | $51.1B | +1% | +4% | 22% | 18.1× | n/a | n/a |
| Entergy ETR | United States | $52.8B | -1% | +11% | 24% | 22.8× | n/a | n/a |
| NTPC NTPC.NS | India | $33.2B | -19% | +7% | 20% | 12.3× | n/a | n/a |
| CGN Power 003816.SZ | China | $33.1B | +4% | -20% | 30% | 22.4× | n/a | n/a |
| E.on EOAN.DE | Germany | $55.9B | +4% | -8% | 7% | 17.5× | n/a | n/a |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 26.1× | n/a | n/a |
| Orsted ORSTED.CO | Denmark | $29.5B | -8% | +15% | 2% | 20.4× | n/a | n/a |
| Dominion Energy D | United States | $60.3B | +12% | +23% | 29% | 18.7× | n/a | n/a |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
Vistra has 10 bonds outstanding with $10.7B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 5.84%, a spread of 117 bp over government bonds.
Vistra reported $7.13B of remaining performance obligations at 30 Jun 2026, up 166% from a year earlier and down 5% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 0.92.