VSTNYSEElectric ServicesFiscal year ends December 31
Vistra Corp.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 10, 2026
$149.70−2.32 (-1.53%)
Close on Oct 19, 2026
- Market cap
- $50.78B
- P/E (TTM)
- 25.3
- Dividend yield
- 0.60%
Margins
Share of revenue, fiscal years 2016 to 2025
Operating margin
10.7%−2.5 pts over 5 years
Net margin
5.3%−0.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.0% | +8.9% | +9.2% | – | |
| Operating income | -53.3% | – | +4.6% | – | |
| Net income | -64.5% | – | +8.2% | – | |
| EPS, diluted | -68.9% | – | +10.9% | – | |
| Free cash flow | -47.0% | – | -8.7% | – | |
| Dividend per share | +3.2% | +7.6% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 7.8% | 17.7% | |
| Return on assets | – | 2.5% | 2.4% | |
| Current ratio | 1.64 | 1.13 | 0.78 | |
| Debt to equity | 0.70 | 1.11 | 3.70 | |
| Net debt to EBITDA | – | 2.73× | 4.64× | |
| Interest coverage | – | 2.4× | 1.6× | |
| Capex to revenue | – | 11.0% | 15.5% | |
| Diluted shares | – | 491M | 346M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Vistra generated $14.78B from operations and spent $16.32B on capital expenditure, dividends and share buybacks. 54% of that went back into the business.
Generated
$14.78B
Used
$16.32B
Capital expenditure$8.84B54%Dividends$1.52B9%Share buybacks$5.96B37%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.3%
×Asset turnover0.45×
×Equity multiplier7.44×
=Return on equity, FY202517.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.3% | 0.45× | 7.44× | 17.7% |
| FY2024 | 15.4% | 0.49× | 6.50× | 48.9% |
| FY2023 | 10.1% | 0.45× | 6.44× | 29.2% |
| FY2022 | -8.9% | 0.44× | 4.74× | -18.6% |
| FY2021 | -10.5% | 0.44× | 3.29× | -15.3% |
| FY2020 | 5.6% | 0.44× | 3.17× | 7.8% |
| FY2019 | 7.9% | 0.45× | 3.33× | 11.7% |
| FY2018 | -0.6% | 0.45× | 2.86× | -0.8% |
| FY2017 | -4.7% | 0.36× | 2.30× | -3.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$944.00M
- Cash generatingOperating cash flow above zero$4.07B
- Return on assets improvedROA up on the prior year8.1% → 2.5%
- Earnings backed by cashOperating cash flow above net income$4.07B vs $944.00M
- Less leverageLong-term debt to assets fell40.8% → 38.1%
- Better liquidityCurrent ratio rose0.96 → 0.78
- No dilutionShare count did not rise353M → 346M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.52 → 0.47