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olivLaw · US equity research

Vistra Corp. VST

Electric Services · SIC 4911 · Vertical: Electric Services (SIC 4911)

139.59USD+3.70% · 1 dayClose 03 Nov 2026

Vistra is one of the largest integrated power companies in the U.S., combining retail electricity and gas sales with a generation fleet of over 44,000 MW serving about 5 million customers in 18 states and DC. It matters now because data-centre demand and long-term contracts with hyperscalers could support future profitability if executed as planned.

At the close of 03 Nov 2026, Vistra Corp. (VST) stock was 139.59 USD (+3.70% on the day), with market capitalisation 46.9 bn USD, P/E 23.0 on diluted EPS of 6.06 USD over the last 12 months, dividend yield 0.65%, beta 1.89, 52-week range 134.61–191.00 USD. Latest reported quarter (Q2 2026): revenue of 4.0 bn USD (−5.5% YoY), net income of 305.0 m USD (−6.7% YoY), diluted EPS 0.76 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
46.9 bn USD
shares as of 03 Aug 2026
P/E (TTM)
23.0
Diluted EPS TTM 6.06 · TTM to 30 Jun 2026
E/P (TTM)
4.34%
TTM to 30 Jun 2026
Dividend yield
0.65%
DPS 12m 0.91
Beta (2y)
1.89
Volatility (1y) 50%
52-week range
134.61191.00

Price history

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Technical reading

RSI (14)
44.5
weak (30–45)
Bollinger (20, 2)
131.37 – 167.09
in the lower half of the band · %B 0.23 · band width 23.9%
SMA 50 / 200
145.12 / 153.24
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-2.43 / -0.76
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−0.3%−2.0%+1.7 pp—
3 months−2.5%−2.2%−0.4 pp—
6 months−13.0%+4.3%−17.2 pp—
Year to date−13.5%+10.6%−24.0 pp—
1 year−27.7%+10.5%−38.2 pp+1.2%
3 years+298.9%+73.7%+225.3 pp+47.3%
5 years+626.7%+61.7%+564.9 pp—
Max drawdown (1y)
−29.5%
07 Nov 2025 → 02 Nov 2026
Max drawdown (5y)
−48.9%
23 Jan 2025 → 04 Apr 2025
Compound annual growth (5y)
+48.7%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
4.0 bn USD
−5.5% YoY
Net income
305.0 m USD
−6.7% YoY
Diluted EPS
0.76
−6.2% YoY
net / operating
7.6% / 13.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue6.3 bn4.0 bn3.9 bn4.3 bn5.0 bn4.6 bn5.6 bn4.0 bn
SG&A411.0 m464.0 m391.0 m419.0 m444.0 m460.0 m427.0 m392.0 m
Operating income2.6 bn599.0 m-120.0 m515.0 m1.0 bn474.0 m1.5 bn553.0 m
Depreciation & amortisation466.0 m537.0 m522.0 m541.0 m460.0 m463.0 m484.0 m445.0 m
Interest expense332.0 m157.0 m319.0 m303.0 m286.0 m271.0 m263.0 m312.0 m
Pre-tax income2.4 bn451.0 m-444.0 m403.0 m856.0 m308.0 m1.2 bn427.0 m
Income tax555.0 m-39.0 m-176.0 m76.0 m204.0 m75.0 m183.0 m122.0 m
Net income1.9 bn441.0 m-268.0 m327.0 m652.0 m233.0 m1.0 bn305.0 m
Diluted EPS5.251.26 ≈-0.930.811.750.68 ≈2.870.76
Operating cash flow1.7 bn ≈1.4 bn599.0 m572.0 m ≈1.5 bn ≈1.4 bn1.2 bn1.0 bn ≈
Capex685.0 m ≈430.0 m768.0 m690.0 m ≈458.0 m ≈836.0 m883.0 m689.0 m ≈
Dividends paid80.0 m ≈75.0 m83.0 m69.0 m ≈77.0 m ≈77.0 m77.0 m77.0 m ≈
Share repurchases399.0 m ≈245.0 m337.0 m252.0 m ≈187.0 m ≈252.0 m372.0 m337.0 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 55 percentile of its own 22-quarter history (min 7.0, median 20.6, max 69.9; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue9.1 bn11.8 bn11.4 bn12.1 bn13.7 bn14.8 bn17.2 bn17.7 bn
Revenue YoY+68.4%+29.1%−3.1%+5.5%+13.7%+7.7%+16.5%+3.0%
Net income-54.0 m928.0 m636.0 m-1.3 bn-1.2 bn1.5 bn2.7 bn944.0 m
Net income YoYunavailableunavailable−31.5%−300.3%unavailableunavailable+78.1%−64.5%
Diluted EPS-0.111.861.30-2.69-3.263.587.002.18
Diluted EPS YoYunavailableunavailable−30.1%−306.9%unavailableunavailable+95.5%−68.9%
net %-0.6%7.9%5.6%-10.5%-8.9%10.1%15.4%5.3%
Free cash flow941.0 m2.0 bn2.1 bn-1.2 bn-816.0 m3.8 bn2.5 bn1.3 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
785.0 m USD
Financial debt
18.8 bn USD
Net debt
18.1 bn USD
Equity
5.1 bn USD
Total assets
41.6 bn USD
Debt / equity
3.69x
Current ratio
0.78x
ROE
17.7%
ROA
2.4%
FCF margin
7.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
14.8 bn
2024
17.2 bn
2025
17.7 bn

SEC (XBRL)· 27 Feb 2026verified

SG&A
2023
1.3 bn
2024
1.6 bn
2025
1.7 bn

SEC (XBRL)· 27 Feb 2026verified

Operating income
2023
2.7 bn
2024
4.1 bn
2025
1.9 bn

SEC (XBRL)· 27 Feb 2026verified

Depreciation & amortisation
2023
1.5 bn
2024
1.8 bn
2025
2.0 bn

SEC (XBRL)· 27 Feb 2026verified

EBITDA
2023
4.2 bn ≈
2024
5.9 bn ≈
2025
3.9 bn ≈

SEC (XBRL)· 27 Feb 2026derived

Interest expense
2023
740.0 m
2024
900.0 m
2025
1.2 bn

SEC (XBRL)· 27 Feb 2026verified

Pre-tax income
2023
2.0 bn
2024
3.5 bn
2025
1.1 bn

SEC (XBRL)· 27 Feb 2026verified

Income tax
2023
508.0 m
2024
655.0 m
2025
179.0 m

SEC (XBRL)· 27 Feb 2026verified

Net income
2023
1.5 bn
2024
2.7 bn
2025
944.0 m

SEC (XBRL)· 27 Feb 2026verified

Diluted EPS
2023
3.58
2024
7.00
2025
2.18

SEC (XBRL)· 27 Feb 2026verified

Weighted average diluted shares
2023
375.2 m
2024
352.6 m
2025
345.7 m

SEC (XBRL)· 27 Feb 2026verified

Dividend per share
2023
0.82
2024
0.87
2025
0.90

SEC (XBRL)· 27 Feb 2026verified

Balance sheet · USD

Cash
2023
3.5 bn
2024
1.2 bn
2025
785.0 m

SEC (XBRL)· 27 Feb 2026verified

Receivables
2023
1.7 bn
2024
2.0 bn
2025
2.3 bn

SEC (XBRL)· 27 Feb 2026verified

Inventories
2023
740.0 m
2024
970.0 m
2025
—

SEC (XBRL)· 28 Feb 2025verified

Current assets
2023
11.6 bn
2024
8.1 bn
2025
9.2 bn

SEC (XBRL)· 27 Feb 2026verified

Property, plant & equipment, net
2023
12.4 bn
2024
18.2 bn
2025
19.8 bn

SEC (XBRL)· 27 Feb 2026verified

Goodwill
2023
2.6 bn
2024
2.8 bn
2025
2.8 bn

SEC (XBRL)· 27 Feb 2026verified

Intangibles (excl. goodwill)
2023
1.9 bn
2024
2.2 bn
2025
2.4 bn

SEC (XBRL)· 27 Feb 2026verified

Total assets
2023
33.0 bn
2024
37.8 bn
2025
41.6 bn

SEC (XBRL)· 27 Feb 2026verified

Accounts payable
2023
1.1 bn
2024
1.5 bn
2025
1.6 bn

SEC (XBRL)· 27 Feb 2026verified

Short-term debt
2023
0
2024
0
2025
1.8 bn

SEC (XBRL)· 27 Feb 2026verified

Long-term debt
2023
14.4 bn
2024
16.3 bn
2025
17.0 bn

SEC (XBRL)· 27 Feb 2026verified

Current liabilities
2023
9.8 bn
2024
8.4 bn
2025
11.8 bn

SEC (XBRL)· 27 Feb 2026verified

Total liabilities
2023
27.6 bn
2024
32.2 bn
2025
36.4 bn

SEC (XBRL)· 27 Feb 2026verified

Equity
2023
5.3 bn
2024
5.6 bn
2025
5.1 bn

SEC (XBRL)· 27 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
5.5 bn
2024
4.6 bn
2025
4.1 bn

SEC (XBRL)· 27 Feb 2026verified

Capex
2023
1.7 bn
2024
2.1 bn
2025
2.8 bn

SEC (XBRL)· 27 Feb 2026verified

Free cash flow
2023
3.8 bn ≈
2024
2.5 bn ≈
2025
1.3 bn ≈

SEC (XBRL)· 27 Feb 2026derived

Investing cash flow
2023
-2.1 bn
2024
-5.3 bn
2025
-4.4 bn

SEC (XBRL)· 27 Feb 2026verified

Financing cash flow
2023
-294.0 m
2024
-1.6 bn
2025
-74.0 m

SEC (XBRL)· 27 Feb 2026verified

Dividends paid
2023
313.0 m
2024
305.0 m
2025
306.0 m

SEC (XBRL)· 27 Feb 2026verified

Share repurchases
2023
1.2 bn
2024
1.3 bn
2025
1.0 bn

SEC (XBRL)· 27 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
3.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
8.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
9.2%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-53.3%
computed by olivLawFY 2025
Net income growth (YoY)
-64.5%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
8.2%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-68.9%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
10.9%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-47.0%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
28.2%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
18.5%
computed by olivLawTTM to 30 Jun 2026
Net margin
11.6%
computed by olivLawTTM to 30 Jun 2026
FCF margin
11.7%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
43.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
5.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
12.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
11.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
15.0%
computed by olivLawTTM to 30 Jun 2026
Payout ratio (FCF)
13.7%
computed by olivLawTTM to 30 Jun 2026

Balance sheet

Net debt
19.2 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
3.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
3.6x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
3.1x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
5.1 bn USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
2.9 bn USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
2.3 bn USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
101.6%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
94.6%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
43 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
46.9 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
66.0 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
21.1x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
23.0x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
4.3%
computed by olivLawTTM to 30 Jun 2026
P/B
8.5x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
2.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
12.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBIT
18.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/Sales
3.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
20.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
4.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
0.7%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
3.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

3 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 57 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

139.59 USD

03 Nov 2026Source: olivLaw, closing series

Market cap: 46.9 bn USD

Key indicators

Market capitalisation
46.9 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
23.0x
computed by olivLawTTM to 30 Jun 2026
P/B
8.5x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
12.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROE
43.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
11.6%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
3.0%
computed by olivLawFY 2025
Dividend yield
0.7%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 03 Aug 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 1560derived 119

Score by group

  • Balance sheet57
  • Valuation56
  • Quality69
  • Growth100
  • Returns36

Estimated value range

Low
105.30
USD per share
Mid
146.86
USD per share
High
169.09
USD per share
Price: 139.59 USD
The price is within the range
Potential to the central value: 5.2% (value / price − 1)
Margin of safety: 5.0% (1 − price / value)
Agreement between methods: high · 3 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 89.50 – 219.73 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)105.30 – 219.73 (Mid 146.86)
    WACC 8.0% · starting FCFF 3.2 bn USD · terminal value share of EV 78%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 7.3%
  • Dividend discount (DDM)outside the aggregate11.85 – 15.93 (Mid 13.59)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
  • Peers: EV/EBITDA89.50 – 169.09 (Mid 149.59)
    10 companies used · median multiple 12.8x · quartiles 9.1x – 14.0x
    AEP, CEG, CNP, D, EIX, ES, ETR, NEE, NRG, SO
  • Peers: P/E124.76 – 155.68 (Mid 145.47)
    11 companies used · median multiple 24.0x · quartiles 20.6x – 25.7x
    AEP, CEG, CNP, D, ES, ETR, FE, NEE, NRG, PPL, SO
Multiple comparisons use the SIC vertical: Electric Services (SIC 4911)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 57/100

FactorValueScoreWeight used
ROIC · Quality12.4%92 (vs peers)7%
Net margin · Quality11.6%46 (vs peers)7%
Revenue CAGR 3Y · Growth8.9%100 (on a fixed band)7%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet3.5x73 (vs peers)14%
Interest coverage · Balance sheet3.1x47 (on a fixed band)12%
Current ratio · Balance sheet1.0x34 (on a fixed band)5%
P/E (TTM) · Valuation23.0x50 (vs peers)14%
EV/EBITDA · Valuation12.2x64 (vs peers)12%
Dividend yield · Returns0.7%8 (vs peers)16%
Payout ratio (EPS) · Returns15.0%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet57/100 · 3/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality69/100 · 2/2 factors with a value
  • Returns36/100 · 2/2 factors with a value
  • Valuation56/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Vistra Operations Company LLC (VST). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 17.7 bn USD in 2025; YoY growth 3.0%; net margin 11.6%; ROE 43.1%; net debt/EBITDA 3.5x.

The estimated value range is 105.30–169.09 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 146.86 USD, the price of 139.59 USD leaves a potential of 5.2% (value / price − 1) and a margin of safety of 5.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 12.4%
  • Revenue CAGR 3Y: 8.9%
  • Net debt / EBITDA: 3.5x
  • Payout ratio (EPS): 15.0%

What contradicts it

  • Dividend yield: 0.7%

Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y.

Versus the vertical median

Electric Services (SIC 4911) · same industry (4-digit SIC) · compared with 13 companies

Only companies with a capitalisation between 5.9 bn and 378.1 bn (within 8× of the company's); 39 of the vertical were left out.

Multiples and returns vs the median

P/E
23.0x
vertical median 22.9x
at median
EV/EBITDA
12.2x
vertical median 13.4x
below median (−8.9%)
P/S
2.4x
vertical median 3.0x
below median (−18.3%)
P/B
8.5x
vertical median 2.4x
above median (+251.7%)
ROE
43.1%
vertical median 11.1%
above median (+288.8%)
Net margin
11.6%
vertical median 13.1%
below median (−11.8%)
EBIT margin
18.5%
vertical median 23.1%
below median (−19.8%)
Revenue YoY
3.0%
vertical median 9.8%
below median (−69.5%)
Net debt/EBITDA
3.5x
vertical median 5.4x
below median (−33.9%)
Dividend yield
0.7%
vertical median 3.1%
below median (−79.1%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
NEENextera Energy Inc175.9 bn21.415.6%31.5%+9.8%−2% / +44%
SOSouthern Co105.7 bn24.011.3%14.5%+10.6%+3% / +32%
CEGConstellation Energy Corporation93.3 bn25.715.3%11.1%+8.3%−28% / +118%
AEPAmerican Electric Power Company, Inc.70.7 bn19.012.8%16.9%+10.9%+5% / +63%
DDominion Energy, Inc58.7 bn19.810.5%16.9%+14.2%+6% / +47%
ETREntergy Corp49.9 bn27.711.1%13.6%+9.0%+12% / +115%
VSTVistra Operations Company LLC46.9 bn23.043.1%11.6%+3.0%−28% / +299%
CNPCenterpoint Energy Inc27.8 bn26.19.6%11.4%+8.3%+6% / +50%
FEFirstenergy Corp27.3 bn25.78.4%6.9%+12.0%−1% / +28%
PPLPPL Corp26.9 bn21.88.3%13.1%+6.9%−3% / +37%
ESEversource Energy26.0 bn17.99.1%10.4%+13.8%+3% / +16%
EIXEdison International22.9 bn6.320.8%19.6%+9.8%+1% / −11%
NRGNRG Energy, Inc20.2 bn24.923.8%2.6%+9.2%−43% / +101%
TLNTalen Energy Corporation15.5 bn—-16.7%-6.4%+22.0%−9% / +523%

1- and 3-year price returns: for VST from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
94.05
Total return -32% · Per year -32%
165.93
Total return 20% · Per year 20%
249.47
Total return 80% · Per year 80%
3 years
99.56
Total return -27% · Per year -10%
196.84
Total return 44% · Per year 13%
323.75
Total return 135% · Per year 33%
5 years
105.40
Total return -21% · Per year -5%
233.52
Total return 72% · Per year 11%
420.14
Total return 207% · Per year 25%
What moves the 3-year price the most
  • Exit P/E± 49.21
  • Net margin± 34.45
  • Annual revenue growth± 27.13
  • Annual dilution± 2.89

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Vistra is one of the largest integrated power companies in the U.S., combining retail electricity and gas sales with a generation fleet of over 44,000 MW serving about 5 million customers in 18 states and DC. It matters now because data-centre demand and long-term contracts with hyperscalers could support future profitability if executed as planned.

SWOT

Strengths

  • The integrated generation and retail model offers a natural hedge against price volatility, and hedging covers nearly all production for the current year 13.
  • Geographic and fuel diversification, including a significant nuclear base, supports a relatively stable revenue profile 1.
  • Investment-grade ratings and release of collateral have improved access to financing and credit terms 2.

Weaknesses

  • Reliance on wholesale markets and power prices exposes results to large swings, especially in volatile periods 1.
  • Acquisitions and construction projects carry integration and delay risks, and some solar and battery projects have been deferred 12.
  • The Moss Landing fire led to a significant write-off and removal of an asset from operations 1.

Opportunities

  • Long-term contracts with hyperscalers and new gas and nuclear projects could strengthen long-term revenues 12.
  • Investment in digital infrastructure through the Helix fund could open new revenue sources linked to data centres 23.
  • Completing the Cogentrix acquisition could add capacity and synergies if integration proceeds as planned 1.

Threats

  • Regulatory changes and market interventions could adversely affect prices and profitability 1.
  • Fuel supply and geopolitical disruptions in regions such as Russia and the Middle East could raise costs 12.
  • Rising competition and new generation build-out could lower wholesale prices over the longer term 1.

Risks

  • Wholesale price volatilityhigh

    Revenues depend on market prices, which can change quickly, and without long-term contracts the company could face declines 1.

  • Fuel cost and availabilityhigh

    Disruptions in gas, coal or nuclear fuel deliveries could raise costs or reduce output 1.

  • Regulation and policymedium

    Legislative and environmental or market rule changes could have significant effects on operations 1.

  • Acquisition and construction executionmedium

    The Cogentrix acquisition and new capacity projects depend on approvals and execution, with risk of delays or unrealised synergies 12.

  • Operational and safety risksmedium

    Operating incidents, including battery storage events, and cybersecurity risks could generate losses and liability 1.

Investment thesis

What would need to be true (bull case)

  • The integrated model and high hedging coverage could support predictable results, while data-centre demand may open longer-term revenue growth 13.
  • Long-term nuclear contracts and investment in digital infrastructure could create a revenue base steadier than spot-market exposure 12.
  • Improved credit ratings and share repurchases could strengthen financial flexibility 23.

What would break the thesis

  • Exposure to wholesale prices and regulatory policy could reduce profitability if markets become more competitive or more regulated 1.
  • Execution risk on acquisitions and construction, along with equipment shortages, could delay expected benefits 12.
  • A major operating event, such as the Moss Landing fire, could generate significant losses and weigh on investor confidence 1.

What to watch

  • Closing of the Cogentrix acquisition and integration of assetssecond half of 2026
  • Ongoing Operations Adjusted EBITDA guidance and 2027 hedge coveragenext quarterly report
  • Timing and approvals for power delivery to Meta and AWSlate 2026 and 2027
  • PJM auction results and any reliability backstop auction2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Vistra is an integrated retail electricity and power generation company serving residential, commercial and industrial customers from California to Maine. Its integrated model lets it obtain the electricity needed for its customers at lower cost than a stand-alone retail provider, with retail operations under several brands such as TXU Energy 1. The company participates in all major competitive wholesale power markets in the U.S. 1.

The generation fleet is diversified: natural gas makes up about 62% of net capacity and nuclear about 15%, with the remainder coal, solar and battery storage 1. The company manages commercial risk through derivative contracts for power, gas and other commodities, aiming to reduce revenue and fuel-cost volatility 1.

Market context

Electricity demand is rising, particularly from data centres and electrification, which could support longer-term prices, although equipment and supply-chain constraints remain 12. ERCOT relies on price signals, and wind and solar volatility makes the market more exposed to scarcity 1.

Trends

  • Data-centre demandtailwind

    Fast load growth from data centres, electrification and electric vehicles supports talks with large customers on long-term contracts 12. If these contracts materialise they could stabilise revenues.

  • Supply chains and labourheadwind

    Shortages of equipment and labour have raised costs and lead times and led to deferral of some solar and battery projects 12.

  • Regulation and capacity marketsmixed

    FERC decisions on co-locating large loads with generation and price caps in PJM could reduce uncertainty but also limit gains 1.

  • Middle East conflictheadwind

    Regional instability could affect gas and power prices and construction costs, although the company does not operate directly in the region 2.

Competitive position

Vistra competes with other competitive retail providers and generators in ERCOT, PJM and elsewhere in the U.S., where competition and market-structure changes can affect results 1. New generation capacity could lower wholesale prices 1.

In retail, Vistra faces competition from other electricity providers, which could lead to loss of existing customers or difficulty attracting new ones 1. Differentiation rests on wind and solar products and efficiency services 1.

  • Constellation EnergyCEG

    Nuclear and gas generator with retail activity, cited as a competitor in U.S. wholesale power markets based on the supplied sources.

  • NRG EnergyNRG

    Retail provider and generator active in Texas and competitive markets, a direct competitor for residential customers.

  • NextEra EnergyNEE

    Generation company with a large renewable and gas portfolio, competing in new capacity build-out.

  • Talen Energy

    Generator with nuclear and gas assets in PJM, competing directly in capacity auctions and hyperscaler contracts.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Current report05 Oct 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report24 Sept 2026
    Material agreement · Other events · Financial statements and exhibits
  • Quarterly report10 Aug 2026
  • Current report07 Aug 2026
    Results of operations · Financial statements and exhibits
  • Current report16 Jul 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report14 Jul 2026
    Other events
  • Current report30 Jun 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Quarterly report08 May 2026
  • Current report07 May 2026
    Results of operations · Financial statements and exhibits
  • Current report04 May 2026
    Shareholder vote

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Vistra Corp. · 27 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Vistra Corp. · 10 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Vistra Corp. · 07 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.