VST Financials Vistra

9 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 16, 2026, 10:13 UTC Overview →

Growth & profitability

Revenue has grown 10.1% per year over the past 5 years.
Net income has grown slower than revenue (8.2% vs 10.1% per year).
Operating margin has contracted, at 10.8% in the latest year.
Free cash flow has declined 8.7% per year over the past 5 years.

Financial health

Total debt ($18.8B) exceeds cash ($785M); net debt is $18.1B.
Total debt has grown faster than revenue (14.4% vs 10.1% per year).
Operating income covered interest expense 1.6× in the latest year.
Total debt is 4.8× EBITDA.

Shareholder returns

Dividends have been paid for 7 consecutive years, consuming 32.4% of earnings and 23.2% of free cash flow.
The dividend has grown 2.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$17.6B	$944M	0.0%	10.8%	18.5%	2.3%	$1.3B	$18.8B	$785M
2024	$14.8B	$2.7B	0.0%	27.6%	47.7%	7.0%	$2.5B	$16.3B	$1.2B
2023	$13.8B	$1.5B	0.0%	19.3%	28.1%	4.5%	$3.8B	$14.4B	$3.5B
2022	$15.6B	-$1.2B	0.0%	-7.5%	-25.0%	-3.7%	-$816M	—	$455M
2021	$17.7B	-$1.3B	0.0%	-8.6%	-15.4%	-4.3%	-$1.2B	—	$1.3B
2020	$10.8B	$636M	0.0%	14.0%	7.6%	2.5%	$2.1B	—	$406M
2019	$11.5B	$928M	0.0%	17.3%	11.7%	3.5%	$2.0B	—	$300M
2018	$9.8B	-$54M	0.0%	5.0%	-0.7%	-0.2%	$941M	—	$636M
2017	—	-$254M	—	—	-4.0%	-1.7%	$1.3B	—	$1.5B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$4.4B	$305M	0.0%	12.6%	5.6%	0.7%	$334M	$19.6B	$435M
Mar '26	$5.0B	$1.0B	0.0%	30.0%	18.4%	2.5%	$316M	$19.2B	$634M
Dec '25	$4.8B	$233M	0.0%	9.9%	4.6%	0.6%	$596M	$18.8B	$785M
Sep '25	$4.8B	$652M	0.0%	21.7%	12.5%	1.7%	$1.0B	$16.0B	$602M
Jun '25	$3.8B	$327M	0.0%	13.7%	6.8%	0.9%	-$118M	$16.6B	$458M
Mar '25	$4.3B	-$268M	0.0%	-2.8%	-5.6%	-0.7%	-$169M	$17.7B	$561M
Dec '24	$3.7B	$441M	0.0%	16.4%	7.9%	1.2%	$923M	$16.3B	$1.2B
Sep '24	$4.3B	$1.9B	0.0%	59.6%	34.7%	5.0%	$1.0B	$14.7B	$905M
Jun '24	$3.6B	$365M	0.0%	22.5%	6.5%	0.9%	$698M	$15.9B	$1.6B
Mar '24	$3.2B	-$35M	0.0%	2.7%	-0.6%	-0.1%	-$153M	—	$1.1B
Dec '23	$2.9B	-$184M	0.0%	3.5%	-3.5%	-0.6%	$467M	$14.4B	$3.5B
Sep '23	$4.8B	$502M	0.0%	17.4%	9.1%	1.6%	$1.2B	—	$3.2B
Jun '23	$3.0B	$476M	0.0%	19.5%	8.9%	1.6%	$1.1B	—	$643M
Mar '23	$3.1B	$699M	0.0%	36.4%	13.4%	2.2%	$951M	—	$518M
Dec '22	$4.0B	-$246M	0.0%	-2.4%	-5.0%	-0.8%	$1M	—	$455M
Sep '22	$4.8B	$668M	0.0%	18.5%	12.0%	1.9%	$519M	—	$535M
Jun '22	$3.3B	-$1.4B	0.0%	-50.6%	-25.3%	-3.6%	-$1.6B	—	$1.9B
Mar '22	$3.5B	-$285M	0.0%	-8.3%	-3.9%	-0.9%	$218M	—	$1.0B
Dec '21	$3.1B	$726M	0.0%	28.3%	8.8%	2.4%	$44M	—	$1.3B
Sep '21	$3.7B	$7M	0.0%	3.2%	0.1%	0.0%	$320M	—	$351M

Valuation over time

How the market has priced VST against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 9.3× (Jan '24) to 48.2× (Nov '26).
The price-to-sales ratio has risen from 0.5× (Mar '23) to 2.6× (Nov '26).
The dividend yield has fallen from 3.7% (Mar '23) to 0.7% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is VST growing its revenue and profit?

Over the past 5 years, Vistra's revenue has grown 10.1% per year, and net income grown 8.2% per year. These are computed facts, not advice.

How much debt does VST have?

As of FY2025, Vistra reported $18.8B of total debt against $785M of cash; operating income covered interest expense 1.6×.

What is VST's profit margin?

In FY2025, gross margin was —, operating margin 10.8%, and net margin 5.4%.

What is VST's P/E ratio?

Vistra's P/E (TTM) is 20.53 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the VST stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 48.2× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.