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 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
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
FCF
Total debt
Cash
2025
$17.6B
$944M
0.0%
10.8%
$1.3B
$18.8B
$785M
2024
$14.8B
$2.7B
0.0%
27.6%
$2.5B
$16.3B
$1.2B
2023
$13.8B
$1.5B
0.0%
19.3%
$3.8B
$14.4B
$3.5B
2022
$15.6B
-$1.2B
0.0%
-7.5%
-$816M
—
$455M
2021
$17.7B
-$1.3B
0.0%
-8.6%
-$1.2B
—
$1.3B
2020
$10.8B
$636M
0.0%
14.0%
$2.1B
—
$406M
2019
$11.5B
$928M
0.0%
17.3%
$2.0B
—
$300M
2018
$9.8B
-$54M
0.0%
5.0%
$941M
—
$636M
2017
—
-$254M
—
—
$1.3B
—
$1.5B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$5.0B
$1.0B
0.0%
30.0%
$316M
$19.2B
$634M
Dec '25
$4.8B
$233M
0.0%
9.9%
$596M
$18.8B
$785M
Sep '25
$4.8B
$652M
0.0%
21.7%
$1.0B
$16.0B
$602M
Jun '25
$3.8B
$327M
0.0%
13.7%
-$118M
$16.6B
$458M
Mar '25
$4.3B
-$268M
0.0%
-2.8%
-$169M
$17.7B
$561M
Dec '24
$3.7B
$441M
0.0%
16.4%
$923M
$16.3B
$1.2B
Sep '24
$4.3B
$1.9B
0.0%
59.6%
$1.0B
$14.7B
$905M
Jun '24
$3.6B
$365M
0.0%
22.5%
$698M
$15.9B
$1.6B
Mar '24
$3.2B
-$35M
0.0%
2.7%
-$153M
—
$1.1B
Dec '23
$2.9B
-$184M
0.0%
3.5%
$467M
$14.4B
$3.5B
Sep '23
$4.8B
$502M
0.0%
17.4%
$1.2B
—
$3.2B
Jun '23
$3.0B
$476M
0.0%
19.5%
$1.1B
—
$643M
Mar '23
$3.1B
$699M
0.0%
36.4%
$951M
—
$518M
Dec '22
$4.0B
-$246M
0.0%
-2.4%
$1M
—
$455M
Sep '22
$4.8B
$668M
0.0%
18.5%
$519M
—
$535M
Jun '22
$3.3B
-$1.4B
0.0%
-50.6%
-$1.6B
—
$1.9B
Mar '22
$3.5B
-$285M
0.0%
-8.3%
$218M
—
$1.0B
Dec '21
$3.1B
$726M
0.0%
28.3%
$44M
—
$1.3B
Sep '21
$3.7B
$7M
0.0%
3.2%
$320M
—
$351M
Jun '21
$2.7B
$36M
0.0%
2.3%
$242M
—
$444M
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 60.0× (Jun '26).
The price-to-sales ratio has risen from 0.5× (Mar '23) to 3.2× (Jun '26).
The dividend yield has fallen from 3.7% (Mar '23) to 0.5% (Jun '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?
As of Jun '26, Vistra traded at a price-to-earnings ratio of about 60.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.