Vistra (VST) Financials

$189.90 -0.56 (-0.29%)

Closing price 03:59 PM Eastern

Extended Trading

$190.05 +0.15 (+0.08%)

As of 07:08 PM Eastern

Annual Income Statements for Vistra

This table shows Vistra's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-4,677	-254	-54	928	636	-1,295	-1,377	1,343	2,467
Consolidated Net Income / (Loss)	-4,677	-254	-56	926	624	-1,264	-1,210	1,492	2,812
Net Income / (Loss) Continuing Operations	-4,677	-254	-56	926	624	-1,264	-1,210	1,492	2,812
Total Pre-Tax Income	-5,556	250	-101	1,216	890	-1,722	-1,560	2,000	3,467
Total Operating Income	-4,091	198	491	1,993	1,519	-1,515	-1,177	2,661	4,081
Total Gross Profit	2,678	2,495	4,108	6,067	6,269	2,908	3,327	7,222	9,939
Total Revenue	5,370	5,430	9,144	11,809	11,443	12,077	13,728	14,779	17,224
Operating Revenue	5,370	5,430	9,144	11,809	11,443	12,077	13,728	14,779	17,224
Total Cost of Revenue	2,692	2,935	5,036	5,742	5,174	9,169	10,401	7,557	7,285
Operating Cost of Revenue	2,692	2,935	5,036	5,742	5,174	9,169	10,401	7,557	7,285
Total Operating Expenses	6,769	2,297	3,617	4,074	4,750	4,423	4,504	4,561	5,858
Selling, General & Admin Expense	1,510	1,573	2,223	2,434	2,657	2,599	2,834	3,010	4,015
Depreciation Expense	852	699	1,394	1,640	1,737	1,753	1,596	1,502	1,843
Impairment Charge	4,741	25	0.00	0.00	356	71	74	49	0.00
Total Other Income / (Expense), net	-1,465	52	-592	-777	-629	-207	-383	-661	-614
Interest Expense	1,289	193	572	797	630	384	368	740	900
Other Income / (Expense), net	-176	245	-37	4.00	-3.00	177	-15	79	286
Income Tax Expense	-879	504	-45	290	266	-458	-350	508	655
Preferred Stock Dividends Declared	-	-	-	-	0.00	21	150	150	192
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	-2.00	-2.00	-12	10	17	-1.00	153
Basic Earnings per Share	-	($0.59)	($0.11)	$1.88	$1.30	($2.69)	($3.26)	$3.63	$7.16
Weighted Average Basic Shares Outstanding	-	427.76M	504.95M	494.15M	488.67M	482.21M	422.45M	369.77M	344.79M
Diluted Earnings per Share	-	($0.59)	($0.11)	$1.86	$1.30	($2.69)	($3.26)	$3.58	$7.00
Weighted Average Diluted Shares Outstanding	-	427.76M	504.95M	499.94M	491.09M	482.21M	422.45M	375.19M	352.57M
Weighted Average Basic & Diluted Shares Outstanding	-	861M	485.89M	487.73M	483.72M	448.80M	381.45M	347.89M	338.96M
Cash Dividends to Common per Share	-	-	-	$0.13	-	-	$0.72	$0.82	$0.87

This table shows Vistra's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-283	661	439	465	-222	-84	318	1,840	393	-317	280
Consolidated Net Income / (Loss)	-247	698	476	502	-184	18	467	1,837	490	-268	327
Net Income / (Loss) Continuing Operations	-247	698	476	502	-184	18	467	1,837	490	-268	327
Total Pre-Tax Income	-335	876	599	671	-146	-2.00	626	2,392	451	-444	403
Total Operating Income	-100	1,131	591	834	105	86	808	2,588	599	-120	515
Total Gross Profit	1,048	2,255	1,714	1,977	1,276	1,338	2,248	4,081	2,272	1,486	2,276
Total Revenue	3,869	4,425	3,189	4,086	3,079	3,054	3,845	6,288	4,037	3,933	4,250
Operating Revenue	3,869	4,425	3,189	4,086	3,079	3,054	3,845	6,288	4,037	3,933	4,250
Total Cost of Revenue	2,821	2,170	1,475	2,109	1,803	1,716	1,597	2,207	1,765	2,447	1,974
Operating Cost of Revenue	2,821	2,170	1,475	2,109	1,803	1,716	1,597	2,207	1,765	2,447	1,974
Total Operating Expenses	1,148	1,124	1,123	1,143	1,171	1,252	1,440	1,493	1,673	1,606	1,761
Selling, General & Admin Expense	692	709	754	768	779	849	1,003	1,027	1,136	1,084	1,152
Depreciation Expense	382	366	369	375	392	403	437	466	537	522	541
Impairment Charge	74	49	0.00	0.00	-	-	0.00	0.00	-	-	68
Total Other Income / (Expense), net	-235	-255	8.00	-163	-251	-88	-182	-196	-148	-324	-112
Interest Expense	181	207	100	143	290	170	241	332	157	319	303
Other Income / (Expense), net	-54	-48	108	-20	39	82	59	136	9.00	-5.00	191
Income Tax Expense	-88	178	123	169	38	-20	159	555	-39	-176	76
Preferred Stock Dividends Declared	38	38	37	37	38	49	47	48	48	49	47
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.00	-1.00	0.00	0.00	-	53	102	-51	49	0.00	0.00
Basic Earnings per Share	($0.80)	$1.72	$1.18	$1.27	($0.54)	($0.24)	$0.92	$5.36	$1.12	($0.93)	$0.82
Weighted Average Basic Shares Outstanding	422.45M	383.63M	372.96M	366.57M	369.77M	348.97M	347.05M	342.97M	344.79M	339.80M	339.40M
Diluted Earnings per Share	($0.78)	$1.71	$1.17	$1.25	($0.55)	($0.24)	$0.90	$5.25	$1.09	($0.93)	$0.81
Weighted Average Diluted Shares Outstanding	422.45M	387.55M	376.79M	372.15M	375.19M	348.97M	354.33M	350.20M	352.57M	339.80M	345.51M
Weighted Average Basic & Diluted Shares Outstanding	381.45M	373.03M	367.57M	357.55M	347.89M	347.46M	343.56M	340.23M	338.96M	339.33M	338.82M

This table details how cash moves in and out of Vistra's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-443	458	-1,353	-218	-31	915	-834	3,014	-2,317
Net Cash From Operating Activities	237	1,386	1,471	2,736	3,337	-206	485	5,453	4,563
Net Cash From Continuing Operating Activities	237	1,386	1,471	2,736	3,337	-208	485	5,453	4,563
Net Income / (Loss) Continuing Operations	-4,677	-254	-56	926	624	-1,264	-1,210	1,492	2,812
Consolidated Net Income / (Loss)	-4,677	-254	-56	926	624	-1,264	-1,210	1,492	2,812
Depreciation Expense	995	835	1,533	1,876	2,048	2,050	2,047	1,956	2,631
Non-Cash Adjustments To Reconcile Net Income	4,676	234	563	-111	362	-211	2,572	1,831	-267
Changes in Operating Assets and Liabilities, net	-757	571	-569	45	303	-783	-2,924	174	-613
Net Cash From Investing Activities	-650	-727	-101	-1,717	-1,572	-1,153	-1,239	-2,145	-5,276
Net Cash From Continuing Investing Activities	-650	-727	-101	-1,717	-1,572	-1,153	-1,239	-2,145	-5,276
Purchase of Property, Plant & Equipment	-337	-114	-530	-713	-1,259	-1,033	-1,301	-1,676	-2,078
Acquisitions	0.00	-358	-5.00	-1,202	-504	-605	-1,303	-1,071	-4,291
Purchase of Investments	-418	-272	-274	-453	-455	-505	-693	-624	-2,239
Sale of Property, Plant & Equipment	-	-	7.00	6.00	24	30	78	115	196
Divestitures	-	1.00	446	197	165	392	1,275	500	773
Sale and/or Maturity of Investments	401	252	252	431	433	483	670	601	2,216
Other Investing Activities, net	-296	-236	3.00	17	24	85	35	10	147
Net Cash From Financing Activities	-30	-201	-2,723	-1,237	-1,796	2,274	-80	-294	-1,604
Net Cash From Continuing Financing Activities	-30	-201	-2,723	-1,237	-1,796	2,274	-80	-294	-1,604
Repayment of Debt	-21	-201	-3,311	-7,606	-2,455	-3,415	-4,501	-759	-4,229
Repurchase of Preferred Equity	-	-	-	-	-	-	0.00	0.00	-122
Repurchase of Common Equity	-	0.00	-763	-656	0.00	-471	-1,949	-1,245	-1,266
Payment of Dividends	0.00	0.00	0.00	-243	-266	-290	-453	-463	-2,406
Issuance of Debt	0.00	0.00	1,012	7,157	925	3,950	6,823	2,173	6,419

This table details how cash moves in and out of Vistra's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-43	48	125	2,527	314	-2,423	545	-721	282	-626	-101
Net Cash From Operating Activities	393	1,435	1,577	1,560	881	312	1,196	1,702	1,353	599	572
Net Cash From Continuing Operating Activities	393	1,435	1,577	1,560	881	312	1,196	1,702	1,353	599	572
Net Income / (Loss) Continuing Operations	-248	698	476	502	-184	18	467	1,837	490	-268	327
Consolidated Net Income / (Loss)	-248	698	476	502	-184	18	467	1,837	490	-268	327
Depreciation Expense	472	477	464	501	514	555	622	714	740	772	762
Non-Cash Adjustments To Reconcile Net Income	567	371	669	-1,619	2,410	277	322	-1,298	432	569	-186
Changes in Operating Assets and Liabilities, net	-398	-111	-32	2,176	-1,859	-538	-215	449	-309	-474	-331
Net Cash From Investing Activities	-353	-513	-454	-415	-763	-3,528	-669	-762	-317	-1,061	-610
Net Cash From Continuing Investing Activities	-353	-513	-454	-415	-763	-3,528	-669	-762	-317	-1,061	-610
Purchase of Property, Plant & Equipment	-392	-484	-442	-336	-414	-465	-498	-685	-430	-768	-690
Acquisitions	-960	-61	-129	-87	-794	-3,201	-223	-152	-715	-307	-85
Purchase of Investments	-247	-125	-137	-233	-129	-220	-568	-802	-649	-2,112	-923
Divestitures	917	35	12	12	441	17	48	82	626	21	4.00
Sale and/or Maturity of Investments	242	119	132	227	123	214	563	796	643	2,107	917
Other Investing Activities, net	30	1.00	2.00	1.00	6.00	0.00	7.00	-9.00	149	-2.00	167
Net Cash From Financing Activities	-83	-874	-998	1,382	196	793	18	-1,661	-754	-164	-63
Net Cash From Continuing Financing Activities	-83	-874	-998	1,382	196	793	18	-1,661	-754	-164	-63
Repayment of Debt	-24	-771	4.00	21	-13	-780	-863	-2,511	-63	-5.00	-865
Repurchase of Common Equity	-359	-301	-251	-314	-379	-291	-331	-399	-245	-337	-252
Payment of Dividends	-150	-77	-151	-75	-160	-77	-163	-103	-2,063	-104	-144
Issuance of Debt	1,075	275	-600	1,750	748	2,075	1,375	1,352	1,617	332	1,239
Other Financing Activities, net	-	-	-	-	-	-12	-	-	-	-50	-41

This table presents Vistra's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	15,167	14,600	26,024	26,616	25,208	29,683	32,787	32,966	37,770
Total Current Assets	2,473	2,673	3,435	4,114	3,429	7,883	11,116	11,637	8,119
Cash & Equivalents	843	1,487	636	300	406	1,325	455	3,485	1,188
Restricted Cash	95	59	57	147	19	21	37	40	28
Short-Term Investments	350	190	730	1,333	748	2,513	4,538	3,645	2,587
Accounts Receivable	612	582	1,087	1,365	1,279	1,941	2,059	1,674	1,982
Inventories, net	285	253	412	469	515	610	570	740	970
Prepaid Expenses	75	72	152	298	205	195	293	364	523
Other Current Assets	213	30	361	202	257	1,263	3,137	1,683	841
Plant, Property, & Equipment, net	4,443	4,820	14,612	13,914	13,499	13,056	12,554	12,432	18,173
Total Noncurrent Assets	8,251	7,107	7,977	8,588	8,280	8,744	9,117	8,897	11,478
Long-Term Investments	1,714	1,740	1,381	1,689	1,778	2,062	1,762	2,035	4,512
Goodwill	1,907	1,907	2,068	2,553	2,583	2,583	2,583	2,583	2,807
Intangible Assets	3,205	2,530	2,493	2,748	2,446	2,146	1,958	1,864	2,213
Noncurrent Deferred & Refundable Income Taxes	1,122	710	1,336	1,066	838	1,302	1,710	1,223	9.00
Other Noncurrent Operating Assets	303	220	699	532	635	651	1,104	1,192	1,937
Total Liabilities & Shareholders' Equity	15,167	14,600	26,024	26,616	25,208	29,683	32,787	32,966	37,770
Total Liabilities	8,570	8,258	18,157	18,656	16,847	21,391	27,869	27,644	32,187
Total Current Liabilities	1,504	1,351	3,625	4,574	3,036	5,843	10,337	9,823	8,432
Short-Term Debt	46	44	191	627	95	254	688	2,286	880
Accounts Payable	479	473	945	947	880	1,515	1,556	1,147	1,510
Other Taxes Payable	128	136	182	200	210	207	199	203	209
Other Current Liabilities	787	624	2,220	2,648	1,704	3,724	7,734	5,981	5,640
Other Current Nonoperating Liabilities	33	16	77	151	131	143	160	206	193
Total Noncurrent Liabilities	7,066	6,907	14,532	14,082	13,811	15,548	17,532	17,821	23,755
Long-Term Debt	4,577	4,379	10,874	10,102	9,235	10,477	11,933	12,116	15,418
Asset Retirement Reserve & Litigation Obligation	1,671	1,837	2,217	2,097	2,333	2,346	2,309	2,414	3,936
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.00	10	2.00	1.00	0.00	1.00	1.00	697
Other Noncurrent Operating Liabilities	818	691	1,431	1,881	2,242	2,725	3,289	3,290	3,704
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,597	6,342	7,867	7,960	8,361	8,292	4,918	5,322	5,583
Total Preferred & Common Equity	6,597	6,342	7,863	7,959	8,371	8,291	4,902	5,307	5,570
Preferred Stock	-	-	-	-	-	2,000	2,000	2,476	2,476
Total Common Equity	6,597	6,342	9,419	7,959	8,371	6,291	2,902	2,831	3,094
Common Stock	7,746	7,769	10,112	9,726	9,791	9,829	9,933	10,100	9,440
Retained Earnings	-1,155	-1,410	-1,449	-764	-399	-1,964	-3,643	-2,613	-454
Treasury Stock	-	-	-778	-	-	-	-	-4,662	-5,912
Accumulated Other Comprehensive Income / (Loss)	6.00	-17	-22	-30	-48	-16	7.00	6.00	20
Noncontrolling Interest	-	0.00	4.00	1.00	-10	1.00	16	15	13

This table presents Vistra's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	35,175	31,117	30,472	31,945	38,178	39,125	37,878	38,228	38,146
Total Current Assets	13,145	9,512	8,911	10,699	9,433	9,826	8,531	8,430	8,484
Cash & Equivalents	535	518	643	3,170	1,070	1,624	905	561	458
Restricted Cash	23	23	40	40	32	23	29	29	31
Short-Term Investments	6,786	4,589	3,991	3,108	3,557	3,332	2,854	3,335	2,950
Accounts Receivable	1,854	1,464	1,681	2,017	1,729	2,094	2,179	1,924	2,229
Inventories, net	590	629	676	685	976	964	949	960	965
Prepaid Expenses	291	346	281	355	439	411	625	596	678
Other Current Assets	3,066	1,919	1,573	1,312	1,629	1,362	970	1,025	1,173
Plant, Property, & Equipment, net	12,550	12,611	12,537	12,346	18,014	18,208	18,388	17,716	17,736
Total Noncurrent Assets	9,480	8,994	9,024	8,900	10,731	11,091	10,959	12,082	11,926
Long-Term Investments	1,637	1,832	1,915	1,857	4,219	4,310	4,520	4,476	4,752
Goodwill	2,583	2,583	2,583	2,583	2,877	2,922	2,802	2,810	2,810
Intangible Assets	2,002	1,940	1,912	1,883	2,278	2,263	2,157	2,321	2,252
Noncurrent Deferred & Refundable Income Taxes	1,653	1,475	1,385	1,239	0.00	0.00	0.00	9.00	9.00
Other Noncurrent Operating Assets	1,605	1,164	1,229	1,338	1,357	1,596	1,480	2,466	2,103
Total Liabilities & Shareholders' Equity	35,175	31,117	30,472	31,945	38,178	39,125	37,878	38,228	38,146
Total Liabilities	29,574	25,901	25,098	26,424	30,894	31,818	29,225	33,390	33,310
Total Current Liabilities	11,911	8,162	7,626	8,748	8,775	10,057	7,660	9,753	9,434
Short-Term Debt	38	38	437	1,935	554	1,939	785	882	1,091
Accounts Payable	1,398	1,005	1,076	1,124	1,100	1,317	1,291	1,328	1,276
Other Taxes Payable	154	107	145	161	118	182	199	101	143
Other Current Liabilities	10,203	6,899	5,812	5,415	6,795	6,404	5,163	7,198	6,736
Other Current Nonoperating Liabilities	112	113	156	113	208	215	222	244	188
Total Noncurrent Liabilities	17,663	17,739	17,472	17,676	22,119	21,761	21,565	23,637	23,876
Long-Term Debt	11,947	11,930	11,530	11,758	14,693	13,947	13,945	15,423	15,540
Asset Retirement Reserve & Litigation Obligation	2,340	2,308	2,334	2,350	3,806	3,847	3,884	3,937	3,953
Noncurrent Deferred & Payable Income Tax Liabilities	-	1.00	1.00	1.00	118	250	839	512	569
Other Noncurrent Operating Liabilities	3,376	3,500	3,607	3,567	3,502	3,717	2,897	3,765	3,814
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,601	5,216	5,374	5,521	7,284	7,307	5,455	4,838	4,836
Total Preferred & Common Equity	5,582	5,201	5,359	5,506	5,656	5,593	5,441	4,825	4,823
Preferred Stock	2,000	2,000	2,000	2,000	2,476	2,476	2,476	2,476	2,476
Total Common Equity	3,582	3,201	3,359	3,506	3,180	3,117	2,965	2,349	2,347
Common Stock	9,928	9,957	9,998	10,080	10,883	10,922	9,401	9,412	9,455
Retained Earnings	-3,284	-3,058	-2,696	-2,306	-2,762	-2,533	-759	-835	-642
Treasury Stock	-	-	-	-	-	-	-	-6,248	-6,485
Accumulated Other Comprehensive Income / (Loss)	-10	8.00	12	10	6.00	6.00	7.00	20	19
Noncontrolling Interest	19	15	15	15	1,628	1,714	14	13	13

This table displays calculated financial ratios and metrics derived from Vistra's official financial filings.

Metric	2015	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	68.40%	29.14%	-3.10%	5.54%	13.67%	7.66%	16.54%
EBITDA Growth	0.00%	0.00%	55.48%	94.92%	-7.98%	-80.02%	20.08%	449.24%	49.02%
EBIT Growth	0.00%	0.00%	2.48%	339.87%	-24.09%	-188.26%	10.91%	329.87%	59.38%
NOPAT Growth	0.00%	0.00%	270.85%	341.58%	-29.83%	-199.58%	22.31%	340.94%	66.74%
Net Income Growth	0.00%	0.00%	77.95%	1,753.57%	-32.61%	-302.56%	4.27%	223.31%	88.47%
EPS Growth	0.00%	0.00%	81.36%	1,790.91%	-30.11%	-306.92%	-21.19%	209.82%	95.53%
Operating Cash Flow Growth	0.00%	0.00%	6.13%	86.00%	21.97%	-106.17%	335.44%	1,024.33%	-16.32%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	127.49%	-33.45%	-63.87%	167.75%	43.13%	-87.26%
Invested Capital Growth	0.00%	0.00%	121.83%	-5.15%	-3.25%	-10.93%	-17.65%	-1.67%	28.29%
Revenue Q/Q Growth	0.00%	0.00%	21.50%	2.59%	-2.85%	7.00%	4.21%	-5.07%	5.89%
EBITDA Q/Q Growth	0.00%	0.00%	42.95%	9.44%	-6.09%	587.67%	-56.69%	7.81%	10.94%
EBIT Q/Q Growth	0.00%	0.00%	328.30%	18.73%	-15.82%	40.08%	-1,092.00%	12.20%	11.89%
NOPAT Q/Q Growth	0.00%	0.00%	1,864.00%	26.25%	-19.53%	34.89%	-519.47%	2.43%	23.87%
Net Income Q/Q Growth	0.00%	0.00%	87.53%	83.00%	-29.49%	37.49%	-421.55%	4.41%	31.52%
EPS Q/Q Growth	0.00%	0.00%	91.20%	60.34%	-29.35%	35.65%	-213.46%	6.87%	30.60%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	4.77%	12.55%	2.27%	-141.70%	27.97%	9.83%	11.54%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	3.72%	-1.48%	-40.18%	-96.41%	113.28%	535.99%	118.74%
Invested Capital Q/Q Growth	0.00%	-12.98%	-6.32%	-4.61%	0.34%	618.40%	25.12%	-3.83%	-10.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	49.87%	45.95%	44.93%	51.38%	54.78%	24.08%	24.24%	48.87%	57.70%
EBITDA Margin	-60.93%	23.54%	21.73%	32.80%	31.15%	5.90%	6.23%	31.77%	40.63%
Operating Margin	-76.18%	3.65%	5.37%	16.88%	13.27%	-12.54%	-8.57%	18.01%	23.69%
EBIT Margin	-79.46%	8.16%	4.97%	16.91%	13.25%	-11.08%	-8.68%	18.54%	25.35%
Profit (Net Income) Margin	-87.10%	-4.68%	-0.61%	7.84%	5.45%	-10.47%	-8.81%	10.10%	16.33%
Tax Burden Percent	84.18%	-101.60%	55.45%	76.15%	70.11%	73.40%	77.56%	74.60%	81.11%
Interest Burden Percent	130.21%	56.43%	-22.25%	60.89%	58.71%	128.70%	130.87%	72.99%	79.39%
Effective Tax Rate	0.00%	201.60%	0.00%	23.85%	29.89%	0.00%	0.00%	25.40%	18.89%
Return on Invested Capital (ROIC)	0.00%	-2.75%	2.92%	9.61%	7.04%	-7.54%	-6.82%	18.35%	27.04%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-8.24%	-5.67%	2.10%	0.71%	-11.09%	-13.88%	9.70%	19.70%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-1.25%	-3.71%	2.09%	0.60%	-7.64%	-11.50%	10.79%	24.53%
Return on Equity (ROE)	0.00%	-4.01%	-0.79%	11.70%	7.65%	-15.18%	-18.32%	29.14%	51.57%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-72.79%	14.90%	10.35%	4.02%	12.54%	20.04%	2.25%
Operating Return on Assets (OROA)	0.00%	2.98%	2.24%	7.59%	5.85%	-4.88%	-3.82%	8.33%	12.35%
Return on Assets (ROA)	0.00%	-1.71%	-0.28%	3.52%	2.41%	-4.61%	-3.87%	4.54%	7.95%
Return on Common Equity (ROCE)	0.00%	-4.01%	-0.87%	12.85%	7.65%	-13.37%	-12.75%	16.31%	28.02%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-4.01%	-0.71%	11.63%	7.45%	-15.25%	-24.68%	28.11%	50.48%
Net Operating Profit after Tax (NOPAT)	-2,864	-201	344	1,518	1,065	-1,061	-824	1,985	3,310
NOPAT Margin	-53.33%	-3.70%	3.76%	12.85%	9.31%	-8.78%	-6.00%	13.43%	19.22%
Net Nonoperating Expense Percent (NNEP)	0.00%	5.49%	8.59%	7.51%	6.34%	3.55%	7.06%	8.66%	7.33%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-4.70%	10.06%	15.13%
Cost of Revenue to Revenue	50.13%	54.05%	55.07%	48.62%	45.22%	75.92%	75.76%	51.13%	42.30%
SG&A Expenses to Revenue	28.12%	28.97%	24.31%	20.61%	23.22%	21.52%	20.64%	20.37%	23.31%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	126.05%	42.30%	39.56%	34.50%	41.51%	36.62%	32.81%	30.86%	34.01%
Earnings before Interest and Taxes (EBIT)	-4,267	443	454	1,997	1,516	-1,338	-1,192	2,740	4,367
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-3,272	1,278	1,987	3,873	3,564	712	855	4,696	6,998
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.07	1.06	1.24	1.04	1.64	3.06	4.82	15.16
Price to Tangible Book Value (P/TBV)	0.00	3.56	2.05	3.71	2.61	6.59	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	1.25	1.09	0.84	0.76	0.85	0.65	0.92	2.72
Price to Earnings (P/E)	0.00	0.00	0.00	10.64	13.73	0.00	0.00	10.15	19.01
Dividend Yield	0.00%	0.00%	0.00%	2.47%	3.03%	2.81%	3.24%	2.15%	0.63%
Earnings Yield	0.00%	0.00%	0.00%	9.40%	7.28%	0.00%	0.00%	9.85%	5.26%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.06	1.13	1.11	1.02	1.29	1.53	1.99	4.17
Enterprise Value to Revenue (EV/Rev)	0.00	1.42	1.99	1.45	1.32	1.42	1.22	1.44	3.33
Enterprise Value to EBITDA (EV/EBITDA)	0.00	6.04	9.18	4.42	4.24	24.03	19.57	4.54	8.20
Enterprise Value to EBIT (EV/EBIT)	0.00	17.43	40.17	8.58	9.96	0.00	0.00	7.78	13.14
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	53.06	11.29	14.18	0.00	0.00	10.74	17.34
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	5.57	12.40	6.26	4.52	0.00	34.50	3.91	12.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	7.29	9.65	30.26	11.05	9.84	207.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.70	1.41	1.35	1.12	1.29	2.57	2.71	2.92
Long-Term Debt to Equity	0.00	0.69	1.38	1.27	1.10	1.26	2.43	2.28	2.76
Financial Leverage	0.00	0.15	0.65	1.00	0.85	0.69	0.83	1.11	1.25
Leverage Ratio	0.00	2.30	2.86	3.33	3.18	3.30	4.73	6.42	6.49
Compound Leverage Factor	0.00	1.30	-0.64	2.03	1.86	4.24	6.19	4.69	5.15
Debt to Total Capital	0.00%	41.09%	58.45%	57.41%	52.74%	56.41%	71.96%	73.02%	74.48%
Short-Term Debt to Total Capital	0.00%	0.41%	1.01%	3.35%	0.54%	1.34%	3.92%	11.59%	4.02%
Long-Term Debt to Total Capital	0.00%	40.68%	57.44%	54.05%	52.20%	55.08%	68.04%	61.43%	70.46%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	10.51%	11.40%	12.55%	11.32%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.02%	0.01%	-0.06%	0.01%	0.09%	0.08%	0.06%
Common Equity to Total Capital	0.00%	58.91%	49.75%	42.59%	47.32%	33.07%	16.55%	14.35%	14.14%
Debt to EBITDA	0.00	3.46	5.57	2.77	2.62	15.07	14.76	3.07	2.33
Net Debt to EBITDA	0.00	0.74	4.16	1.87	1.79	6.76	6.82	1.11	1.14
Long-Term Debt to EBITDA	0.00	3.43	5.47	2.61	2.59	14.71	13.96	2.58	2.20
Debt to NOPAT	0.00	-21.99	32.19	7.07	8.76	-10.12	-15.32	7.26	4.92
Net Debt to NOPAT	0.00	-4.71	24.04	4.78	5.99	-4.54	-7.07	2.62	2.41
Long-Term Debt to NOPAT	0.00	-21.77	31.64	6.66	8.67	-9.88	-14.48	6.10	4.66
Altman Z-Score	0.00	0.94	0.65	0.95	0.96	0.54	0.36	0.97	1.69
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	-10.92%	-9.80%	-0.06%	11.96%	30.41%	44.01%	45.67%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.98	0.95	0.90	1.13	1.35	1.08	1.18	0.96
Quick Ratio	0.00	1.67	0.68	0.66	0.80	0.99	0.68	0.90	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	-8,556	2,352	1,565	566	1,514	2,167	276
Operating Cash Flow to CapEx	70.33%	1,215.79%	281.26%	386.99%	270.20%	-20.54%	39.66%	349.33%	242.45%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-14.96	2.95	2.48	1.47	4.11	2.93	0.31
Operating Cash Flow to Interest Expense	0.18	7.18	2.57	3.43	5.30	-0.54	1.32	7.37	5.07
Operating Cash Flow Less CapEx to Interest Expense	-0.08	6.59	1.66	2.55	3.34	-3.15	-2.01	5.26	2.98
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.36	0.45	0.45	0.44	0.44	0.44	0.45	0.49
Accounts Receivable Turnover	0.00	9.10	10.96	9.63	8.66	7.50	6.86	7.92	9.42
Inventory Turnover	0.00	10.91	15.15	13.04	10.52	16.30	17.63	11.54	8.52
Fixed Asset Turnover	0.00	1.17	0.94	0.83	0.83	0.91	1.07	1.18	1.13
Accounts Payable Turnover	0.00	6.17	7.10	6.07	5.66	7.66	6.77	5.59	5.48
Days Sales Outstanding (DSO)	0.00	40.13	33.31	37.89	42.17	48.66	53.18	46.10	38.74
Days Inventory Outstanding (DIO)	0.00	33.45	24.10	28.00	34.71	22.39	20.70	31.64	42.84
Days Payable Outstanding (DPO)	0.00	59.20	51.39	60.13	64.44	47.67	53.89	65.28	66.56
Cash Conversion Cycle (CCC)	0.00	14.39	6.02	5.76	12.43	23.38	20.00	12.46	15.01
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	7,305	16,205	15,371	14,871	13,245	10,907	10,725	13,759
Invested Capital Turnover	0.00	0.74	0.78	0.75	0.76	0.86	1.14	1.37	1.41
Increase / (Decrease) in Invested Capital	0.00	0.00	8,900	-834	-500	-1,626	-2,338	-182	3,034
Enterprise Value (EV)	0.00	7,721	18,236	17,132	15,099	17,112	16,734	21,324	57,379
Market Capitalization	0.00	6,774	9,971	9,871	8,730	10,301	8,889	13,636	46,907
Book Value per Share	$0.00	$14.81	$18.67	$16.33	$17.11	$13.03	$7.29	$7.92	$9.09
Tangible Book Value per Share	$0.00	$4.45	$9.63	$5.45	$6.83	$3.24	($4.12)	($4.52)	($5.66)
Total Capital	0.00	10,765	18,932	18,689	17,691	19,023	17,539	19,724	21,881
Total Debt	0.00	4,423	11,065	10,729	9,330	10,731	12,621	14,402	16,298
Total Long-Term Debt	0.00	4,379	10,874	10,102	9,235	10,477	11,933	12,116	15,418
Net Debt	0.00	947	8,261	7,260	6,379	4,810	5,829	5,197	7,983
Capital Expenditures (CapEx)	337	114	523	707	1,235	1,003	1,223	1,561	1,882
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-370	-1,422	-1,613	-685	-1,565	-3,563	-3,070	-3,236
Debt-free Net Working Capital (DFNWC)	0.00	1,366	1.00	167	488	2,294	1,467	4,100	567
Net Working Capital (NWC)	0.00	1,322	-190	-460	393	2,040	779	1,814	-313
Net Nonoperating Expense (NNE)	1,813	53	400	592	441	204	386	493	498
Net Nonoperating Obligations (NNO)	0.00	963	8,338	7,411	6,510	4,953	5,989	5,403	8,176
Total Depreciation and Amortization (D&A)	995	835	1,533	1,876	2,048	2,050	2,047	1,956	2,631
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-6.81%	-15.55%	-13.66%	-5.99%	-12.96%	-25.95%	-20.77%	-18.79%
Debt-free Net Working Capital to Revenue	0.00%	25.16%	0.01%	1.41%	4.26%	18.99%	10.69%	27.74%	3.29%
Net Working Capital to Revenue	0.00%	24.35%	-2.08%	-3.90%	3.43%	16.89%	5.67%	12.27%	-1.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.59)	($0.11)	$1.88	$1.30	($2.69)	($3.26)	$3.63	$7.16
Adjusted Weighted Average Basic Shares Outstanding	0.00	427.76M	504.95M	494.15M	488.67M	482.21M	422.45M	369.77M	344.79M
Adjusted Diluted Earnings per Share	$0.00	($0.59)	($0.11)	$1.86	$1.30	($2.69)	($3.26)	$3.58	$7.00
Adjusted Weighted Average Diluted Shares Outstanding	0.00	427.76M	504.95M	499.94M	491.09M	482.21M	422.45M	375.19M	352.57M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	428.45M	485.89M	487.73M	483.72M	448.80M	381.45M	347.89M	338.96M
Normalized Net Operating Profit after Tax (NOPAT)	455	156	344	1,518	1,315	-1,011	-772	2,022	3,310
Normalized NOPAT Margin	8.47%	2.87%	3.76%	12.85%	11.49%	-8.37%	-5.62%	13.68%	19.22%
Pre Tax Income Margin	-103.46%	4.60%	-1.10%	10.30%	7.78%	-14.26%	-11.36%	13.53%	20.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.31	2.30	0.79	2.51	2.41	-3.48	-3.24	3.70	4.85
NOPAT to Interest Expense	-2.22	-1.04	0.60	1.90	1.69	-2.76	-2.24	2.68	3.68
EBIT Less CapEx to Interest Expense	-3.57	1.70	-0.12	1.62	0.45	-6.10	-6.56	1.59	2.76
NOPAT Less CapEx to Interest Expense	-2.48	-1.63	-0.31	1.02	-0.27	-5.37	-5.56	0.57	1.59
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	26.24%	42.63%	-22.94%	-37.44%	31.03%	85.56%
Augmented Payout Ratio	0.00%	0.00%	-1,362.50%	97.08%	42.63%	-60.21%	-198.51%	114.48%	130.58%

This table displays calculated financial ratios and metrics derived from Vistra's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.75%	41.60%	100.82%	-20.60%	-20.42%	-30.98%	20.57%	53.89%	31.11%	28.78%	10.53%
EBITDA Growth	-77.87%	796.55%	201.75%	-12.68%	106.92%	-53.65%	28.03%	161.44%	104.86%	-10.51%	-1.41%
EBIT Growth	-116.42%	394.29%	142.24%	-17.36%	193.51%	-84.49%	24.03%	234.64%	322.22%	-174.40%	-18.57%
NOPAT Growth	-109.09%	547.02%	139.86%	-5.91%	205.00%	-93.32%	28.35%	218.54%	785.44%	-239.53%	-30.67%
Net Income Growth	-133.79%	345.77%	135.08%	-25.96%	25.51%	-97.42%	-1.89%	265.94%	366.30%	-1,588.89%	-29.98%
EPS Growth	-154.17%	337.50%	135.78%	-17.22%	29.49%	-114.04%	-23.08%	320.00%	298.18%	-287.50%	-10.00%
Operating Cash Flow Growth	36.93%	142.81%	220.02%	91.41%	124.17%	-78.26%	-24.16%	9.10%	53.58%	91.99%	-52.17%
Free Cash Flow Firm Growth	-5.34%	-109.16%	-163.64%	82.93%	-88.73%	-662.02%	1.85%	-19.13%	-1,032.76%	122.82%	141.13%
Invested Capital Growth	-17.65%	15.10%	40.19%	27.93%	-1.67%	34.12%	29.44%	37.17%	28.29%	-6.31%	-4.64%
Revenue Q/Q Growth	-24.82%	14.37%	-27.93%	28.13%	-24.65%	-0.81%	25.90%	63.54%	-35.80%	-2.58%	8.06%
EBITDA Q/Q Growth	-78.88%	390.57%	-25.45%	13.07%	-49.96%	9.88%	105.95%	130.89%	-60.79%	-52.00%	126.89%
EBIT Q/Q Growth	-115.63%	803.25%	-35.46%	16.45%	-82.31%	16.67%	416.07%	214.19%	-77.68%	-120.56%	664.80%
NOPAT Q/Q Growth	-110.56%	1,387.41%	-47.89%	32.86%	-88.22%	-18.10%	901.28%	229.73%	-67.26%	-112.91%	597.47%
Net Income Q/Q Growth	-136.43%	382.59%	-31.81%	5.46%	-136.65%	109.78%	2,494.44%	293.36%	-73.33%	-154.69%	222.01%
EPS Q/Q Growth	-151.66%	319.23%	-31.58%	6.84%	-144.00%	56.36%	475.00%	483.33%	-79.24%	-185.32%	187.10%
Operating Cash Flow Q/Q Growth	-51.78%	265.14%	9.90%	-1.08%	-43.53%	-64.59%	283.33%	42.31%	-20.51%	-55.73%	-4.51%
Free Cash Flow Firm Q/Q Growth	121.38%	-120.05%	-484.27%	31.85%	114.11%	-1,456.48%	24.74%	17.28%	-10.46%	133.19%	35.64%
Invested Capital Q/Q Growth	25.12%	-5.24%	5.54%	2.24%	-3.83%	29.24%	1.86%	8.34%	-10.05%	-5.62%	3.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.09%	50.96%	53.75%	48.38%	41.44%	43.81%	58.47%	64.90%	56.28%	37.78%	53.55%
EBITDA Margin	8.22%	35.25%	36.47%	32.18%	21.37%	23.67%	38.73%	54.68%	33.39%	16.45%	34.54%
Operating Margin	-2.58%	25.56%	18.53%	20.41%	3.41%	2.82%	21.01%	41.16%	14.84%	-3.05%	12.12%
EBIT Margin	-3.98%	24.47%	21.92%	19.92%	4.68%	5.50%	22.55%	43.32%	15.06%	-3.18%	16.61%
Profit (Net Income) Margin	-6.38%	15.77%	14.93%	12.29%	-5.98%	0.59%	12.15%	29.21%	12.14%	-6.81%	7.69%
Tax Burden Percent	73.73%	79.68%	79.47%	74.81%	126.03%	-900.00%	74.60%	76.80%	108.65%	60.36%	81.14%
Interest Burden Percent	217.53%	80.89%	85.69%	82.43%	-101.39%	-1.19%	72.20%	87.81%	74.18%	355.20%	57.08%
Effective Tax Rate	0.00%	20.32%	20.53%	25.19%	0.00%	0.00%	25.40%	23.20%	-8.65%	0.00%	18.86%
Return on Invested Capital (ROIC)	-2.06%	31.69%	26.21%	23.93%	3.26%	2.18%	17.62%	38.88%	22.68%	-2.88%	13.20%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.29%	25.71%	26.37%	21.14%	-1.26%	1.46%	15.42%	36.43%	20.31%	-5.38%	12.02%
Return on Net Nonoperating Assets (RNNOA)	-4.38%	13.96%	19.36%	16.63%	-1.40%	1.37%	15.01%	31.55%	25.29%	-6.53%	15.28%
Return on Equity (ROE)	-6.44%	45.65%	45.57%	40.56%	1.86%	3.55%	32.63%	70.42%	47.98%	-9.41%	28.48%
Cash Return on Invested Capital (CROIC)	12.54%	-12.29%	-12.42%	-5.00%	20.04%	-19.48%	-15.42%	-11.14%	2.25%	30.62%	26.87%
Operating Return on Assets (OROA)	-1.75%	11.50%	10.73%	9.24%	2.10%	2.13%	9.11%	20.18%	7.33%	-1.51%	7.96%
Return on Assets (ROA)	-2.81%	7.41%	7.31%	5.70%	-2.69%	0.23%	4.91%	13.61%	5.91%	-3.23%	3.69%
Return on Common Equity (ROCE)	-4.48%	31.00%	28.54%	25.85%	1.04%	1.81%	16.66%	32.15%	26.07%	-4.29%	12.81%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-4.38%	29.95%	25.95%	0.00%	14.36%	14.36%	39.29%	0.00%	52.35%	0.00%
Net Operating Profit after Tax (NOPAT)	-70	901	470	624	74	60	603	1,988	651	-84	418
NOPAT Margin	-1.81%	20.37%	14.73%	15.27%	2.39%	1.97%	15.68%	31.61%	16.12%	-2.14%	9.83%
Net Nonoperating Expense Percent (NNEP)	3.24%	5.98%	-0.16%	2.79%	4.52%	0.72%	2.20%	2.45%	2.37%	2.50%	1.18%
Return On Investment Capital (ROIC_SIMPLE)	-0.40%	-	-	-	0.37%	-	-	-	2.97%	-0.40%	1.95%
Cost of Revenue to Revenue	72.91%	49.04%	46.25%	51.62%	58.56%	56.19%	41.53%	35.10%	43.72%	62.22%	46.45%
SG&A Expenses to Revenue	17.89%	16.02%	23.64%	18.80%	25.30%	27.80%	26.09%	16.33%	28.14%	27.56%	27.11%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.67%	25.40%	35.21%	27.97%	38.03%	41.00%	37.45%	23.74%	41.44%	40.83%	41.44%
Earnings before Interest and Taxes (EBIT)	-154	1,083	699	814	144	168	867	2,724	608	-125	706
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	318	1,560	1,163	1,315	658	723	1,489	3,438	1,348	647	1,468
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.06	2.79	2.86	3.43	4.82	7.60	9.58	13.74	15.16	16.95	28.02
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.65	0.59	0.58	0.77	0.92	1.80	2.12	2.50	2.72	2.20	3.55
Price to Earnings (P/E)	0.00	0.00	6.64	9.38	10.15	40.41	62.63	21.99	19.01	17.82	29.95
Dividend Yield	3.24%	3.21%	3.02%	2.45%	2.15%	1.21%	0.99%	0.73%	0.63%	0.75%	0.46%
Earnings Yield	0.00%	0.00%	15.05%	10.66%	9.85%	2.47%	1.60%	4.55%	5.26%	5.61%	3.34%
Enterprise Value to Invested Capital (EV/IC)	1.53	1.54	1.56	1.75	1.99	2.50	2.88	3.45	4.17	3.87	5.70
Enterprise Value to Revenue (EV/Rev)	1.22	1.06	1.02	1.26	1.44	2.58	2.89	3.25	3.33	2.77	4.14
Enterprise Value to EBITDA (EV/EBITDA)	19.57	7.11	3.74	4.49	4.54	8.98	9.72	8.38	8.20	7.25	11.11
Enterprise Value to EBIT (EV/EBIT)	0.00	61.55	6.51	8.01	7.78	18.98	20.40	13.54	13.14	12.32	19.60
Enterprise Value to NOPAT (EV/NOPAT)	0.00	94.10	8.65	10.09	10.74	29.62	31.74	19.77	17.34	15.51	25.14
Enterprise Value to Operating Cash Flow (EV/OCF)	34.50	11.99	4.03	3.94	3.91	8.00	10.30	12.92	12.57	10.35	18.15
Enterprise Value to Free Cash Flow (EV/FCFF)	11.05	0.00	0.00	0.00	9.84	0.00	0.00	0.00	207.89	12.21	20.70
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.57	2.29	2.23	2.48	2.71	2.09	2.17	1.70	2.92	3.37	3.44
Long-Term Debt to Equity	2.43	2.29	2.15	2.13	2.28	2.02	1.91	1.61	2.76	3.19	3.21
Financial Leverage	0.83	0.54	0.73	0.79	1.11	0.94	0.97	0.87	1.25	1.21	1.27
Leverage Ratio	4.73	5.11	6.30	6.03	6.42	5.54	5.49	4.93	6.49	6.30	6.36
Compound Leverage Factor	10.29	4.13	5.40	4.97	-6.51	-0.07	3.96	4.33	4.81	22.39	3.63
Debt to Total Capital	71.96%	69.65%	69.01%	71.27%	73.02%	67.67%	68.49%	62.99%	74.48%	77.12%	77.47%
Short-Term Debt to Total Capital	3.92%	0.22%	2.52%	10.07%	11.59%	2.46%	8.36%	3.36%	4.02%	4.17%	5.08%
Long-Term Debt to Total Capital	68.04%	69.43%	66.49%	61.20%	61.43%	65.21%	60.13%	59.64%	70.46%	72.95%	72.39%
Preferred Equity to Total Capital	11.40%	11.64%	11.53%	10.41%	12.55%	10.99%	10.68%	10.59%	11.32%	11.71%	11.53%
Noncontrolling Interests to Total Capital	0.09%	0.09%	0.09%	0.08%	0.08%	7.23%	7.39%	13.74%	0.06%	0.06%	0.06%
Common Equity to Total Capital	16.55%	18.63%	19.37%	18.25%	14.35%	14.11%	13.44%	12.68%	14.14%	11.11%	10.93%
Debt to EBITDA	14.76	5.34	2.63	3.14	3.07	3.95	3.80	2.34	2.33	2.36	2.41
Net Debt to EBITDA	6.82	2.23	1.18	1.27	1.11	1.65	1.58	1.02	1.14	1.14	1.22
Long-Term Debt to EBITDA	13.96	5.32	2.54	2.70	2.58	3.81	3.33	2.21	2.20	2.23	2.25
Debt to NOPAT	-15.32	70.65	6.09	7.07	7.26	13.04	12.40	5.51	4.92	5.04	5.45
Net Debt to NOPAT	-7.07	29.55	2.74	2.85	2.62	5.45	5.15	2.40	2.41	2.44	2.77
Long-Term Debt to NOPAT	-14.48	70.43	5.86	6.07	6.10	12.56	10.89	5.22	4.66	4.77	5.09
Altman Z-Score	0.47	0.72	0.78	0.82	0.71	0.75	0.90	1.50	1.36	1.11	1.68
Noncontrolling Interest Sharing Ratio	30.41%	32.09%	37.36%	36.27%	44.01%	48.95%	48.93%	54.35%	45.67%	54.39%	55.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.08	1.17	1.17	1.22	1.18	1.08	0.98	1.11	0.96	0.86	0.90
Quick Ratio	0.68	0.81	0.83	0.95	0.90	0.72	0.70	0.78	0.68	0.60	0.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,268	-455	-2,657	-1,811	256	-3,466	-2,608	-2,157	-2,383	791	1,073
Operating Cash Flow to CapEx	117.31%	297.72%	472.16%	465.67%	214.88%	92.31%	241.13%	251.40%	364.69%	77.99%	82.90%
Free Cash Flow to Firm to Interest Expense	12.53	-2.20	-26.57	-12.66	0.88	-20.39	-10.82	-6.50	-15.18	2.48	3.54
Operating Cash Flow to Interest Expense	2.17	6.93	15.77	10.91	3.04	1.84	4.96	5.13	8.62	1.88	1.89
Operating Cash Flow Less CapEx to Interest Expense	0.32	4.60	12.43	8.57	1.62	-0.15	2.90	3.09	6.25	-0.53	-0.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.44	0.47	0.49	0.46	0.45	0.39	0.40	0.47	0.49	0.47	0.48
Accounts Receivable Turnover	6.86	9.16	9.58	8.04	7.92	8.40	7.45	7.75	9.42	9.91	8.56
Inventory Turnover	17.63	17.52	15.04	13.45	11.54	8.85	8.81	8.96	8.52	8.28	8.70
Fixed Asset Turnover	1.07	1.18	1.31	1.25	1.18	0.88	0.91	1.06	1.13	1.01	1.03
Accounts Payable Turnover	6.77	8.99	7.54	6.80	5.59	6.75	6.04	6.06	5.48	6.60	6.47
Days Sales Outstanding (DSO)	53.18	39.87	38.09	45.38	46.10	43.46	48.99	47.08	38.74	36.83	42.63
Days Inventory Outstanding (DIO)	20.70	20.84	24.26	27.14	31.64	41.24	41.43	40.72	42.84	44.08	41.94
Days Payable Outstanding (DPO)	53.89	40.59	48.41	53.68	65.28	54.08	60.45	60.19	66.56	55.28	56.38
Cash Conversion Cycle (CCC)	20.00	20.12	13.94	18.84	12.46	30.61	29.97	27.61	15.01	25.63	28.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,907	10,335	10,908	11,152	10,725	13,861	14,119	15,297	13,759	12,986	13,464
Invested Capital Turnover	1.14	1.56	1.78	1.57	1.37	1.11	1.12	1.23	1.41	1.35	1.34
Increase / (Decrease) in Invested Capital	-2,338	1,356	3,127	2,435	-182	3,526	3,211	4,145	3,034	-875	-655
Enterprise Value (EV)	16,734	15,941	17,012	19,559	21,324	34,640	40,662	52,836	57,379	50,201	76,695
Market Capitalization	8,889	8,920	9,619	12,026	13,636	24,167	29,875	40,726	46,907	39,808	65,766
Book Value per Share	$7.29	$8.39	$9.00	$9.54	$7.92	$9.14	$8.97	$8.63	$9.09	$6.93	$6.92
Tangible Book Value per Share	($4.12)	($3.47)	($3.05)	($2.61)	($4.52)	($5.68)	($5.95)	($5.80)	($5.66)	($8.21)	($8.00)
Total Capital	17,539	17,184	17,341	19,214	19,724	22,531	23,193	23,383	21,881	21,143	21,467
Total Debt	12,621	11,968	11,967	13,693	14,402	15,247	15,886	14,730	16,298	16,305	16,631
Total Long-Term Debt	11,933	11,930	11,530	11,758	12,116	14,693	13,947	13,945	15,418	15,423	15,540
Net Debt	5,829	5,006	5,378	5,518	5,197	6,369	6,597	6,422	7,983	7,904	8,440
Capital Expenditures (CapEx)	335	482	334	335	410	338	496	677	371	768	690
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3,563	-3,742	-2,952	-2,432	-3,070	-3,447	-3,271	-2,132	-3,236	-4,366	-3,298
Debt-free Net Working Capital (DFNWC)	1,467	1,388	1,722	3,886	4,100	1,212	1,708	1,656	567	-441	141
Net Working Capital (NWC)	779	1,350	1,285	1,951	1,814	658	-231	871	-313	-1,323	-950
Net Nonoperating Expense (NNE)	177	203	-6.36	122	258	42	136	151	161	184	91
Net Nonoperating Obligations (NNO)	5,989	5,119	5,534	5,631	5,403	6,577	6,812	6,644	8,176	8,148	8,628
Total Depreciation and Amortization (D&A)	472	477	464	501	514	555	622	714	740	772	762
Debt-free, Cash-free Net Working Capital to Revenue	-25.95%	-24.90%	-17.75%	-15.62%	-20.77%	-25.71%	-23.26%	-13.11%	-18.79%	-24.12%	-17.82%
Debt-free Net Working Capital to Revenue	10.69%	9.24%	10.36%	24.96%	27.74%	9.04%	12.14%	10.18%	3.29%	-2.44%	0.76%
Net Working Capital to Revenue	5.67%	8.98%	7.73%	12.53%	12.27%	4.91%	-1.64%	5.35%	-1.82%	-7.31%	-5.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.80)	$1.72	$1.18	$1.27	($0.54)	($0.24)	$0.92	$5.36	$1.12	($0.93)	$0.82
Adjusted Weighted Average Basic Shares Outstanding	422.45M	383.63M	372.96M	366.57M	369.77M	348.97M	347.05M	342.97M	344.79M	339.80M	339.40M
Adjusted Diluted Earnings per Share	($0.78)	$1.71	$1.17	$1.25	($0.55)	($0.24)	$0.90	$5.25	$1.09	($0.93)	$0.81
Adjusted Weighted Average Diluted Shares Outstanding	422.45M	387.55M	376.79M	372.15M	375.19M	348.97M	354.33M	350.20M	352.57M	339.80M	345.51M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	381.45M	373.03M	367.57M	357.55M	347.89M	347.46M	343.56M	340.23M	338.96M	339.33M	338.82M
Normalized Net Operating Profit after Tax (NOPAT)	-18	940	470	624	74	60	603	1,988	419	-84	473
Normalized NOPAT Margin	-0.47%	21.25%	14.73%	15.27%	2.39%	1.97%	15.68%	31.61%	10.39%	-2.14%	11.13%
Pre Tax Income Margin	-8.66%	19.80%	18.78%	16.42%	-4.74%	-0.07%	16.28%	38.04%	11.17%	-11.29%	9.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.85	5.23	6.99	5.69	0.50	0.99	3.60	8.20	3.87	-0.39	2.33
NOPAT to Interest Expense	-0.39	4.35	4.70	4.36	0.25	0.35	2.50	5.99	4.15	-0.26	1.38
EBIT Less CapEx to Interest Expense	-2.70	2.90	3.65	3.35	-0.92	-1.00	1.54	6.17	1.51	-2.80	0.05
NOPAT Less CapEx to Interest Expense	-2.24	2.03	1.36	2.02	-1.16	-1.63	0.44	3.95	1.78	-2.67	-0.90
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-37.44%	-198.68%	28.22%	31.70%	31.03%	57.02%	59.15%	23.53%	85.56%	96.32%	101.17%
Augmented Payout Ratio	-198.51%	-874.12%	109.66%	117.42%	114.48%	209.11%	222.91%	89.01%	130.58%	148.26%	152.85%

Key Financial Trends

Vistra Corp. (NYSE: VST) has shown positive momentum in its recent financial results for Q2 2025, with improvements in income and operational cash flow compared to prior periods. Here's a summary of key financial trends and points investors should note based on the last four years of quarterly financial data:

Net Income Growth: Vistra reported a consolidated net income of $327 million in Q2 2025, a significant positive turnaround from a net loss of $268 million in Q1 2025, demonstrating improved profitability.
Operating Revenue Increase: Operating revenue for Q2 2025 rose to $4.25 billion from $3.93 billion in Q1 2025, reflecting higher business activity or pricing power.
Strong Operating Cash Flow: Net cash from continuing operating activities was $572 million in Q2 2025, maintaining robust cash flow generation despite some investments and debt repayments.
Effective Capital Management: Vistra made substantial investments in property, plant, and equipment ($690 million) as well as investments ($923 million), signaling growth initiatives while managing funds effectively.
Debt Issuance and Repayment Activity: The company issued $1.24 billion of debt but also repaid $865 million, showing active management of its capital structure to balance growth and leverage.
Improvements in Quarterly Earnings Per Share (EPS): Basic EPS improved to $0.82 in Q2 2025 from a negative $0.93 in Q1 2025, reflecting the uplift in profitability and potentially enhanced shareholder value.
Equity Position and Share Repurchases: Vistra’s total equity was about $4.8 billion in Q2 2025. The company continues repurchasing common equity ($252 million in Q2 2025), which may support share prices but also reduces cash reserves.
Dividends Paid: Dividends totaling $144 million in Q2 2025 indicate a commitment to returning capital to shareholders, signifying confidence but also an ongoing cash outflow.
High Leverage and Liabilities: Total liabilities remain significant at around $33.3 billion in Q2 2025, with long-term debt around $15.5 billion. This high leverage creates risk especially if cash flows weaken.
Fluctuating Operating Income and Past Losses: Earlier quarters and years saw losses (e.g., negative $268 million in Q1 2025, negative $184 million in Q4 2023), highlighting volatility in earnings influenced by market conditions and costs.

Overall, Vistra's latest quarter indicates a positive trend with profitability returning and strong operating cash flows supporting growth investments. However, investors should monitor the company's high debt levels and past volatility in earnings, which could pose risks if market conditions worsen. The ongoing share repurchases and dividends suggest shareholder-friendly capital allocation, reflecting management’s confidence in the business outlook.

08/25/25 03:16 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Vistra's Financials

When does Vistra's fiscal year end?

According to the most recent income statement we have on file, Vistra's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Vistra's net income changed over the last 8 years?

Vistra's net income appears to be on a downward trend, with a most recent value of $2.81 billion in 2024, falling from -$4.68 billion in 2015. The previous period was $1.49 billion in 2023. See Vistra's forecast for analyst expectations on what’s next for the company.

What is Vistra's operating income?

Vistra's total operating income in 2024 was $4.08 billion, based on the following breakdown:

Total Gross Profit: $9.94 billion
Total Operating Expenses: $5.86 billion

How has Vistra's revenue changed over the last 8 years?

Over the last 8 years, Vistra's total revenue changed from $5.37 billion in 2015 to $17.22 billion in 2024, a change of 220.7%.

How much debt does Vistra have?

Vistra's total liabilities were at $32.19 billion at the end of 2024, a 16.4% increase from 2023, and a 275.6% increase since 2016.

How much cash does Vistra have?

In the past 8 years, Vistra's cash and equivalents has ranged from $300 million in 2019 to $3.49 billion in 2023, and is currently $1.19 billion as of their latest financial filing in 2024.

How has Vistra's book value per share changed over the last 8 years?

Over the last 8 years, Vistra's book value per share changed from 0.00 in 2015 to 9.09 in 2024, a change of 909.4%.

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This page (NYSE:VST) was last updated on 8/25/2025 by MarketBeat.com Staff

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