VST · Vistra Corp
Independent Power Producers & Energy Traders (merchant generation + competitive retail)
VST·Independent Power Producers & Energy Traders (merchant generation + competitive retail)
Vistra Corp

Vistra Corp

ConvictionModerate

Owns/operates a multi-tech generation fleet (gas, nuclear, coal, solar, storage) selling power and capacity into wholesale markets (ERCOT, PJM, ISO-NE, NYISO, CAISO), vertically integrated with a large competitive retail arm (TXU Energy, Dynegy, Ambit) that hedges the generation length; increasingly contracting nuclear baseload to hyperscalers via 10-20yr PPAs. Earnings driven by spark spreads, capacity-auction clears and retail margin, not a regulated rate base.

Revenue
$17.74B FY2025GAAP total operating revenues) [fact]
Rev growth
+3.0% YoY FY2025 vs $17.22B FY2024Q1 2026 revenue $5.64B, +43.4% YoY [fact]
Gross margin
No clean GAAP gross-margin line for a merchant generatorFY2025 Ongoing Ops Adjusted EBITDA $5.91B = ~33% EBITDA margin on revenue [estimate]
Op margin
~10-12% GAAP FY2025distorted by ~$0.8B unrealized hedge mark-to-market loss [estimate]
Capex intensity
~12-15% of revenuegrowth + maintenance capex ~$2.2-2.6B/yr vs $17.7B revenue) [estimate]
Market cap
~$56.6B25 Jun 2026; ~337M shares at ~$167.77) [fact]

Price · 1-year trend

real · weekly
$168-14% 1yUSD
52-week range
$140 – $211
52w lowas of 2026-06-25 · Yahoo Finance52w high
Across the boards

The thesis on this name

opportunityModerate

AI datacenter power & cooling

Full context
position · longModerate

AI datacenter power & cooling

Full context
book · long

AI datacenter power & cooling

Full context
The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Vistra Corp

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

  • Income statement & margin structure
  • SWOT, moats & dependency map
  • Supplier–customer ecosystem graph
  • Signals, trends & valuation range
See plans
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
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