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

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

$155-21% 1yUSD

52-week range

$135 – $217

52w lowas of 2026-07-08 · 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

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-02-27. The audited primary-source spine — not investment advice.

Revenue — annual (GAAP)

FY’21

$17.7B

FY’22

$15.6B-12%

FY’23

$13.8B-12%

FY’24

$14.8B+7%

FY’25

$17.6B+19%

Margins & balance sheet — FY’25

Operating margin10.8%

Net margin5.4%

Net debt$18.5B

The read

Where our coverage leans

Coverage leans bullish

Members only

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