Vistra Corp.
$133.01
−1.50 (−1.12%) · delayed · Nov 13, 2026
Five-year price
52w $110.89 to $189.29
- Market cap
- $46.0B
- Enterprise value
- $64.0B
- P/E
- 61.0×
- 31.3× on 3y avg EPS
- EV / EBIT
- 33.6×
- FCF yield
- 2.9%
- ROIC
- 6.9%
- Debt / equity
- 3.70
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 4.6%
- ○ROE > 15% (5y avg)5y avg ROE 10.8%
- ○Stable operating marginsMargin volatility 14.4% (σ, 5y)
- ●Earnings convert to cashFCF / net income 162% (5y avg)
- ●Growing revenueRevenue CAGR 5y 10.1%
- ●Shrinking share countDiluted shares -29.6% over 5y
Value
0
- ○P/E below 15P/E 61.0
- ○EV/EBIT below 12EV/EBIT 33.6
- ○FCF yield above 6%FCF yield 2.9%
- ○Price below Graham NumberGraham Number $26.89
- ○P/B below 3P/B 9.0
Safety
20
- ○Debt / equity below 0.5D/E 3.70
- ○Debt payable in < 4 yrs of earningsNet debt $18.1B
- ○Interest coverage > 8xCoverage 1.6x
- ○Current ratio > 1.5Current ratio 0.78
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
29
- ●Adequate size (revenue > $2B)Revenue $17.6B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.78
- ○Earnings stability (no loss, 10y)9 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 1000%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 31.3
- ○P/E × P/B ≤ 22.5Product 282.1
Valuation lab
What do you have to believe?
At $133.01, the market is pricing in about 17.4% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $18.1B · 346M shares · 5y revenue CAGR 10.1%
Intrinsic value
$53.74
Price
$133.01
Premium paid
147%
What the price implies
The market is paying for 17.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
62% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,430 | 9,797 | 11,547 | 10,850 | 17,700 | 15,631 | 13,804 | 14,761 | 17,586 |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Operating income | 198 | 491 | 1,993 | 1,519 | (1,515) | (1,177) | 2,661 | 4,081 | 1,906 |
| Operating margin | 3.6% | 5.0% | 17.3% | 14.0% | -8.6% | -7.5% | 19.3% | 27.6% | 10.8% |
| Pre-tax income | 250 | (101) | 1,216 | 890 | (1,722) | (1,560) | 2,000 | 3,467 | 1,123 |
| Income tax | 504 | (45) | 290 | 266 | (458) | (350) | 508 | 655 | 179 |
| Net income | (254) | (54) | 928 | 636 | (1,274) | (1,227) | 1,493 | 2,659 | 944 |
| EPS (diluted) | -0.59 | -0.11 | 1.86 | 1.30 | -2.69 | -3.26 | 3.58 | 7.00 | 2.18 |
| Diluted shares | 428 | 505 | 500 | 491 | 482 | 422 | 375 | 353 | 346 |
Who owns it