Vistra
VST on NYSE. Vistra sells electricity and natural gas to homes and businesses. Market value $48.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Utilities stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $4.64 of spare cash in the past 12 months. A savings account pays about $4.
You pay 19.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 54 of 100. Price score: 71 of 100. Our list needs 70 on quality and 60 on price.
$144.89 a share, 9% above its 1-year low
Over the past year the price has ranged from $132.66 to $217.10.
Dividend: 0.6% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $2.3 billion in the past 12 months, $1.3 billion in the year to December 2025.
| Revenue | |||||
| Revenue | $12.1bn | $13.7bn | $14.8bn | $17.2bn | $17.7bn |
| Operating margin | |||||
| Operating margin | -12.5% | -8.6% | 18.0% | 23.7% | 10.7% |
| Debt to equity | |||||
| Debt to equity | 1.29 | 2.57 | 2.71 | 2.93 | 3.70 |
| Shares outstanding | |||||
| Shares outstanding | 0.40bn | 0.36bn | 0.34bn | 0.34bn | 0.34bn |
Health checks
- Free cash flow positive3 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt3.70× equity
- Revenue growth, five yearsSlow, 9.2% a year
- Buying back its own sharesYes, 16% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4 billion last quarter, down 5% on a year ago.
- Profit: $305 million, down 7% on a year ago.
- It keeps 19 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $2.3 billion, up from $1.7 billion.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $19.2 billion more than cash, up from $16.2 billion a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $6.3bn |
| December 2024 | $4.0bn |
| March 2025 | $3.9bn |
| June 2025 | $4.3bn |
| September 2025 | $5.0bn |
| December 2025 | $4.6bn |
| March 2026 | $5.6bn |
| June 2026 | $4.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $1.9bn |
| December 2024 | $441m |
| March 2025 | -$268m |
| June 2025 | $327m |
| September 2025 | $652m |
| December 2025 | $233m |
| March 2026 | $1.0bn |
| June 2026 | $305m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 5 November 2026
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
8 long-term investors we follow own it, up from 4 last quarter. 1,405 funds in all.
- Boston PartnersBoston Partners team
- Value
- $3m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| AppaloosaDavid Tepper | $351m | 4.7% | Added |
| Corvex ManagementKeith Meister | $162m | 5.0% | New |
| Sound Shore ManagementHarry Burn | $92m | 2.8% | Added |
| Egerton CapitalJohn Armitage | $77m | 0.7% | New |
| Gotham Asset ManagementJoel Greenblatt | $24m | <0.1% | Added |
| Boston PartnersBoston Partners team | $3m | <0.1% | |
| First Manhattan Co.First Manhattan partners | $581,062 | <0.1% | New |
| GAMCO InvestorsMario Gabelli | $200,667 | <0.1% | New |
Largest holders overall
- BlackRock$4.6bnAdded
- Vanguard Capital Management$3.4bn
- Vanguard Portfolio Management$2.7bn
- State Street$2.7bn
- FMR$2.2bnCut
- Geode Capital Management$1.4bn
- Morgan Stanley$1.4bnAdded
- Norges Bank$922mNew
- UBS Group AG$856mAdded
- Goldman Sachs Group$752mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.2%Since 31 March 2026
- Qatar Investment AuthorityPassive investorat least 5.5%(filed with 1 related holder)Since 30 June 2025
- FMR LLCPassive investorat least 5.1%(filed with 1 related holder)Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor5.0%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.0%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.2% | 31 March 2026 | |
Qatar Investment Authority Passive investor | at least 5.5% (filed with 1 related holder) | 30 June 2025 | |
FMR LLC Passive investor | at least 5.1% (filed with 1 related holder) | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 5.0% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.0% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $1m of shares on the open market. 10 sold $119m, $97m of it under preset trading plans.
- Moldovan Kristopher E.EVP and CFOSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 20,000
- Price
- $151.03
- Value
- $3m
- HUDSON SCOTT AEVP & President Vistra RetailSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 44,444
- Price
- $151.82
- Value
- $7m
- BURKE JAMES APresident and CEO, DirectorBought
- Date
- 1 September 2026
- Shares
- 4,465
- Price
- $135.25
- Value
- $603,891
- BURKE JAMES APresident and CEO, DirectorBought
- Date
- 31 August 2026
- Shares
- 2,200
- Price
- $135.99
- Value
- $299,178
- BURKE JAMES APresident and CEO, DirectorBought
- Date
- 24 August 2026
- Shares
- 2,000
- Price
- $135.00
- Value
- $270,000
- Acosta ArciliaDirectorSoldunder a preset trading plan
- Date
- 18 June 2026
- Shares
- 15,000
- Price
- $167.52
- Value
- $3m
- SULT JOHN RDirectorSoldunder a preset trading plan
- Date
- 18 June 2026
- Shares
- 6,500
- Price
- $170.00
- Value
- $1m
- HELM SCOTT BDirectorSoldunder a preset trading plan
- Date
- 16 June 2026
- Shares
- 25,000
- Price
- $160.00
- Value
- $4m
- BARBAS PAUL MDirectorSoldunder a preset trading plan
- Date
- 15 June 2026
- Shares
- 244
- Price
- $153.00
- Value
- $37,332
- BARBAS PAUL MDirectorSoldunder a preset trading plan
- Date
- 12 June 2026
- Shares
- 244
- Price
- $147.93
- Value
- $36,095
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 September 2026 | Moldovan Kristopher E. EVP and CFO | Sold under a preset trading plan | 20,000 | $151.03 | $3m |
| 8 September 2026 | HUDSON SCOTT A EVP & President Vistra Retail | Sold under a preset trading plan | 44,444 | $151.82 | $7m |
| 1 September 2026 | BURKE JAMES A President and CEO, Director | Bought | 4,465 | $135.25 | $603,891 |
| 31 August 2026 | BURKE JAMES A President and CEO, Director | Bought | 2,200 | $135.99 | $299,178 |
| 24 August 2026 | BURKE JAMES A President and CEO, Director | Bought | 2,000 | $135.00 | $270,000 |
| 18 June 2026 | Acosta Arcilia Director | Sold under a preset trading plan | 15,000 | $167.52 | $3m |
| 18 June 2026 | SULT JOHN R Director | Sold under a preset trading plan | 6,500 | $170.00 | $1m |
| 16 June 2026 | HELM SCOTT B Director | Sold under a preset trading plan | 25,000 | $160.00 | $4m |
| 15 June 2026 | BARBAS PAUL M Director | Sold under a preset trading plan | 244 | $153.00 | $37,332 |
| 12 June 2026 | BARBAS PAUL M Director | Sold under a preset trading plan | 244 | $147.93 | $36,095 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It carries a lot of debt: 3.7× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.