Capital allocation is heavily skewed toward development, with capital expenditures as a percentage of revenue peaking at 81.2% in 2025Q2, contributing to a negative free cash flow of $252.6 million in 2026Q1.
| Cash from Operations | 657.75M | 638.48M | 959.03M | 712.03M | 689.77M | 401.39M | 93.78M | 134.26M | 122.78M | 45.87M |
| Operating CF Margin % | - | 25.81% | 58.2% | 60.92% | 60.3% | 61.55% | 34.23% | 32.28% | 37.05% | 23.16% |
| Operating CF Growth % | -79.97% | -33.42% | 34.69% | 3.23% | 71.84% | 328.02% | -30.15% | 9.35% | 167.68% | - |
| Net Income | 743.98M | 721.38M | 477.52M | 396.95M | 269.54M | 50.65M | -102.75M | -32.72M | -29.85M | 13.9M |
| Depreciation & Amortization | 847.67M | 743.93M | 437.7M | 279.3M | 234.86M | 191.31M | 147.67M | 153M | 74.77M | 63.28M |
| Stock-Based Compensation | 8.57M | 0 | 34.92M | 23.13M | 16.58M | 10.59M | 10.49M | 10.65M | 4.02M | 0 |
| Deferred Taxes | 27.74M | 44.09M | 0 | 148.4M | 163.98M | 102.11M | -10.11M | 16.23M | 47.42M | 6.36M |
| Other Non-Cash Items | -465.75M | -471.68M | 149.66M | -46.48M | 17.82M | 27.43M | 51.34M | 6.18M | 44.43M | 649K |
| Working Capital Changes | -506.79M | -399.24M | -140.78M | -89.28M | -13M | 19.29M | -2.87M | -19.08M | 5.66M | -15.64M |
| Change in Receivables | -540.93M | -221.85M | -210.62M | -81.26M | -46.27M | 7.47M | -735K | -2.07M | -32.97M | -15.74M |
| Change in Inventory | 8.17M | -1.05M | -1.72M | 2.06M | 500K | 908K | -2.86M | -609K | -10.95M | 8.22M |
| Change in Payables | 101.79M | -39.3M | 109.33M | 61.23M | 40.18M | 16.21M | 2.4M | -22.11M | 34.16M | -4.04M |
| Cash from Investing | -2.48B | -2.37B | -1.05B | -699.31M | -582.71M | -295.46M | -156.1M | -235.01M | -838.25M | -46.57M |
| Capital Expenditures | -1.52B | -1.47B | -1.05B | -688.44M | -485.39M | -322.9M | -156.92M | -240.31M | -149.32M | -31.66M |
| CapEx % of Revenue | 52.54% | 59.49% | 63.88% | 58.9% | 42.44% | 49.51% | 57.28% | 57.77% | 45.07% | 15.98% |
| Acquisitions | -901.88M | -838.51M | 0 | -25M | -3.47M | 3.23M | 0 | 0 | -708.14M | 239K |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.74M | 0 | 654K | 14.12M | -90.72M | 24.21M | 822K | -455K | -28.95M | 1.61M |
| Cash from Financing | 1.7B | 1.5B | 641.21M | 19.56M | -143.2M | 6.53M | 30.89M | 266.3M | 141.57M | -6.73M |
| Debt Issued (Net) | 1.87B | 1.65B | 793.9M | 69.89M | -135.95M | 64.49M | 93.9M | 136.88M | 300M | 0 |
| Equity Issued (Net) | -50.16M | -50.16M | -99.85M | 0 | -29.3M | 0 | 0 | 146.14M | -204.59M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.73M |
| Share Repurchases | -50.16M | -50.16M | -99.85M | 0 | -29.3M | 0 | 0 | 0 | -204.59M | 0 |
| Other Financing | -123.3M | -99.04M | -52.85M | -50.33M | 22.05M | -57.96M | -63.01M | -16.72M | 46.16M | 0 |
| Net Change in Cash | -147.09M | -229.36M | 546.09M | -32.44M | -69.26M | 109.9M | -32.92M | 168.18M | -589.18M | -5.21M |
| Free Cash Flow | -852.56M | -821.62M | -93.5M | 16.3M | 204.38M | 78.5M | -63.14M | -110.28M | -26.55M | 14.21M |
| FCF Margin % | -29.39% | -33.21% | -5.67% | 1.39% | 17.87% | 12.04% | -23.05% | -26.51% | -8.01% | 7.17% |
| FCF Growth % | -278.73% | -778.7% | -673.54% | -92.02% | 160.37% | 224.32% | 42.74% | -315.42% | -286.86% | - |
| FCF per Share | -7.73 | -7.66 | -0.91 | 0.16 | 2.09 | 0.84 | -0.72 | -1.38 | -0.47 | 0.15 |
| FCF Conversion (FCF/Net Income) | -1.15x | 0.89x | 2.01x | 1.79x | 2.56x | 7.92x | -0.91x | -4.10x | -4.11x | 3.30x |
| Interest Paid | 0 | 0 | 53.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Argentine Macroeconomic Policy Volatility
As reported in recent financial statements, VIST's operating cash flow to net income ratio has exhibited extreme volatility, ranging from a low of -0.04 in 2025Q2 to a high of 3.94 in 2024Q4, suggesting that reported net income is frequently decoupled from actual cash generation.
The significant variance between net income and operating cash flow suggests that non-cash accounting adjustments, likely related to hyperinflationary reporting under IAS 29, heavily influence the bottom line. Investors should monitor whether this divergence reflects genuine operational accruals or merely the mechanical impact of currency translation on the company's monetary assets.
Based on the provided cash flow data, VIST has consistently reported negative free cash flow in seven of the last ten quarters, with a peak cash burn of $505.9 million in 2025Q2, indicating that the company is prioritizing rapid asset development over immediate cash preservation.
The persistent negative free cash flow trajectory suggests that the company's growth strategy is highly capital-intensive and dependent on external funding or existing cash reserves. This pattern implies that the business remains in a high-growth phase where the cash cost of drilling and completion currently outpaces the cash inflows generated by production.
According to quarterly filings, VIST's capital expenditure as a percentage of revenue has remained elevated, peaking at 81.2% in 2025Q2, which underscores the company's commitment to aggressive infrastructure and well-pad development within the Vaca Muerta formation to sustain its production growth profile.
The high capital intensity suggests that a significant portion of the company's cash is being funneled into growth-oriented projects rather than maintenance. This level of spending warrants further investigation into the expected internal rates of return on these specific projects, as the company must eventually transition to a self-funding model to mitigate long-term financial risk.
As noted in the latest financial disclosures, VIST experienced a substantial working capital outflow of $323.0 million in 2026Q1, a sharp reversal from the $96.0 million inflow observed in 2024Q4, highlighting the sensitivity of the company's cash position to timing differences in collections and payables.
These erratic working capital movements appear to be a byproduct of the company's rapid scaling and the inflationary environment in Argentina. Such fluctuations may indicate potential inefficiencies in inventory management or credit terms, which could temporarily strain liquidity during periods of high drilling activity.
Quick answers to the most common questions about buying VIST stock.
Vista Energy, S.A.B. de C.V. (VIST) generated $638.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vista Energy, S.A.B. de C.V. (VIST) reported negative free cash flow of $821.6M in 2025, indicating capital requirements exceeded cash from operations.
Vista Energy, S.A.B. de C.V. (VIST) spent $1.47B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Vista Energy, S.A.B. de C.V. (VIST) spent $50.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.