Latest Ratios: P/E Ratio 63.5x · EV/EBITDA 15.6x · ROE 17.7%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $47.3B | $54.8B | $48.6B | $14.5B | $9.8B | $11.0B | $9.7B | $11.5B | $11.6B | $7.8B | $6.6B |
| Enterprise Value | $66.9B | $74.4B | $64.8B | $25.7B | $22.7B | $20.7B | $19.1B | $22.5B | $22.3B | $10.8B | $10.4B |
| P/E Ratio → | 63.53 | 73.00 | 19.70 | 10.76 | — | — | 15.12 | 12.36 | — | — | 0.29 |
| P/S Ratio | 2.79 | 3.23 | 2.51 | 0.93 | 0.55 | 0.82 | 0.87 | 1.00 | 1.15 | 1.46 | 1.26 |
| P/B Ratio | 9.34 | 10.73 | 8.71 | 2.72 | 1.99 | 1.32 | 1.15 | 1.44 | 1.47 | 1.24 | 1.00 |
| P/FCF | 367.01 | 424.96 | — | 3.83 | — | — | 4.65 | 11.28 | 11.85 | 9.17 | — |
| P/OCF | 11.63 | 13.47 | 10.65 | 2.65 | 20.21 | — | 2.89 | 4.20 | 7.86 | 5.65 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.38 | 3.34 | 1.65 | 1.27 | 1.55 | 1.73 | 1.96 | 2.22 | 2.00 | 1.98 |
| EV / EBITDA | 15.62 | 17.36 | 7.31 | 4.44 | 4.90 | 20.92 | 5.53 | 6.49 | 7.56 | 10.82 | 9.57 |
| EV / EBIT | 50.13 | 32.32 | 14.20 | 9.33 | — | — | 16.13 | 14.09 | 52.16 | 22.73 | 0.46 |
| EV / FCF | — | 576.74 | — | 6.79 | — | — | 9.21 | 22.09 | 22.90 | 12.60 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 17.5% | 17.5% | 39.7% | 33.3% | 21.4% | 0.4% | 22.6% | 22.2% | 22.3% | 14.1% | 17.5% |
| Operating Margin | 7.9% | 7.9% | 32.1% | 25.2% | 14.8% | -7.4% | 13.4% | 14.4% | 13.5% | 3.0% | 5.2% |
| Net Profit Margin | 5.6% | 5.6% | 13.7% | 9.6% | -6.9% | -9.6% | 5.7% | 8.1% | -0.5% | -4.7% | 431.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.7% | 17.7% | 48.8% | 29.2% | -18.6% | -15.3% | 7.8% | 11.7% | -0.8% | -3.9% | 343.9% |
| ROA | 2.4% | 2.4% | 7.5% | 4.5% | -3.9% | -4.6% | 2.5% | 3.5% | -0.3% | -1.7% | 147.2% |
| ROIC | 4.3% | 4.3% | 24.4% | 17.1% | 11.1% | -4.1% | 6.0% | 6.6% | 7.3% | 1.2% | 2.0% |
| ROCE | 4.5% | 4.5% | 23.7% | 17.2% | 11.4% | -4.3% | 6.7% | 7.5% | 7.6% | 1.2% | 2.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.99 | 3.99 | 3.11 | 2.76 | 2.71 | 1.33 | 1.18 | 1.42 | 1.45 | 0.70 | 0.70 |
| Debt / EBITDA | 4.76 | 4.76 | 1.96 | 2.54 | 2.88 | 11.14 | 2.86 | 3.26 | 3.86 | 4.44 | 4.25 |
| Net Debt / Equity | — | 3.83 | 2.90 | 2.10 | 2.62 | 1.17 | 1.13 | 1.38 | 1.37 | 0.46 | 0.57 |
| Net Debt / EBITDA | 4.57 | 4.57 | 1.83 | 1.94 | 2.78 | 9.80 | 2.74 | 3.17 | 3.65 | 2.95 | 3.47 |
| Debt / FCF | — | 151.78 | — | 2.97 | — | — | 4.56 | 10.81 | 11.04 | 3.43 | — |
| Interest Coverage | 1.95 | 1.95 | 4.17 | 3.67 | -0.83 | -1.88 | 4.01 | 4.19 | 0.81 | 2.12 | 20.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.78 | 0.78 | 0.96 | 1.18 | 1.08 | 1.35 | 1.13 | 0.90 | 0.95 | 1.98 | 1.64 |
| Quick Ratio | 0.69 | 0.69 | 0.85 | 1.11 | 1.02 | 1.24 | 0.96 | 0.80 | 0.83 | 1.79 | 1.45 |
| Cash Ratio | 0.07 | 0.07 | 0.14 | 0.35 | 0.04 | 0.23 | 0.13 | 0.07 | 0.18 | 1.10 | 0.56 |
| Asset Turnover | — | 0.41 | 0.51 | 0.47 | 0.54 | 0.45 | 0.44 | 0.43 | 0.39 | 0.37 | 0.35 |
| Inventory Turnover | 13.78 | 13.78 | 12.05 | 14.02 | 24.60 | 21.76 | 16.62 | 19.07 | 18.94 | 18.26 | 15.23 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.6% | 0.6% | 2.2% | 3.1% | 2.6% | 2.8% | 2.1% | — | 19.2% | 15.0% |
| Payout Ratio | 32.4% | 32.4% | 11.5% | 21.0% | — | — | 41.8% | 26.2% | — | — | 4.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 1.4% | 5.1% | 9.3% | — | — | 6.6% | 8.1% | — | — | 342.3% |
| FCF Yield | 0.3% | 0.2% | — | 26.1% | — | — | 21.5% | 8.9% | 8.4% | 10.9% | — |
| Buyback Yield | 2.2% | 1.9% | 2.6% | 8.6% | 19.9% | 4.3% | 0.0% | 5.7% | 6.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.8% | 2.4% | 3.2% | 10.8% | 23.0% | 6.9% | 2.8% | 7.8% | 6.6% | 19.2% | 15.0% |
| Shares Outstanding | — | $340M | $353M | $375M | $422M | $482M | $491M | $500M | $505M | $428M | $428M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying VST stock.
Vistra Corp.'s current P/E ratio is 63.5x. The historical average is 21.9x. This places it at the 83th percentile of its historical range.
Vistra Corp.'s current EV/EBITDA is 15.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.5x.
Vistra Corp.'s return on equity (ROE) is 17.7%. The historical average is 42.0%.
Based on historical data, Vistra Corp. is trading at a P/E of 63.5x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vistra Corp.'s current dividend yield is 0.64% with a payout ratio of 32.4%.
Vistra Corp. has 17.5% gross margin and 7.9% operating margin.
Vistra Corp.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Revenue normalization and high leverage
Metrics are mathematically derived from official filings.
Premium Priced for AI Power Demand
Vistra's trailing P/E of 67.03 versus forward P/E of 16.34 implies the market is pricing in a sharp earnings rebound, with a dividend yield of 0.6% offering minimal income support, as per current valuation metrics.
The wide gap between trailing and forward earnings suggests the market expects a significant recovery from the depressed 2025Q1 earnings, likely driven by the AI/data center demand narrative. However, the forward P/E of 16.34 is still above the peer average, indicating a premium that may be justified by Vistra's nuclear fleet and integrated model. The low dividend yield of 0.6% reflects a total return strategy favoring buybacks and reinvestment over income, which is atypical for utilities but consistent with its IPP profile.
Earned ROE Far Exceeds Authorized Levels
Vistra's trailing twelve-month ROE of 17.7% is well above typical authorized utility returns of 9-10%, reflecting its unregulated IPP structure and successful hedging, as reported in financial statements.
The earned ROE is not directly comparable to regulated utilities because Vistra operates largely in deregulated markets, but the gap highlights its earnings power. However, the quarterly ROE is volatile, swinging from -5.1% in 2025Q1 to 19.2% in 2026Q1, indicating that the high average is not stable. Investors should monitor whether the ROE can be sustained as wholesale prices normalize, as the 2025Q4 operating margin of -74.8% suggests significant mark-to-market volatility.
Margins Exposed to Spark Spread Volatility
Operating margin averaged 7.87% over the last four quarters, but quarterly figures range from -74.8% to 21.0%, indicating that cost recovery is highly sensitive to spark spreads and mark-to-market swings, based on reported figures.
The extreme negative operating margin in 2025Q4 is likely due to mark-to-market losses on hedges, not a reflection of cash profitability. The gross margin of 17.52% suggests that fuel costs are partially pass-through, but the generation segment's profitability depends on the spread between power prices and fuel costs. The company's hedging program appears to protect cash flows, as evidenced by the positive FFO/Debt in most quarters, but the reported margins are distorted by non-cash items.
Leverage Creeps Higher, Testing Credit Metrics
Debt-to-capital rose from 0.65 in 2024Q3 to 0.78 in 2026Q2, while FFO/Debt fell from 12.27 to 3.57, indicating a deteriorating credit profile, as per recent financial statements.
The increase in leverage is partly due to the Energy Harbor acquisition and ongoing capex, but the decline in FFO/Debt is concerning, especially with revenue contracting. Interest coverage of 1.77 in 2026Q2 is thin, though it improved from 1.07 in 2025Q2. The high debt-to-equity ratio of 3.99 is elevated for a utility, but Vistra's cash flows are less regulated, so the risk is higher. Investors should monitor whether the company can deleverage through retained earnings or asset sales.
Dividend Minimal, Buybacks Dominate Returns
Dividend yield is just 0.6% with a payout ratio of 25.2% in 2026Q2, indicating that dividends are well covered but not a primary return driver, as reported in financial data.
The low payout ratio suggests ample room for dividend growth, but management appears to prioritize share repurchases, which is consistent with its total shareholder return model. The dividend is easily covered by operating cash flow, with OCF-to-dividend coverage averaging 9.1x over the last four quarters. However, the low yield may not attract income-focused investors, and the reliance on buybacks could be less stable if cash flows decline.
Misapplied P/E Ignores Earnings Volatility
The most misapplied ratio for Vistra is the P/E, as trailing earnings are distorted by mark-to-market swings, making the forward P/E of 16.34 a more reliable indicator, based on reported figures.
Comparing Vistra's P/E to regulated utilities is misleading because its earnings are not rate-regulated and are subject to commodity price volatility. The trailing P/E of 67.03 is inflated by depressed earnings in 2025Q1, while the forward P/E of 16.34 reflects normalized expectations. Analysts should use EV/EBITDA or P/CFO, adjusting for mark-to-market, to get a clearer picture of valuation. The low dividend yield also makes the stock less of a bond proxy, so traditional utility valuation frameworks are less applicable.