Vistra Corp.
- What it sells
- Retail energy charge in ERCOT is 51% of revenue (fiscal year to Dec 2025), down from 52% two years earlier.
- Growing?
- Yes: revenue up 28% on a year earlier (quarter ended Sep 2026); earnings per share up 168% over the last four quarters.
- Expensive?
- Cheaper than usual: 18.2× trailing earnings; its median since Apr 2022 is 27.5×. Priced 19% below the peer median of 22.3x (excludes 1 unprofitable peer).
- Analysts?
- 91% of 23 say buy; average 12-month target $203, 51% above today's price.
- Risky?
- Much swingier than most large companies: its price swung 53% over the past year (the S&P 500's 14%), and it fell as much as 49% since Nov 2021.
Vistra Corp. is an integrated power generation and retail electricity company in the U.S., selling electricity and related products to residential, commercial, and industrial customers and monetizing primarily through retail energy supply (often under fixed/variable price contracts) and wholesale power sales from its owned generation fleet.
More about Vistra
Market Position
Vistra is one of the largest U.S. competitive power providers with a diversified fleet across natural gas, nuclear, coal, solar, and battery energy storage, and it competes with other merchant/competitive generators and retail suppliers primarily on cost position, portfolio diversity/hedging, and customer scale/brand.
Key Segments
Key operations generally group into Retail (customer acquisition/retention and energy supply) and Generation (dispatchable and zero-carbon generation plus storage providing energy, capacity, and ancillary services into regional markets).
How has the stock done?
Over the past month VST fell 14.9%; the utilities ETF (XLU) rose 5.2% and the S&P 500 fell 2.7%.
Over the past six months VST fell 8.4%; the utilities ETF (XLU) fell 3.1% and the S&P 500 rose 2.6%.
Over the past year VST fell 24.5%; the utilities ETF (XLU) fell 2.6% and the S&P 500 rose 10.8%.
Over five years VST rose 584.5%; the utilities ETF (XLU) rose 31.5% and the S&P 500 rose 62.0%.
From Jan 23, 2025 to Apr 4, 2025, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 1.5% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Nov 6, 2026 | ended Sep 2026 | $6.3B (+28% vs a year earlier) | $3.23 vs $2.43 (beat) | +18.6% | — |
| Aug 7, 2026 | ended Jun 2026 | $4.0B (−5% vs a year earlier) | $0.76 vs $1.66 (missed) | +1.1% | +4.8% |
| May 7, 2026 | ended Mar 2026 | $5.6B (+43% vs a year earlier) | $2.87 vs $1.87 (beat) | −6.7% | −10.4% |
| Feb 26, 2026 | ended Dec 2025 | $4.6B (+14% vs a year earlier) | $0.54 vs $2.30 (missed) | −0.8% | −4.5% |
| Nov 6, 2025 | ended Sep 2025 | $5.0B (−21% vs a year earlier) | — | +0.9% | −9.4% |
| Aug 7, 2025 | ended Jun 2025 | $4.2B (+11% vs a year earlier) | — | +0.6% | +0.7% |
| May 7, 2025 | ended Mar 2025 | $3.9B (+29% vs a year earlier) | — | −2.7% | +6.9% |
| Feb 27, 2025 | ended Dec 2024 | $4.0B (+31% vs a year earlier) | — | −9.8% | −22.8% |
| Nov 7, 2024 | ended Sep 2024 | $6.3B (+54% vs a year earlier) | — | +12.5% | +9.8% |
| Aug 8, 2024 | ended Jun 2024 | $3.8B (+21% vs a year earlier) | — | +6.3% | +10.1% |
| May 8, 2024 | ended Mar 2024 | $3.1B (−31% vs a year earlier) | — | +14.0% | +18.6% |
| Feb 28, 2024 | ended Dec 2023 | $3.1B (−20% vs a year earlier) | — | +7.0% | +19.5% |
| Nov 7, 2023 | ended Sep 2023 | $4.1B (−21% vs a year earlier) | — | −1.9% | −0.3% |
| Aug 9, 2023 | ended Jun 2023 | $3.2B (+101% vs a year earlier) | — | +6.5% | +4.3% |
| May 9, 2023 | ended Mar 2023 | $4.4B (+42% vs a year earlier) | — | +7.9% | +4.1% |
| Mar 1, 2023 | ended Dec 2022 | $3.9B (+17% vs a year earlier) | — | −3.2% | +19.1% |
| Nov 4, 2022 | ended Sep 2022 | $5.1B (+72% vs a year earlier) | — | +2.6% | +3.7% |
| Aug 5, 2022 | ended Jun 2022 | $1.6B (−38% vs a year earlier) | — | −3.5% | +1.0% |
| May 6, 2022 | ended Mar 2022 | $3.1B (−3% vs a year earlier) | — | −5.0% | −3.3% |
| Feb 25, 2022 | ended Dec 2021 | $3.3B (+31% vs a year earlier) | — | +5.3% | +3.8% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $6.3B in the quarter ended Sep 2026, up 28% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $3.9B | +17% |
| Mar 2023 | $4.4B | +42% |
| Jun 2023 | $3.2B | +101% |
| Sep 2023 | $4.1B | −21% |
| Dec 2023 | $3.1B | −20% |
| Mar 2024 | $3.1B | −31% |
| Jun 2024 | $3.8B | +21% |
| Sep 2024 | $6.3B | +54% |
| Dec 2024 | $4.0B | +31% |
| Mar 2025 | $3.9B | +29% |
| Jun 2025 | $4.2B | +11% |
| Sep 2025 | $5.0B | −21% |
| Dec 2025 | $4.6B | +14% |
| Mar 2026 | $5.6B | +43% |
| Jun 2026 | $4.0B | −5% |
| Sep 2026 | $6.3B | +28% |
Revenue went from $13.7B in FY22 to $17.7B in FY25; net income from −$1.2B to $944M.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $13.7B | −$1.2B |
| FY23 | $14.8B | $1.5B |
| FY24 | $17.2B | $2.7B |
| FY25 | $17.7B | $944M |
In the fiscal year to Dec 2025, Retail energy charge in ERCOT was 51% and Retail energy charge in Northeast/Midwest was 23% of revenue; 1% was revenue not from contracts with customers, which this breakdown does not split; Retail energy charge in Northeast/Midwest rose from 11% in the fiscal year to Dec 2023.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | Retail energy charge in ERCOT | $7.7B | 52% |
| FY2023 | Wholesale generation revenue from ISO/RTO | $2.9B | 20% |
| FY2023 | Retail energy charge in Northeast/Midwest | $1.6B | 11% |
| FY2023 | Revenue from other wholesale contracts | $1.5B | 10% |
| FY2023 | Capacity revenue from ISO/RTO | $98M | 1% |
| FY2023 | Other (non-contract revenue) | $975M | 7% |
| FY2024 | Retail energy charge in ERCOT | $8.1B | 47% |
| FY2024 | Retail energy charge in Northeast/Midwest | $3.6B | 21% |
| FY2024 | Wholesale generation revenue from ISO/RTO | $2.0B | 11% |
| FY2024 | Revenue from other wholesale contracts | $1.1B | 6% |
| FY2024 | Capacity revenue from ISO/RTO | $74M | 0.4% |
| FY2024 | Other (non-contract revenue) | $2.5B | 14% |
| FY2025 | Retail energy charge in ERCOT | $9.0B | 51% |
| FY2025 | Retail energy charge in Northeast/Midwest | $4.1B | 23% |
| FY2025 | Wholesale generation revenue from ISO/RTO | $3.2B | 18% |
| FY2025 | Revenue from other wholesale contracts | $1.1B | 6% |
| FY2025 | Capacity revenue from ISO/RTO | $227M | 1% |
| FY2025 | Other (non-contract revenue) | $152M | 1% |
A year earlier $1.75
Diluted, from SEC filings
Quarters: Vistra Corp.'s SEC filings, named by the month they end. Fiscal years: Vistra Corp.'s annual reports to the SEC.
How it makes money
Of every $100 in revenue, $5.3 ends up as net income. Net margin rose from −8.9% to 5.3% over the past 3 years.
+20.6 pts over 3 years
+19.3 pts over 3 years
+14.3 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Vistra Corp.'s annual reports to the SEC.
Customers and suppliers
In its latest annual report Vistra buys from Nuclear Electric Insurance, ERCOT, PJM and 4 more; sells to Meta Platforms, ERCOT, PJM and 4 more.
Suppliers
VSTVistraCustomers
Changes since the previous annual report (10-K filed Feb 28, 2025)
Meta Platforms METANamed for the first time, as a customer2,609 MW under 20-year PPAs announced January 2026Show the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Meta Platforms | customer | “In January 2026, we announced that we had entered into 20-year PPAs with Meta Platforms, Inc. (Meta) to supply 2,609 MW of carbon-free power and capacity from our PJM nuclear power plants, including 2,176 MW of operating energy and capacity and 433 of uprate energy and capacity to be constructed.” |
| Nuclear Electric Insurance | supplier | “Such accidents could also result in property damage to our nuclear plant and equipment, which could exceed coverage available under insurance provided by Nuclear Electric Insurance Limited.” |
| ERCOT | customer | “Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely....When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.” |
| PJM | customer | “Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely....When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.” |
| ISO-NE | customer | “Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely....When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.” |
| NYISO | customer | “Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely....When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.” |
| MISO | customer | “Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely....When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.” |
| CAISO | customer | “Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely....When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.” |
| ERCOT | supplier | “Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely....When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.” |
| PJM | supplier | “Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely....When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.” |
| ISO-NE | supplier | “Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely....When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.” |
| NYISO | supplier | “Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely....When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.” |
| MISO | supplier | “Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely....When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.” |
| CAISO | supplier | “Vistra operates as a market participant within ERCOT, PJM, ISO-NE, NYISO, MISO and CAISO and expects to continue to remain under contract with each ISO/RTO indefinitely....When electricity is sold to and purchased from the same ISO/RTO in the same period, the excess of the amount sold over the amount purchased is reflected in wholesale generation revenues.” |
Only the companies Vistra names in its 10-K filed Feb 27, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 18.2x, below the peer median of 22.3x, with earnings still growing.
Priced 19% below the peer median of 22.3x (excludes 1 unprofitable peer).
Show the data
| Company | P/E (trailing) |
|---|---|
| CEG · Constellation Energy Corporation | 27.5× |
| VST · Vistra Corp. | 18.2× |
| NRG · NRG Energy, Inc. | 17.1× |
| TLN · Talen Energy Corporation | Loss |
At 18.2× trailing earnings VST is below most of its range since Apr 2022; the median is 27.5×.
Show the data
| Date | Trailing P/E |
|---|---|
| May 5, 2022 | 30.6× |
| Aug 7, 2023 | 7.8× |
| Nov 3, 2023 | 9.5× |
| Feb 6, 2024 | 12.3× |
| May 7, 2024 | 52.4× |
| Aug 7, 2024 | 57.3× |
| Nov 5, 2024 | 23.0× |
| Feb 7, 2025 | 23.7× |
| May 9, 2025 | 21.4× |
| Aug 11, 2025 | 32.0× |
| Nov 7, 2025 | 69.2× |
| Feb 10, 2026 | 73.5× |
| May 12, 2026 | 24.6× |
| Aug 12, 2026 | 24.8× |
| Nov 10, 2026 | 17.7× |
| Nov 12, 2026 | 18.2× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.
What analysts expect
The average analyst price target is $203, 51% above the current price; 91% of 23 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.
Buy or Strong Buy: 21 analysts (91%). Sell or Strong Sell: 1.
Over the past year the average of the analysts' latest price targets went from $235.80 to $196.91 (−16%), while VST went from $171.56 to $134.51 (−22%). In the past three months targets were raised once and cut 8 times. 1 upgrade and 1 downgrade over the year; the latest: Keybanc moved it to Sector Weight from Overweight on Nov 4, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 9, 2026 | Scotiabank | Target cut | Sector Outperform | $169.00, was $189.00 |
| Nov 6, 2026 | Bernstein | Target kept | Outperform | $181.00 |
| Nov 4, 2026 | Keybanc | Downgrade | Sector Weight, was Overweight | — |
| Oct 28, 2026 | CIBC | Target cut | Outperformer | $181.00, was $201.00 |
| Oct 28, 2026 | Scotiabank | Target cut | Sector Outperform | $189.00, was $207.00 |
| Oct 28, 2026 | Wells Fargo | Target cut | Overweight | $198.00, was $212.00 |
| Oct 27, 2026 | B of A Securities | Target cut | Buy | $194.00, was $196.00 |
| Oct 22, 2026 | HSBC | Began coverage | Buy | $190.00 |
| Oct 21, 2026 | Morgan Stanley | Target cut | Overweight | $226.00, was $227.00 |
| Oct 16, 2026 | CIBC | Began coverage | Outperformer | $201.00 |
| Oct 5, 2026 | BMO Capital | Target cut | Outperform | $210.00, was $231.00 |
| Oct 1, 2026 | Bernstein | Target kept | Outperform | $181.00 |
| Aug 24, 2026 | Mizuho | Began coverage | Outperform | $169.00 |
| Aug 21, 2026 | Morgan Stanley | Target raised | Overweight | $227.00, was $212.00 |
| Aug 19, 2026 | TD Cowen | Target cut | Buy | $221.00, was $222.00 |
| Jul 28, 2026 | UBS | Target cut | Buy | $227.00, was $233.00 |
| Jul 28, 2026 | Morgan Stanley | Target raised | Overweight | $212.00, was $208.00 |
| Jul 27, 2026 | TD Cowen | Target cut | Buy | $222.00, was $230.00 |
| Jul 15, 2026 | Scotiabank | Target raised | Sector Outperform | $298.00, was $293.00 |
| Jun 16, 2026 | Bernstein | Began coverage | Outperform | $181.00 |
| May 4, 2026 | TD Cowen | Target cut | Buy | $230.00, was $253.00 |
| Apr 30, 2026 | JP Morgan | Target cut | Overweight | $231.00, was $240.00 |
| Mar 19, 2026 | JP Morgan | Target raised | Overweight | $240.00, was $239.00 |
| Feb 27, 2026 | Wells Fargo | Target cut | Overweight | $234.00, was $236.00 |
| Feb 10, 2026 | Jefferies | Upgrade | Buy, was Hold | $203.00, was $191.00 |
| Jan 20, 2026 | Wells Fargo | Target cut | Overweight | $236.00, was $238.00 |
| Jan 12, 2026 | UBS | Target raised | Buy | $233.00, was $230.00 |
| Jan 12, 2026 | Scotiabank | Target raised | Sector Outperform | $293.00, was $287.00 |
| Jan 12, 2026 | B of A Securities | Target cut | Buy | $218.00, was $231.00 |
| Jan 12, 2026 | BMO Capital | Target raised | Outperform | $244.00, was $230.00 |
| Jan 6, 2026 | BMO Capital | Target cut | Outperform | $230.00, was $245.00 |
| Dec 16, 2025 | JP Morgan | Target cut | Overweight | $233.00, was $249.00 |
| Nov 25, 2025 | Keybanc | Began coverage | Overweight | $217.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $2.30 | $0.54 | −76.5% |
| Mar ’26 | $1.87 | $2.87 | +53.5% |
| Jun ’26 | $1.66 | $0.76 | −54.2% |
| Sep ’26 | $2.43 | $3.23 | +32.9% |
The day after each of these reports the stock moved −0.8% (Dec 2025, missed); −6.7% (Mar 2026, beat); +1.1% (Jun 2026, missed); +18.6% (Sep 2026, beat).
For the quarter ending Dec 2026, analysts expect adjusted earnings of $3.09 a share, and revenue of $6.0B, up 32% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $23.5B, up 9% on the year before's estimate.
Adjusted. Dec 2025: $0.54, far from its estimate; range $1.35 to $6.66; 4 analysts
Dec 2025: $4.6B; range $5.2B to $6.8B; 6 analysts
The year to Dec 2026: $21.6B expected; range $18.2B to $29.4B; 12 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | $3.09 | $1.35 to $6.66 | 4 | $0.54 (Dec 2025) | — |
| Quarter ending Dec 2026 | Revenue | $6.0B | $5.2B to $6.8B | 6 | $4.6B (Dec 2025) | +32% |
| Quarter ending Mar 2027 | EPS (adjusted) | $2.21 | $2.21 to $2.21 | 1 | $2.87 (Mar 2026) | — |
| Quarter ending Mar 2027 | Revenue | $5.7B | $4.8B to $6.5B | 2 | $5.6B (Mar 2026) | 0% |
| Year ending Dec 2026 | Revenue | $21.6B | $20.5B to $22.7B | 9 | $17.7B (year to Dec 2025) | +22% |
| Year ending Dec 2027 | Revenue | $23.5B | $18.2B to $29.4B | 12 | $21.6B (expected, year to Dec 2026) | +9% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $2.6B in free cash flow over the year, of which $1.5B went back to shareholders (dividends plus buybacks), leaving $1.1B in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $5.8B |
| Capex | −$3.1B |
| Free cash flow | $2.6B |
| Dividends | −$310M |
| Buybacks | −$1.2B |
| Cash retained | $1.1B |
For every $100 of market cap, the company generates about $5.7 in free cash flow a year.
For every $100 of market cap, you receive about $0.7 in dividends a year.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $3.2 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | $467M | $85M | $379M |
| Mar 2024 | −$153M | $77M | $291M |
| Jun 2024 | $698M | $73M | $331M |
| Sep 2024 | $1.0B | $80M | $399M |
| Dec 2024 | $923M | $75M | $245M |
| Mar 2025 | −$169M | $83M | $337M |
| Jun 2025 | −$118M | $69M | $252M |
| Sep 2025 | $1.0B | $77M | $187M |
| Dec 2025 | $596M | $77M | $252M |
| Mar 2026 | $316M | $77M | $372M |
| Jun 2026 | $334M | $77M | $337M |
| Sep 2026 | $1.4B | $77M | $208M |
Vistra had 338M diluted shares in the quarter ended Sep 2026, 2.1% fewer than a year earlier, and 5.8% fewer each year on average since Jun 2020. It spent $1.2B on buybacks over the last four quarters.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Jun 2020 | 490M |
| Sep 2020 | 491M |
| Mar 2021 | 485M |
| Jun 2021 | 487M |
| Sep 2021 | 484M |
| Mar 2022 | 452M |
| Jun 2022 | 429M |
| Sep 2022 | 417M |
| Mar 2023 | 388M |
| Jun 2023 | 377M |
| Sep 2023 | 372M |
| Mar 2024 | 349M |
| Jun 2024 | 354M |
| Sep 2024 | 350M |
| Mar 2025 | 340M |
| Jun 2025 | 346M |
| Sep 2025 | 345M |
| Mar 2026 | 342M |
| Jun 2026 | 339M |
| Sep 2026 | 338M |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 0.8, short-term debt coverage is tight; shareholder equity is only 12% of assets, so debt-to-equity (3.9) says little; net debt is 3.3 years of operating cash flow, which is heavy.
Assets that can be turned into cash soon are 0.8x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
Shareholder funds are only 12% of assets, so $3.9 of debt per $1 of them says little about whether the debt can be carried. The years of operating cash flow it would take to repay it say more.
Cash and short-term investments of $785M against debt of $20.1B. It also holds $5.1B of long-term investments, which can be stakes in other companies rather than cash.
Net debt of $19.3B is 3.3 years of the $5.8B its operations brought in over the last four quarters. Under 1 year is light; over 3 is heavy.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 2 members of Congress and 9 funds whose copy leaves VST out (on the exchange, not in the app yet): Thiel Macro, Appaloosa, Nancy Pelosi, Bridgewater Associates, Canada Pension Plan Investment Board, Baillie Gifford & and 5 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 15 held VST at the end of their latest quarter (for most, Q2 2026). Over that quarter 10 added shares, 4 cut, 1 bought new and 1 sold all. The largest of them is Norges Bank, 5.81M shares worth $922M at Jun 30, 2026, 25.6% more than at Dec 31, 2025.
1 of them new holders
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Lone Pine Capital | Q2 2026 | 0 | — | −6.19M | Sold all | Aug 14, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 5.81M | $922M | +1.18M | +26% | Aug 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 2.45M | $389M | −733,769 | −23% | Aug 14, 2026 |
| Appaloosa | Q2 2026 | 2.22M | $351M | +192,940 | +9.5% | Aug 14, 2026 |
| Baillie Gifford & | Q3 2026 | 1.07M | $148M | +318,954 | +43% | Nov 9, 2026 |
| Swiss National Bank | Q3 2026 | 922,173 | $128M | −32,800 | −3.4% | Nov 12, 2026 |
| Bridgewater Associates | Q2 2026 | 751,695 | $119M | +403,181 | +116% | Aug 14, 2026 |
| Korea Investment | Q2 2026 | 483,269 | $76.7M | +21,370 | +4.6% | Aug 12, 2026 |
| National Pension Service | Q3 2026 | 489,509 | $67.7M | +22,443 | +4.8% | Nov 12, 2026 |
| Renaissance Technologies | Q3 2026 | 460,975 | $63.8M | −304,300 | −40% | Nov 12, 2026 |
| Thiel Macro | Q2 2026 | 372,755 | $59.1M | +372,755 | New | Aug 14, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 223,563 | $35.5M | +58,478 | +35% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 208,406 | $28.8M | +20,715 | +11% | Nov 3, 2026 |
| Nomura Holdings | Q2 2026 | 96,645 | $15.3M | +62,318 | +182% | Aug 14, 2026 |
| Soros Fund Management | Q2 2026 | 4,223 | $670K | −240,091 | −98% | Aug 14, 2026 |
| Fisher Asset Management | Q3 2026 | 1,706 | $236K | +264 | +18% | Nov 6, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of VST at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.