VSTVistra Corp.
Is the business good?
The checks split: earnings fully cash-backed (1.8×) and margins widening, but returns that lean on debt.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 30% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is VST?
Vistra Corp. earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 2.4 points above what the capital costs: growth creates value
- Operating margin
- 19%
Operating margin · Utilities - Independent Power Producers median 5.9% · 12 months to Q2 2026
- Cash conversion
- 1.82×
Cash conversion · 1.39× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −1.8%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 13% |
| FY2021 | −13% |
| FY2022 | −8.6% |
| FY2023 | 18% |
| FY2024 | 24% |
| FY2025 | 11% |
Details›
- Operating margin12 months to Q2 2026
- 19%
- Net margin12 months to Q2 2026
- 12%
- Free cash flow margin
- 12%
- Revenue, trailing twelve months
- $19.2B
- Free cash flow, trailing twelve months
- $2.25B
- Net income, trailing twelve months
- $2.22B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Utilities
Ranks #15 of 79 by RyuScore