Latest Ratios: P/E Ratio 71.1x · EV/EBITDA 16.9x · 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 | $53.0B | $54.8B | $48.6B | $14.5B | $9.8B | $11.0B | $9.7B | $11.5B | $11.6B | $7.8B | $6.6B |
| Enterprise Value | $72.6B | $74.4B | $64.8B | $25.7B | $22.7B | $20.7B | $19.1B | $22.5B | $22.3B | $10.8B | $10.4B |
| P/E Ratio → | 71.14 | 73.00 | 19.70 | 10.76 | — | — | 15.12 | 12.36 | — | — | 0.29 |
| P/S Ratio | 3.12 | 3.23 | 2.51 | 0.93 | 0.55 | 0.82 | 0.87 | 1.00 | 1.15 | 1.46 | 1.26 |
| P/B Ratio | 10.45 | 10.73 | 8.71 | 2.72 | 1.99 | 1.32 | 1.15 | 1.44 | 1.47 | 1.24 | 1.00 |
| P/FCF | 410.94 | 424.96 | — | 3.83 | — | — | 4.65 | 11.28 | 11.85 | 9.17 | — |
| P/OCF | 13.03 | 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 | 16.94 | 17.36 | 7.31 | 4.44 | 4.90 | 20.92 | 5.53 | 6.49 | 7.56 | 10.82 | 9.57 |
| EV / EBIT | 54.38 | 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 | 1.4% | 1.4% | 5.1% | 9.3% | — | — | 6.6% | 8.1% | — | — | 342.3% |
| FCF Yield | 0.2% | 0.2% | — | 26.1% | — | — | 21.5% | 8.9% | 8.4% | 10.9% | — |
| Buyback Yield | 1.9% | 1.9% | 2.6% | 8.6% | 19.9% | 4.3% | 0.0% | 5.7% | 6.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.5% | 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 |
Commodity and regulatory volatility
According to current market data, Vistra trades at a forward P/E of 17.88, which appears to incorporate a significant premium relative to traditional utilities, likely reflecting investor optimism regarding the company's expanded nuclear capacity and potential for data center-linked power demand in the ERCOT market.
The divergence between the TTM P/E of 73.98 and the forward multiple suggests that the market is discounting the impact of recent non-cash mark-to-market volatility on historical earnings. Investors should monitor whether this valuation premium is sustained by actualized cash flows from the Energy Harbor integration rather than speculative growth expectations.
Based on reported figures, Vistra’s debt-to-capital ratio has remained elevated, fluctuating between 0.65 and 0.80 over the last ten quarters, which indicates that the company is utilizing significant leverage to fund its strategic pivot toward nuclear generation and ongoing asset closure requirements.
While the interest coverage ratio has shown periods of strength, such as the 10.65x observed in 2024Q3, the underlying volatility suggests that the company's credit quality is highly sensitive to wholesale power price cycles. The current leverage profile warrants further investigation into the long-term sustainability of debt service if market conditions in ERCOT normalize.
As indicated by the dividend payout ratio, which has remained largely below 33% over the last ten quarters, Vistra appears to prioritize internal funding of its capital-intensive nuclear and decommissioning programs over aggressive dividend growth, maintaining a conservative stance that preserves liquidity for strategic initiatives.
The low dividend yield of 0.6% suggests that Vistra is not currently positioned as a traditional income-oriented utility, but rather as a growth-focused IPP. This payout strategy appears prudent given the inherent volatility of the company's cash flows and the significant capital requirements associated with its evolving generation fleet.
Market participants frequently misapply the standard utility P/E ratio to Vistra, failing to account for the non-cash mark-to-market accounting adjustments that distort earnings, which obscures the company's true cash-generating capacity and leads to an inaccurate assessment of its valuation relative to regulated peers.
Analysts should instead focus on EV/EBITDA and adjusted cash flow metrics to normalize for the volatility inherent in the company's hedging program. Relying on traditional P/E ratios for an integrated IPP like Vistra may lead to flawed conclusions regarding its fundamental earnings power and long-term valuation.
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 71.1x. The historical average is 21.9x. This places it at the 83th percentile of its historical range.
Vistra Corp.'s current EV/EBITDA is 16.9x. 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 71.1x. 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 0.57% 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.