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References in this report to "we," "our," "us," and "the Company" are to Vistra and/or its subsidiaries, as apparent in the context. General Vistra is an integrated retail electricity and power generation company that provides essential power resources to customers, businesses, and communities from California to Maine.
$164.56
+$8.29 (+5.30%)
Price from 8 days ago
10.75% operating margin is respectable but not wide. ROIC at 7.11%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 3.0%, essentially flat. Margins also contracted 12.9pp. This is a business that needs a catalyst.
At 28x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 47% versus the prior year, cash generation momentum has weakened.
27.5x earnings, 31.2x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$19.45B
▲ +3.0% YoY
Net Income (TTM)
$2.24B
▼ -64.5% YoY
Op. Margin
18.13%
▼ -12.9pp YoY
ROIC
12.47%
▼ -8.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.80B
▼ -47.0% YoY
Op. Cash Flow (TTM)
$4.67B
▼ -10.8% YoY
Net Debt
$20.43B
Cash & Equiv.
$634M
5Y CAGR: +9.2%
5Y CAGR: -8.7%
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