Explain this page
Arphra AIPlain-English read on Vistra Corp.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $47.54B | $54.82B | — | — | — | — |
| Enterprise value | — | — | — | $63.71B | $74.4B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 3.29 | 4.38 | — | — | — | — |
| EV / FCF | — | — | — | 25.64 | 576.74 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +5.59% | +1.72% | — | — | — | — |
| Free cash flow yield | — | — | — | +5.23% | +0.24% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +0.45% | +21.38% | +33.27% | +39.70% | +17.52% | +31.06% | +29.28% | +30.71% | +29.90% |
| Operating margin | -7.41% | +14.79% | +25.18% | +32.14% | +7.87% | +22.24% | +21.56% | +22.38% | +21.13% |
| EBITDA margin | +6.39% | +7.22% | +29.70% | +37.12% | +30.95% | +31.65% | +32.80% | +33.20% | +32.25% |
| EBIT margin | -8.43% | -3.96% | +17.69% | +23.54% | +13.56% | +17.90% | +17.81% | +17.96% | +18.17% |
| Pre-tax margin | -12.92% | -8.75% | +12.87% | +17.89% | +6.62% | +12.15% | +12.62% | +12.18% | +12.16% |
| Net margin | -9.56% | -6.88% | +9.61% | +13.72% | +5.56% | +9.39% | +9.57% | +9.60% | +9.49% |
| Cost structure | |||||||||
| Cost of revenue / sales | +99.55% | +78.62% | +66.73% | +60.30% | +82.48% | +69.94% | +69.48% | +68.23% | +68.02% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +7.86% | +6.59% | +8.09% | +7.56% | +9.66% | +8.21% | +8.36% | +8.41% | +8.57% |
| Effective tax rate | — | — | +25.40% | +18.89% | +15.94% | +21.02% | +19.65% | +20.72% | +20.12% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | -15.36% | -24.95% | +28.05% | +47.63% | +18.47% | +29.57% | +30.36% | +31.38% | +30.10% |
| Return on assets (ROA) | -4.29% | -3.74% | +4.53% | +7.04% | +2.27% | +4.36% | +4.28% | +4.38% | +4.43% |
| Return on capital (ROC) | -5.12% | +14.45% | +19.56% | +27.14% | +5.23% | +16.48% | +16.35% | +16.98% | +15.96% |
| Return on invested capital (ROIC) | -3.84% | +10.84% | +7.46% | +11.59% | +3.70% | +6.96% | +7.26% | +7.29% | +7.17% |
| Asset turnover | +44.92% | +54.40% | +47.15% | +51.30% | +40.85% | +46.39% | +44.70% | +45.66% | +46.68% |
| DuPont · ROE decomposition | |||||||||
| Net margin | -9.56% | -6.88% | +9.61% | +13.72% | +5.56% | +9.39% | +9.57% | +9.60% | +9.49% |
| Asset turnover (× revenue / assets) | +44.92% | +54.40% | +47.15% | +51.30% | +40.85% | +46.39% | +44.70% | +45.66% | +46.68% |
| Equity multiplier (× assets / equity) | +357.97% | +666.67% | +619.43% | +676.52% | +813.11% | +678.83% | +709.83% | +715.90% | +679.22% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.45 | 0.54 | 0.47 | 0.51 | 0.41 | 0.46 | 0.45 | 0.46 | 0.47 |
| Fixed-asset turnover | 1.02 | 1.42 | 1.25 | 1.07 | 0.85 | — | — | — | — |
| Inventory turnover | 21.76 | 24.60 | 14.02 | 12.05 | 13.78 | — | — | — | — |
| Receivables turnover | 6.82 | 8.55 | 9.25 | 9.74 | 7.31 | — | — | — | — |
| Payables turnover | 8.76 | 9.01 | 9.04 | 7.74 | 8.51 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 53.55 | 42.69 | 39.45 | 37.49 | 49.96 | — | — | — | — |
| Days inventory outstanding (DIO) | 16.77 | 14.84 | 26.04 | 30.30 | 26.49 | — | — | — | — |
| Days payables outstanding (DPO) | 41.66 | 40.50 | 40.36 | 47.17 | 42.87 | — | — | — | — |
| Cash conversion cycle | 28.66 | 17.02 | 25.13 | 20.62 | 33.58 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.16 | -0.40 | 3.65 | 1.72 | 4.31 | 2.92 | 2.90 | 2.88 | 2.92 |
| FCF / Net income | 0.97 | 0.67 | 2.53 | 0.93 | 0.14 | 1.32 | 1.32 | 1.34 | 1.30 |
| FCF margin | -9.29% | -4.57% | +24.30% | +12.82% | +0.76% | +12.43% | +12.63% | +12.87% | +12.31% |
| OCF margin | -1.55% | +2.72% | +35.08% | +23.55% | +23.98% | +27.42% | +27.77% | +27.70% | +27.74% |
| CapEx / Revenue | +7.75% | +7.29% | +10.78% | +10.72% | +23.22% | +14.92% | +15.15% | +14.62% | +14.51% |
| CapEx / D&A | 0.50 | 0.64 | 0.86 | 0.79 | 1.34 | — | — | — | — |
| Stock-based comp / Revenue | +0.35% | +0.35% | +0.50% | +0.52% | +0.67% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -2.62 | -3.26 | 3.58 | 7.00 | 2.21 | 8.93 | 11.27 | 13.06 | 14.71 |
| EPS · basic | -2.62 | -3.26 | 3.63 | 7.16 | 2.21 | 8.99 | 11.36 | 13.29 | 14.91 |
| Book value / share | 17.20 | 11.64 | 14.18 | 15.84 | 15.04 | 22.06 | 23.65 | 23.74 | 23.96 |
| Tangible BV / share | 7.39 | 0.89 | 2.33 | 1.60 | -0.40 | 22.06 | 23.65 | 23.74 | 23.96 |
| Sales / share | 27.65 | 42.22 | 41.43 | 54.96 | 49.95 | 69.48 | 75.06 | 77.61 | 75.98 |
| Operating CF / share | -0.43 | 1.15 | 14.53 | 12.94 | 11.98 | 19.05 | 20.85 | 21.49 | 21.08 |
| Free cash flow / share | -2.57 | -1.93 | 10.07 | 7.05 | 0.38 | 8.64 | 9.48 | 9.99 | 9.36 |
| Dividends / share | 0.60 | 0.71 | 0.83 | 0.87 | 0.90 | 1.25 | 1.36 | 1.38 | 1.33 |
| Payout ratio | -22.76% | -24.61% | +20.96% | +11.47% | +32.42% | +19.19% | +18.97% | +18.49% | +18.50% |
| Retention ratio | +122.76% | +124.61% | +79.04% | +88.53% | +67.58% | +80.81% | +81.03% | +81.51% | +81.50% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +33.78% | -12.86% | +24.67% | -12.41% | +39.02% | +8.98% | +3.51% | -3.56% | +8.53% |
| Gross profit · YoY | — | +6256.67% | +35.58% | +48.77% | -61.34% | +146.38% | +2.75% | +8.54% | -6.08% | +83.39% |
| Profit | ||||||||||
| Operating income · YoY | — | +367.00% | +48.33% | +59.16% | -78.56% | +293.13% | +5.64% | +7.41% | -8.94% | — |
| EBITDA · YoY | — | +51.06% | +258.66% | +55.81% | -26.97% | +42.21% | +12.91% | +4.77% | -6.32% | +32.87% |
| Net income · YoY | — | +3.69% | +221.68% | +78.10% | -64.50% | +134.73% | +11.03% | +3.86% | -4.64% | — |
| Operating | ||||||||||
| EBIT · YoY | — | +37.10% | +488.83% | +65.91% | -49.53% | +83.45% | +8.46% | +4.38% | -2.42% | — |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -24.43% | +209.82% | +95.53% | -68.43% | +304.00% | +26.19% | +15.91% | +12.61% | — |
| EPS · basic · YoY | — | -24.43% | +211.35% | +97.25% | -69.13% | +306.97% | +26.29% | +16.96% | +12.24% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $11.01B | $13.34B | $14.68B | $17.36B | $20.4B | $24.36B | $25.8B | $26.93B | $25.88B |
| Net debt | $9.68B | $12.88B | $11.2B | $16.18B | $19.58B | $21.68B | $22.9B | $23.93B | $23.03B |
| Net debt / EBITDA | 11.37 | 10.01 | 2.43 | 2.25 | 3.73 | 2.90 | 2.72 | 2.71 | 2.78 |
| Debt / equity | 1.33 | 2.71 | 2.76 | 3.11 | 3.99 | 3.25 | 3.18 | 3.31 | 3.20 |
| Debt / assets | +37.09% | +40.67% | +44.54% | +45.97% | +49.09% | +47.88% | +44.86% | +46.20% | +47.06% |
| Equity / assets | +27.94% | +15.00% | +16.14% | +14.78% | +12.30% | +14.73% | +14.09% | +13.97% | +14.72% |
| Coverage | |||||||||
| EBITDA / interest expense | 1.42 | 1.51 | 6.16 | 6.57 | 4.45 | 5.37 | 5.51 | 5.82 | 5.72 |
| Operating income / interest | -1.65 | 3.09 | 5.22 | 5.69 | 1.13 | 3.77 | 3.62 | 3.92 | 3.75 |
| Interest expense | $598M | $853M | $749M | $1.09B | $1.18B | $1.39B | $1.53B | $1.52B | $1.45B |
| Liquidity | |||||||||
| Current ratio | 1.35 | 1.08 | 1.18 | 0.96 | 0.78 | — | — | — | — |
| Quick ratio | 0.56 | 0.25 | 0.53 | 0.38 | 0.27 | — | — | — | — |
| Cash ratio | 0.23 | 0.04 | 0.35 | 0.14 | 0.07 | — | — | — | — |
| Working capital | $2.04B | $779M | $1.81B | -$313M | -$2.64B | — | — | — | — |
| Working capital / revenue | +15.30% | +4.37% | +11.67% | -1.62% | -15.53% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 4.38x | 3.29x |
| Earnings yield | 1.7% | 5.6% |
| FCF yield | 0.2% | 5.2% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 18.5% | 47.7% |
| ROA | 2.3% | 7.0% |
| ROIC | 3.3% | 16.3% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 3.73 | 2.25 |
| Interest coverage | — | — |
| Current ratio | 0.78x | 0.96x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).