VSTVistra Corp.

Electric Services

Revenue: $17.6B; 19% YoY
Operating margin: 10.8%; 61% YoY
EBITDA: $3.9B; 34% YoY
Market cap: $46.5B
Employees: 6,390; $3M revenue each
Net debt / EBITDA: 4.4×; $17.3B net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
431% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
33% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$3M · 72nd pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$46.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$55M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$17.7B	$15.6B	$13.8B	$14.8B	$17.6B	19%
Operating income	−$1.5B	−$1.2B	$2.7B	$4.1B	$1.9B	53%
Net income	−$1.3B	−$1.2B	$1.5B	$2.7B	$944M	64%
Operating cash flow	−$206M	$485M	$5.5B	$4.6B	$4.1B	11%
Capex	$1.0B	$1.3B	$1.7B	$2.1B	$2.8B	32%
Stock-based comp	$47M	$63M	$77M	$100M	$113M	13%
Buybacks	$471M	$1.9B	$1.2B	$1.3B	$1.0B	19%
Dividends	$290M	$302M	$313M	$305M	$306M	0.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 3
Open-market sells, 12 mo: $56M · 20
Net: −$55M

Pay vs performance

No pay-versus-performance disclosure yet.