{ "ok": true, "cik": "1692819", "ticker": "VST", "name": "Vistra Operations Company LLC", "filings": [ { "form": "8-K", "filed": "2026-09-24", "items": [ "1.01 Entry into a Material Definitive Agreement", "8.01 Other Events", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1692819/000114036126037577/0001140361-26-037577-index.htm" }, { "form": "10-Q", "filed": "2026-08-10", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1692819/000169281926000019/0001692819-26-000019-index.htm" }, { "form": "8-K", "filed": "2026-08-07", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1692819/000169281926000017/0001692819-26-000017-index.htm" }, { "form": "8-K", "filed": "2026-07-16", "items": [ "1.01 Entry into a Material Definitive Agreement", "2.03 Creation of a Direct Financial Obligation", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1692819/000114036126028619/0001140361-26-028619-index.htm" }, { "form": "8-K", "filed": "2026-07-14", "items": [ "8.01 Other Events" ], "url": "https://www.sec.gov/Archives/edgar/data/1692819/000114036126028454/0001140361-26-028454-index.htm" }, { "form": "8-K", "filed": "2026-06-30", "items": [ "1.01 Entry into a Material Definitive Agreement", "2.03 Creation of a Direct Financial Obligation", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1692819/000114036126026944/0001140361-26-026944-index.htm" } ], "events12m": 19, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001692819.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1692819" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up Vistra Operations Company LLC ($VST). Last filing: 8-K (1.01 Entry into a Material Definitive Agreement), 2026-09-24. 19 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 17738000000, "revenueGrowth1y": 0.02984208081746398, "revenueGrowthPerYear": 0.000536291596564098, "yearsOfData": 5, "operatingMargin": 0.10745292592174992, "operatingMarginPrior": 0.2369368323269856, "netMargin": 0.05321907768632315, "operatingCashFlow": 4070000000, "capitalSpending": 2752000000, "freeCashFlow": 1318000000, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 785000000, "longTermDebt": 17043000000, "longTermDebtChange": 0.0457111302000246, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 17700000000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 15631000000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 14779000000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 17224000000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 17738000000 } ], "totalEquity": 5097000000, "totalAssets": 41550000000, "equityRatio": 0.12267148014440434, "returnOnEquity": 0.18520698450068668, "dividendsPaid": 306000000, "payoutRatio": 0.3241525423728814, "dividendPerShare": 0.9015, "dividendYearsRising": 4, "dividendCut": false, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": 2.22, "sharesOutstanding": 345656067, "bookValuePerShare": 14.745871652818407, "revenuePerShare": 51.31690629344573, "range80": { "low": 15550711718.77872, "high": 20234308080.085133, "baseline": 18384497652.604614, "n": 1471, "band": "b10", "bandLabel": "$10B+", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.11957724857504275, "classVolatility": 0.06659579566308972, "volatility": 0.09678253555465874 }, "ifPaceHeld": { "low": 15550711718.77872, "high": 20234308080.085133 } }, "edgarette": "🔖 Exposure: revenue $17.7B (FY2025), total debt $17.0B. Experience: revenue up 3.0% on the year, up 0.1% a year over 4 years; operating margin 10.7%, down from 23.7%. Soundness: equity 12.3% of assets, return on equity 18.5%, payout 32.4% of profit, dividend per share up 4 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $15.6B and $20.2B next year (method v4.1: its own 4-year record of growth weighed at 50% against $10B+ filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $13.9B to $22.5B. A range, not a forecast. Against peers (40 filers, $50M+ revenue, electric services): operating margin 10.7% against a 20.3% median; growth 3.0% against 9.4%.", "peers": { "sic": 4911, "sicDescription": "Electric Services", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "4911", "growth": [ 0.0937, 40 ], "opMargin": [ 0.2032, 40 ], "equityRatio": [ 0.2453, 26 ], "returnOnEquity": [ 0.0943, 21 ], "payoutRatio": [ 0.5107, 22 ] }, "summary": "Vistra Operations Company (VST) grew revenue 3.0% in FY2025 to $17.7 billion, operating margin 10.7% against a 20.3% median for electric services, equity 12.3% of assets, and dividend per share up 4 years running. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Vistra Operations Company LLC against its own record and its peers
Operating marginPeer median 20.3%10.7%Revenue, on the yearPeer median 9.4%3.0%Equity of assetsPeer median 24.5%12.3%Return on equityPeer median 9.4%18.5%Payout of profitPeer median 51.1%32.4%Gold tick: the median of 21–26 peers with $50M+ revenue in electric services
", "chartHorizon": "
Handed back now, or kept to compound
Of each dollar of profit32.4% paid out67.6% keptHanded back per share$0.9015up 4 years runningGrowth its own profit can fund12.5%retained x return on equityRevenue growth it managed3.0%last year, for comparison

Gold is paid out to shareholders; navy is kept in the business. Retained profit times return on equity is the pace a company can fund from itself. Facts from the filings, not a recommendation.

", "backtest": { "tests": 5, "hits": 3, "rate": 0.6, "method": "v4", "byYear": { "2021": [ 0, 1 ], "2022": [ 0, 1 ], "2023": [ 1, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-25T14:00:22.218Z", "hash": "01c3f9236444f199", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Vistra Operations Company (VST) grew revenue 3.0% in FY2025 to $17.7 billion, operating margin 10.7% against a 20.3% median for electric services, equity 12.3% of assets, and dividend per share up 4 years running. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 17738000000, "totalDebt": 17043000000, "cash": 785000000 }, "experience": { "revenueGrowth1y": 0.02984208081746398, "revenueGrowthPerYear": 0.000536291596564098, "operatingMargin": 0.10745292592174992, "operatingMarginPrior": 0.2369368323269856, "netMargin": 0.05321907768632315, "freeCashFlow": 1318000000 }, "soundness": { "equityRatio": 0.12267148014440434, "returnOnEquity": 0.18520698450068668, "payoutRatio": 0.3241525423728814, "dividendPerShare": 0.9015, "dividendYearsRising": 4, "dividendCut": false, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 4911, "sicDescription": "Electric Services", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "4911", "growth": [ 0.0937, 40 ], "opMargin": [ 0.2032, 40 ], "equityRatio": [ 0.2453, 26 ], "returnOnEquity": [ 0.0943, 21 ], "payoutRatio": [ 0.5107, 22 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "range": { "low": 15550711718.77872, "high": 20234308080.085133, "baseline": 18384497652.604614, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 1471, "sizeBand": "$10B+", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.11957724857504275, "classVolatility": 0.06659579566308972, "pricedVolatility": 0.09678253555465874, "k": 3 }, "stress": { "low": 13852338252.332733, "high": 22485635645.40683, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 5, "hits": 3, "rate": 0.6, "method": "v4", "byYear": { "2021": [ 0, 1 ], "2022": [ 0, 1 ], "2023": [ 1, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-25T14:00:22.218Z", "hash": "01c3f9236444f199", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001692819.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1692819" } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same if-the-pace-held arithmetic applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so." } }