Vistra Corp.

Scaled integrated power/retail franchise with top-decile ROE and best-in-class free cash flow, tempered by heavy leverage.

Strengths

• ROE 18.5% (91st pct) and ROIC 76.9th pct — strong returns
• FCF $1.32B (100th pct) and revenue growth 86.7th pct

Risks

• Debt-to-equity 3.34 (96th pct) — distress-adjacent leverage for the sector
• Net income growth -64% (15th pct), so earnings fell sharply year-over-year

Notable findings

• High leverageHigh leverage (debt/equity 3.34)
• Weak liquidityCurrent ratio 0.78 (<1)
• Buying back stockNet buyback — share count -7%/yr over 4y