Vista Energy, S.A.B. de C.V.
VIST, VSOGF · Crude Petroleum & Natural Gas · EDGAR filings ↗
Grade
B83High-growth Vaca Muerta oil producer with top-decile returns and margins, tempered by negative free cash flow, leverage, and Argentina concentration.
Strengths
- Top-decile profitability: net margin 29% (94.6th), ROE 29.5% (92.3rd), ROA 11.3% (93rd), operating margin 38% (91st)
- Revenue +41% (82nd pct) with strong interest coverage (10x) and a long cash runway
Risks
- Negative FCF (-$94M, 12th pct) from heavy growth capex; high leverage (D/E 0.89, 89th pct)
- Reserves and operations concentrated in Argentina with EM/regulatory and oil-price exposure
- Commodity producer without a durable pricing moat
Notable findings
- Cash burnNegative free cash flow (-93.5M)
- Weak liquidityCurrent ratio 0.99 (<1)
- Customer concentration~65% of revenue from one customer/distributor — ” If sea freight selling expenses are subtracted from revenue from contract with customers, the Adjusted EBITDA margin for the year ended December 31, 2025 is 65%
- Strong balance sheetStrong balance sheet — $764M cash & investments, ~33 quarters of runway
Key metrics
Gross margin
49.6%
Operating margin
38.0%
Net margin
29.0%
Return on equity
29.5%
Return on assets
11.3%
ROIC
16.1%
Revenue growth (QoQ)
41.0%
Net-income growth
20.3%
Debt / equity
0.9×
Interest coverage
10.0×
Current ratio
1.0×
Free cash flow
-$94M
Tangible book value
$1.6B
Cash & investments
$764M
Cash runway
33q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-28 | 2025-12-31 | 0001193125-26-187099 ↗ |
| 20-F | 2025-04-09 | 2024-12-31 | 0001193125-25-076856 ↗ |
| 20-F | 2024-04-23 | 2023-12-31 | 0001193125-24-107031 ↗ |
| 20-F | 2023-04-24 | 2022-12-31 | 0001193125-23-112976 ↗ |
| 20-F | 2022-04-26 | 2021-12-31 | 0001193125-22-120379 ↗ |
| 20-F | 2021-04-28 | 2020-12-31 | 0001193125-21-135312 ↗ |
| 20-F | 2020-04-30 | 2019-12-31 | 0001193125-20-127083 ↗ |