NRG vs VST: NRG Energy and Vistra compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Vistra is the larger company, worth $55.1B, about 2.4 times NRG Energy.
- NRG Energy grew revenue faster over the last year (+11.0% vs -5.5%).
- Vistra keeps more of each dollar of revenue as operating profit (18.6% vs 6.1%).
- On earnings, Vistra is the cheaper stock (27.3x vs 111.5x).
- Vistra's price assumes faster free cash flow growth: about 15% a year, against 10% for NRG Energy (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NRG | VST |
|---|---|---|
| Market cap | $23.3B | $55.1B |
| Share price | $107.97 | $166.72 |
| Revenue (last fiscal year) | $30.7B | $17.7B |
| Free cash flow (last fiscal year) | $766M | $1.3B |
| Revenue growth, last year | +11.0% | -5.5% |
| Revenue growth per year, last 5 fiscal years | +3.3% | +10.1% |
| Operating margin | 6.1% | 18.6% |
| Net margin | 2.4% | 11.6% |
| Return on equity | 16.1% | 40.5% |
| P/E (trailing) | 111.5x | 27.3x |
| Price / free cash flow | 30.4x | 426.7x |
| EV / EBITDA | 12.0x | 11.2x |
| FCF growth the price implies | 10.5% | 14.6% |
| Dividend yield | 1.8% | 0.57% |
| Debt / equity | 7.23x | 6.77x |
| Fundamental grade | D | D |
| Superinvestors holding it | 7 | 6 |
| Insider purchases, last 12 months | 0 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
NRG Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $27.0B | $224M | 12.4% |
| 2022 | $31.5B | -$7M | 6.4% |
| 2023 | $28.8B | -$819M | 1.3% |
| 2024 | $28.1B | $1.8B | 8.6% |
| 2025 | $30.7B | $766M | 6.0% |
Vistra
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.1B | -$1.2B | -12.5% |
| 2022 | $13.7B | -$816M | -8.6% |
| 2023 | $14.8B | $3.8B | 18.0% |
| 2024 | $17.2B | $2.5B | 23.7% |
| 2025 | $17.7B | $1.3B | 10.7% |
Where the revenue comes from
NRG Energy · by segments, 2025
East$14.1B46%
Texas$11.1B37%
West/Other$3.2B10%
Vivint Smart Home$2.0B7%
Vistra · by segments, 2025
Retail$13.0B74%
East$3.3B19%
Texas$918M5%
West$328M2%
Asset Closure$4M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NRG in InvestinglyQuestions
Which is bigger, NRG Energy or Vistra?
Vistra (VST), at $55.1B against $23.3B.
Is NRG or VST cheaper?
By trailing P/E, Vistra (27.3x) is cheaper than NRG Energy (111.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, NRG or VST?
NRG Energy: revenue grew +11.0% over the last year, against -5.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.