Vistra Corp. (VST): Earnings normalization and power-market leverage support upside despite FCF pressure

Vistra Corp. operates as an integrated retail electricity and power generation company in the United States, serving residential, commercial, and industrial customers across states and the District of Columbia. The company has about 5 million customers and approximately 44,000 megawatts of generation capacity across natural gas, nuclear, coal, solar, and battery energy storage assets. The name matters for investors because Vistra combines a large retail base with a sizable generation portfolio, giving it exposure to both power demand and wholesale energy markets. It generated $19.2 billion of trailing revenue and $6.6 billion of EBITDA, with a market capitalization of about $51.0 billion. Recent fundamentals show a mixed backdrop, with quarterly revenue and earnings growth both negative year over year, even as next-year EPS estimates imply continued improvement. The stock also screens as a higher-beta utility name, and analysts currently carry a bullish target of about $210 versus a recent price of $150.32.