Vistra Corp

Management has executed a multi‑year playbook: opportunistic buybacks (~5.4 billion dollars since Nov 2021; ~30% share count reduction to ~339 million by Aug 1, 2025), dividend growth, and disciplined M&A including Energy Harbor (nuclear + ~1 million retail customers) and a pending 2.6 GW modern gas portfolio to address reliability and growing load.

Vistra also repurchased ~98% of TRA interests, simplifying equity leakage. The choice to consolidate 100% of Vistra Vision increases alignment with the zero‑carbon and retail growth engine. Overall, capital allocation is shareholder‑friendly and strategically coherent.