Vistra Corp

Balance sheet appears resilient for a merchant platform. As of June 30, 2025, cash was ~458 million dollars with total available corporate revolver liquidity of ~2.16 billion dollars; long‑term debt including current stood near 15.77 billion dollars, with additional A/R financing and other items.

Using LTM ongoing operations adjusted EBITDA of roughly 6.0 billion dollars, net leverage is approximately high‑2x to low‑3x depending on treatment of short‑term borrowings and cash. Near‑term maturities are manageable, and liquidity supports ongoing buybacks and development.

Asset retirement obligations and commodity collateral can swing liquidity, but hedging and diversified funding reduce risk.