Vistra Corp. management check
VST · Utilities · Electric Utilities · CEO James A. Burke (PEO)
Filings as of
5 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $912, against $159 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.70 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.7% of net income$16.0m of reported pay in fiscal 2025, against $944.0m of net income.
- Good
Do they own the stock?
CEO stake ≈ 9.7 years of payThe CEO holds 1,146,352 shares, directly or through trusts (unvested awards not counted): about 9.7 years of pay. Both: 1 buyer ($1.2m) and 7 sellers ($25.9m) in six months. 12 of 14 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -4.0% a year over the last three fiscal years. Stock-based pay was 0.6% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Curtis A. Morgan (PEO), James A. Burke (PEO). 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Utilities.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 53 | |
| Pay for performance | 85 | 81 | |
| CEO cost | 31 | 50 | |
| Skin in the game | 84 | 45 | |
| Dilution | 100 | 37 | |
| Stable leadership | 55 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Electric Utilities, by management score. Vistra Corp. is 3rd of 30 in its sector.
- 30CEGConstellation Energy84
- 62VSTVistra Corp.79
- 143EIXEdison International72
- 145PPLPPL Corporation72
- 252EVRGEvergy64
- 254PEGPublic Service Enterprise Group64
- 270ETREntergy63
- 285LNTAlliant Energy62
- 338EXCExelon59
- 354ESEversource Energy58
Pay versus performance
From the proxy statement filed March 18, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | James A. Burke (PEO) | $16.0m | $40.7m | $4.5m | $912 | $159 | $944.0m |
| 2024 | James A. Burke (PEO) | $12.2m | $104.4m | $5.0m | $776 | $137 | $2.7bn |
| 2023 | James A. Burke (PEO) | $10.5m | $30.7m | $4.7m | $215 | $111 | $1.5bn |
| 2022 | — | $11.9m | $22.5m | $3.4m | $126 | $120 | −$1.2bn |
| 2021 | Curtis A. Morgan (PEO) | $10.1m | $4.4m | $3.4m | $120 | $118 | −$1.3bn |
Its other key measures: Adjusted EBITDA, Adjusted FCFbG per share, Total Cost ($s), Safety Index (% achieved across a number of safety measures, included as part of our Generation Operating Index).
Insiders and the CEO's stake
James A Burke (President and CEO) held 1,146,352 shares directly after their latest Form 4 on Sep 1, 2026, roughly $155.0m at that filing's price.
Both: 1 buyer ($1.2m) and 7 sellers ($25.9m) in six months. 12 of 14 sales ran on pre-arranged 10b5-1 plans.
- BoughtJames A BurkePresident and CEO$1.2mSep 1, 2026
- SoldScott A HudsonEVP & President Vistra Retail · 10b5-1 plan$10.3mOct 6, 2026
- SoldKristopher E. MoldovanEVP and CFO · 10b5-1 plan$6.3mOct 7, 2026
- SoldScott B HelmDirector · 10b5-1 plan$4.0mJun 16, 2026
Leadership and governance on file
- May 5, 2025Leadership change8-K 5.02
- Dec 30, 2024Leadership change8-K 5.02
- Nov 20, 2024Leadership change8-K 5.02
- May 6, 2024Leadership change8-K 5.02
- Mar 7, 2024Leadership change8-K 5.02
- Nov 14, 2023Leadership change8-K 5.02
- Feb 1, 2023Leadership change8-K 5.02
- Jul 21, 2022Leadership change8-K 5.02
- Mar 21, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 4, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $7.5bn returned to owners in buybacks and dividends, 288% of net income, and $400.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $17.7bn | $15.6bn | $13.8bn | $14.8bn | $17.6bn |
| Net income | −$1.3bn | −$1.2bn | $1.5bn | $2.7bn | $944.0m |
| Stock-based pay | $47.0m | $63.0m | $77.0m | $100.0m | $113.0m |
| Buybacks | $471.0m | $1.9bn | $1.2bn | $1.3bn | $1.0bn |
| Dividends | $290.0m | $302.0m | $313.0m | $305.0m | $306.0m |
| Diluted shares | 482m | 422m | 375m | 353m | 346m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.