Power generation (nuclear/gas)
Vistra
One of the largest US competitive power generators (~50GW). It signed long-term nuclear PPAs with AWS and Meta for datacenter power, and is expanding Comanche Peak nuclear (2.4GW) and gas (Cogentrix 5.5GW acquisition). 2025 EBITDA $5.5-6.1B. The generation pillar of the power bottleneck.
Business categories Merchant Power & Retail Energy · Power & Grid · primary Nuclear Power Value Chain · Power & Grid
VST Updated Sep 24, 2026 6 AI consumers· 4 recurring
Per the valuechain.wiki graph, Vistra is directly linked to 5 companies (3 supply, 2 revenue relationships) and reaches 7 companies within two hops; the links are backed by 8 dated sources, 3 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · 2025 EBITDA $5.5-6.1B, ~50GW
- Customer concentration · Nuclear PPAs with AWS and Meta.
- Segments · Nuclear · Gas · Datacenter PPAs
Revenue from
- Meta Platforms High confidence
Long-term nuclear PPA supplying Meta datacenter power — another axis of premium nuclear demand. - Wholesale power market · enterprises (power generation) High confidence
ERCOT/PJM wholesale and corporate PPAs (~50GW). - Amazon High confidence
Long-term nuclear PPA supplying Amazon datacenter power — a flagship deal as hyperscalers seek 24/7 carbon-free power.
Pays to
- CenterPoint Energy High confidence· Amount $693M · FY2025 · Houston Electric revenue from Vistra affiliates
Vistra, through its retail affiliates, is Houston Electric's second-largest external customer group and uses CenterPoint Energy's delivery network for its large Texas retail electricity footprint.Mentions KO Toss Securities Research Center Published Sep 24, 2025: America Will Keep Growing: Why We Go to AmericaMentions EN The Henry Fund, University of Iowa Published Apr 14, 2025: Vistra Corp (VST) Equity Research Report - Cameco Medium confidence
Sources nuclear fuel (uranium) from Cameco — upstream fuel dependence for nuclear generation. - Williams Companies Medium confidence
Sources gas-generation fuel via Williams pipelines — a fuel axis tied to midstream transport. - Transmission & distribution · operation · maintenance (undisclosed) Low confidence
Plant operations, maintenance and grid interconnection. - Fuel · power plants · capacity expansion (undisclosed) Low confidence
Nuclear/gas fuel and plant acquisitions/expansion (Cogentrix) — the capital-intensive cost of capacity growth (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Omnicom Group Inc. | lead2 | +21.9 | +15.7 | +9.6 | +2.5 | -2.6 | +4.4 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| Vistra | node | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -7.2 |
| Williams Companies | benef1 | +38.4 | +32.8 | +11.9 | +62.3 | +14.9 | +25.2 |
| CenterPoint Energy | benef1 | +32.4 | +10 | -2.1 | +14.3 | +23.7 | +2.4 |
| Cameco | benef1 | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | -3.7 |
YTD as of 2026-09-04 · source: Yahoo Finance
Vistra operates across Power generation (nuclear/gas). It is -7.2% in 2026. The supply side (avg +17.7%) has moved harder than the stock (-7.2%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Williams Companies (+25.2%) and the furthest behind is Meta Platforms (-6.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. The generation pillar of the power bottleneck.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target $220 · Price $149.64 (09-05) · Upside +47%
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