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Side-by-side financial comparison of Athene Holding Ltd. (ATHS) and Vistra Corp. (VST). Click either name above to swap in a different company.
Athene Holding Ltd. is the larger business by last-quarter revenue ($8.1B vs $4.8B, roughly 1.7× Vistra Corp.). Athene Holding Ltd. runs the higher net margin — 6.4% vs 4.8%, a 1.6% gap on every dollar of revenue. On growth, Athene Holding Ltd. posted the faster year-over-year revenue change (115.1% vs 31.2%). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs 19.2%).
Athene Holding Ltd. is a leading US-focused retirement services provider. It offers fixed, indexed and variable annuity products plus tailored retirement savings solutions for individual consumers and institutional clients, aiming to help customers secure long-term financial stability for their retirement.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
ATHS vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.1B | $4.8B |
| Net Profit | $523.0M | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 16.9% | 9.9% |
| Net Margin | 6.4% | 4.8% |
| Revenue YoY | 115.1% | 31.2% |
| Net Profit YoY | -48.5% | -47.2% |
| EPS (diluted) | — | $0.55 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.1B | $4.8B | ||
| Q3 25 | $8.0B | $4.8B | ||
| Q2 25 | $5.4B | $3.8B | ||
| Q1 25 | $4.2B | $4.3B | ||
| Q4 24 | $3.8B | $3.7B | ||
| Q3 24 | $6.5B | $4.3B | ||
| Q2 24 | $4.7B | $3.6B | ||
| Q1 24 | $5.7B | $3.2B |
| Q4 25 | $523.0M | $233.0M | ||
| Q3 25 | $1.3B | $652.0M | ||
| Q2 25 | $464.0M | $327.0M | ||
| Q1 25 | $465.0M | $-268.0M | ||
| Q4 24 | $1.0B | $441.0M | ||
| Q3 24 | $625.0M | $1.9B | ||
| Q2 24 | $629.0M | $365.0M | ||
| Q1 24 | $1.2B | $-35.0M |
| Q4 25 | 16.9% | 9.9% | ||
| Q3 25 | 26.8% | 21.7% | ||
| Q2 25 | 12.2% | 13.7% | ||
| Q1 25 | 22.3% | -2.8% | ||
| Q4 24 | 30.4% | 16.4% | ||
| Q3 24 | 25.7% | 59.6% | ||
| Q2 24 | 22.0% | 22.5% | ||
| Q1 24 | 31.1% | 2.7% |
| Q4 25 | 6.4% | 4.8% | ||
| Q3 25 | 15.7% | 13.6% | ||
| Q2 25 | 8.7% | 8.7% | ||
| Q1 25 | 11.1% | -6.3% | ||
| Q4 24 | 26.8% | 12.0% | ||
| Q3 24 | 9.6% | 43.5% | ||
| Q2 24 | 13.5% | 10.1% | ||
| Q1 24 | 20.8% | -1.1% |
| Q4 25 | — | $0.55 | ||
| Q3 25 | — | $1.75 | ||
| Q2 25 | — | $0.81 | ||
| Q1 25 | — | $-0.93 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | — | $5.25 | ||
| Q2 24 | — | $0.90 | ||
| Q1 24 | — | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $785.0M |
| Total DebtLower is stronger | $7.8B | $15.8B |
| Stockholders' EquityBook value | $20.5B | $5.1B |
| Total Assets | $442.2B | $41.5B |
| Debt / EquityLower = less leverage | 0.38× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $785.0M | ||
| Q3 25 | — | $602.0M | ||
| Q2 25 | — | $458.0M | ||
| Q1 25 | — | $561.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | $15.3B | $1.1B |
| Q4 25 | $7.8B | $15.8B | ||
| Q3 25 | $7.9B | $15.8B | ||
| Q2 25 | $7.9B | $15.5B | ||
| Q1 25 | $6.3B | $15.4B | ||
| Q4 24 | $6.3B | $15.4B | ||
| Q3 24 | $5.7B | $13.9B | ||
| Q2 24 | $5.7B | $13.9B | ||
| Q1 24 | $5.7B | $14.7B |
| Q4 25 | $20.5B | $5.1B | ||
| Q3 25 | $20.4B | $5.2B | ||
| Q2 25 | $18.1B | $4.8B | ||
| Q1 25 | $17.5B | $4.8B | ||
| Q4 24 | $16.4B | $5.6B | ||
| Q3 24 | $17.4B | $5.4B | ||
| Q2 24 | $15.0B | $5.6B | ||
| Q1 24 | $14.8B | $5.7B |
| Q4 25 | $442.2B | $41.5B | ||
| Q3 25 | $429.9B | $38.0B | ||
| Q2 25 | $405.3B | $38.1B | ||
| Q1 25 | $381.5B | $38.2B | ||
| Q4 24 | $363.3B | $37.8B | ||
| Q3 24 | $355.0B | $37.9B | ||
| Q2 24 | $332.6B | $39.1B | ||
| Q1 24 | $320.6B | $38.2B |
| Q4 25 | 0.38× | 3.11× | ||
| Q3 25 | 0.38× | 3.02× | ||
| Q2 25 | 0.43× | 3.22× | ||
| Q1 25 | 0.36× | 3.20× | ||
| Q4 24 | 0.39× | 2.77× | ||
| Q3 24 | 0.33× | 2.56× | ||
| Q2 24 | 0.38× | 2.49× | ||
| Q1 24 | 0.39× | 2.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $1.4B |
| Free Cash FlowOCF − Capex | — | $596.0M |
| FCF MarginFCF / Revenue | — | 12.4% |
| Capex IntensityCapex / Revenue | — | 17.4% |
| Cash ConversionOCF / Net Profit | 5.82× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | $1.4B | ||
| Q3 25 | $636.0M | $1.5B | ||
| Q2 25 | $1.1B | $572.0M | ||
| Q1 25 | $426.0M | $599.0M | ||
| Q4 24 | $386.0M | $1.4B | ||
| Q3 24 | $780.0M | $1.7B | ||
| Q2 24 | $525.0M | $1.2B | ||
| Q1 24 | $185.0M | $312.0M |
| Q4 25 | — | $596.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $-118.0M | ||
| Q1 25 | — | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $698.0M | ||
| Q1 24 | — | $-153.0M |
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | — | -3.1% | ||
| Q1 25 | — | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 19.4% | ||
| Q1 24 | — | -4.8% |
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | — | 14.7% |
| Q4 25 | 5.82× | 6.15× | ||
| Q3 25 | 0.51× | 2.25× | ||
| Q2 25 | 2.28× | 1.75× | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 0.38× | 3.07× | ||
| Q3 24 | 1.25× | 0.90× | ||
| Q2 24 | 0.83× | 3.28× | ||
| Q1 24 | 0.16× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATHS
Segment breakdown not available.
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
