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Side-by-side financial comparison of Devon Energy (DVN) and Vistra Corp. (VST). Click either name above to swap in a different company.
Vistra Corp. is the larger business by last-quarter revenue ($4.8B vs $3.9B, roughly 1.2× Devon Energy). Devon Energy runs the higher net margin — 14.3% vs 4.8%, a 9.4% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs -12.3%). Devon Energy produced more free cash flow last quarter ($702.0M vs $596.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs 2.6%).
Devon Energy Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware with operational headquarters in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its operations are in the Delaware Basin, Eagle Ford Group, and the Rocky Mountains.
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
DVN vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $4.8B |
| Net Profit | $562.0M | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 19.0% | 9.9% |
| Net Margin | 14.3% | 4.8% |
| Revenue YoY | -12.3% | 31.2% |
| Net Profit YoY | -12.1% | -47.2% |
| EPS (diluted) | $0.90 | $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 | $3.9B | $4.8B | ||
| Q3 25 | $4.3B | $4.8B | ||
| Q2 25 | $4.0B | $3.8B | ||
| Q1 25 | $4.5B | $4.3B | ||
| Q4 24 | $4.5B | $3.7B | ||
| Q3 24 | $3.8B | $4.3B | ||
| Q2 24 | $3.9B | $3.6B | ||
| Q1 24 | $3.7B | $3.2B |
| Q4 25 | $562.0M | $233.0M | ||
| Q3 25 | $687.0M | $652.0M | ||
| Q2 25 | $899.0M | $327.0M | ||
| Q1 25 | $494.0M | $-268.0M | ||
| Q4 24 | $639.0M | $441.0M | ||
| Q3 24 | $812.0M | $1.9B | ||
| Q2 24 | $844.0M | $365.0M | ||
| Q1 24 | $596.0M | $-35.0M |
| Q4 25 | 19.0% | 9.9% | ||
| Q3 25 | 21.5% | 21.7% | ||
| Q2 25 | 28.7% | 13.7% | ||
| Q1 25 | 14.2% | -2.8% | ||
| Q4 24 | 18.7% | 16.4% | ||
| Q3 24 | 28.0% | 59.6% | ||
| Q2 24 | 26.7% | 22.5% | ||
| Q1 24 | 20.5% | 2.7% |
| Q4 25 | 14.3% | 4.8% | ||
| Q3 25 | 16.2% | 13.6% | ||
| Q2 25 | 22.2% | 8.7% | ||
| Q1 25 | 10.9% | -6.3% | ||
| Q4 24 | 14.2% | 12.0% | ||
| Q3 24 | 21.4% | 43.5% | ||
| Q2 24 | 21.7% | 10.1% | ||
| Q1 24 | 15.9% | -1.1% |
| Q4 25 | $0.90 | $0.55 | ||
| Q3 25 | $1.09 | $1.75 | ||
| Q2 25 | $1.41 | $0.81 | ||
| Q1 25 | $0.77 | $-0.93 | ||
| Q4 24 | $0.98 | $1.09 | ||
| Q3 24 | $1.30 | $5.25 | ||
| Q2 24 | $1.34 | $0.90 | ||
| Q1 24 | $0.94 | $-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 | $1.4B | $785.0M |
| Total DebtLower is stronger | $8.4B | $15.8B |
| Stockholders' EquityBook value | $15.5B | $5.1B |
| Total Assets | $31.6B | $41.5B |
| Debt / EquityLower = less leverage | 0.54× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | $785.0M | ||
| Q3 25 | $1.2B | $602.0M | ||
| Q2 25 | $1.7B | $458.0M | ||
| Q1 25 | $1.2B | $561.0M | ||
| Q4 24 | $811.0M | $1.2B | ||
| Q3 24 | $645.0M | $905.0M | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | $1.1B | $1.1B |
| Q4 25 | $8.4B | $15.8B | ||
| Q3 25 | $8.4B | $15.8B | ||
| Q2 25 | $8.9B | $15.5B | ||
| Q1 25 | $8.9B | $15.4B | ||
| Q4 24 | $8.9B | $15.4B | ||
| Q3 24 | $8.9B | $13.9B | ||
| Q2 24 | $6.1B | $13.9B | ||
| Q1 24 | $6.1B | $14.7B |
| Q4 25 | $15.5B | $5.1B | ||
| Q3 25 | $15.3B | $5.2B | ||
| Q2 25 | $15.1B | $4.8B | ||
| Q1 25 | $14.5B | $4.8B | ||
| Q4 24 | $14.5B | $5.6B | ||
| Q3 24 | $14.3B | $5.4B | ||
| Q2 24 | $12.6B | $5.6B | ||
| Q1 24 | $12.2B | $5.7B |
| Q4 25 | $31.6B | $41.5B | ||
| Q3 25 | $31.2B | $38.0B | ||
| Q2 25 | $31.4B | $38.1B | ||
| Q1 25 | $30.9B | $38.2B | ||
| Q4 24 | $30.5B | $37.8B | ||
| Q3 24 | $30.3B | $37.9B | ||
| Q2 24 | $25.2B | $39.1B | ||
| Q1 24 | $25.0B | $38.2B |
| Q4 25 | 0.54× | 3.11× | ||
| Q3 25 | 0.55× | 3.02× | ||
| Q2 25 | 0.59× | 3.22× | ||
| Q1 25 | 0.61× | 3.20× | ||
| Q4 24 | 0.61× | 2.77× | ||
| Q3 24 | 0.62× | 2.56× | ||
| Q2 24 | 0.49× | 2.49× | ||
| Q1 24 | 0.51× | 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 | $1.5B | $1.4B |
| Free Cash FlowOCF − Capex | $702.0M | $596.0M |
| FCF MarginFCF / Revenue | 17.8% | 12.4% |
| Capex IntensityCapex / Revenue | 21.1% | 17.4% |
| Cash ConversionOCF / Net Profit | 2.73× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $3.1B | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.5B | $572.0M | ||
| Q1 25 | $1.9B | $599.0M | ||
| Q4 24 | $1.7B | $1.4B | ||
| Q3 24 | $1.7B | $1.7B | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.7B | $312.0M |
| Q4 25 | $702.0M | $596.0M | ||
| Q3 25 | $820.0M | $1.0B | ||
| Q2 25 | $589.0M | $-118.0M | ||
| Q1 25 | $1.0B | $-169.0M | ||
| Q4 24 | $738.0M | $923.0M | ||
| Q3 24 | $786.0M | $1.0B | ||
| Q2 24 | $587.0M | $698.0M | ||
| Q1 24 | $844.0M | $-153.0M |
| Q4 25 | 17.8% | 12.4% | ||
| Q3 25 | 19.3% | 21.1% | ||
| Q2 25 | 14.6% | -3.1% | ||
| Q1 25 | 22.2% | -4.0% | ||
| Q4 24 | 16.4% | 25.2% | ||
| Q3 24 | 20.7% | 23.4% | ||
| Q2 24 | 15.1% | 19.4% | ||
| Q1 24 | 22.6% | -4.8% |
| Q4 25 | 21.1% | 17.4% | ||
| Q3 25 | 20.5% | 9.6% | ||
| Q2 25 | 23.6% | 18.4% | ||
| Q1 25 | 20.5% | 18.1% | ||
| Q4 24 | 20.6% | 11.7% | ||
| Q3 24 | 23.1% | 15.8% | ||
| Q2 24 | 24.3% | 13.8% | ||
| Q1 24 | 23.9% | 14.7% |
| Q4 25 | 2.73× | 6.15× | ||
| Q3 25 | 2.46× | 2.25× | ||
| Q2 25 | 1.72× | 1.75× | ||
| Q1 25 | 3.93× | — | ||
| Q4 24 | 2.60× | 3.07× | ||
| Q3 24 | 2.05× | 0.90× | ||
| Q2 24 | 1.82× | 3.28× | ||
| Q1 24 | 2.92× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DVN
| Oil Gas And NGL Sales | $2.6B | 65% |
| Marketing And Midstream Revenues | $1.4B | 35% |
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% |
