vs
Side-by-side financial comparison of Diamondback Energy (FANG) 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 $4.2B, roughly 1.1× Diamondback Energy). Vistra Corp. runs the higher net margin — 4.8% vs 0.6%, a 4.3% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 4.7%). Diamondback Energy produced more free cash flow last quarter ($1.7B vs $596.0M). Over the past eight quarters, Diamondback Energy's revenue compounded faster (30.7% CAGR vs 23.3%).
Diamondback Energy, headquartered in Midland, Texas, is an American company engaged in hydrocarbon exploration in the Permian Basin.
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
FANG vs VST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.2B | $4.8B |
| Net Profit | $25.0M | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 2.7% | 9.9% |
| Net Margin | 0.6% | 4.8% |
| Revenue YoY | 4.7% | 31.2% |
| Net Profit YoY | 38.4% | -47.2% |
| EPS (diluted) | $0.08 | $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.
| Q1 26 | $4.2B | — | ||
| Q4 25 | $3.4B | $4.8B | ||
| Q3 25 | $3.9B | $4.8B | ||
| Q2 25 | $3.7B | $3.8B | ||
| Q1 25 | $4.0B | $4.3B | ||
| Q4 24 | $3.7B | $3.7B | ||
| Q3 24 | $2.6B | $4.3B | ||
| Q2 24 | $2.5B | $3.6B |
| Q1 26 | $25.0M | — | ||
| Q4 25 | $-1.5B | $233.0M | ||
| Q3 25 | $1.0B | $652.0M | ||
| Q2 25 | $699.0M | $327.0M | ||
| Q1 25 | $1.4B | $-268.0M | ||
| Q4 24 | $1.1B | $441.0M | ||
| Q3 24 | $659.0M | $1.9B | ||
| Q2 24 | $837.0M | $365.0M |
| Q1 26 | 2.7% | — | ||
| Q4 25 | -82.4% | 9.9% | ||
| Q3 25 | 31.5% | 21.7% | ||
| Q2 25 | 31.0% | 13.7% | ||
| Q1 25 | 41.3% | -2.8% | ||
| Q4 24 | 38.0% | 16.4% | ||
| Q3 24 | 26.8% | 59.6% | ||
| Q2 24 | 46.6% | 22.5% |
| Q1 26 | 0.6% | — | ||
| Q4 25 | -43.2% | 4.8% | ||
| Q3 25 | 25.9% | 13.6% | ||
| Q2 25 | 19.0% | 8.7% | ||
| Q1 25 | 34.7% | -6.3% | ||
| Q4 24 | 28.9% | 12.0% | ||
| Q3 24 | 24.9% | 43.5% | ||
| Q2 24 | 33.7% | 10.1% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $-4.99 | $0.55 | ||
| Q3 25 | $3.51 | $1.75 | ||
| Q2 25 | $2.38 | $0.81 | ||
| Q1 25 | $4.83 | $-0.93 | ||
| Q4 24 | $3.40 | $1.09 | ||
| Q3 24 | $3.19 | $5.25 | ||
| Q2 24 | $4.66 | $0.90 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $-174.0M | $785.0M |
| Total DebtLower is stronger | — | $15.8B |
| Stockholders' EquityBook value | $42.6B | $5.1B |
| Total Assets | $70.1B | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-174.0M | — | ||
| Q4 25 | $104.0M | $785.0M | ||
| Q3 25 | $159.0M | $602.0M | ||
| Q2 25 | $219.0M | $458.0M | ||
| Q1 25 | $1.8B | $561.0M | ||
| Q4 24 | $161.0M | $1.2B | ||
| Q3 24 | $370.0M | $905.0M | ||
| Q2 24 | $6.9B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $13.7B | $15.8B | ||
| Q3 25 | $15.8B | $15.8B | ||
| Q2 25 | $15.1B | $15.5B | ||
| Q1 25 | $13.0B | $15.4B | ||
| Q4 24 | $12.1B | $15.4B | ||
| Q3 24 | $11.9B | $13.9B | ||
| Q2 24 | $12.0B | $13.9B |
| Q1 26 | $42.6B | — | ||
| Q4 25 | $37.0B | $5.1B | ||
| Q3 25 | $39.1B | $5.2B | ||
| Q2 25 | $38.9B | $4.8B | ||
| Q1 25 | $38.5B | $4.8B | ||
| Q4 24 | $37.7B | $5.6B | ||
| Q3 24 | $37.4B | $5.4B | ||
| Q2 24 | $17.4B | $5.6B |
| Q1 26 | $70.1B | — | ||
| Q4 25 | $71.1B | $41.5B | ||
| Q3 25 | $76.2B | $38.0B | ||
| Q2 25 | $71.9B | $38.1B | ||
| Q1 25 | $70.1B | $38.2B | ||
| Q4 24 | $67.3B | $37.8B | ||
| Q3 24 | $65.7B | $37.9B | ||
| Q2 24 | $35.6B | $39.1B |
| Q1 26 | — | — | ||
| Q4 25 | 0.37× | 3.11× | ||
| Q3 25 | 0.41× | 3.02× | ||
| Q2 25 | 0.39× | 3.22× | ||
| Q1 25 | 0.34× | 3.20× | ||
| Q4 24 | 0.32× | 2.77× | ||
| Q3 24 | 0.32× | 2.56× | ||
| Q2 24 | 0.69× | 2.49× |
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 | $1.8B | $1.4B |
| Free Cash FlowOCF − Capex | $1.7B | $596.0M |
| FCF MarginFCF / Revenue | 40.2% | 12.4% |
| Capex IntensityCapex / Revenue | 27.9% | 17.4% |
| Cash ConversionOCF / Net Profit | 73.12× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.8B | — | ||
| Q4 25 | $2.3B | $1.4B | ||
| Q3 25 | $2.4B | $1.5B | ||
| Q2 25 | $1.7B | $572.0M | ||
| Q1 25 | $2.4B | $599.0M | ||
| Q4 24 | $2.3B | $1.4B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.5B | $1.2B |
| Q1 26 | $1.7B | — | ||
| 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 26 | 40.2% | — | ||
| 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 26 | 27.9% | — | ||
| 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 26 | 73.12× | — | ||
| Q4 25 | — | 6.15× | ||
| Q3 25 | 2.34× | 2.25× | ||
| Q2 25 | 2.40× | 1.75× | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 2.18× | 3.07× | ||
| Q3 24 | 1.83× | 0.90× | ||
| Q2 24 | 1.83× | 3.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FANG
| Oil, natural gas and natural gas liquid sales | $3.8B | 90% |
| Sales of purchased oil | $385.0M | 9% |
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% |
