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Side-by-side financial comparison of Cheniere Energy, Inc. (LNG) and Vistra Corp. (VST). Click either name above to swap in a different company.
Cheniere Energy, Inc. is the larger business by last-quarter revenue ($5.4B vs $4.8B, roughly 1.1× Vistra Corp.). Cheniere Energy, Inc. runs the higher net margin — 42.8% vs 4.8%, a 38.0% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 20.3%). Cheniere Energy, Inc. produced more free cash flow last quarter ($1.3B vs $596.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs 14.3%).
Cheniere Energy, Inc. is an American liquefied natural gas (LNG) company headquartered in Houston, Texas.
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
LNG vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.4B | $4.8B |
| Net Profit | $2.3B | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 70.8% | 9.9% |
| Net Margin | 42.8% | 4.8% |
| Revenue YoY | 20.3% | 31.2% |
| Net Profit YoY | 135.6% | -47.2% |
| EPS (diluted) | $10.51 | $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 | $5.4B | $4.8B | ||
| Q3 25 | $4.3B | $4.8B | ||
| Q2 25 | $4.5B | $3.8B | ||
| Q1 25 | $5.3B | $4.3B | ||
| Q4 24 | $4.5B | $3.7B | ||
| Q3 24 | $3.7B | $4.3B | ||
| Q2 24 | $3.1B | $3.6B | ||
| Q1 24 | $4.1B | $3.2B |
| Q4 25 | $2.3B | $233.0M | ||
| Q3 25 | $1.0B | $652.0M | ||
| Q2 25 | $1.6B | $327.0M | ||
| Q1 25 | $353.0M | $-268.0M | ||
| Q4 24 | $977.0M | $441.0M | ||
| Q3 24 | $893.0M | $1.9B | ||
| Q2 24 | $880.0M | $365.0M | ||
| Q1 24 | $502.0M | $-35.0M |
| Q4 25 | 70.8% | 9.9% | ||
| Q3 25 | 42.3% | 21.7% | ||
| Q2 25 | 56.1% | 13.7% | ||
| Q1 25 | 18.2% | -2.8% | ||
| Q4 24 | 38.9% | 16.4% | ||
| Q3 24 | 44.7% | 59.6% | ||
| Q2 24 | 50.5% | 22.5% | ||
| Q1 24 | 28.0% | 2.7% |
| Q4 25 | 42.8% | 4.8% | ||
| Q3 25 | 24.4% | 13.6% | ||
| Q2 25 | 36.1% | 8.7% | ||
| Q1 25 | 6.7% | -6.3% | ||
| Q4 24 | 21.9% | 12.0% | ||
| Q3 24 | 24.2% | 43.5% | ||
| Q2 24 | 28.0% | 10.1% | ||
| Q1 24 | 12.2% | -1.1% |
| Q4 25 | $10.51 | $0.55 | ||
| Q3 25 | $4.75 | $1.75 | ||
| Q2 25 | $7.30 | $0.81 | ||
| Q1 25 | $1.57 | $-0.93 | ||
| Q4 24 | $4.30 | $1.09 | ||
| Q3 24 | $3.93 | $5.25 | ||
| Q2 24 | $3.84 | $0.90 | ||
| Q1 24 | $2.13 | $-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 | $1.1B | $785.0M |
| Total DebtLower is stronger | $22.5B | $15.8B |
| Stockholders' EquityBook value | $7.9B | $5.1B |
| Total Assets | $47.9B | $41.5B |
| Debt / EquityLower = less leverage | 2.84× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $785.0M | ||
| Q3 25 | $1.1B | $602.0M | ||
| Q2 25 | $1.6B | $458.0M | ||
| Q1 25 | $2.5B | $561.0M | ||
| Q4 24 | $2.6B | $1.2B | ||
| Q3 24 | $2.7B | $905.0M | ||
| Q2 24 | $2.4B | $1.6B | ||
| Q1 24 | $4.4B | $1.1B |
| Q4 25 | $22.5B | $15.8B | ||
| Q3 25 | $22.0B | $15.8B | ||
| Q2 25 | $22.0B | $15.5B | ||
| Q1 25 | $22.5B | $15.4B | ||
| Q4 24 | $22.6B | $15.4B | ||
| Q3 24 | $22.5B | $13.9B | ||
| Q2 24 | $22.6B | $13.9B | ||
| Q1 24 | $21.4B | $14.7B |
| Q4 25 | $7.9B | $5.1B | ||
| Q3 25 | $6.7B | $5.2B | ||
| Q2 25 | $6.7B | $4.8B | ||
| Q1 25 | $5.6B | $4.8B | ||
| Q4 24 | $5.7B | $5.6B | ||
| Q3 24 | $5.1B | $5.4B | ||
| Q2 24 | $4.5B | $5.6B | ||
| Q1 24 | $4.3B | $5.7B |
| Q4 25 | $47.9B | $41.5B | ||
| Q3 25 | $45.1B | $38.0B | ||
| Q2 25 | $44.6B | $38.1B | ||
| Q1 25 | $43.5B | $38.2B | ||
| Q4 24 | $43.9B | $37.8B | ||
| Q3 24 | $43.1B | $37.9B | ||
| Q2 24 | $42.3B | $39.1B | ||
| Q1 24 | $42.9B | $38.2B |
| Q4 25 | 2.84× | 3.11× | ||
| Q3 25 | 3.25× | 3.02× | ||
| Q2 25 | 3.28× | 3.22× | ||
| Q1 25 | 4.03× | 3.20× | ||
| Q4 24 | 3.96× | 2.77× | ||
| Q3 24 | 4.42× | 2.56× | ||
| Q2 24 | 5.06× | 2.49× | ||
| Q1 24 | 5.04× | 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 | $2.1B | $1.4B |
| Free Cash FlowOCF − Capex | $1.3B | $596.0M |
| FCF MarginFCF / Revenue | 24.4% | 12.4% |
| Capex IntensityCapex / Revenue | 13.8% | 17.4% |
| Cash ConversionOCF / Net Profit | 0.89× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $2.5B | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1B | $1.4B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $831.0M | $572.0M | ||
| Q1 25 | $1.2B | $599.0M | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.2B | $312.0M |
| Q4 25 | $1.3B | $596.0M | ||
| Q3 25 | $738.0M | $1.0B | ||
| Q2 25 | $-193.0M | $-118.0M | ||
| Q1 25 | $605.0M | $-169.0M | ||
| Q4 24 | $1.1B | $923.0M | ||
| Q3 24 | $875.0M | $1.0B | ||
| Q2 24 | $613.0M | $698.0M | ||
| Q1 24 | $596.0M | $-153.0M |
| Q4 25 | 24.4% | 12.4% | ||
| Q3 25 | 17.2% | 21.1% | ||
| Q2 25 | -4.3% | -3.1% | ||
| Q1 25 | 11.4% | -4.0% | ||
| Q4 24 | 24.0% | 25.2% | ||
| Q3 24 | 23.8% | 23.4% | ||
| Q2 24 | 19.5% | 19.4% | ||
| Q1 24 | 14.5% | -4.8% |
| Q4 25 | 13.8% | 17.4% | ||
| Q3 25 | 16.0% | 9.6% | ||
| Q2 25 | 22.7% | 18.4% | ||
| Q1 25 | 11.8% | 18.1% | ||
| Q4 24 | 12.7% | 11.7% | ||
| Q3 24 | 14.0% | 15.8% | ||
| Q2 24 | 16.0% | 13.8% | ||
| Q1 24 | 15.8% | 14.7% |
| Q4 25 | 0.89× | 6.15× | ||
| Q3 25 | 1.36× | 2.25× | ||
| Q2 25 | 0.51× | 1.75× | ||
| Q1 25 | 3.48× | — | ||
| Q4 24 | 1.68× | 3.07× | ||
| Q3 24 | 1.56× | 0.90× | ||
| Q2 24 | 1.27× | 3.28× | ||
| Q1 24 | 2.48× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LNG
| Liquefied Natural Gas | $5.3B | 99% |
| Other | $103.0M | 2% |
| Regasification Service | $34.0M | 1% |
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% |
