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Side-by-side financial comparison of Vertiv Holdings Co (VRT) 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 $2.6B, roughly 1.8× Vertiv Holdings Co). Vertiv Holdings Co runs the higher net margin — 14.7% vs 4.8%, a 9.9% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 30.1%). Vertiv Holdings Co produced more free cash flow last quarter ($652.8M vs $596.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs 16.5%).
Vertiv is an American multinational provider of critical infrastructure and services for data centers, communication networks, and commercial and industrial environments.
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
VRT vs VST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.6B | $4.8B |
| Net Profit | $390.1M | $233.0M |
| Gross Margin | 37.7% | — |
| Operating Margin | — | 9.9% |
| Net Margin | 14.7% | 4.8% |
| Revenue YoY | 30.1% | 31.2% |
| Net Profit YoY | 137.1% | -47.2% |
| EPS (diluted) | $0.99 | $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 | $2.6B | — | ||
| Q4 25 | $2.9B | $4.8B | ||
| Q3 25 | $2.7B | $4.8B | ||
| Q2 25 | $2.6B | $3.8B | ||
| Q1 25 | $2.0B | $4.3B | ||
| Q4 24 | $2.3B | $3.7B | ||
| Q3 24 | $2.1B | $4.3B | ||
| Q2 24 | $2.0B | $3.6B |
| Q1 26 | $390.1M | — | ||
| Q4 25 | $445.6M | $233.0M | ||
| Q3 25 | $398.5M | $652.0M | ||
| Q2 25 | $324.2M | $327.0M | ||
| Q1 25 | $164.5M | $-268.0M | ||
| Q4 24 | $147.0M | $441.0M | ||
| Q3 24 | $176.6M | $1.9B | ||
| Q2 24 | $178.1M | $365.0M |
| Q1 26 | 37.7% | — | ||
| Q4 25 | 38.9% | — | ||
| Q3 25 | 37.8% | — | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 33.7% | — | ||
| Q4 24 | 37.1% | — | ||
| Q3 24 | 36.5% | — | ||
| Q2 24 | 38.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | 20.1% | 9.9% | ||
| Q3 25 | 19.3% | 21.7% | ||
| Q2 25 | 16.8% | 13.7% | ||
| Q1 25 | 14.3% | -2.8% | ||
| Q4 24 | 19.5% | 16.4% | ||
| Q3 24 | 17.9% | 59.6% | ||
| Q2 24 | 17.2% | 22.5% |
| Q1 26 | 14.7% | — | ||
| Q4 25 | 15.5% | 4.8% | ||
| Q3 25 | 14.9% | 13.6% | ||
| Q2 25 | 12.3% | 8.7% | ||
| Q1 25 | 8.1% | -6.3% | ||
| Q4 24 | 6.3% | 12.0% | ||
| Q3 24 | 8.5% | 43.5% | ||
| Q2 24 | 9.1% | 10.1% |
| Q1 26 | $0.99 | — | ||
| Q4 25 | $1.14 | $0.55 | ||
| Q3 25 | $1.02 | $1.75 | ||
| Q2 25 | $0.83 | $0.81 | ||
| Q1 25 | $0.42 | $-0.93 | ||
| Q4 24 | $0.38 | $1.09 | ||
| Q3 24 | $0.46 | $5.25 | ||
| Q2 24 | $0.46 | $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 | $2.5B | $785.0M |
| Total DebtLower is stronger | $0 | $15.8B |
| Stockholders' EquityBook value | $4.2B | $5.1B |
| Total Assets | $13.4B | $41.5B |
| Debt / EquityLower = less leverage | 0.00× | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.5B | — | ||
| Q4 25 | $1.7B | $785.0M | ||
| Q3 25 | $1.4B | $602.0M | ||
| Q2 25 | $1.6B | $458.0M | ||
| Q1 25 | $1.5B | $561.0M | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $908.7M | $905.0M | ||
| Q2 24 | $579.7M | $1.6B |
| Q1 26 | $0 | — | ||
| Q4 25 | $2.9B | $15.8B | ||
| Q3 25 | $2.9B | $15.8B | ||
| Q2 25 | $2.9B | $15.5B | ||
| Q1 25 | $2.9B | $15.4B | ||
| Q4 24 | $2.9B | $15.4B | ||
| Q3 24 | $2.9B | $13.9B | ||
| Q2 24 | $2.9B | $13.9B |
| Q1 26 | $4.2B | — | ||
| Q4 25 | $3.9B | $5.1B | ||
| Q3 25 | $3.5B | $5.2B | ||
| Q2 25 | $3.1B | $4.8B | ||
| Q1 25 | $2.7B | $4.8B | ||
| Q4 24 | $2.4B | $5.6B | ||
| Q3 24 | $1.8B | $5.4B | ||
| Q2 24 | $1.5B | $5.6B |
| Q1 26 | $13.4B | — | ||
| Q4 25 | $12.2B | $41.5B | ||
| Q3 25 | $10.8B | $38.0B | ||
| Q2 25 | $10.4B | $38.1B | ||
| Q1 25 | $9.5B | $38.2B | ||
| Q4 24 | $9.1B | $37.8B | ||
| Q3 24 | $8.9B | $37.9B | ||
| Q2 24 | $8.1B | $39.1B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.74× | 3.11× | ||
| Q3 25 | 0.83× | 3.02× | ||
| Q2 25 | 0.93× | 3.22× | ||
| Q1 25 | 1.10× | 3.20× | ||
| Q4 24 | 1.20× | 2.77× | ||
| Q3 24 | 1.62× | 2.56× | ||
| Q2 24 | 1.91× | 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 | — | $1.4B |
| Free Cash FlowOCF − Capex | $652.8M | $596.0M |
| FCF MarginFCF / Revenue | 24.6% | 12.4% |
| Capex IntensityCapex / Revenue | 4.2% | 17.4% |
| Cash ConversionOCF / Net Profit | — | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $2.3B | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $978.9M | $1.4B | ||
| Q3 25 | $508.7M | $1.5B | ||
| Q2 25 | $322.9M | $572.0M | ||
| Q1 25 | $303.3M | $599.0M | ||
| Q4 24 | $425.2M | $1.4B | ||
| Q3 24 | $378.2M | $1.7B | ||
| Q2 24 | $378.4M | $1.2B |
| Q1 26 | $652.8M | — | ||
| Q4 25 | $885.6M | $596.0M | ||
| Q3 25 | $463.5M | $1.0B | ||
| Q2 25 | $277.9M | $-118.0M | ||
| Q1 25 | $266.8M | $-169.0M | ||
| Q4 24 | $364.5M | $923.0M | ||
| Q3 24 | $341.8M | $1.0B | ||
| Q2 24 | $344.3M | $698.0M |
| Q1 26 | 24.6% | — | ||
| Q4 25 | 30.8% | 12.4% | ||
| Q3 25 | 17.3% | 21.1% | ||
| Q2 25 | 10.5% | -3.1% | ||
| Q1 25 | 13.1% | -4.0% | ||
| Q4 24 | 15.5% | 25.2% | ||
| Q3 24 | 16.5% | 23.4% | ||
| Q2 24 | 17.6% | 19.4% |
| Q1 26 | 4.2% | — | ||
| Q4 25 | 3.2% | 17.4% | ||
| Q3 25 | 1.7% | 9.6% | ||
| Q2 25 | 1.7% | 18.4% | ||
| Q1 25 | 1.8% | 18.1% | ||
| Q4 24 | 2.6% | 11.7% | ||
| Q3 24 | 1.8% | 15.8% | ||
| Q2 24 | 1.7% | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | 2.20× | 6.15× | ||
| Q3 25 | 1.28× | 2.25× | ||
| Q2 25 | 1.00× | 1.75× | ||
| Q1 25 | 1.84× | — | ||
| Q4 24 | 2.89× | 3.07× | ||
| Q3 24 | 2.14× | 0.90× | ||
| Q2 24 | 2.12× | 3.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
VRT
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% |
