What are the main concerns in Vistra Corp.'s latest SEC filing?

The analysis identified 5 key concerns: Operating cash flow declined due to increased margin deposit requirements for hedging, but underlying revenues showed improvement.; Significant write-off of $400M for Moss Landing 300 Incident without clear indications of future recovery beyond insurance claims.; Low interest coverage ratio of 1.9x may indicate financial strain despite 'adequate' accrual quality..

What are the top risks for Vistra Corp. (VST)?

The top risks identified in the 10-Q filing are: Market, Financial, and Economic Risks, Capital Structure and Liquidity Risks, Regulatory and Legislative Risks. The company faces a high-risk profile primarily driven by significant exposure to volatile commodity prices, intense market competition, substantial capital structure risks including high debt and non-investment grade ratings, and a complex regulatory environment.

VST - Comprehensive Filing Intelligence

Q3 2025•10-Q•Filed Nov 7, 2025

4.0/10

Filing Health:CAUTION

Notable concerns that warrant closer review

Executive Summary

Operating cash flow declined due to increased margin deposit requirements for hedging, but underlying revenues showed improvement.. Adjusted EBITDA showed strong growth driven by the full inclusion of Energy Harbor and improved retail margins.. Guarantees and surety bonds totaling $3.777 billion represent significant potential obligations.. Retail segment revenue decreased by 2.63%

Top Concerns

!Operating cash flow declined due to increased margin deposit requirements for hedging, but underlying revenues showed improvement.
!Significant write-off of $400M for Moss Landing 300 Incident without clear indications of future recovery beyond insurance claims.
!Low interest coverage ratio of 1.9x may indicate financial strain despite 'adequate' accrual quality.
!Guarantees and surety bonds totaling $3.777 billion represent significant potential obligations.
!Multiple environmental liabilities and ongoing litigation are in place, including costs for Moss Landing remediation ($110M accrued).

Top Positives

+Adjusted EBITDA showed strong growth driven by the full inclusion of Energy Harbor and improved retail margins.

Analysis Dimensions

Our 5-pass AI analysis examines this filing across multiple dimensions. Each dimension score is derived from direct analysis of SEC filing text.

Narrative Intelligence

7.0/10

Management tone is balanced.

Full analysis includes: tone changes vs prior quarter, margin driver breakdown, forward guidance analysis, strategic priorities.

Accounting Quality

6.0/10

Earnings quality shows moderate accounting practices.

Full analysis includes: reserve and allowance changes, non-recurring item analysis, stock-based compensation impact, disclosure concerns.

Hidden Liabilities

Off-balance sheet risk is high with $3.777 billion in identified exposure.

Full analysis includes: cloud and purchase commitments, VIE/SPE exposure, covenant compliance status, refinancing risk assessment.

Risk Landscape

3.0/10

Overall risk profile shows market, financial, and economic risks as primary concern.

Full analysis includes: 8 risk categories with severity, new vs escalated risks, management response assessment, risk trend analysis.

Segment Performance

4.0/10

Segment health analysis.

Full analysis includes: segment-by-segment revenue breakdown, geographic concentration risk, customer concentration analysis, segment margin trends.