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Vista Energy USD

At a glance: strengths & risks
✓Revenue growing (+83% y/y, Q3 2026)✓Margins improving (66%→68%, Q3 2026)✓Cheaper than own history (EV/EBITDA 3.5 vs avg 5.3)

Sector: Oil & gas

Geography: Argentina (Vaca Muerta)

COMM_VIST

Price chart

55.84 USDDay 0.63%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
55.84 USD · 0.63%
Market cap
6.2 bn USD

Growth

Δ revenue y/y
83.4%
Δ EBITDA y/y
90.9%

Multiples

P/E (LTM)
7.6x
3y avg: 9.5x
P/B (FY)
2.5x
P/E (ann.)
5.3x
EV/EBITDA (LTM)
3.5x
3y avg: 5.3x
EV/EBITDA (ann.)
2.6x

Cash return

Dividend yield
—
FCF yield (LTM)
13.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+132.1%
↓ details

Liquidity

Daily turnover (listing)
76.8 mln USD

Shares: verified/StockAnalysis + Digrin 2026-10-01 (SEC dei last 95.4M at 2023-12-31, +13.5M issued for acquisitions since)

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-09-30Q3 2026 (3M)OK1295.0
y/y 83.4%
591.1
y/y 134.3%
293.2
y/y 39.0%
884.3
y/y 90.9%
293.5
y/y -6.9%
772.852.39770.0
y/y 45.0%
3758.2
y/y 56.1%
33.1%2857.2Link
2026-06-30Q2 2026 (3M)OK1234.9
y/y 102.3%
546.4
y/y 148.4%
273.2
y/y 54.4%
819.5
y/y 106.5%
333.0
y/y 41.5%
987.2-502.49310.2
y/y 53.5%
3335.4
y/y 57.0%
44.9%3543.3Yahoo Finance
2026-03-31Q1 2026 (3M)OK865.0
y/y —
216.1
y/y —
229.7
y/y —
445.8
y/y —
107.7
y/y —
85.7-338.27720.4
y/y —
2599.5
y/y —
16.9%3403.0Yahoo Finance
2025-12-31Q4 2025 (3M)OK719.1
y/y —
213.9
y/y —
225.1
y/y —
439.0
y/y —
85.7
y/y —
435.3-347.17112.9
y/y 68.1%
2511.6
y/y 54.9%
29.2%2821.1Yahoo Finance
2025-09-30Q3 2025 (3M)OK706.1
y/y —
252.3
y/y —
210.9
y/y —
463.2
y/y —
315.3
y/y —
303.9-335.56739.3
y/y —
2407.6
y/y —
55.7%2761.0Yahoo Finance
2025-06-30Q2 2025 (3M)OK610.5
y/y —
220.0
y/y —
176.9
y/y —
396.9
y/y —
235.3
y/y —
-9.4-496.56065.1
y/y —
2124.6
y/y —
50.3%2525.9Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL1647.8
y/y 41.0%
625.4
y/y -1.0%
437.7
y/y 58.3%
1063.1
y/y 17.1%
477.5
y/y 20.3%
959.0-1063.94232.4
y/y 62.9%
1621.2
y/y 30.0%
33.3%779.9Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL1168.8
y/y —
631.5
y/y —
276.4
y/y —
907.9
y/y —
397.0
y/y —
712.0-695.72598.0
y/y —
1247.0
y/y —
—473.3Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)564
Long-term debt (incl. LT leases)3 078
− Cash & equivalents785
Net debt2 857

Net debt / LTM EBITDA: 1.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

0%50%100%150%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 500-1 000-50005002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

01 0002 0003 0004 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.01x of reported net profit; after capex, 0.04x.
year20212022202320242025
cash flow / profit7.92x2.56x1.79x2.01x1.11x
accruals, % of assets-20.8%-20.6%-12.1%-11.4%-1.1%
Last twelve months (to 2026-09-30): 2.78x of profit came back as operating cash flow.
net debt / EBITDA 1.8x · capex 2.1x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d		Realized price
USD $/bbl		Operating cost
USD $/boe
Q3 2026-09169 023
+33.3%		84.20
+30.3%		4.70
+6.8%
Q2 2026-06156 061
+32.2%		89.40
+43.7%		4.50
−4.3%
Q1 2026-03134 74160.104.30
Q4 2025-12135 414
+58.8%		58.90
−12.2%		4.10
FY 2025-12115 479
+65.8%		62.90
−9.1%		4.40
−4.3%
Q3 2025-09126 75264.604.40
Q2 2025-06118 01862.204.70
Q4 2024-1285 27667.10—
FY 2024-1269 66069.204.60

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.sec.gov/Archives/edgar/data/1762506/000119312526045516/d68075d6k.htm; https://www.sec.gov/Archives/edgar/data/1762506/000119312526071646/d946648dex1.htm; https://www.sec.gov/Archives/edgar/data/1762506/000119312526187099/d936340d20f.htm; https://www.sec.gov/Archives/edgar/data/1762506/000119312526306139/d151775dex1.htm; https://www.sec.gov/Archives/edgar/data/1762506/000119312526306731/d101768dex1.htm; https://www.sec.gov/Archives/edgar/data/1762506/000119312526384346/d149550d6k.htm

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
654.90 mln boe (1P)
2025
Reserve life (R/P)
15.5 yrs
reserves ÷ annual output
Annual production
42.15 mln boe
2025

Production, mln boe

25.43202442.152025

Proved reserves

YearReserves, mln boe (1P)
2025654.90
2024375.20

Production

YearProduction, mln boeper day, mln boe
202542.15
+65.8%		0.12
202425.430.07

Company reports: https://www.sec.gov/Archives/edgar/data/1762506/000119312526045516/d68075d6k.htm; https://www.sec.gov/Archives/edgar/data/1762506/000119312526071646/d946648dex1.htm; https://www.sec.gov/Archives/edgar/data/1762506/000119312526187099/d936340d20f.htm; https://www.sec.gov/Archives/edgar/data/1762506/000119312526306139/d151775dex1.htm; https://www.sec.gov/Archives/edgar/data/1762506/000119312526306731/d101768dex1.htm; https://www.sec.gov/Archives/edgar/data/1762506/000119312526384346/d149550d6k.htm

Key-commodity price — Brent

Current 96spot vs LTM +16%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +132.1% ▼ -0.5 pp 1d

Main driver: Brent +16% vs LTM; revenue ×1.15 vs costs ×1.04; EBITDA 2 547→2 768; at 6.2× EV/EBITDA → +132%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+92%95.8482.3781.57+16%-1%
Henry Hub Gas (rev)+4%3.233.333.11-3%-7%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue4 114
LTM EBITDA2 547
LTM cash costs (revenue − EBITDA)1 567
2 · Revenue projection
Revenue multiplier — spot×1.149 (+15%)
= Spot revenue4 728
Revenue multiplier — 3y price×0.988 (-1%)
= 3-year-price revenue4 066
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs1 629
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 629
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 098
= 3-year-price EBITDA2 437
Conservative EBITDA = min(spot, avg)2 768
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)6.2x
Target EV = EV/EBITDA × conservative EBITDA17 214
Net debt2 857
Target market cap = EV − net debt14 436
Current market cap6 221

Upside = target market cap ÷ current − 1 = +132.1%

Life of mine: 16 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2021 FY665439+51.5%402235+71.0%
2022 FY1 188928+28.0%764654+16.9%
2023 FY1 169977+19.7%933536+73.9%
2024 FY1 6481 132+45.6%1 063886+20.0%
2025 FY2 4741 460+69.4%1 567852+83.9%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +50% vs +41% the year before — a +9.2 pp move. 3-year CAGR +28%.
revenue growth by year: 2023 -2% · 2024 +41% · 2025 +50%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 8.6x · target 75th pct (3y) 10.1x · LTM avg 6.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal21.22.2x2.2x
LukoilRussia43.12.5x4.2x
TatneftRussia17.12.8x4.8x
GazpromRussia33.72.9x4.9x
Occidental Petroleumglobal58.75.0x5.0x
RosneftRussia46.03.2x5.4x
ConocoPhillipsglobal168.26.2x6.2x
Gazprom NeftRussia30.74.0x6.8x
SantosAustralia19.49.0x7.2x
Chevronglobal432.27.6x7.6x
Exxon Mobilglobal701.58.7x8.7x
NovatekRussia41.78.3x14.2x
Group median4.5x5.8x
Group average5.2x6.4x
This companyglobal6.23.5x3.5x

Group median 4.5x as traded, 5.8x adjusted; this company 3.5x — a 39% discount.

Group average 5.2x as traded, 6.4x adjusted; against the average this company is at a 45% discount.

At the adjusted group median the market cap would be +94% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-14; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Vista Energy — from primary filings.

Frequently asked questions

What is Vista Energy's P/E ratio?
Vista Energy trades at a P/E of 7.6x (price to trailing 12-month earnings).
What is Vista Energy's EV/EBITDA?
Vista Energy trades at 3.5x EV/EBITDA.
What is Vista Energy's P/B ratio?
Vista Energy trades at a P/B of 2.5x.
What is Vista Energy's return on equity (ROE)?
Vista Energy's ROE is 33.1%.
What is Vista Energy's market capitalization?
Vista Energy's market cap is 6.2 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map