WestThin moat

Vistra (VST) — moat facet

A California gas fleet that ran half as much in 2025 and still earned more.

West is the smallest generation segment, and it is shrinking. It had operating revenues of $325 million in 2025, against $839 million in 2024 and $866 million in 2023 1; external revenue fell from $833 million to $322 million 2. Its Adjusted EBITDA was $244 million, from $225 million 3.

West combined-cycle capacity factor (%)46.5%202423.0%2025Vistra 10-K FY2025, West segment; Adjusted EBITDA $225M in 2024, $244M in 2025
The gas plants ran half as much in 2025 and Adjusted EBITDA still rose, from $225M to $244M.

It is Vistra's California business, mostly gas generation. It produced 2,092 GWh in 2025 against 4,175 GWh, and its combined-cycle plants ran at a 23.0% capacity factor against 46.5% 4. The Moss Landing battery facility sits in the separate asset-closure segment after the January 2025 fire; the 10-K records a $155 million impairment of its 100 MW battery 5.

Its Adjusted EBITDA rose even as its output halved, which says the segment's earnings depend little on how much it runs. Net income fell from $486 million to $54 million, mainly on $460 million more of unrealised mark-to-market losses on hedges 6.

The latest half was steady: Adjusted EBITDA of $124 million, and $68 million in the June quarter against $49 million 7.

West is small enough that it barely moves Vistra, and the outlook is a California market adding batteries and solar that compete with gas for the evening peak. The number to watch is West's Adjusted EBITDA, $244 million in 2025 8: holding near that level with plants running a quarter of the time would confirm that the segment is paid for flexibility rather than energy.

Moat trajectory: Narrowing

Output halved in 2025 after the Moss Landing fire and external revenue fell from $833M to $322M, though Adjusted EBITDA held.

The number that tests this moat
Reported
West Adjusted EBITDA, first half
$124M in H1 2026 ($244M in 2025)

Holding near $240M a year with plants running a quarter of the time would confirm the segment is paid for flexibility.

Source: Vistra 10-Q Q2 2026 and 10-K FY2025 ↗
References
  1. ReportedIt had operating revenues of $325 million in 2025, against $839 million in 2024 and $866 million in 2023 ; external revenue fell from $833 million to $322 million .
    Vistra Form 10-K FY2025 - segment information (operating revenues, intersegment sales, Adjusted EBITDA for 2025, 2024 and 2023) and results by segment (net income, production volumes, capacity factors, retail volumes) — FY2023-FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcIt had operating revenues of $325 million in 2025, against $839 million in 2024 and $866 million in 2023 ; external revenue fell from $833 million to $322 million .
    Moat Explorer calculation from Vistra's Form 10-K FY2025 and Q2 2026 10-Q: external revenue by segment (segment revenue less intersegment sales), shares of revenue and Adjusted EBITDA, volume changes — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
  3. ReportedIts Adjusted EBITDA was $244 million, from $225 million .
    Vistra Form 10-K FY2025 - segment information (operating revenues, intersegment sales, Adjusted EBITDA for 2025, 2024 and 2023) and results by segment (net income, production volumes, capacity factors, retail volumes) — FY2023-FY2025 · publ. February 2026 · source ↗
  4. ReportedIt produced 2,092 GWh in 2025 against 4,175 GWh, and its combined-cycle plants ran at a 23.0% capacity factor against 46.5% .
    Vistra Form 10-K FY2025 - segment information (operating revenues, intersegment sales, Adjusted EBITDA for 2025, 2024 and 2023) and results by segment (net income, production volumes, capacity factors, retail volumes) — FY2023-FY2025 · publ. February 2026 · source ↗
  5. ReportedThe Moss Landing battery facility sits in the separate asset-closure segment after the January 2025 fire; the 10-K records a $155 million impairment of its 100 MW battery .
    Vistra Form 10-K FY2025 - segment information (operating revenues, intersegment sales, Adjusted EBITDA for 2025, 2024 and 2023) and results by segment (net income, production volumes, capacity factors, retail volumes) — FY2023-FY2025 · publ. February 2026 · source ↗
  6. ReportedNet income fell from $486 million to $54 million, mainly on $460 million more of unrealised mark-to-market losses on hedges .
    Vistra Form 10-K FY2025 - segment information (operating revenues, intersegment sales, Adjusted EBITDA for 2025, 2024 and 2023) and results by segment (net income, production volumes, capacity factors, retail volumes) — FY2023-FY2025 · publ. February 2026 · source ↗
  7. ReportedThe latest half was steady: Adjusted EBITDA of $124 million, and $68 million in the June quarter against $49 million .
    Vistra Form 10-Q for the quarter ended 30 June 2026 - segment Adjusted EBITDA and net income for the quarter and half, retail sales volumes, Meta PPA delivery schedule — Q2 2026 · publ. August 2026 · source ↗
  8. ReportedThe number to watch is West's Adjusted EBITDA, $244 million in 2025 : holding near that level with plants running a quarter of the time would confirm that the segment is paid for flexibility rather than energy.
    Vistra Form 10-K FY2025 - segment information (operating revenues, intersegment sales, Adjusted EBITDA for 2025, 2024 and 2023) and results by segment (net income, production volumes, capacity factors, retail volumes) — FY2023-FY2025 · publ. February 2026 · source ↗
Sources
Generated September 23, 2026