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Oil & gas E&P · Energy · Fiscal year ends Dec 31
Vista Energy, S.A.B. de C.V. reported revenue of $2.5B in the fiscal year ended Dec 2025, up 50.2% from the year before. Operating income was $1.3B, an operating margin of 50.6%, and net income was $719M. Operating cash flow of $796M less capital expenditure of $1.5B left free cash flow of −$659M. Net debt was $2.6B.
Ranks among the 34 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 665 | 1,188 | 1,169 | 1,648 | 2,474 |
| Gross profit | 267 | 630 | 591 | 818 | 1,175 |
| Selling, general & admin | 88.6 | 124 | 139 | 249 | 366 |
| Operating income | 211 | 529 | 631 | 625 | 1,251 |
| Interest expense | 50.7 | 28.9 | 21.9 | 62.5 | 163 |
| Pre-tax income | 153 | 434 | 545 | 591 | 1,005 |
| Income tax | 102 | 164 | 148 | 113 | 286 |
| Net income | 50.7 | 270 | 397 | 478 | 719 |
| Diluted EPS | 0.54 | 2.75 | 4.00 | 4.63 | 6.71 |
| Diluted shares | 93.3 | 97.8 | 99.2 | 103 | 107 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 315 | 244 | 213 | 764 | 538 |
| Receivables | 46.1 | 90.4 | 205 | 281 | 348 |
| Inventory | 14.0 | 12.9 | 7.5 | 6.5 | 9.5 |
| Current assets | 375 | 348 | 426 | 1,052 | 896 |
| Net PP&E | 1,224 | 1,606 | 1,928 | 2,806 | 5,543 |
| Goodwill | 28.4 | 28.3 | 22.6 | 22.6 | 22.6 |
| Total assets | 1,684 | 2,038 | 2,598 | 4,232 | 7,113 |
| Payables | 138 | 221 | 205 | 487 | 419 |
| Current liabilities | 386 | 408 | 359 | 1,058 | 1,036 |
| Short-term debt | 163 | 71.7 | 61.2 | 46.2 | 350 |
| Long-term debt | 448 | 478 | 555 | 1,402 | 2,804 |
| Total liabilities | 1,118 | 1,194 | 1,351 | 2,611 | 4,601 |
| Shareholders' equity | 565 | 844 | 1,247 | 1,621 | 2,512 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 401 | 690 | 712 | 959 | 796 |
| Capital expenditure | 321 | 479 | 688 | 1,053 | 1,455 |
| Free cash flow | 80.1 | 211 | 23.6 | −93.5 | −659 |
| Depreciation & amortisation | 191 | 235 | 276 | 438 | 739 |
| Stock-based compensation | 10.6 | 16.6 | 23.1 | 34.9 | 56.0 |
| Acquisitions | – | 115 | 25.0 | – | – |
| Share buybacks | – | 29.3 | 0.0 | 99.8 | 50.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 78.5% | −1.6% | 41.0% | 50.2% |
| Operating income growth (YoY) | – | 151.3% | 19.3% | −1.0% | 100.0% |
| EPS growth (YoY) | – | 407.4% | 45.2% | 15.8% | 44.8% |
| Gross margin | 40.1% | 53.1% | 50.6% | 49.6% | 47.5% |
| Operating margin | 31.6% | 44.6% | 54.0% | 38.0% | 50.6% |
| Net margin | 7.6% | 22.7% | 34.0% | 29.0% | 29.1% |
| Return on equityBlank when equity is negative | 9.0% | 31.9% | 31.8% | 29.5% | 28.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.2% | 32.5% | 28.2% | 19.7% | 20.6% |
| Free cash flow margin | 12.0% | 17.7% | 2.0% | −5.7% | −26.6% |
| Cash conversion (CFO ÷ net income) | 7.92x | 2.56x | 1.79x | 2.01x | 1.11x |
| Receivable days | 25 | 28 | 64 | 62 | 51 |
| Inventory days | 13 | 8 | 5 | 3 | 3 |
| Payable days | 127 | 145 | 130 | 214 | 118 |
| Interest cover | 4.16x | 18.3x | 28.9x | 10.0x | 7.66x |
| Debt ÷ equity | 1.08x | 0.65x | 0.49x | 0.89x | 1.26x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 296 | 305 | 403 | 684 | 2,616 |
| Current ratio | 0.97x | 0.85x | 1.19x | 0.99x | 0.86x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.