{"slug":"vistra","name":"Vistra","name_en":"Vistra","ticker":"VST","updated_at":"2026-07-12T04:19:39.217485+00:00","canonical":"https://valuechain.wiki/vistra","same_as":["https://finance.yahoo.com/quote/VST","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1692819"],"citable":"밸류체인 그래프 기준 Vistra의 직접 연결 기업은 4곳(관계 기준 공급 2·매출 2)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Vistra is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 5 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"발전(원전·가스)·데이터센터 전력","kicker_en":"Power generation (nuclear/gas)","lead":"미국 최대 경쟁발전사 중 하나(약 50GW). AWS·메타와 장기 원전 PPA를 맺어 데이터센터 전력을 공급하고, 코만치피크 원전(2.4GW) 증설·가스발전 확장(Cogentrix 5.5GW 인수)을 추진한다. 2025 EBITDA $55~61억. 전력 병목 구간의 발전 축.","lead_en":"One of the largest US competitive power generators (~50GW). It signed long-term nuclear PPAs with AWS and Meta for datacenter power, and is expanding Comanche Peak nuclear (2.4GW) and gas (Cogentrix 5.5GW acquisition). 2025 EBITDA $5.5-6.1B. The generation pillar of the power bottleneck.","segments":{"parts":[{"desc":"원자력(코만치피크 2.4GW 증설) — 24시간 무탄소 전력으로 AWS·메타 데이터센터 PPA의 근원.","name":"원전 발전"},{"desc":"가스발전(Cogentrix 5.5GW 인수) — ERCOT·PJM 도매 물량과 전력 수요 급증의 축.","name":"가스 발전"},{"desc":"AWS·메타 장기 원전 PPA — 데이터센터 전력 수요를 선확정한 성장 축.","name":"데이터센터 PPA"}],"total":"2025 EBITDA $5.5~6.1B, ~50GW","concentration":"AWS·메타 원전 PPA. 데이터센터 전력 공급."},"segments_en":{"parts":[{"desc":"Nuclear (Comanche Peak 2.4GW expansion) — 24/7 carbon-free power behind the AWS/Meta datacenter PPAs.","name":"Nuclear"},{"desc":"Gas generation (Cogentrix 5.5GW acquisition) — the axis for ERCOT/PJM wholesale volume and surging power demand.","name":"Gas"},{"desc":"Long-term nuclear PPAs with AWS and Meta — the growth axis pre-committing datacenter power demand.","name":"Datacenter PPAs"}],"total":"2025 EBITDA $5.5-6.1B, ~50GW","concentration":"Nuclear PPAs with AWS and Meta."},"returns_yearly":{"2021":19.6,"2022":5.1,"2023":70.7,"2024":261.5,"2025":17.7,"2026":-1.3},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":3,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"procter-gamble","name":"Procter & Gamble","name_en":"Procter & Gamble","tier":2,"returns_yearly":{"2021":20.5,"2022":-5,"2023":-0.9,"2024":17.3,"2025":-12.3,"2026":4.1}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":1,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}}],"benefiting":[{"slug":"williams","name":"Williams","name_en":"Williams Companies","tier":1,"returns_yearly":{"2021":38.4,"2022":32.8,"2023":11.9,"2024":62.3,"2025":14.9,"2026":26.6}},{"slug":"cameco","name":"Cameco","name_en":"Cameco","tier":1,"returns_yearly":{"2021":63.2,"2022":4.3,"2023":90.5,"2024":19.5,"2025":78.4,"2026":4.9}}],"analysis":"비스트라의 논지는 원전·가스 발전 캐파를 쥐고 데이터센터 전력 수요를 파는 미국 최대 경쟁발전사 중 하나라는 위치다. 약 50GW의 발전 포트폴리오로 ERCOT·PJM 도매시장에 팔면서, AWS·메타와 장기 원전 PPA를 맺어 데이터센터 전력을 선확정했다 — 전력망이 AI 수요를 못 따라가는 국면에서 24시간 무탄소 원전 전력이 하이퍼스케일러의 프리미엄 수요다. 코만치피크 원전(2.4GW) 증설과 Cogentrix(5.5GW 가스) 인수가 캐파를 키우고, 2025 EBITDA $55~61억이 실적 기반이다. 원가단은 카메코(우라늄)·윌리엄스(가스)에 연동돼 연료 가격·수송에 노출된다. 재평가 트리거는 데이터센터 PPA 추가 체결, 원전·가스 증설 가동, 그리고 전력 도매가격이다.","analysis_en":"Vistra's thesis is its position as one of the largest US competitive generators, holding nuclear and gas capacity to sell datacenter power. With a ~50GW portfolio selling into ERCOT/PJM wholesale, it pre-committed datacenter power via long-term nuclear PPAs with AWS and Meta — with the grid unable to keep pace with AI demand, 24/7 carbon-free nuclear power is premium hyperscaler demand. The Comanche Peak nuclear expansion (2.4GW) and the Cogentrix acquisition (5.5GW gas) grow capacity, and 2025 EBITDA of $5.5-6.1B is the earnings base. On the cost side it is tied to Cameco (uranium) and Williams (gas), exposed to fuel prices and transport. Re-rating triggers are additional datacenter PPA signings, nuclear/gas capacity coming online, and wholesale power prices.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"메타 플랫폼스","counterparty_slug":"meta","confidence":"high","metric":null,"note":"메타와 장기 원전 PPA로 데이터센터 전력 공급 — 원전 프리미엄 수요의 또 다른 축.","note_en":"Long-term nuclear PPA supplying Meta datacenter power — another axis of premium nuclear demand.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-01","url":"https://www.sec.gov/Archives/edgar/data/0001692819/000119312526002589/d62722dex991.htm","title":"Vistra 실적·가이던스(8-K)","title_en":"Vistra results/guidance (8-K)","excerpt":"메타 플랫폼스가 비스트라 원전 전력을 장기 PPA로 조달.","excerpt_en":"meta sources Vistra nuclear power under a long-term PPA."},{"stance":"confirms","publisher":"DCD","publisher_en":"DCD","kind":"news","lang":"en","published_at":"2025-09-01","url":"https://www.datacenterdynamics.com/en/news/vistra-in-discussions-with-data-center-operators-to-increase-nuclear-power-output/","title":"비스트라, AWS·메타 원전 PPA·데이터센터 전력 논의","title_en":"Vistra nuclear PPAs with AWS/Meta; datacenter power talks","excerpt":"메타 플랫폼스가 비스트라 원전 전력을 장기 PPA로 조달.","excerpt_en":"meta sources Vistra nuclear power under a long-term PPA."}]},{"direction":"revenue","counterparty":"도매 전력시장·기업 (발전)","counterparty_slug":null,"confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"ERCOT·PJM 도매시장 및 기업 PPA(약 50GW).","note_en":"ERCOT/PJM wholesale and corporate PPAs (~50GW).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-01","url":"https://www.sec.gov/Archives/edgar/data/0001692819/000119312526002589/d62722dex991.htm","title":"Vistra 실적·가이던스(8-K)","title_en":"Vistra results/guidance (8-K)","excerpt":"미국 최대 경쟁발전사 중 하나(약 50GW).","excerpt_en":"One of the largest US competitive generators (~50GW)."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":null,"note":"아마존과 장기 원전 PPA로 데이터센터 전력 공급 — 24시간 무탄소 전력을 찾는 하이퍼스케일러 대표 계약.","note_en":"Long-term nuclear PPA supplying Amazon datacenter power — a flagship deal as hyperscalers seek 24/7 carbon-free power.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-01","url":"https://www.sec.gov/Archives/edgar/data/0001692819/000119312526002589/d62722dex991.htm","title":"Vistra 실적·가이던스(8-K)","title_en":"Vistra results/guidance (8-K)","excerpt":"아마존가 비스트라 원전 전력을 장기 PPA로 조달.","excerpt_en":"amazon sources Vistra nuclear power under a long-term PPA."},{"stance":"confirms","publisher":"DCD","publisher_en":"DCD","kind":"news","lang":"en","published_at":"2025-09-01","url":"https://www.datacenterdynamics.com/en/news/vistra-in-discussions-with-data-center-operators-to-increase-nuclear-power-output/","title":"비스트라, AWS·메타 원전 PPA·데이터센터 전력 논의","title_en":"Vistra nuclear PPAs with AWS/Meta; datacenter power talks","excerpt":"아마존가 비스트라 원전 전력을 장기 PPA로 조달.","excerpt_en":"amazon sources Vistra nuclear power under a long-term PPA."}]},{"direction":"cost","counterparty":"Cameco","counterparty_slug":"cameco","confidence":"mid","metric":null,"note":"원전 연료(우라늄)를 카메코에서 조달 — 원전 발전의 상류 연료 의존.","note_en":"Sources nuclear fuel (uranium) from Cameco — upstream fuel dependence for nuclear generation.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/0001009001/000119312525253372/d935274dex991.htm","title":"Cameco FY2025 실적(6-K)","title_en":"Cameco FY2025 results (6-K)","excerpt":"원전 연료(우라늄)를 카메코에서 조달.","excerpt_en":"Sources nuclear fuel (uranium) from Cameco."}]},{"direction":"cost","counterparty":"Williams","counterparty_slug":"williams","confidence":"mid","metric":null,"note":"가스발전 연료를 윌리엄스 파이프라인으로 조달 — 미드스트림 수송에 연동된 연료 축.","note_en":"Sources gas-generation fuel via Williams pipelines — a fuel axis tied to midstream transport.","sources":[{"stance":"confirms","publisher":"Nasdaq","publisher_en":"Nasdaq","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://www.nasdaq.com/articles/williams-invest-31b-power-projects-data-centers","title":"Williams, 데이터센터 전력 프로젝트 투자","title_en":"Williams to invest in power projects for datacenters","excerpt":"가스발전 연료를 윌리엄스에서.","excerpt_en":"Gas-generation fuel from Williams."}]},{"direction":"cost","counterparty":"송배전·운영·정비 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"발전소 운영·정비·계통 연계.","note_en":"Plant operations, maintenance and grid interconnection.","sources":[{"stance":"confirms","publisher":"Utility Dive","publisher_en":"Utility Dive","kind":"news","lang":"en","published_at":"2026-01-27","url":"https://www.utilitydive.com/news/meta-nuclear-deal-oklo-vistra-terrapower-ai-data-centers/809215/","title":"Vistra, 메타와 원전 PPA 2.6GW","title_en":"Vistra signs nuclear PPAs with Meta (2.6GW)","excerpt":"비스트라가 메타와 20년 원전 PPA 2,600MW 체결.","excerpt_en":"Vistra signs 20-year nuclear PPAs with Meta for 2,600MW."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-01","url":"https://www.sec.gov/Archives/edgar/data/0001692819/000119312526002589/d62722dex991.htm","title":"Vistra 실적·가이던스(8-K)","title_en":"Vistra results/guidance (8-K)","excerpt":"약 50GW 발전 운영·정비.","excerpt_en":"Operates/maintains ~50GW of generation."}]},{"direction":"cost","counterparty":"연료·발전소·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"원전·가스 연료와 발전소 인수·증설(Cogentrix) — 캐파 확장의 자본집약 원가(비공개).","note_en":"Nuclear/gas fuel and plant acquisitions/expansion (Cogentrix) — the capital-intensive cost of capacity growth (undisclosed).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-01","url":"https://www.sec.gov/Archives/edgar/data/0001692819/000119312526002589/d62722dex991.htm","title":"Vistra 실적·가이던스(8-K)","title_en":"Vistra results/guidance (8-K)","excerpt":"Cogentrix 5.5GW 인수 등 발전 확장.","excerpt_en":"Gas expansion incl. Cogentrix 5.5GW acquisition."}]}]}