VST
Vistra Corp.
Is VST Halal?
Electricity generation and retail are generally permissible, but the current filing-based asset screen fails on leverage and customer/derivative revenue remains unresolved.
What You Should Know
Vistra's March 2026 filing reports $41.308 billion of assets, $19.163 billion of interest-bearing debt, $634 million of cash, $341 million of NDT debt securities, $1.984 billion of receivables and $5.640 billion of quarterly revenue. Debt/assets are 46.39%, liquidity/assets 2.36% and receivables plus cash/assets 6.34%; the filing discloses $7 million of interest income but does not quantify a universal prohibited-activity revenue numerator.
⚠️ Concerns
- •Debt/assets are 46.39% under the current total-assets calculation and fail the examined 33% financial limit
- •Wholesale commodity derivatives and mark-to-market activity require school-specific review
- •Retail customer end uses and derivative-related revenue are not quantified as a prohibited-revenue numerator
- •Coal, nuclear safety, decommissioning, emissions and environmental stewardship remain material qualitative concerns
- •No fixed purification percentage is prescribed because screened revenue categories are not disclosed
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
19,163 / 41,308
975 / 41,308
2,618 / 41,308
7 / 5,640
- Financial
- Fails
- Overall
- Fails
Debt is 46.39% of total assets and exceeds the examined FTSE limit. Liquidity is 2.36%, receivables plus cash are 6.34% and disclosed interest income is 0.12% of revenue; the business-activity allocation remains incomplete.
- Financial
- Fails
- Overall
- Fails
Debt is 46.39% of total assets and exceeds the examined MSCI total-assets limit, while liquidity and receivables-plus-cash remain below the corresponding limits. This is a calculation against the named total-assets method, not an index-membership claim; the business screen remains incomplete.
- Financial
- Fails
- Overall
- Fails
Debt is 46.39% of total assets and exceeds the examined 33% limit; identifiable liquidity is 2.36%. This is a calculation against SAC ratios, not an official SAC classification of a U.S.-listed security; the business screen remains incomplete.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so these methods are not estimated from a current spot price.
Business-activity disclosure
Vistra operates competitive electricity generation and retail businesses, including natural-gas, nuclear, coal, solar and battery-storage assets. Supplying electricity and operating power infrastructure are generally permissible core activities, while wholesale commodity derivatives, environmental externalities, financing and end-use mix create school- and contract-specific questions.
Limitation: The latest filing reports operating revenues and segment results but does not quantify a defensible percentage for prohibited customer end uses, derivative activity, interest-linked products or other screened categories. No universal prohibited-revenue percentage is entered.
Purification
The filing discloses $7 million of interest income but does not quantify screened customer categories or derivative-related prohibited revenue. The site therefore does not prescribe a fixed purification percentage; readers should follow the scholar or methodology they use.
Inputs, assumptions and primary sources
- Interest-bearing debt uses Vistra's $19,163 million long-term-debt balance including amounts due currently. Accounts-receivable financing, forward repurchase obligations, lease liabilities and derivative liabilities are reported separately and are not added to this debt input.
- Cash uses $634 million of cash and cash equivalents. Restricted cash of $37 million is separately identified and excluded.
- Interest-bearing securities use the $341 million NDT debt-securities balance disclosed in the fair-value note. NDT equity securities and other investments are not treated as debt securities.
- Receivables use $1,984 million of net trade accounts receivable. Commodity and other derivative contractual assets are not added to the receivables numerator.
- Revenue uses $5,640 million of operating revenue for the three months ended March 31, 2026. The filing attributes the increase partly to unrealized mark-to-market gains on commodity derivatives, higher wholesale capacity and energy revenue, and acquired plants.
- The filing separately reports $7 million of interest income within other deductions, net. It does not quantify a universal prohibited-revenue numerator for electricity, retail, generation, commodity derivatives or customer end uses.
- Vistra's business includes retail electricity, Texas, East, West and Asset Closure segments, with generation assets including natural gas, nuclear, coal, solar and battery storage. Segment revenue is not a Sharia prohibited-activity allocation.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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