As of Q4'25, VST's latest reported gross margin stands at 52.3%, with an operating margin of -24.4% and a net profit margin of 7.0%. This indicates that while the company maintains a strong gross margin, its operating margin has turned negative, and net profitability remains modest. Over the period from Q1'23 to Q4'25, VST's profit margins have shown significant volatility. Gross margin generally fluctuated between 41.4% and 64.9%, peaking in Q3'24 before declining. Operating margin experienced sharp swings, turning negative in Q1'25 and Q4'25, while net profit margin also dipped into negative territory in late 2023 and early 2025. Despite intermittent recoveries, the overall trend suggests ongoing margin pressure and operational challenges, with profitability remaining unstable throughout the observed quarters.