The latest data point for VST in Q1'26 shows a Gross Margin of 55.1%, an Operating Margin of 26.2%, and a Net Profit Margin of 17.4%. This represents a significant recovery across all profitability metrics compared to the previous quarter. From Q2'23 to Q1'26, the company's margins have exhibited a highly volatile and cyclical pattern, with notable troughs occurring during the first quarters of each fiscal year. Profitability peaked in Q3'24, reaching a high Net Profit Margin of 29.3%, followed by a sharp decline that saw Operating and Net Margins turn negative in Q1'25. Despite these fluctuations, the Gross Margin has remained relatively resilient, generally staying within the 38% to 65% range.