The latest data point for VST's operating ROA metrics as of Q4'25 shows ROE at 4.57%, ROA at 0.56%, and ROIC at 1.97%, indicating a mixed but generally subdued performance with ROE leading in magnitude while ROA remains the lowest among the three indicators. Over the period from Q1'23 to Q4'25, ROE exhibited significant volatility, peaking at 34.70% in Q3'24 before declining to negative territory in Q1'25 (-5.55%) and recovering modestly to 4.57% by Q4'25, reflecting operational ups and downs likely tied to profitability swings. ROA followed a similar but more muted pattern, fluctuating between -0.70% and 4.98% with an overall stable yet low trajectory averaging around 1%, underscoring limited asset efficiency gains. ROIC displayed the most pronounced growth inflection in Q3'24 at 10.33% before tapering to 1.97%, highlighting intermittent capital investment returns amid broader trends of recovery from 2023 lows but persistent sensitivity to quarterly variances.