Venture Global, Inc. (VG)

Price$14.42Cached quoteAs of 2026-09-06 10:26 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong earnings are offset by heavy debt and spending.

At the observed market price, the shares trade at about 11.3 times the last four quarters’ diluted earnings per share, which allows for potential extra shares. Using about $36.0 billion of equity value and $38.7 billion of net debt gives roughly $74.7 billion of enterprise value, the market value of the operating business plus debt. That is about 8.4 times the midpoint of management’s 2026 adjusted operating-profit guidance. Those are not expensive multiples, but they assume unusually strong earnings survive heavy construction spending and volatile short-term gas pricing.

Big pictureProfit is rising fast, but cash generation still trails the construction bill by a wide margin.

Revenue climbed from $5.0 billion in 2024 to $13.8 billion in 2025, then reached $9.2 billion in the first half of 2026, up 53% from a year earlier. Earnings also accelerated. Cash tells a tougher story: operating cash flow was $2.84 billion in the first half, while capital spending was $6.90 billion, leaving about $4.1 billion more spending than operating cash. The comparable 2025 gap was roughly $6.8 billion. That negative free cash flow reflects expansion, but it still requires outside financing.

Business strengthPlaquemines growth is scaling earnings, while contracted sales give part of future demand a firmer base.

Plaquemines commissioning drove much of the recent step-up: first-half revenue rose 53%, common-stockholder net income increased from $764 million to $1.84 billion, and exported cargoes rose from 152 to 257. Contract coverage also helps durability. In June, EnBW added about 0.82 million tonnes a year for roughly five years, alongside an existing 2 million tonnes a year for 20 years. The caveat is important: second-quarter profit also benefited from higher-priced commissioning and short-term sales, so recent margins are not entirely locked in.

What could change the storyLower debt and steadier contracted cash would improve the case; weaker gas pricing or legal costs would hurt it.

Short-term liquidity is adequate, with current assets exceeding current liabilities by about $0.7 billion, but debt rose from $34.2 billion at year-end to $41.8 billion by June. Total common shares increased about 1.7%, so dilution has been modest but real, while the $0.04 quarterly dividend is small beside construction spending. A successful Plaquemines completion and CP2 ramp could turn borrowed construction dollars into durable cash. Conversely, each $1 change in assumed liquefaction fees moves 2026 adjusted operating profit by roughly $180 million to $210 million, and BP is seeking more than $1 billion in unresolved arbitration damages.

AI: News

Second-quarter resultsSecond-quarter profit surged, but a small sales miss and higher costs outweighed another full-year guidance increase.

On August 11, Venture Global reported $4.58 billion of quarterly revenue, $1.35 billion of net income attributable to common stockholders and $2.49 billion of adjusted operating profit before interest and similar items. Reuters reported that revenue and adjusted profit slightly missed expectations even as management raised full-year guidance to $8.7 billion-$9.1 billion. Shares fell about 7.3% that session. The timing is consistent with an earnings reaction, although broader markets also declined, so the results cannot be assigned sole responsibility.

Liquefaction fees surgeA sharp jump in short-term gas economics boosted near-term earnings expectations while highlighting their commodity sensitivity.

On July 8, Venture Global disclosed an average fixed liquefaction fee of $6.45 per million British thermal units for the second quarter, up 69% from $3.82 in the first quarter, on 466.4 trillion British thermal units sold and 127 exported cargoes. Reuters linked the increase to global supply disruption from the Iran war. Shares closed about 6.8% higher that day; that timing is consistent with a positive market read but does not prove causation. The gain also showed how temporary market tightness can materially change earnings.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$13.77B	$4.97B	$7.90B	$6.45B
Gross profit	$7.85B	$3.62B	$6.21B	$4.20B
Gross margin	57.00%	72.83%	78.68%	65.09%
Research & development	$344.0M	$635.0M	$490.0M	$311.0M
Operating expenses	$8.61B	$3.21B	$3.05B	$642.0M
Operating income	$5.16B	$1.76B	$4.85B	$3.56B
Operating margin	37.45%	35.46%	61.42%	55.13%
EBITDA	$6.10B	$2.08B	$5.13B	$4.29B
EBITDA margin	44.28%	41.93%	64.92%	66.59%
Net income	$2.73B	$1.75B	$3.62B	$1.86B
Net profit margin	19.85%	35.12%	45.79%	28.82%
Basic EPSper basic share	$0.93	$0.63	$1.30	$0.79
Diluted EPSper diluted share	$0.86	$0.57	$1.25	$0.72

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

32.56%of listed shares

Allianz Asset Management GmbH172.26M shares · Jun 30, 2026

View holders

Top 20 reported holders of VG
Holder	% owned
Allianz Asset Management GmbH	32.56%172.26M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.06%16.19M shares
D. E. Shaw & Co., Inc.	2.96%15.64M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.71%14.36M shares
Blackstone Inc.	2.70%14.29M shares
TCW GROUP INC	2.69%14.24M shares
BlackRock, Inc.	2.62%13.88M shares
GOLDMAN SACHS GROUP INC	2.10%11.13M shares
TORTOISE CAPITAL ADVISORS, L.L.C.	1.81%9.56M shares
STATE STREET CORP	1.71%9.03M shares
GEODE CAPITAL MANAGEMENT, LLC	1.16%6.11M shares
KAYNE ANDERSON CAPITAL ADVISORS LP	1.09%5.74M shares
COHEN & STEERS, INC.	1.02%5.41M shares
Rubric Capital Management LP	1.02%5.41M shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	1.00%5.28M shares
UBS Group AG	0.92%4.87M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.90%4.76M shares
DEUTSCHE BANK AG\	0.88%4.66M shares
Encompass Capital Advisors LLC	0.85%4.5M shares
MORGAN STANLEY	0.77%4.07M shares

Percentages use 529M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys17$24.48M disclosed value

Sells (SEC code S)50$327.80M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 18, 2026Form 4 · 10b5-1	Thayer Jonathan WChief Financial Officer	SellClass A Common Stock	111.1K	$10.92	$1.21M	0
Jun 17, 2026Form 4 · 10b5-1	Thayer Jonathan WChief Financial Officer	SellClass A Common Stock	111.1K	$11.05	$1.23M	0
Jun 16, 2026Form 4 · 10b5-1	Larson Keith DGeneral Counsel and Secretary	SellClass A Common Stock	555.6K	$11.27	$6.26M	0
Jun 15, 2026Form 4 · 10b5-1	Larson Keith DGeneral Counsel and Secretary	SellClass A Common Stock	555.6K	$11.90	$6.61M	0
Jun 12, 2026Form 4	Sabel MichaelSee Remarks	BuyClass A Common Stock	1.2K	$13.04	$16.0K	1.19M

Review ownership filings at SEC.gov ↗

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Venture Global, Inc. (VG)

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