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Friday 6 November 2026
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Venture Global, Inc.
Venture Global, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $13.8 billion, up 176.9% from fiscal 2024.
- Revenue
- +47.6%
- EPS
- +260.0%
- Free cash flow
- −8.21%
- Total debt
- +39.5%
Quarter to June 2026, against a year earlier
11.65
0.35
−2.92%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 6,448 | 7,897 | 4,972 | 13,769 | 16,951 | +28.8% | 18,653 | 17,435 | 22,536 | +17.8% | |
| Gross margin, % | — | — | — | — | — | — | 67.54 | 78.68 | 72.83 | 57.00 | 53.48 | (10.5) pt | ||||||
| EBT | — | — | — | — | — | (436) | 3,544 | 4,432 | 2,183 | 3,363 | 4,593 | n/m | ||||||
| EBT margin, % | — | — | — | — | — | 0.00 | 54.96 | 56.12 | 43.91 | 24.42 | 27.10 | +24.4 pt | ||||||
| Net income | — | — | — | — | — | (436) | 3,097 | 3,616 | 1,746 | 2,733 | 3,783 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | 0.00 | 3.27 | 3.82 | 2.12 | 5.68 | 6.81 | n/m | |||||
| Earnings | — | — | — | — | — | (1,001.15) | 0.94 | 1.30 | 0.63 | 0.93 | 1.36 | n/m | ||||||
| Cash flow | — | — | — | — | — | (1,154.99) | 1.88 | 2.20 | 0.91 | 2.71 | 2.74 | n/m | ||||||
| Capex | — | — | — | — | — | (4,613.09) | (2.35) | (3.91) | (5.84) | (5.51) | (5.55) | (81.4%) | ||||||
| Free cash flow | — | — | — | — | — | (5,768.08) | (0.47) | (1.71) | (4.92) | (2.80) | (2.81) | (85.2%) | ||||||
| Book value | — | — | — | — | — | 0.00 | 0.26 | 1.01 | 2.71 | 4.25 | 4.85 | n/m | ||||||
| Shares, m | — | — | — | — | — | 0 | 1,969 | 2,070 | 2,350 | 2,426 | 2,453 | +763.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 35.99 | 35.99 | 35.99 | 7.26 | 8.57 | 28.8 | |||||
| P/S | — | — | — | — | — | — | 11.34 | 11.34 | 11.34 | 1.20 | 1.71 | 8.8 | ||||||
| P/B | — | — | — | — | — | — | 8.86 | 8.86 | 8.86 | 1.61 | 2.40 | 7.0 | ||||||
| EV/Sales | — | — | — | — | — | — | 16.47 | 16.47 | 16.47 | 3.50 | 3.99 | 13.2 | ||||||
| EV/FCF | — | — | — | — | — | — | (7.08) | (7.08) | (7.08) | (7.09) | (9.67) | (7.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | (503) | 3,702 | 4,550 | 2,149 | 6,566 | 6,829 | n/m | |||||
| Capex | — | — | — | — | — | (2,009) | (4,618) | (8,091) | (13,717) | (13,365) | (13,819) | +60.6% | ||||||
| Free cash flow | — | — | — | — | — | (2,512) | (916) | (3,541) | (11,568) | (6,799) | (6,990) | +28.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | (334) | 3,644 | 1,017 | (304) | 708 | (3.1%) | |||||
| Net debt | — | — | — | — | — | — | 9,599 | 15,442 | 25,499 | 31,655 | 38,626 | +48.8% | ||||||
| Shareholders’ equity | — | — | — | — | — | — | 509 | 2,085 | 6,367 | 10,300 | 12,079 | +172.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | 0.00 | 24.61 | 12.31 | 4.10 | 4.66 | 6.17 | +4.7 pt | |||||
| ROIC | — | — | — | — | — | 0.00 | 21.98 | 17.29 | 3.46 | 7.68 | 7.86 | +7.7 pt | ||||||
| ROE | — | — | — | — | — | 0.00 | 0.00 | 206.71 | 34.90 | 27.12 | 31.90 | +27.1 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 1,400 | 1,500 | 2,000 | — | +19.5% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 5.64 | 3.31 | 6.88 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Plaquemines Project | 9,175 | 66.64% |
|---|---|---|
| Calcasieu Project | 4,125 | 29.96% |
| Sales and shipping | 2,518 | 18.29% |
| CP2 Project | 1 | 0.01% |
| Gross margin | 57.00% | |
| Operating margin | 37.45% | |
| Pre-tax margin | 24.42% |
Venture Global, Inc. vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MPLX MPLX LP | $57.3B | 13.2× | 14.0× | −0.39% (below 0%: shrinking) | −23.83% (below 0%: shrinking) | −23.76% (below 0%: shrinking) | 56.01% | 40.94% | Compare |
| LNG Cheniere Energy, Inc. | $57.1B | 19.4× | 27.5× | +39.00% (above 0%: growing) | +19.12% (above 0%: growing) | +163.53% (above 0%: growing) | 39.30% | 31.02% | Compare |
| OKE ONEOK, Inc. | $54.4B | 13.3× | 15.2× | +44.26% (above 0%: growing) | +47.18% (above 0%: growing) | −46.10% (below 0%: shrinking) | 22.83% | 12.59% | Compare |
| VG Venture Global, Inc. | $28.8B | 8.6× | 8.5× | +47.63% (above 0%: growing) | +260.00% (above 0%: growing) | −8.21% (below 0%: shrinking) | 63.74% | 47.79% | |
| PBA Pembina Pipeline Corp. | $27.7B | 23.3× | 23.2× | +19.97% (above 0%: growing) | +27.66% (above 0%: growing) | +8.94% (above 0%: growing) | 43.36% | 37.45% | Compare |
| CQP Cheniere Energy Partners, L.P. | $27.7B | 9.3× | 14.7× | +7.07% (above 0%: growing) | +65.03% (above 0%: growing) | +16.72% (above 0%: growing) | 39.59% | 31.66% | Compare |
| PAGP Plains Group Holdings, L.P. | $20.1B | 9.4× | 9.6× | +66.26% (above 0%: growing) | +1,213.33% (above 0%: growing) | +50.93% (above 0%: growing) | 4.57% | 2.24% | Compare |
| PAA Plains All American Pipeline, L.P. | $17.3B | 6.8× | 7.2× | +66.26% (above 0%: growing) | +1,095.24% (above 0%: growing) | +50.92% (above 0%: growing) | 4.57% | 2.25% | Compare |
| WES Western Midstream Partners, LP | $16.5B | 12.9× | 12.5× | +25.38% (above 0%: growing) | −9.20% (below 0%: shrinking) | +44.45% (above 0%: growing) | 89.81% | 38.65% | Compare |
| Median of peers | $27.7B | 13.0× | 14.4× | +32.19% | +37.42% | +30.59% | 39.44% | 31.34% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
18.35%
Held by the ten largest
12.00%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Allianz Global Investors | 172.26m | 6.89% | −79.05m |
| Vanguard | 33.79m | 1.35% | +12.47m |
| D. E. Shaw | 15.64m | 0.63% | +2.23m |
| Blackstone Inc. | 14.29m | 0.57% | +14.09m |
| TCW GROUP INC | 14.24m | 0.57% | +10.73m |
| BlackRock | 13.88m | 0.56% | +1.35m |
| Goldman Sachs | 11.13m | 0.45% | +5.51m |
| TORTOISE CAPITAL ADVISORS, L.L.C. | 9.56m | 0.38% | +9.56m |
| State Street | 9.03m | 0.36% | −384.61k |
| Geode Capital Management | 6.11m | 0.24% | +841.64k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 8 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 39.10m | 39.10m | 28.61 |
| 2024 | 36.29m | 36.29m | 0.00 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
Venture Global, Inc. (VG) Latest News
4 Nov
2 Nov
1 Nov
28 Oct
27 Oct
26 Oct
23 Oct
22 Oct
19 Oct
VG metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Beneish M-score
Venture Global produces and sells liquefied natural gas, or LNG, made from natural gas sourced in North America. Cooling natural gas turns it into a liquid that can be transported by tanker to overseas markets. The company sells LNG to third-party customers from its projects and through its sales and shipping business.
Its activities span LNG production, natural gas transportation, shipping and regasification, the process of converting LNG back into gas. Venture Global operates, constructs and develops export projects in Louisiana, with associated pipelines designed to bring gas to the facilities. It owns all or a majority interest in each LNG project.