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. In the quarter to June 2026, revenue grew 47.6%, EPS grew 260.0%, free cash flow fell 8.21% and total debt rose 39.5%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Venture Global, Inc. (VG) Beneish M-score
Venture Global, Inc.'s Beneish M-score for fiscal 2025 is −1.32; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.32 | 0.57 |
| FY2024 | −1.89 | 0.67 |
| FY2023 | −2.56 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.91 | — | 0.84 | |
| Gross margin index | 1.28 | — | 0.67 | |
| Asset quality index | 0.54 | — | 0.22 | |
| Sales growth index | 2.77 | — | 2.47 | |
| Depreciation index | 0.46 | — | 0.05 | |
| SG&A index | 0.50 | — | −0.09 | |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Flagged by the model | −1.32 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PAGP Plains Group Holdings, L.P. compare | −2.9× |
| PAA Plains All American Pipeline, L.P. compare | −2.9× |
| PBA Pembina Pipeline Corp. compare | −2.9× |
| WES Western Midstream Partners, LP compare | −2.6× |
| MPLX MPLX LP compare | −2.6× |
| OKE ONEOK, Inc. compare | −2.1× |
| CQP Cheniere Energy Partners, L.P. compare | −1.5× |
| LNG Cheniere Energy, Inc. compare | −1.5× |
| VG Venture Global, Inc. | −1.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI