Venture Global, Inc. (VG) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Venture Global, Inc.

Updated on September 26, 2026 · accounts published on August 11, 2026

Reading of September 25, 2026

Venture Global trades at a P/E of 9.9 over the last 12 months, 42 % below its sector median, while its net debt equals 111 % of the share price.

• Is Venture Global expensive or cheap? Venture Global trades at a P/E of 9.9 over the last 12 months, 42 % below the 16.9 median of its sector.
• How is the business doing? Revenue grew 177 % and EPS 41 % over the last 12 months, with a 38 % operating margin.
• How strong is the balance sheet? Net debt was $14.01 per share in fiscal 2025, equal to 111 % of the current share price and 5.7× EBITDA.
• Does Venture Global generate cash through the cycle and cover the dividend? Free cash flow yield is −27.5 % over the last 12 months, far below the 8 % that counts as healthy in energy.
• What to expect from the next earnings? Venture Global reports on November 9, 2026, and analysts expect EPS of $0.56; 18 of 31 rate it a buy.

Is Venture Global expensive or cheap?

Over the last 12 months Venture Global trades at a P/E of 9.9, 42 % below the 16.9 median of 195 energy companies. That gives an earnings yield of 10.1 %. EV/EBITDA is also 9.9×, and price to book is 3.5×. The discount needs a caveat. In a cyclical sector a low P/E can mean earnings are at their peak, and 9.9 is far below the company's own four-year average P/E of 23.3. The market has not rewarded the growth either: the share is down 14 % over 12 months and 28 % below its 52-week high of $17.53.

How is the business doing?

Revenue grew 177 % year on year over the last 12 months, and EPS rose 41 %. Profits have lagged sales but still grew strongly. An operating margin of 38 % and a net margin of 22 % show the extra volume comes with solid profitability. Returns on capital are more modest. ROIC of 9.1 % beats the sector median of 7.3 % by 1.8 points, but it cleared 10 % in only 2 of the last 5 fiscal years, with a low of 0.0 % in 2021. The 46 % ROE looks brilliant mainly because a thin equity base sits under heavy debt.

How strong is the balance sheet?

Net debt in fiscal 2025 was $14.01 per share, equal to 111 % of the current share price. Creditors therefore have a larger claim than the entire market value of the shares. Net debt to EBITDA of 5.7× is almost three times the 2.0× that counts as healthy in energy, and debt to equity is 5.0× over the last 12 months. The Altman Z-score of 0.9 is in the danger zone, and a current ratio of 1.2× covers short-term obligations only narrowly. A Piotroski score of 6 out of 9 points to average operating health.

Does Venture Global generate cash through the cycle and cover the dividend?

Energy earnings follow commodity prices, so one year's P/E says little. What matters is cash across the cycle and whether the dividend can survive a downturn. Capital spending took 97 % of revenue in fiscal 2025, against a healthy range of 10 % to 20 %. That pushed free cash flow yield to −27.5 % over the last 12 months, against a healthy threshold of 8 %. Free cash flow covered the dividend −14.6× in fiscal 2025, well short of the 1.2× floor. The 0.8 % yield and 17 % payout look modest, but free cash flow does not pay for them. Average ROIC of 10.0 % over 2021-2025 is right at the limit.

What to expect from the next earnings?

Of the 31 analysts covering Venture Global, 18 recommend buying, 12 holding and 1 selling, which is a clearly positive consensus. Estimates are steady. The 2026 EPS consensus has stayed at $1.69 over the last 11 days across 9 analysts, and revenue forecasts have barely moved. For the results on November 9, 2026, analysts expect EPS of $0.56, above the $0.51 reported on August 11, 2026. That quarter beat the $0.48 estimate by 5.3 %. Still, the company has beaten estimates in only 3 of the last 7 quarters, so a miss would fit its record.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.