Share count
2.6Bpeak FY2025
← All companies ← VFF Manual VHI → ← UGP Gas Utilities
VG, Venture Global Inc.
A regulated utility, earning a set return on the capital it sinks into its network.
Our integrated assets span the LNG supply chain, including LNG production, natural gas transportation, shipping and regasification.
Our innovative approach, which is both scalable and repeatable, allows us to bring low-cost LNG to a global market years faster than traditional LNG projects.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$13.8B
+176.9% YoY
Vital signs · TTM, with 3-yr average
Revenue $15.5B 3-yr avg $8.9B
Revenue $4.6B +58.9% vs yr-ago qtr
Operating margin 25.0% yr-ago 37.3%
Net income $625M yr-ago $517M
Net margin 13.6% yr-ago 17.9%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Regulated utility. Returns are set by regulation on an approved rate base; the capital spending regulators approve becomes the growth, recovered through allowed rates.
- What moves the needle
- Operating margin has run about 37% through the cycle, a wide margin for the work it does — whether that reflects a durable edge or one that can fade is what the record weighs. Capital spending runs about 102% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →17% of revenue comes from outside the United States.
Revenue by geography, FY2025
- United States83%$11.4B
- Germany6%$772M
- France5%$682M
- Netherlands3%$456M
- Other2%$320M
- United Kingdom1%$164M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $7.9B | $5.0B | $13.8B | $15.5B | RevenueRevenue |
| 3% | 6% | 3% | 3% | SG&A / revenueSG&A/rev |
| 6% | 13% | 2% | 1% | R&D / revenueR&D/rev |
| $4.8B | $1.8B | $5.2B | $5.2B | Operating incomeOp. inc. |
| 61.4% | 35.5% | 37.4% | 33.8% | Operating marginOp. mgn |
| $2.7B | $1.5B | $2.3B | $2.4B | Net incomeNet inc. |
| 23% | 23% | 22% | 20% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| $4.5B | $2.1B | $6.6B | $6.2B | Operating cash flowOp. cash |
| $277M | $322M | $941M | $976M | DepreciationDeprec. |
| $1.6B | $330M | $3.3B | $2.8B | Working capital & otherWC & other |
| $8.1B | $13.7B | $13.4B | $13.1B | CapexCapex |
| 102.5% | 275.9% | 97.1% | 84.5% | Capex / revenueCapex/rev |
| $4.3B | $1.8B | $5.6B | $5.2B | Owner earningsOwner earn. |
| 54.1% | 36.7% | 40.9% | 33.9% | Owner earnings marginOE mgn |
| ($3.5B) | ($11.6B) | ($6.8B) | ($6.9B) | Free cash flowFCF |
| −44.8% | −232.7% | −49.4% | −44.4% | Free cash flow marginFCF mgn |
| $164M | $139M | $465M | $455M | Dividends paidDiv. paid |
| — | 5% | 10% | 10% | ROICROIC |
| — | 51% | 34% | 33% | Return on equityROE |
| — | 46% | 27% | 26% | Retained to equityRetained/eq |
| Balance sheet | ||||
| $5.9B | $3.6B | $2.4B | $1.6B | Cash & investmentsCash+inv |
| — | $364M | $918M | $810M | ReceivablesReceiv. |
| — | $171M | $253M | $241M | InventoryInvent. |
| — | $1.5B | $737M | $817M | Accounts payablePayables |
| — | ($1.0B) | $434M | $234M | Operating working capitalOper. WC |
| — | $4.6B | $4.0B | $3.2B | Current assetsCur. assets |
| — | $3.5B | $4.3B | $3.7B | Current liabilitiesCur. liab. |
| — | 1.3× | 0.9× | 0.9× | Current ratioCurr. ratio |
| — | $43.5B | $53.4B | $56.3B | Total assetsAssets |
| — | $29.3B | $34.2B | $36.6B | Total debtDebt |
| — | $25.7B | $31.9B | $35.0B | Net debt / (cash)Net debt |
| 7.6× | 3.0× | 3.5× | 3.2× | Interest coverageInt. cov. |
| — | $2.9B | $6.7B | $7.2B | Shareholders’ equityEquity |
| 0.4% | 0.4% | 0.3% | 0.3% | Stock comp / revenueSBC/rev |
| Per share | ||||
| 2.14B | 2.58B | 2.63B | 2.63B | Shares out (diluted)Shares |
| $3.69 | $1.92 | $5.23 | $5.87 | Revenue / shareRev/sh |
| $1.25 | $0.57 | $0.86 | $0.89 | EPS (diluted)EPS |
| $1.99 | $0.71 | $2.13 | $1.99 | Owner earnings / shareOE/sh |
| $-1.65 | $-4.48 | $-2.58 | $-2.61 | Free cash flow / shareFCF/sh |
| $0.08 | $0.05 | $0.18 | $0.17 | Dividends / shareDiv/sh |
| $3.78 | $5.31 | $5.07 | $4.96 | Cap. spending / shareCapex/sh |
| — | $1.12 | $2.56 | $2.74 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$5.6Bowner earningsvs.$2.3Bnet incomelow FY2024
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2023FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned $5.6B of owner earnings, the operating cash left after the $941M it takes just to hold its position. It put $12.4B more into growth; free cash flow, after that spending, was ($6.8B).
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | $2.3B | $1.5B | $2.7B |
| Depreciation & amortizationnon-cash charge added back | +$941M | +$322M | +$277M |
| Stock-based compensationreal costnon-cash, but a real cost | +$46M | +$22M | +$28M |
| Working capital & othertiming of cash in and out, other non-cash items | +$3.3B | +$330M | +$1.6B |
| Cash from operations | $6.6B | $2.1B | $4.5B |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$941M | −$322M | −$277M |
| Owner earnings | $5.6B | $1.8B | $4.3B |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$12.4B | −$13.4B | −$7.8B |
| Free cash flow | ($6.8B) | ($11.6B) | ($3.5B) |
| Owner-earnings marginowner earnings ÷ revenue | 41% | 37% | 54% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $941M, roughly its depreciation, the rate its assets wear out). The other $12.4B of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $46M), owner earnings is nearer $5.6B.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- AdequateOperating income $5.2B ÷ interest expense $1.5B
What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
- How heavy is the debt, net of cash? $31.9B · 6.2× operating profitHeavy net debtCash $2.4B − debt $34.2B
What this means
Netting $2.4B of cash and short-term investments against $34.2B of debt leaves $31.9B owed, about 6.2× a year's operating profit (6.6× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- SolidNOPAT $4.0B ÷ invested capital $38.6B (debt + equity − cash)Industry peers: median 6%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- High through the cycle3-yr median margin, range 37%–54%; latest $5.6B = operating cash $6.6B − maintenance capex $941MIndustry peers: median 19%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 41% of revenue this year, a 41% median across 3 years. It chose to put $12.4B more into growth, so free cash flow this year was ($6.8B) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $46M of SBC) leaves $5.6B.
- Cash-backedCash from ops $6.6B ÷ net income $2.3B
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Reinvests most of itDividends + buybacks $465M ÷ Owner Earnings $5.6B
What this means
Of $5.6B Owner Earnings, $465M (8%) went back to shareholders, $465M dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
- Investing or harvesting? 14.20×ExpandingCapex $13.4B ÷ depreciation $941M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size PassRevenue ≥ $2B · $13.8B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.93×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · $34.2B vs ($304M) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.87/share (latest year $0.92), the averaged base the calculator's gate runs on, and book value is $2.74/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$3.2B
- Cash & short-term investments$1.6B
- Receivables$810M
- Inventory$241M
- Other current assets$569M
Current liabilities$3.7B
- Debt due within a year$126M
- Accounts payable$817M
- Other current liabilities$2.8B
Current ratio0.87×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.80×stricter: inventory excluded
Cash ratio0.43×strictest: cash alone against what's due
Working capital($493M)the cushion left after near-term bills
Debt due this year vs. cash$126M due · $1.6B cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+58.9%the freshest read on whether the business is still growing
Current ratio, recent quarters1.3× → 0.9×
Deeper floors
Tangible book value$7.2Bequity stripped of goodwill & intangibles
Net current asset value($40.7B)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$37.3B$753M of it operating leases
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership19.3%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$46M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 1% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$7.7B · 50% of revenue on the largest customers (TTM)
“For the year ended December 31, 2025, approximately 50.0% of our revenue for the period from individual external customers was concentrated across three customers.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Gas Utilities
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| LNGCheniere Energy Inc. | $19.5B | 45% | 25.7% | 19% | 18% |
| DTBDTE Energy Co | $15.8B | — | 13.6% | 6% | — |
| WMBWilliams Companies Inc. (The) | $14.9B | 77% | 22.1% | 6% | 20% |
| XELXcel Energy Inc. | $14.7B | 67% | 17.7% | 6% | 13% |
| VGVenture Global Inc. | $13.8B | — | 37.4% | 10% | 41% |
| SREDBA Sempra | $13.7B | — | 27.6% | 6% | 15% |
| CQPCheniere Energy Partners LP Common | $10.8B | 47% | 30.3% | — | 20% |
| ATOAtmos Energy Corporation | $4.7B | 68% | 26.6% | 6% | 21% |
| Group median | — | — | 26.2% | 6% | 20% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Venture Global Inc. has delivered.
Venture Global Inc.’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth · since FY2023+15%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Free cash flow ($6.9B) on 2463M shares outstanding (a weighted basic average, the only count this filer tags); net debt $35.0B. The if-converted diluted count is 2635M, 7% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($13.1B) runs well above depreciation ($976M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $5.3B, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Venture Global Inc. (VG), the owner's record," https://ownerscorecard.com/c/VG, data as of 2026-07-09.
Manual order: ← VFF its page in the Manual VHI →
Industry order: ← UGP the Gas Utilities chapter