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US LNG developer and exporter building modular, fast-to-market liquefaction plants on the Gulf Coast.
US LNG developer and exporter building modular, fast-to-market liquefaction plants on the Gulf Coast.
Charges long-term buyers a fixed fee per unit of LNG for turning gas into liquid, with the gas cost passed on. Until Calcasieu Pass was declared commercial in 2025 it sold many cargoes at spot prices instead of to contract customers, which led to disputes with those customers. Plaquemines, built in stages, began exporting at the end of 2024.
Moat: narrow (scale, cost advantage). Modular, factory-built liquefaction technology cuts construction time and cost versus traditional LNG plants.
Headquarters: Arlington, Virginia, US · Founded: 2013 · Employees: 2,000
Size Venture Global (VG) is a United States Energy company (Oil & Gas Pipelines) with a market value of $28.8B, the 378th largest of 3,117 United States companies the cockpit tracks. Shares closed at $11.53 on 6 Nov 2026.
Performance Over six months the shares gained 0.7%, against -1.4% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 16 in its peer set.
Growth Revenue grew 100.7% over the last twelve months (peer median +10.5%); the operating margin is 37.7% (peer median 30.7%).
Valuation It trades at 6.3× forward earnings against a peer median of 17.4× (cheapest of 16).
Capital Return on invested capital runs 3.4 points above its cost of capital (5.8% WACC).
Credit Venture Global has 3 bonds outstanding ($4.00B), rated BBB- by the agencies and trading like BB+ at a weighted spread of 140 bp.
Short interest Short interest is 8.6% of the free float (15 Oct 2026).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $17.0B | $13.8B | $4.97B | $7.90B | $6.45B |
| Revenue growth | — | +177% | -37% | +22% | — |
| Gross profit | $8.10B | $6.79B | $3.30B | $5.94B | $4.20B |
| EBITDA | $7.35B | $5.97B | $2.08B | $5.13B | $3.73B |
| Net income | $3.74B | $2.70B | $1.69B | $2.81B | $1.98B |
| Free cash flow | -$6.99B | -$6.80B | -$11.6B | -$3.60B | -$1.01B |
| Capital expenditure | $13.8B | $13.4B | $13.7B | $8.15B | $4.71B |
| Total debt | $42.8B | $35.2B | $30.2B | $21.3B | $11.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Venture Global VG | $28.8B | +1% | +101% | 38% | 6.3× | n/a |
| Cheniere Energy LNG | $56.8B | +16% | +28% | 31% | 13.0× | -8.6% |
| NextDecade NEXT | $1.56B | -23% | n/a | n/a | n/a | n/a |
| Woodside Energy Group Ltd Sponsored ADR WDS | $43.3B | -2% | -5% | 26% | 9.2× | n/a |
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Santos STO.AX | $19.2B | +11% | -8% | 21% | 8.1× | 11.7% |
| Inpex 1605.T | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.2% | -3.1% | lowest of 16 |
| 6-month return | +0.7% | -1.4% | 6th highest of 16 |
| Distance from 52-week high | -34.6% | -16.0% | lowest of 16 |
| Revenue growth (TTM) | +100.7% | +10.5% | highest of 16 |
| Operating margin | 37.7% | 30.7% | 6th highest of 16 |
| Forward P/E | 6.3× | 17.4× | cheapest of 16 |
| ROIC minus cost of capital | +3.4 pp | -0.6 pp | 2nd highest of 16 |
| EV / EBITDA | 9.8× | 14.4× | 3rd cheapest of 15 |
| Net debt / EBITDA | 5.4× | 4.0× | 5th most indebted of 16 |
| Bond spread | 140 bp | 97 bp | 2nd widest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
| Western Midstream Partners, LP WES | United States | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% | +8.6% |
| Mplx LP MPLX | United States | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% | +6.8% |
| Cheniere Energy LNG | United States | $56.8B | +16% | +28% | 31% | 13.0× | -8.6% | +15.9% |
| TC Energy TRP.TO | Canada | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% | +3.4% |
| Energy Transfer LP ET | United States | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% | +17.0% |
| Kinder Morgan KMI | United States | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% | +7.9% |
| DT Midstream DTM | United States | $11.6B | -20% | +13% | 50% | 23.5× | 12.4% | +10.5% |
| Keyera KEY.TO | Canada | $10.6B | 0% | 0% | 11% | 17.4× | n/a | n/a |
| Enterprise Products Partners L.P EPD | United States | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% | +14.3% |
| Williams Companies WMB | United States | $80.1B | -10% | +10% | 37% | 24.9× | n/a | n/a |
| Antero Midstream AM | United States | $8.97B | -9% | +8% | 55% | 15.1× | 2.5% | +5.3% |
| Kinetik KNTK | United States | $7.92B | +3% | +10% | 9% | 25.1× | 33.0% | +63.6% |
| Enbridge ENB.TO | Canada | $107B | -10% | +29% | 13% | 22.1× | 12.6% | +10.9% |
Venture Global has 3 bonds outstanding with $4.00B face value. The agencies rate it BBB-; its bonds trade like BB+. Weighted yield 5.99%, a spread of 140 bp over government bonds.