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VG

Venture Global, Inc.

VG

Venture Global, Inc. • NYSE
$7.46 ▲ 4.63% (+0.33)
Market Cap $18.27 B
52w High $24.00
52w Low $6.72
Dividend Yield 0.07%
P/E 8.57
Volume 4.55M
Outstanding Shares 2.45B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.329B ▲ $403M ▲ $496M ▲ 14.899% ▲ $0.18 ▲ $1.276B ▲
Q2-2025 $3.101B ▲ $377M ▼ $435M ▼ 14.028% ▼ $0.15 ▼ $1.168B ▲
Q1-2025 $2.894B ▲ $539M ▲ $464M ▼ 16.033% ▼ $0.16 ▼ $1.16B ▼
Q4-2024 $1.524B ▲ $423M ▼ $938M ▲ 61.549% ▲ $0.36 ▲ $1.448B ▲
Q3-2024 $926M $465M $-346M -37.365% $-0.14 $-155M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.213B ▼ $50.079B ▲ $39.258B ▲ $7.342B ▲
Q2-2025 $2.247B ▼ $46.511B ▲ $37.706B ▲ $5.269B ▲
Q1-2025 $3.605B ▼ $45.051B ▲ $36.699B ▼ $4.881B ▲
Q4-2024 $3.608B ▼ $43.491B ▲ $37.124B ▲ $2.897B ▲
Q3-2024 $4.562B $39.423B $33.996B $1.952B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $540M ▲ $1.883B ▲ $-3.173B ▼ $1.91B ▲ $-110M ▲ $-1.411B ▲
Q2-2025 $474M ▼ $1.458B ▲ $-2.934B ▲ $364M ▼ $-1.345B ▼ $-1.522B ▲
Q1-2025 $502M ▼ $1.114B ▲ $-3.47B ▲ $1.776B ▼ $-109M ▲ $-2.352B ▲
Q4-2024 $975M ▲ $673M ▲ $-3.723B ▲ $2.029B ▼ $-1.128B ▼ $-2.986B ▲
Q3-2024 $-309M $280M $-3.85B $4.745B $4.905B $-3.523B

Revenue by Products

Product Q1-2022Q1-2025Q2-2025Q3-2025
Liquefied Natural Gas
Liquefied Natural Gas
 $0 ▲$0 ▲$3.08Bn ▲$3.31Bn ▲
Product and Service Other
Product and Service Other
 $0 ▲$10.00M ▲$20.00M ▲$20.00M ▲
Consumer Services
Consumer Services
 $60.00M ▲$0 ▼$0 ▲$0 ▲
Vonage Communications Platform
Vonage Communications Platform
 $300.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement VG looks like a fast-growing LNG player that has already crossed into solid profitability, but with some recent cooling in momentum. Revenue ramped quickly as projects came online, then pulled back somewhat in the most recent year, suggesting a transition phase or early-cycle volatility rather than a smooth upward line. Profitability is still healthy, with strong margins for an infrastructure-heavy business, but earnings have stepped down from their prior peak. The pattern fits a company moving from early ramp-up and commissioning gains toward more normalized, contract-driven earnings, with room for both positive surprise and volatility along the way.

Balance Sheet

Balance Sheet The balance sheet shows an asset base that has expanded rapidly as VG builds out large LNG facilities, funded mostly with rising debt. Equity has moved from negative to clearly positive, but it still represents a relatively thin cushion compared with the size of the projects and the debt load. This points to meaningful financial leverage: powerful for returns if projects perform as planned, but a source of risk if operations stumble or markets weaken. Overall, the story is “big long-term assets, heavy borrowing, modest equity” – typical for large energy infrastructure, but dependent on disciplined execution and stable cash flows over time.

Cash Flow

Cash Flow VG is generating solid cash from operations, which indicates that the existing facilities are economically productive, not just accounting profits. However, free cash flow is deeply negative because the company is pouring very large sums into new projects and expansions. This means VG is in an investment-heavy buildout phase, relying on external capital and debt rather than self-funding growth. If and when capital spending slows, the cash profile could flip to strongly positive, but in the meantime the business carries the classic risk of large, long-dated projects: high upfront spend and dependence on future returns to justify it.

Competitive Edge

Competitive Edge Competitively, VG stands out through its modular, mid-scale LNG design, which aims to build plants faster and at lower cost than traditional mega-projects. Its locations on the U.S. Gulf Coast tie it directly into abundant shale gas and global shipping routes, supporting a low-cost and logistically advantaged profile. The company’s ability to combine long-term contracts with opportunistic spot sales has boosted earnings but also created some commercial friction and disputes, highlighting a more aggressive style than some incumbents. VG is competing in a market dominated by large, well-funded players, so its edge rests on speed, cost discipline, and execution quality; missteps on schedule, costs, or contracts could quickly erode its advantages. Overall, it currently looks like a rising, disruptive player with clear strengths but also real execution and relationship risks.

Innovation and R&D

Innovation and R&D Innovation at VG is less about lab-style R&D and more about clever engineering and project delivery. The modular, factory-built liquefaction units are a key differentiator, enabling repeatable designs, tighter quality control, and faster construction, which together can translate into lower costs and quicker revenue. The company is also investing in carbon capture and sequestration at its major sites, aiming to cut the carbon intensity of its LNG and appeal to more climate-conscious buyers. Future value from innovation will depend on how reliably VG can deploy CCS at scale, refine its modular designs further, and stay ahead of rivals who may try to copy or adapt similar approaches. In short, VG appears innovation-led in how it builds and operates plants rather than in basic research, and that operational innovation is central to its moat.

Summary

VG looks like an aggressively growing LNG exporter that has already proven it can generate profits, but is still in a capital-intensive, high-stakes buildout phase. The income statement shows a move from early losses to strong profitability, albeit with some recent softening as the business transitions from commissioning to more steady-state operations. The balance sheet and cash flow statements reveal a classic infrastructure story: big and growing assets, heavy reliance on debt, and large ongoing investment that keeps free cash flow negative for now. Competitively, VG’s modular, low-cost, fast-build model and prime Gulf Coast locations provide clear advantages, supported by a flexible contracting strategy, but they are offset by elevated execution, financial, and relationship risks. Its innovation is firmly tied to how it designs, builds, and decarbonizes LNG facilities, which could widen its moat if delivered as promised. Overall, VG resembles a high-potential, high-commitment infrastructure platform where long-term success hinges on project delivery, contract stability, and disciplined handling of its leveraged, expansion-heavy phase.

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