# Venture Global, Inc. (VG)

> Source: Nexqual · https://nexqual.com/VG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Venture Global, Inc. (VG), nexqual.com/VG" · informational, not investment advice.

**Price:** USD 12.81 (-0.31% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 12.85 · day 12.24–13.08 · 52w 5.72–17.62 · market cap $32.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $17.0B, net income $3.78B (22.3% margin), free cash flow -$6.99B (SEC filings).
- Valuation: P/E 8.5x (avg 6.6x at the last 1 fiscal year-ends), EV/EBITDA 9.6x, net debt $38.7B.
- Earnings quality: non-operating income -$1.78B vs operating income $6.38B over the last four quarters; P/E excluding non-operating income ≈6.1x (estimate: non-operating income taxed at the company's 17.6% effective rate).
- Insider open-market sales, last ~7 months: 25 Form 4 filings, $226M; 9 not under a Rule 10b5-1 plan ($82.3M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $16K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.17 on a 1–5 scale) (18 analysts), mean target USD 17.22 (range 14–22).
- Total return with dividends: 1Y +34.0% vs S&P 500 +14.9%; 5Y -46.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-10, EPS estimate USD 0.53, revenue estimate $4.68B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $7.90B | $4.97B | $13.8B | $17.0B |
| Operating income | $4.85B | $1.76B | $5.16B | $6.38B |
| Net income | $3.62B | $1.75B | $2.73B | $3.78B |
| EPS (diluted) | $1.25 | $0.57 | $0.86 | — |
| Free cash flow | -$3.54B | -$11.6B | -$6.80B | -$6.99B |
| Operating margin | 61.4% | 35.5% | 37.4% | 37.6% |
| Net margin | 45.8% | 35.1% | 19.8% | 22.3% |
| Revenue growth | — | -37.0% | +176.9% | — |
| Cash + short-term investments | $5.87B | $3.61B | $2.35B | — |
| Total debt | — | $29.3B | $34.2B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 8.5x · P/E ex non-operating (est.) ≈6.1x · P/S 1.9x · EV/EBITDA 9.6x · EV/Sales 4.2x · P/B 3.7x · FCF yield -21.83% · Earnings yield 11.81% · Dividend yield (paid, TTM) 0.96% · Net debt $38.7B · EV $70.7B
P/E at fiscal year-ends: Dec 2025 6.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
16 of 25 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-19…2026-10-20 | Thayer Jonathan W | Chief Financial Officer | 222,222 | $2.8M | 100% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-10-14…2026-10-15 | Larson Keith D | General Counsel and Secretary | 784,657 | $10.1M | 100% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-17…2026-09-18 | Thayer Jonathan W | Chief Financial Officer | 222,222 | $3.2M | 100% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-16…2026-09-17 | Larson Keith D | General Counsel and Secretary | 789,958 | $11.5M | 100% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-14 | Cothran Brian | Chief Operating Officer | 152,660 | $2.5M | 100% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-08…2026-09-09 | Larson Keith D | General Counsel and Secretary | 2,350,000 | $35.7M | 100% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-19…2026-08-20 | Musser Fory | Senior VP, Development | 272,013 | $3.9M | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-18…2026-08-19 | Thayer Jonathan W | Chief Financial Officer | 222,222 | $3.1M | 100% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14…2026-08-17 | Musser Fory | Senior VP, Development | 469,547 | $6.6M | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14 | Blake Sarah | SVP, Chief Accounting Officer | 1,000,000 | $14.0M | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-13 | Larson Keith D | General Counsel and Secretary | 555,555 | $7.5M | 100% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-13 | Granat Sari Beth | Director | 200,000 | $2.7M | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-13 | Staton Jimmy D | Director | 66,000 | $881K | 5.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-20…2026-07-21 | Thayer Jonathan W | Chief Financial Officer | 222,222 | $3.1M | 100% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-15…2026-07-16 | Larson Keith D | General Counsel and Secretary | 1,111,111 | $14.4M | 100% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-17…2026-06-18 | Thayer Jonathan W | Chief Financial Officer | 222,222 | $2.4M | 100% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-06-15…2026-06-16 | Larson Keith D | General Counsel and Secretary | 1,111,111 | $12.9M | 100% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-26…2026-05-27 | Musser Fory | Senior VP, Development | 500,000 | $6.4M | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-27 | Earl Thomas | Chief Commercial Officer | 1,000,000 | $12.4M | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-19…2026-05-21 | Cothran Brian | Chief Operating Officer | 626,066 | $9.2M | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $16K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-12 | Sabel Michael | See Remarks | 1,226 | $16K | 13.04 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 18 analysts; mean target USD 17.22 (low 14, high 22).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Wells Fargo | Upgrade | Equal-Weight → Overweight | $15 → $21 |
| 2026-10-16 | Bernstein | Reiterated | Market Perform | $14 |
| 2026-09-10 | Scotiabank | Target raised | Sector Perform | $15 → $16 |
| 2026-08-12 | Wells Fargo | Target raised | Equal-Weight | $14 → $15 |
| 2026-07-22 | Mizuho | Target raised | Neutral | $13 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-01-20) |
|---|---|---|
| Total return | +34.0% | -46.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +34.1% | -29.6% |
| Volatility (annualized) | 73.7% | 87.6% |
| Max drawdown | -40.0% (Mar 2026→Jun 2026) | -74.3% (Jan 2025→Dec 2025) |

## Peers (Oil & Gas Midstream)
PBA (Pembina Pipeline Corp.) USD 49.37 -2.55% · WES (Western Midstream Partners, LP) USD 44.46 -0.27% · PAA (Plains All American Pipeline, L) USD 25.9 +0.04% · OKE (ONEOK, Inc.) USD 93.9 +0.84% · LNG (Cheniere Energy, Inc.) USD 287.01 +0.98% · MPLX (MPLX LP) USD 58.18 -0.44%

## More
Full page: https://nexqual.com/VG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VG's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/2007855/000200785526000013/vg-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Venture Global CP2 LNG | "For the CP2 Project, we are managing and expect to continue to manage additional scopes of work beyond those managed in our previous two projects by directly taking on incremental oversight, contract management and coord…" |
| Partner | Venture Global Partners II | "◦VG Partners means Venture Global Partners II, LLC, our controlling shareholder;" |
| Competitor | Chevron (CVX) | "With respect to our projects, our current and potential competitors include, but are not limited to, (1) national energy companies, such as QatarEnergy, (2) major multinational energy companies, including BP, Chevron, Co…" |
| Competitor | ExxonMobil (XOM) | "With respect to our projects, our current and potential competitors include, but are not limited to, (1) national energy companies, such as QatarEnergy, (2) major multinational energy companies, including BP, Chevron, Co…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Plaquemines Project | $3.77B | 82.3% | +79.8% | $2.21B | 58.7% |
| Sales and shipping | $1.84B | 40.3% | +277.7% | $211.0M | 11.4% |
| Calcasieu Project | $717.0M | 15.7% | -23.3% | $67.0M | 9.3% |
| Total revenue | $4.58B | 100% | — | $2.19B | 47.8% |
The lines above cover 138.2% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| LNG revenue | $4.56B | 99.5% | +47.9% |
| Other revenue | $22.0M | 0.5% | +4.8% |
| Total revenue | $4.58B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $11.38B | 82.6% | +143.4% |
| Germany | $772.0M | 5.6% | +331.3% |
| France | $682.0M | 5.0% | +742.0% |
| Netherlands | $456.0M | 3.3% | — |
| Other Geographical Areas | $320.0M | 2.3% | +720.5% |
| United Kingdom | $164.0M | 1.2% | — |
| Total revenue | $13.77B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 23%, 14%, 13% of revenue from unnamed direct customers (10-K, filed 2026-03-02).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.53 | $0.48 | +10.0% | $4.68B | 7 |
| Next quarter (ends 2026-12-31) | $0.56 | $0.36 | +55.9% | $5.27B | 7 |
| Current fiscal year (ends 2026-12-31) | $1.75 | $1.50 | +16.9% | $18.65B | 8 |
| Next fiscal year (ends 2027-12-31) | $1.24 | $0.95 | +30.9% | $17.44B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-10): ±14.8%; earnings reaction alone ±9.0%; last 8 reports averaged ±8.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 61.6% | ±7.4% |
| 2026-11-06 | 14 | 60.6% | ±9.9% |
| 2026-11-13 | 21 | 74.9% | ±14.8% |
| 2026-11-20 | 28 | 74.1% | ±16.7% |
| 2026-11-27 | 35 | 69.8% | ±17.5% |
| 2026-12-04 | 42 | 68.9% | ±18.9% |
| 2026-12-18 | 56 | 67.0% | ±20.8% |
| 2027-01-15 | 84 | 63.1% | ±23.9% |