VGVenture Global, Inc.
Is the business good?
The checks split: earnings fully cash-backed (1.3×), but returns that lean on debt.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 42% = margin × turnover × leverage.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is VG?
Venture Global, Inc. earns 11% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 1.7 points above what the capital costs: growth creates value
- Operating margin
- 38%
Operating margin · Oil & Gas Midstream median 30% · 12 months to Q2 2026
- Cash conversion
- 1.30×
Cash conversion · 1.53× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.30%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2023 | 61% |
| FY2024 | 35% |
| FY2025 | 37% |
Details›
- Gross margin12 months to Q2 2026
- 53%
- Operating margin12 months to Q2 2026
- 38%
- Net margin12 months to Q2 2026
- 22%
- Free cash flow margin
- −41%
- R&D as % of revenue
- 1.0%
- Revenue, trailing twelve months
- $17.0B
- Free cash flow, trailing twelve months
- −$6.99B
- Net income, trailing twelve months
- $3.78B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Oil & Gas Midstream
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