Is the business good?
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.
11%
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 36% · 12 months to Q2 2026
- Cash conversion
- −1.85×
Cash conversion · some of the reported profit has not turned into cash yet
- 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 from the cash flow statement.
Oil & Gas Midstream
Ranks #10 of 27 by Smart Score