Venture Global, Inc.

Dominant, fast-scaling LNG export franchise with top-decile growth, returns, and cash margins.

Strengths

• Revenue up 177% (100th pct) and net income up 57% (82nd pct) — explosive scaling
• Top-decile ROE 40.5% (90th pct), operating margin 37% (82nd pct), OCF margin 48% (92nd pct)
• Largest cash balance in sector ($2.36B, 100th pct) funding a major capacity buildout

Risks

• Very high leverage (debt/equity 4.95, 96th pct) typical of LNG infrastructure but elevated
• Deeply negative free cash flow (-$6.8B) and thin 1.4-quarter cash runway from heavy capex
• Execution/commissioning and commodity-price exposure on multi-billion-dollar projects

Notable findings

• Debt accelerationRecent 8-K item 2.04 8-K ↗
• Exec changeRecent 8-K item 5.02 8-K ↗
• High leverageHigh leverage (debt/equity 4.95)
• Cash burnNegative free cash flow (-6799.0M)
• Weak liquidityCurrent ratio 0.93 (<1)