The company's capital structure is highly leveraged, with a Debt/Equity ratio of 3.54 and total debt of $42.8B against $8.6B in equity, reflecting the massive debt-fueled build-out of its asset base.
Venture Global, Inc. (VG) balance sheet — 4-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Total Current Assets | 4.53B | 4.04B | 4.56B | 5.96B | 1.41B |
| Cash & Short-Term Investments | 3.19B | 2.35B | 3.61B | 4.82B | 618M |
| Cash Only | 3.19B | 2.35B | 3.61B | 4.82B | 618M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 844M | 918M | 364M | 265M | 190M |
| Days Sales Outstanding | 17.25 | 24.34 | 26.72 | 12.25 | 10.76 |
| Inventory | 290M | 253M | 171M | 44M | 26M |
| Days Inventory Outstanding | 10.43 | 13.23 | 37.31 | 9.54 | 4.22 |
| Other Current Assets | 207M | 514M | 416M | 827M | 578M |
| Total Non-Current Assets | 56.99B | 49.41B | 38.93B | 22.5B | 13.69B |
| Property, Plant & Equipment | 53.92B | 47.33B | 35.28B | 19.82B | 10.93B |
| Fixed Asset Turnover | 0.35x | 0.29x | 0.14x | 0.40x | 0.59x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 209M | 0 | 0 | 0 |
| Long-Term Investments | 5.81B | 1.09B | 327M | 539M | 2.38B |
| Other Non-Current Assets | 1.38B | 781M | 3.33B | 2.15B | 2.75B |
| Total Assets | 61.52B | 53.45B | 43.49B | 28.46B | 15.1B |
| Asset Turnover | 0.31x | 0.26x | 0.11x | 0.28x | 0.43x |
| Asset Growth % | 107.15% | 22.89% | 52.8% | 88.53% | - |
| Total Current Liabilities | 3.82B | 4.34B | 3.54B | 2.31B | 1.75B |
| Accounts Payable | 828M | 737M | 1.54B | 436M | 252M |
| Days Payables Outstanding | 34.35 | 38.53 | 335.11 | 94.5 | 40.86 |
| Short-Term Debt | 345M | 812M | 190M | 178M | 150M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.42B | 550M | 473M | 280M | 285M |
| Current Ratio | 1.19x | 0.93x | 1.29x | 2.57x | 0.81x |
| Quick Ratio | 1.11x | 0.87x | 1.24x | 2.56x | 0.79x |
| Cash Conversion Cycle | -6.67 | -0.97 | -271.08 | -72.72 | -25.89 |
| Total Non-Current Liabilities | 45.62B | 38.8B | 33.58B | 24.06B | 12.84B |
| Long-Term Debt | 41.53B | 33.39B | 29.09B | 20.61B | 10.46B |
| Capital Lease Obligations | 3.53B | 696M | 536M | 383M | 337M |
| Deferred Tax Liabilities | 9.48B | 2.32B | 1.64B | 1.15B | 474M |
| Other Non-Current Liabilities | 437M | 2.39B | 2.32B | 1.92B | 1.57B |
| Total Liabilities | 49.44B | 43.15B | 37.12B | 26.38B | 14.59B |
| Total Debt | 42.81B | 34.9B | 29.81B | 21.17B | 10.95B |
| Net Debt | 39.62B | 32.55B | 26.2B | 16.34B | 10.33B |
| Debt / Equity | 3.54x | 3.39x | 4.68x | 10.15x | 21.50x |
| Debt / EBITDA | 5.82x | 5.84x | 14.30x | 4.13x | 2.95x |
| Net Debt / EBITDA | 5.38x | 5.45x | 12.57x | 3.19x | 2.78x |
| Interest Coverage | 3.50x | 3.31x | 4.74x | 7.91x | 6.99x |
| Total Equity | 12.08B | 10.3B | 6.37B | 2.08B | 509M |
| Equity Growth % | 246.16% | 61.77% | 205.37% | 309.63% | - |
| Book Value per Share | 4.57 | 3.91 | 2.63 | 0.81 | 0.20 |
| Total Shareholders' Equity | 8.57B | 6.74B | 2.9B | 1.51B | -186M |
| Common Stock | 25M | 24M | 23M | 0 | 0 |
| Retained Earnings | 6.47B | 4.72B | 2.61B | 1.23B | 688M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -232M | -239M | -249M | -260M | -184M |
| Minority Interest | 3.51B | 3.56B | 3.47B | 575M | 695M |
Quick answers to the most common questions about buying VG stock.
As of 2025, Venture Global, Inc. (VG) had total assets of $53.45B including $4.04B in current assets.
Venture Global, Inc. (VG) carries total debt of $34.90B, offset by $2.35B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Venture Global, Inc. (VG) has total shareholders' equity (book value) of $6.74B ($3.91 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Venture Global, Inc. (VG) reported a current ratio of 0.93x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Massive CapEx consuming all operating cash flow
Metrics are mathematically derived from official filings.
Asset Base Expands with Debt-Fueled Construction
Venture Global's total assets have surged from $28.5B in 2023Q4 to $61.5B in 2026Q2, driven by the capital-intensive build-out of its liquefaction facilities, as reported in its quarterly balance sheets.
The rapid asset growth, primarily in PPE, signals an aggressive expansion phase funded by a corresponding increase in total liabilities from $26.4B to $49.4B over the same period. This trajectory indicates the company is in a high-growth, capital-intensive phase, prioritizing capacity expansion over balance sheet deleveraging, which may pressure future cash flows until new projects reach commercial operation.
Leverage Elevated but Structurally Managed
The reported Debt-to-Equity ratio of 3.54 in 2026Q2, derived from $42.8B in total debt against $8.6B in equity, indicates significant leverage that appears to be a strategic component of the company's project-financing model.
While the D/E ratio is high, it has improved from a peak of 10.15 in 2023Q4, suggesting the equity base is growing faster than debt as retained earnings accumulate. The leverage appears to be a necessity for funding the massive upfront capital expenditure required for LNG infrastructure, but investors should monitor the refinancing risk and interest coverage as the company transitions from construction to stable cash flow generation.
PPE-Dominant Asset Base Reflects Core Business
Property, Plant & Equipment constitutes approximately 87.6% of total assets at $53.9B in 2026Q2, underscoring the asset-heavy nature of the LNG liquefaction business model.
The overwhelming concentration in PPE aligns with the company's core operation of building and operating large-scale liquefaction terminals. The minimal goodwill on the balance sheet ($209M in 2025Q4, subsequently zero) suggests growth is driven by organic project development rather than acquisitions, which may reduce integration risk but concentrates all execution risk on the company's modular construction strategy.
Retained Earnings Fuel Equity Growth
Retained earnings have grown from $1.2B in 2023Q4 to $6.5B in 2026Q2, indicating that profitability is being reinvested to fund the asset base and reduce reliance on external equity.
The growth in retained earnings is the primary driver of the improving equity position, which has expanded from $1.5B to $8.6B over the period. This suggests the company is successfully converting its operational profits into balance sheet strength, though the pace of equity growth is still outstripped by the expansion of debt and assets, maintaining a high leverage profile.
Current Ratio Volatile Amidst Construction Cycles
The current ratio has fluctuated significantly, from a high of 2.57 in 2023Q4 to 1.19 in 2026Q2, reflecting the lumpy nature of cash flows and working capital tied to project milestones and commissioning cargo sales.
The recent decline in the current ratio to 1.19, despite a cash position of $3.2B, suggests that current liabilities are growing in tandem with construction-related payables. While the ratio remains above 1.0, indicating short-term solvency, the volatility warrants monitoring as it may signal timing mismatches between capital expenditure outlays and revenue collections from spot sales.
Project Finance May Obscure True Leverage
The reported Debt-to-Equity ratio of 3.54 appears inconsistent with the scale of a multi-billion dollar infrastructure build-out, suggesting significant project-level debt may reside in off-balance-sheet entities.
For a company with over $53B in PPE and ongoing capital expenditures exceeding $6B per quarter, a total debt figure of $42.8B seems low relative to the asset base. This discrepancy implies that a substantial portion of the financing for projects like Calcasieu Pass and Plaquemines may be held in non-recourse or special purpose vehicles that are not fully consolidated, potentially understating the true financial risk and leverage of the consolidated enterprise.