Latest Ratios: P/E Ratio 16.3x · EV/EBITDA 11.2x · ROE 32.4%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $34.2B | $18.0B | — | — | — |
| Enterprise Value | $66.7B | $50.5B | — | — | — |
| P/E Ratio → | 16.28 | 7.93 | — | — | — |
| P/S Ratio | 2.48 | 1.31 | — | — | — |
| P/B Ratio | 3.58 | 1.74 | — | — | — |
| P/FCF | — | — | — | — | — |
| P/OCF | 5.21 | 2.74 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 3.67 | — | — | — |
| EV / EBITDA | 11.17 | 8.45 | — | — | — |
| EV / EBIT | 13.26 | 10.49 | — | — | — |
| EV / FCF | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | 49.3% | 49.3% | 66.4% | 78.7% | 65.1% |
| Operating Margin | 36.6% | 36.6% | 35.5% | 61.4% | 55.1% |
| Net Profit Margin | 19.6% | 19.6% | 31.0% | 33.9% | 28.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | 32.4% | 32.4% | 36.5% | 206.7% | 365.0% |
| ROA | 5.6% | 5.6% | 4.3% | 12.3% | 12.3% |
| ROIC | 10.0% | 10.0% | 5.2% | 24.9% | 24.6% |
| ROCE | 11.3% | 11.3% | 5.3% | 24.6% | 26.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 3.39 | 3.39 | 4.68 | 10.15 | 21.50 |
| Debt / EBITDA | 5.84 | 5.84 | 14.30 | 4.13 | 2.95 |
| Net Debt / Equity | — | 3.16 | 4.12 | 7.84 | 20.29 |
| Net Debt / EBITDA | 5.45 | 5.45 | 12.57 | 3.19 | 2.78 |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | 3.31 | 3.31 | 4.74 | 7.91 | 6.99 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 0.93 | 0.93 | 1.29 | 2.57 | 0.81 |
| Quick Ratio | 0.87 | 0.87 | 1.24 | 2.56 | 0.79 |
| Cash Ratio | 0.54 | 0.54 | 1.02 | 2.08 | 0.35 |
| Asset Turnover | — | 0.26 | 0.11 | 0.28 | 0.43 |
| Inventory Turnover | 27.59 | 27.59 | 9.78 | 38.27 | 86.58 |
| Days Sales Outstanding | — | 24.34 | 26.72 | 12.25 | 10.76 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | 1.3% | 2.6% | — | — | — |
| Payout Ratio | 17.2% | 17.2% | 9.0% | 6.1% | 0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | 6.1% | 12.6% | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 1.3% | 2.6% | — | — | — |
| Shares Outstanding | — | $2.6B | $2.4B | $2.6B | $2.6B |
Includes 30+ ratios · 4 years · Updated daily
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Quick answers to the most common questions about buying VG stock.
Venture Global, Inc.'s current P/E ratio is 16.3x. The historical average is 7.9x. This places it at the 100th percentile of its historical range.
Venture Global, Inc.'s current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.5x.
Venture Global, Inc.'s return on equity (ROE) is 32.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 160.2%.
Based on historical data, Venture Global, Inc. is trading at a P/E of 16.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Venture Global, Inc.'s current dividend yield is 1.26% with a payout ratio of 17.2%.
Venture Global, Inc. has 49.3% gross margin and 36.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Venture Global, Inc.'s Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Commissioning revenue cliff risk
Metrics are mathematically derived from official filings.
Valuation Reflects Growth, Not Contractual Stability
Venture Global's forward P/E of 8.60 and EV/EBITDA of 6.31 appear attractive relative to Cheniere's 11.88, but this discount may reflect the market's skepticism about the sustainability of current earnings driven by volatile commissioning cargo sales.
The significant discount to Cheniere on forward multiples suggests the market is pricing in the impending transition from high-margin spot sales to lower, fixed-fee long-term contract revenue. The current valuation appears to be a bet on the successful execution of the CP2 project and the resolution of contractual disputes, rather than a reflection of the stable, contracted cash flows that underpin a mature LNG infrastructure business.
Spot Arbitrage Inflates Margins Beyond Sustainable Levels
Venture Global's 57.3% gross margin in 2026Q2, as reported in its financial statements, is significantly above the peer average, indicating profitability is heavily reliant on the temporary spread between low-cost US feed gas and high international LNG spot prices.
The operating margin of 47.2% is exceptionally strong for an infrastructure company, but this level is likely unsustainable as the company transitions from selling commissioning cargoes at market rates to fulfilling long-term contracts with fixed liquefaction fees. The current profitability profile is a function of timing and market conditions, not the long-term, contracted economics of the business model.
Returns on Capital Are Early-Stage and Volatile
Based on reported figures, Venture Global's ROIC of 3.2% in 2026Q2 is significantly below Cheniere's 10.9%, suggesting the company's massive capital base is not yet generating returns commensurate with its mature peer, a typical profile for a company in a heavy investment phase.
The low and volatile ROIC, which swung from 0.9% in 2024Q3 to 4.2% in 2024Q1, reflects the lumpy nature of capital deployment and revenue recognition during the facility ramp-up period. As the Calcasieu Pass facility achieves full commercial operation and CP2 comes online, investors should monitor whether ROIC can sustainably converge toward peer levels, which would indicate the modular strategy is successfully creating value.
Working Capital Swings Reflect Lumpy Cargo Cycles
The cash conversion cycle has been highly erratic, swinging from -325 days in 2024Q3 to -10 days in 2026Q2, indicating that working capital is driven by the timing of large, individual cargo sales and payments rather than steady-state operational efficiency.
The negative CCC is typical for a business with strong supplier leverage (DPO of 38 days) and rapid inventory turnover (DIO of 12 days), but the extreme volatility suggests that cash flow forecasting is challenging. This pattern is likely to persist until the business model fully transitions to the more predictable, contract-driven cash flows of a mature LNG exporter.
Reported Leverage Masks Project-Finance Reality
The reported Debt/Equity ratio of 3.54 in 2026Q2 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, a nuance critical for assessing true financial risk.
While the interest coverage ratio of 4.42x appears comfortable, it is based on the on-balance-sheet debt. The true leverage of the enterprise, including non-recourse project financing, is likely much higher. Investors should monitor covenant compliance and refinancing risk at the project level, as this is where the real financial risk resides, not necessarily on the parent company's consolidated balance sheet.
The Most Misapplied Ratio: Debt/Equity
The Debt/Equity ratio is the most commonly misapplied metric for Venture Global, as it dramatically understates the true financial leverage of the enterprise by excluding the massive, non-recourse project debt used to finance its liquefaction facilities.
For capital-intensive infrastructure projects financed via special purpose vehicles, the consolidated Debt/Equity ratio is a misleading indicator of financial risk. Analysts should instead focus on project-level leverage, debt service coverage ratios at the asset level, and the total enterprise value inclusive of all project obligations to accurately assess the company's capital structure and refinancing risk.