Forensic Analysis · Gas Distribution Utility · as of Nov 8, 2026
Venture Global, Inc. (VG)
A forensic read on Venture Global, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
1.1
Distress distance
Watch
Earnings quality
3
Forensic signals
53.2%
ROE
176.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Venture Global, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.1, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
FCF ($6.8B)
FY2025
Shareholder returns.Returned $465M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($6.8B) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $6.6B — 7% of that. Capex and the payout together ran $7.3B past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. The balance sheet covered it: cash fell $1.3B and total debt rose $4.9B over FY2025 — $6.2B of the $7.3B. The FY2025 cash-flow statement filed $11.1B of debt repaid; $35M from shares issued; net cash used in investing activities of $13.2B; net cash provided by financing activities of $5.5B.
+26.6%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +26.6% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply, and much of it is accounted for. The build is led by receivables up +152% against revenue +177% and payables paid down 52% against +177% in revenue. That build tracks a +177% revenue year: net operating assets grew +31% and receivables +152%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 10% of net operating assets, against an accruals ratio of 26.6%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
10.0%
FY2025
Return on invested capital.Return on invested capital is 10.0% in the latest fiscal year, against 3.9% in FY2024. After-tax operating profit was $1.4B in FY2024 and $4.2B in FY2025, with operating income at 35.5% of revenue in FY2024 and 37.4% in FY2025. The capital base behind it grew +15% across FY2024–FY2025, from $36.5B to $42.0B, and the return did not fall doing it, so the dollars added over that window earned at least the 3.9% the older base was already earning.
Key fundamentals
Latest Revenue$13.77B
Revenue Growth YoY+176.9%
Net Margin18.6%
Free Cash Flow-$6.80B
Return on Equity53.2%
Debt / Equity5.07x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Venture Global, Inc.'s actual 10-K/10-Q/8-K filings?