Venture Global, Inc. (VG) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Energy / Oil & Gas · as of Sep 24, 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
Grey Zone
Financial health
1.7
Distress distance
Watch
Earnings quality
4
Forensic signals
9.4
P / E (ttm)
38.1%
ROE
$33.2B
Market cap
0.55%
Dividend yield
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 1.7, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+1.9%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +2% over the last 1 year to FY2025 (+1.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~2%.
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. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
+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.
Key fundamentals
Latest Revenue$13.77B
Revenue Growth YoY+176.9%
Net Margin18.6%
Free Cash Flow-$6.80B
Return on Equity38.1%
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?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
8.8%
FY2025
Return on invested capital.Return on invested capital is 8.8% in the latest fiscal year, against 4% in FY2024. The capital base behind it grew +30% across FY2024–FY2025, from $36.5B to $47.6B, and the return did not fall doing it, so the dollars added over that window earned at least the 4% the older base was already earning.