Venture Global (VG)

Market Price (11/1/2026): $0 | Market Cap: $-Sector: Energy | Industry: Oil & Gas Storage & Transportation

Venture Global (VG)

Market Price (11/1/2026): $0
Market Cap: $-
Sector: Energy
Industry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 101%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, CFO LTM is 6.8 Bil

Megatrend and thematic drivers
Megatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US LNG, and Carbon Capture & Storage.

Weak multi-year price returns
2Y Excs Rtn is -71%, 3Y Excs Rtn is -123%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 107%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -41%

Key risks
VG key risks include [1] potential multi-billion dollar liabilities from significant legal disputes and arbitration with major customers over alleged contract defaults, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 101%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, CFO LTM is 6.8 Bil
3	Megatrend and thematic drivers Megatrends include US Energy Independence, and Energy Transition & Decarbonization. Themes include US LNG, and Carbon Capture & Storage.
4	Weak multi-year price returns 2Y Excs Rtn is -71%, 3Y Excs Rtn is -123%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 107%
6	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -41%
7	Key risks VG key risks include [1] potential multi-billion dollar liabilities from significant legal disputes and arbitration with major customers over alleged contract defaults, Show more.

VG in ETFs

Weight = VG's share of each fund

VTI0.01%

ITOT0.01%

VUG0.03%

VO0.02%

VB0.03%

XOP2.3%

SCHA0.18%

SCHM0.15%

+6 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	11/1/26	2025	2024	2023	2022
Share Price			0	$6.82	�	�	�
Mkt Cap ($ Mil)			0.0	16,709.0	-	-	-
+ Debt ($ Mil)			42,504.0	34,901.0	29,812.0	21,168.0	0.0
- Cash ($ Mil)			3,120.0	2,355.0	3,608.0	4,823.0	0.0
TEV ($ Mil)			39,384.0	51,610.0
Valuation Ratios
P/S	0.0	0.0	0.0	1.2	-	-	-
P/EBIT	0.0	0.0	0.0	3.5	-	-	-
P/E	0.0	0.0	0.0	6.6	-	-	-
P/FCF	—	—	-0.0	-2.5	-	-	-
Sector Ratios (* = sector average)
P/S *			1.8	1.5	1.4	1.5	1.2
P/EBIT *			7.3	7.2	6.4	6.3	3.7
P/E *			10.0	11.7	9.5	9.5	5.0
P/FCF *			8.7	8.5	7.7	8.2	4.7

FYE: 12/31	Forward FYE		Now
	2027	2026	11/1/26
Share Price			0
Mkt Cap ($ Mil)			0.0
+ Debt ($ Mil)			42,504.0
- Cash ($ Mil)			3,120.0
TEV ($ Mil)			39,384.0
Valuation Ratios
P/S	0.0	0.0	0.0
P/EBIT	0.0	0.0	0.0
P/E	0.0	0.0	0.0
P/FCF	—	—	-0.0
Sector Ratios (* = sector average)
P/S *			1.8
P/EBIT *			7.3
P/E *			10.0
P/FCF *			8.7

FYE: 12/31	VG [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$17.0 Bil	—
FY 2026 Sales	$18.9 Bil	—
FY 2027 Sales	$17.5 Bil	—
FY 2026 Sales Growth	11.5%	—
FY 2027 Sales Growth	-7.3%	8.7%
EARNINGS
LTM Net Income (GAAP) [3]	$3.6 Bil	—
FY 2026 Net Income (Non-GAAP)	$4.5 Bil	—
FY 2027 Net Income (Non-GAAP)	$3.2 Bil	—
FY 2027 Net Income Growth	-29.7%	12.8%
FY 2026 EPS (Non-GAAP)	$1.79	—
FY 2027 EPS (Non-GAAP)	$1.23	—
FY 2027 EPS Growth	-31.3%	—
VALUATION
FY 2026 P/S	—	3.2
FY 2027 P/S	—	—
FY 2026 P/E	—	18.2
FY 2027 P/E	—	—

[1] VG forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	VG	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	17.0
Rev Chg Q	47.6%	8.9%
Rev Chg LTM	100.7%	8.5%
Rev Chg 3Y Avg	81.4%	6.2%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	6.4
CFO LTM ($ Bil)	6.8
Net Inc LTM ($ Bil)	3.6
Op Mgn LTM	37.6%	18.7%
CFO/Rev LTM	40.3%	21.6%
Net Inc Mgn	21.2%	13.4%
VALUATION	LOW
P/S	2.2	3.2
P/CFO	5.4	15.2
P/FCF	-5.3	20.1
P/E	10.2	22.6
STABILITY	POOR
Debt/Equity	1.15	0.19
Cash/Assets	0.05	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Total LNG capacity in production, construction, or development	Over 100 MTPA	11102025	Link
LNG cargoes exported in Q3 2025	100	11102025	Link
Total LNG cargoes exported in the nine months ended September 30, 2025	252	11102025	Link
Projected total LNG cargoes to be exported for full year 2025	382-386	11102025	Link
New long-term LNG sales and purchase agreements signed in the second half of 2025	5.25 MTPA	11102025	Link
New long-term LNG sales and purchase agreements signed in 2025	5.75 MTPA	11102025	Link
Plaquemines LNG nameplate liquefaction capacity	20 MTPA	12172024	Link
Calcasieu Pass permitted peak liquefaction capacity	12.4 MTPA	8052025	Link

Price Chart

Upcoming
11/10/2026	Earnings Release	Rev: $4.0 Bil (E) EPS: $0.50 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/31/2026

Venture Global (VG) stock has gained about 10% since 7/31/2026 because of the following key factors:

1. Robust Fiscal Q2 2026 Performance and Elevated Full-Year Guidance Fueled Investor Confidence.

Venture Global reported strong financial results for its fiscal Q2 2026, which ended in June 2026, announcing $0.51 earnings per share, surpassing the consensus estimate of $0.50. The company's revenue reached $4.6 billion, marking a 48% increase from fiscal Q2 2025, and adjusted EBITDA surged by 79% to $2.5 billion. Following these results, management significantly raised its full-year 2026 adjusted EBITDA guidance to a range of $8.7 billion to $9.1 billion, up from the previous outlook of $8.2 billion to $8.5 billion. This upward revision also included an increase in the weighted average liquefaction fee assumption for unsold 2026 cargos to $12.50-$13.50 per MMBtu, from an earlier $9.50-$10.50. Additionally, Venture Global increased its quarterly dividend to $0.04 per share from $0.018.

2. Strategic Long-Term LNG Sales Agreements Secured Future Revenue Streams.

During the period, Venture Global announced several significant long-term LNG sales agreements. On September 14, 2026, the company finalized a new long-term agreement with China Gas. This was followed by a 20-year LNG Sales and Purchase Agreement with ConocoPhillips on October 1, 2026. Further bolstering market sentiment, a Reuters report on October 23, 2026, indicated that QatarEnergy was in advanced discussions to purchase at least 3 million metric tons of LNG per year from Venture Global through a long-term deal, leading to a 6.3% jump in the stock price on the news.

3. Favorable Macroeconomic Environment Drove Strong LNG Demand and Pricing.

Global market dynamics significantly benefited Venture Global, as geopolitical conflicts in the Middle East led to disruptions in LNG supply from regions like Qatar and the UAE, consequently driving up LNG prices. Concurrently, robust demand from Europe, coupled with lower-than-normal inventory levels on the continent, created expectations for sustained high prices and demand into the upcoming winter season. Broader trends, including increasing global natural gas demand projected to rise significantly by 2050 and a growing shift towards gas for power generation, further underscore a favorable long-term market for LNG.

4. Continued Operational Progress and Production Ramp-up at Key Facilities.

Venture Global demonstrated strong operational momentum, particularly with the ongoing commissioning and ramp-up of its Plaquemines LNG facility. This project was a primary driver of the company's growth, contributing to a 42% increase in LNG sales in fiscal Q2 2026. The company anticipates Phase 1 of the Plaquemines Project to achieve commercial operation by fiscal Q4 2026. An operational update for fiscal Q3 2026 (ended September 2026) revealed that Venture Global sold and recognized revenue from 465.8 TBtu of LNG, exporting a total of 124 cargos during the quarter. The company's expansion strategy aims to achieve approximately 85 MTPA of total production capacity by year-end 2029 through the development of multiple LNG projects.

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Stock Movement Drivers

Fundamental Drivers

The 10.8% change in VG stock from 7/31/2026 to 10/31/2026 was primarily driven by a 25.4% change in the company's Net Income Margin (%).

(LTM values as of)	7312026	10312026	Change
Stock Price ($)	13.35	14.79	10.8%
Change Contribution By:
Total Revenues ($ Mil)	15,474	16,951	9.5%
Net Income Margin (%)	16.9%	21.2%	25.4%
P/E Multiple	12.5	10.2	-18.5%
Shares Outstanding (Mil)	2,463	2,489	-1.0%
Cumulative Contribution			10.8%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 10/31/2026

	Return	Correlation
VG	10.8%
Market (SPY)	1.2%	-20.3%
Sector (XLE)	17.6%	60.3%

Fundamental Drivers

The 11.9% change in VG stock from 4/30/2026 to 10/31/2026 was primarily driven by a 23.1% change in the company's Total Revenues ($ Mil).

(LTM values as of)	4302026	10312026	Change
Stock Price ($)	13.22	14.79	11.9%
Change Contribution By:
Total Revenues ($ Mil)	13,769	16,951	23.1%
Net Income Margin (%)	18.4%	21.2%	15.6%
P/E Multiple	12.8	10.2	-20.1%
Shares Outstanding (Mil)	2,450	2,489	-1.6%
Cumulative Contribution			11.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 10/31/2026

	Return	Correlation
VG	11.9%
Market (SPY)	5.4%	-32.9%
Sector (XLE)	18.2%	67.9%

Fundamental Drivers

The 74.0% change in VG stock from 10/31/2025 to 10/31/2026 was primarily driven by a 225.5% change in the company's Total Revenues ($ Mil).

(LTM values as of)	10312025	10312026	Change
Stock Price ($)	8.50	14.79	74.0%
Change Contribution By:
Total Revenues ($ Mil)	5,208	16,951	225.5%
Net Income Margin (%)	29.1%	21.2%	-27.1%
P/E Multiple	13.5	10.2	-24.5%
Shares Outstanding (Mil)	2,420	2,489	-2.8%
Cumulative Contribution			74.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 10/31/2026

	Return	Correlation
VG	74.0%
Market (SPY)	11.7%	-22.5%
Sector (XLE)	62.5%	56.0%

Fundamental Drivers

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Market Drivers

10/31/2023 to 10/31/2026

	Return	Correlation
VG
Market (SPY)	86.9%	16.3%
Sector (XLE)	79.6%	51.6%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
VG Return	-	-	-	-	-71%	118%	-38%
Peers Return	43%	58%	-2%	24%	-2%	46%	295%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	106%
Monthly Win Rates [3]
VG Win Rate	-	-	-	-	25%	50%
Peers Win Rate	62%	60%	57%	62%	60%	62%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
VG Max Drawdown	-	-	-	-	-	-40%
Peers Max Drawdown	-24%	-27%	-25%	-20%	-29%	-24%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: LNG, SRE, NEXT, XOM, CVX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)

Event	VG	S&P 500
2025 US Tariff Shock
% Loss	-56.5%	-18.8%
% Gain to Breakeven	129.7%	23.1%
Time to Breakeven	64 days	79 days

Compare to LNG, SRE, NEXT, XOM, CVX

In The Past

Venture Global's stock fell -56.5% during the 2025 US Tariff Shock. Such a loss loss requires a 129.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	VG	S&P 500
2025 US Tariff Shock
% Loss	-56.5%	-18.8%
% Gain to Breakeven	129.7%	23.1%
Time to Breakeven	64 days	79 days

Compare to LNG, SRE, NEXT, XOM, CVX

In The Past

Venture Global's stock fell -56.5% during the 2025 US Tariff Shock. Such a loss loss requires a 129.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Venture Global (VG)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Venture Global (VG) is a rapidly expanding company specializing in the development, construction, and operation of liquefied natural gas (LNG) production and export facilities. The company employs an innovative and scalable "design one, build many" approach, which allows it to bring LNG to the global market faster and at a lower cost than traditional methods. Its core mission is to supply clean, affordable, and secure natural gas worldwide, aiming to displace more carbon-intensive energy sources and underpin global energy security and economic development.

The company's primary product is LNG, which is natural gas supercooled to a liquid for efficient transport by tankers to international markets that lack domestic supply. Venture Global is actively developing and constructing five major LNG liquefaction and export projects near the Gulf of Mexico in Louisiana. These projects are designed to deliver a substantial total peak production capacity of 143.8 million tonnes per annum (mtpa), including both guaranteed and excess capacity. Even during commissioning phases, the company generates revenue from the sale of initial LNG cargoes.

AI Analysis | Feedback

Here are 1-2 brief analogies to describe Venture Global (VG):

Venture Global is like the **Tesla for building large-scale LNG export terminals**, applying a disruptive, rapid, and cost-effective approach to constructing massive energy infrastructure.
Venture Global is like the **AWS for industrial energy assets**, standardizing and rapidly deploying huge LNG export facilities with a "design one, build many" approach.

AI Analysis | Feedback

Liquefied Natural Gas (LNG): Venture Global produces and exports supercooled natural gas, which is converted into liquid form for efficient global transportation.

AI Analysis | Feedback

Based on the provided company description, Venture Global (VG) sells liquefied natural gas (LNG) primarily to other companies, likely international utilities, energy trading firms, or national energy companies. However, the background information does not explicitly name its major customers or provide their symbols.

The company description mentions "Sale and Purchase Agreements" (SPAs) and the sale of "commissioning cargos," indicating that it enters into contracts with other entities for the delivery of LNG to global markets.

AI Analysis | Feedback

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AI Analysis | Feedback

Michael Sabel
CEO, Executive Co-Chairman and Founder

Michael Sabel co-founded Venture Global LNG with Robert Pender in 2013. He has served as the CEO and Executive Co-Chairman since 2020, prior to which he was a Co-CEO. Before establishing Venture Global, Mr. Sabel worked for decades in the energy, technology, and financial services sectors, taking on senior leadership roles, engaging in new company formation, technology licensing, corporate business development, and capital market transactions. He was also an investment banker prior to co-founding Venture Global.

Jonathan Thayer
Chief Financial Officer

Jonathan (Jack) Thayer joined Venture Global LNG as Chief Financial Officer in June 2020. He brings over 15 years of finance leadership experience. Previously, Mr. Thayer held CFO positions at Exelon Corporation, a leading utility, power marketing, and generation holding company, and Constellation Energy Group, Inc., a large, integrated energy company. His career also includes roles in investment banking at SBC Warburg and Deutsche Bank Securities. Most recently before Venture Global, he served as Vice Chairman, Corporate Operations and CFO at Woodward, Inc..

Robert Pender
Executive Co-Chairman and Founder

Robert Pender co-founded Venture Global LNG with Michael Sabel in 2013. He currently serves as Executive Co-Chairman and was previously Co-CEO until 2020, when Sabel became the sole chief executive. Prior to founding the company, Mr. Pender practiced law for 28 years, specializing in alternative energy project financings. He worked on over $35 billion in energy, infrastructure, and power projects, and was a partner at Hogan Lovells, where he led the Project & International Finance Group for a decade.

Brian Cothran
Chief Operating Officer

Brian Cothran serves as the Chief Operating Officer for Venture Global LNG.

Fory Musser
Senior Vice President, Development

Fory Musser holds the position of Senior Vice President, Development at Venture Global LNG.

AI Analysis | Feedback

Dependency on Subsidiaries: Venture Global, Inc. operates as a holding company with no direct operations, making it entirely dependent on its subsidiaries, including VGLNG, to generate revenues and funds. The ability of these subsidiaries to generate profits and make payments to the parent company is critical for Venture Global to meet its financial obligations and potentially pay dividends to stockholders.
Reliance on Achieving Commercial Operation Date (COD) for Projects: While Venture Global is currently generating proceeds from the sale of commissioning cargos, particularly at the Calcasieu Project, the full realization of expected revenues from long-term contracts (post-COD SPAs) is contingent upon achieving Commercial Operation Date (COD) for each relevant project or phase. Delays in reaching COD across its five commissioning, constructing, and developing projects could impact projected financial performance.

AI Analysis | Feedback

The accelerating global transition to and technological advancements in truly zero-carbon energy sources (such as green hydrogen, advanced renewables coupled with highly efficient storage, and advanced nuclear power) could diminish the long-term demand and strategic importance of liquefied natural gas as a bridge fuel, potentially bypassing or significantly shortening the role of LNG in the "cleaner energy future" that Venture Global aims to serve.

AI Analysis | Feedback

The addressable market for Venture Global's main product, Liquefied Natural Gas (LNG), is global. The global Liquefied Natural Gas (LNG) market was projected to reach an estimated 165.5 billion USD in 2026. This market is expected to grow to 282.1 billion USD by 2035, exhibiting a compound annual growth rate (CAGR) of 6.1% during the forecast period.

AI Analysis | Feedback

Venture Global (VG) is poised for significant revenue growth over the next 2-3 years, driven by the expansion and commercialization of its liquefied natural gas (LNG) projects and an increasing volume of contracted sales. The company's innovative and scalable approach to LNG production underpins its rapid growth trajectory.

Expected Drivers of Future Revenue Growth:

Full Commercial Operation of Plaquemines LNG Project: The Plaquemines LNG project, which began producing LNG in December 2024 and shipped its inaugural commissioning cargo, is a key driver. Phase 1 of Plaquemines is anticipated to achieve Commercial Operation Date (COD) in the fourth quarter of 2026, with Phase 2 expected to be in-service by mid-2027 and full completion by the end of 2027. Once fully operational, Plaquemines is projected to have an export capacity of at least 20 million tonnes per annum (MTPA), transitioning current commissioning cargo revenues into stable, long-term contractual income.
Commissioning and Initial Operations of CP2 LNG Project: Venture Global reached Final Investment Decision (FID) for Phase 1 of the CP2 LNG project in July 2025 and for Phase 2 in March 2026. The company expects to export its first LNG from CP2 in the second half of 2027. Upon completion, CP2 will contribute a peak production capacity of 29 MTPA, significantly boosting Venture Global's overall output and positioning it to become one of the largest LNG exporters globally.
Contribution from Future Bolt-on Expansion Projects: Venture Global has aggressive plans for bolt-on expansions at its CP2 (10 MTPA capacity) and Plaquemines (6.4 MTPA capacity) sites, with FIDs targeted for 2027. First production from these expansions is anticipated in late 2028 (CP2) and 2029 (Plaquemines), further increasing the company's liquefaction capacity towards its goal of over 100 MTPA by 2030.
Growth in LNG Sales Volumes and Expanding Long-Term Contract Portfolio: The company's strategy of securing long-term Sale and Purchase Agreements (SPAs), often 20-year terms, provides strong revenue visibility. Venture Global has a contracted backlog of $137 billion, covering 77% of its capacity. For 2026, 91% of available cargos have already been contracted, and the company projects a near doubling of cargo capacity by 2029, indicating robust growth in sales volumes and associated revenue.

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Share Issuance

  Venture Global, Inc. launched an Initial Public Offering (IPO) in January 2025, offering 70 million shares of Class A common stock at an initial price of $25 per share, valuing the IPO at $1.75 billion.


Inbound Investments

  D. E. Shaw reported acquiring a new stake of over 5% in Venture Global (VG) as of a Schedule 13G filing on September 15, 2026.


Capital Expenditures

  Venture Global expanded its total assets by $15.0 billion, from $46.5 billion as of June 30, 2025, to $61.5 billion as of June 30, 2026, largely attributable to ongoing construction and development of its natural gas liquefaction and export projects.
  The primary focus of capital expenditures is on commissioning, constructing, and developing five natural gas liquefaction and export projects near the Gulf of Mexico in Louisiana, aiming for a total expected peak production capacity of 143.8 mtpa. [BACKGROUND]

Interactive Breakdown

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Better Bets vs. Venture Global (VG)

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Peer Outperformance in Oil & Gas Storage & Transportation

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Share of Oil & Gas Storage & Transportation constituents that VG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

73%

of 22 industry peers · 74.0% return

—

insufficient peer history

—

insufficient peer history

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Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Storage & Transportation is VG's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Oil & Gas Refining & Marketing	11	99.2%	131.0%	353.5%	MPC 654% · VLO 503% · PBF 500%
Integrated Oil & Gas	7	57.5%	88.9%	211.1%	IMO 361% · SU 275% · XOM 246%
Oil & Gas Storage & Transportation ←	18	47.4%	122.3%	199.7%	INSW 975% · LPG 874% · TRGP 542%
Oil & Gas Drilling	7	76.6%	21.4%	96.6%	VAL 199% · NE 130% · RIG 97%
Oil & Gas Equipment & Services	33	27.1%	29.7%	81.4%	SEI 1004% · FTI 853% · TDW 620%
Oil & Gas Exploration & Production	51	49.8%	13.7%	60.0%	BTE 1005% · PR 320% · CNQ 238%
Coal & Consumable Fuels	14	-31.1%	4.2%	40.4%	CNR 249% · CCJ 221% · UEC 107%

Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Venture Global Earnings Notes	05/09/2026
2	Venture Global Stock In Shambles: Down 24% With 6-Day Losing Streak	04/16/2026
3	Venture Global (-7.8%): C-Suite Sells Stock Amid Weak Profit Outlook	03/10/2026
4	Venture Global (+17%): Qatar Outage Ignites Scramble, Earnings Validate	03/03/2026
5	Venture Global Stock (+11%): CP2 FID Approval Unlocks Growth Tier	01/17/2026
6	VG Stock Surges 22% With A 5-day Winning Spree On Unusual Options Activity	01/17/2026
7	null	10/17/2025

	Title
0	ARTICLES

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CVCO	Cavco Industries	4.8	13.1%	4.8%
GPN	Global Payments	26.1	13.0%	26.4%
BTSG	BrightSpring Health Services	13.8	11.1%	78.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ARI	Apollo Commercial Real Estate Finance	0.3	-64.5%	-75.9%
ATEC	Alphatec	1.1	-38.1%	-66.5%
RDDT	Reddit	17.6	-29.2%	-60.1%
ABR	Arbor Realty Trust	0.4	-29.1%	-69.6%
GYRE	Gyre Therapeutics	0.5	-28.9%	-35.5%
INTC	Intel	335.6	-28.6%	78.2%
COUR	Coursera	0.8	-25.5%	-52.9%
CRMD	Cormedix	0.4	-25.5%	-51.0%
XMAX	XMax	0.4	-20.7%	-20.2%
OPY	Oppenheimer	0.9	-20.1%	19.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
GDYN	Grid Dynamics	1.1	54.5%	48.0%
REPL	Replimune	1.7	53.7%	81.2%
SGRY	Surgery Partners	3.0	47.4%	50.2%
ADT	ADT	7.5	42.9%	25.2%
TDOC	Teladoc Health	1.5	34.2%	21.6%
GKOS	Glaukos	14.0	32.8%	110.4%
ULCC	Frontier	1.5	30.6%	36.9%
AXGN	Axogen	2.6	29.7%	50.8%
HRI	Herc	5.5	29.4%	13.4%
PRME	Prime Medicine	0.8	28.6%	36.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
ARI	Apollo Commercial Real Estate Finance	0.3	-63.7%	-75.9%
BCAX	Bicara Therapeutics	0.6	-46.5%	-45.8%
IOVA	Iovance Biotherapeutics	3.8	-39.8%	210.6%
ATEC	Alphatec	1.1	-36.6%	-66.5%
RDDT	Reddit	17.6	-36.4%	-60.1%
BXBL	BOXABL	5.9	-34.3%	-79.9%
COUR	Coursera	0.8	-31.7%	-52.9%
ORIC	ORIC Pharmaceuticals	1.0	-29.8%	13.0%
AVBP	ArriVent BioPharma	0.7	-29.2%	-26.1%
CMPR	Cimpress	1.4	-29.1%	-14.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
BRZE	Braze	5.1	78.4%	33.4%
SGRY	Surgery Partners	3.0	75.4%	50.2%
LQDA	Liquidia	4.0	61.0%	30.6%
GDYN	Grid Dynamics	1.1	59.4%	48.0%
ADT	ADT	7.5	58.3%	25.2%
PRME	Prime Medicine	0.8	57.9%	36.0%
MAX	MediaAlpha	0.8	52.4%	13.9%
FIGS	FIGS	3.5	51.3%	87.6%
TDOC	Teladoc Health	1.5	50.1%	21.6%
DGICB	Donegal	-	48.2%	45.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ARI	Apollo Commercial Real Estate Finance	0.3	-62.9%	-75.9%
GLAS	Glass House Brands	0.2	-59.0%	-75.4%
NUAI	New Era Energy & Digital	0.3	-57.1%	-6.7%
BRUN	Boost Run	0.4	-55.2%	-66.0%
SHAZ	SharonAI	0.4	-54.5%	-75.5%
CIFR	Cipher Digital	3.0	-52.8%	-50.6%
AVTX	Avalo Therapeutics	0.3	-52.0%	-60.5%
BCAX	Bicara Therapeutics	0.6	-49.8%	-45.8%
AVBP	ArriVent BioPharma	0.7	-48.6%	-26.1%
BLZE	Backblaze	0.5	-46.5%	62.9%

Peer Comparisons

Peers to compare with:

Financials

	VG	LNG	SRE	NEXT	XOM	CVX	Median
Name	Venture .	Cheniere.	Sempra	NextDeca.	Exxon Mo.	Chevron
Mkt Price	14.82	328.01	86.07	7.39	187.10	235.54	136.58
Mkt Cap	36.9	67.7	56.3	2.0	781.0	464.0	62.0
Rev LTM	16,951	23,223	13,552	0	361,060	208,711	20,087
Op Inc LTM	6,377	6,521	3,459	-227	38,723	25,818	6,449
FCF LTM	-6,990	3,787	-5,243	-5,727	30,553	27,012	-728
FCF 3Y Avg	-	3,041	-4,186	-3,894	30,696	20,418	3,041
CFO LTM	6,829	7,179	5,416	-225	59,727	45,321	7,004
CFO 3Y Avg	-	5,926	5,023	-142	56,299	37,562	5,926

Growth & Margins

	VG	LNG	SRE	NEXT	XOM	CVX	Median
Name	Venture .	Cheniere.	Sempra	NextDeca.	Exxon Mo.	Chevron
Rev Chg LTM	100.7%	22.5%	1.6%	-	9.6%	11.2%	11.2%
Rev Chg 3Y Avg	-	1.9%	-6.7%	-	-0.0%	-0.5%	-0.3%
Rev Chg Q	47.6%	39.0%	-0.1%	-	44.1%	51.4%	44.1%
QoQ Delta Rev Chg LTM	9.5%	8.1%	-0.0%	-	10.8%	12.3%	9.5%
Op Inc Chg LTM	119.8%	-7.5%	14.0%	-12.8%	3.1%	64.1%	8.5%
Op Inc Chg 3Y Avg	-	-23.2%	1.9%	-37.0%	-12.8%	0.0%	-12.8%
Op Mgn LTM	37.6%	28.1%	25.5%	-	10.7%	12.4%	25.5%
Op Mgn 3Y Avg	37.0%	35.9%	22.9%	-	11.4%	10.9%	22.9%
QoQ Delta Op Mgn LTM	3.8%	-1.8%	1.8%	-	1.7%	4.0%	1.8%
CFO/Rev LTM	40.3%	30.9%	40.0%	-	16.5%	21.7%	30.9%
CFO/Rev 3Y Avg	-	30.7%	37.3%	-	16.4%	18.9%	24.8%
FCF/Rev LTM	-41.2%	16.3%	-38.7%	-	8.5%	12.9%	8.5%
FCF/Rev 3Y Avg	-	15.8%	-31.1%	-	8.9%	10.2%	9.6%

Valuation

	VG	LNG	SRE	NEXT	XOM	CVX	Median
Name	Venture .	Cheniere.	Sempra	NextDeca.	Exxon Mo.	Chevron
Mkt Cap	36.9	67.7	56.3	2.0	781.0	464.0	62.0
P/S	2.2	2.9	4.2	-	2.2	2.2	2.2
P/Op Inc	5.8	10.4	16.3	-8.6	20.2	18.0	13.3
P/EBIT	5.8	10.3	18.0	-8.7	16.9	14.5	12.4
P/E	10.2	22.3	24.7	-5.5	23.8	22.5	22.4
P/CFO	5.4	9.4	10.4	-8.7	13.1	10.2	9.8
Total Yield	11.3%	5.1%	7.0%	-18.3%	6.4%	7.4%	6.7%
Dividend Yield	1.5%	0.7%	2.9%	0.0%	2.2%	3.0%	1.9%
FCF Yield 3Y Avg	-	6.3%	-7.9%	-187.0%	6.0%	6.5%	6.0%
D/E	1.2	0.4	0.7	5.4	0.1	0.1	0.5
Net D/E	1.1	0.4	0.7	5.3	0.0	0.1	0.5

Returns

	VG	LNG	SRE	NEXT	XOM	CVX	Median
Name	Venture .	Cheniere.	Sempra	NextDeca.	Exxon Mo.	Chevron
1M Rtn	16.1%	20.4%	10.3%	17.1%	14.2%	13.7%	15.1%
3M Rtn	11.1%	24.7%	-2.0%	10.0%	21.1%	20.7%	15.9%
6M Rtn	16.9%	22.0%	-7.7%	-5.6%	24.1%	25.8%	19.4%
12M Rtn	74.3%	56.2%	-3.6%	24.6%	68.3%	55.2%	55.7%
3Y Rtn	-37.5%	100.3%	33.7%	64.6%	95.5%	85.5%	75.0%
1M Excs Rtn	15.0%	19.4%	9.3%	16.1%	13.2%	12.7%	14.1%
3M Excs Rtn	11.7%	25.5%	-3.0%	10.1%	19.6%	21.1%	15.6%
6M Excs Rtn	9.8%	14.9%	-14.8%	-12.7%	17.0%	18.7%	12.4%
12M Excs Rtn	57.4%	44.6%	-16.2%	13.5%	53.0%	45.5%	45.0%
3Y Excs Rtn	-122.6%	16.7%	-50.2%	-23.7%	5.2%	-13.7%	-18.7%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Clinical Pipeline

null

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021
Filing Date	8/11/2026	3/2/2026	3/6/2025	1/24/2025	3/6/2025	1/24/2025
Key Financials
Total Revenue	16,951	13,769	4,972	7,897	6,448	0
Gross Profit	8,096	6,908	3,299	5,936	4,197	-6
EBITDA	7,363	5,758	3,089	5,350	4,294	-371
Operating Income	6,377	5,156	1,763	4,831	3,555	-341
Net Income	3,601	2,530	1,543	2,681	1,858	-356
EPS	1.36	0.93	0.61	1.14	0.79	-0.18
Growth Rates
Total Revenue Growth	100.7%	176.9%	-37.0%	22.5%	∞%	-
EBITDA Growth	103.3%	86.4%	-42.3%	24.6%	1257.4%	-
Operating Income Growth	119.8%	192.5%	-63.5%	35.9%	1142.5%	-
Net Income Growth	141.5%	64.0%	-42.4%	44.3%	621.9%	-
Margins
Gross Margin	47.8%	50.2%	66.4%	75.2%	65.1%	-
EBITDA Margin	43.4%	41.8%	62.1%	67.7%	66.6%	-
Operating Income Margin	37.6%	37.4%	35.5%	61.2%	55.1%	-
Net Income Margin	21.2%	18.4%	31.0%	33.9%	28.8%	-
Cash & Debt
Total Cash	3,120	2,355	3,608	4,823	618	�
Total Debt	42,504	34,901	29,812	21,168	10,945	0
Net Debt / (Cash)	39,384	32,546	26,204	16,345	10,327	�
Cash Flows & CapEx
Net Cash from Operations	6,829	6,566	2,149	4,550	3,702	-503
Total CapEx	-13,819	-13,365	-13,717	-8,091	-4,618	-2,079
Free Cash from Operations	-6,990	-6,799	-11,568	-3,541	-916	-2,582
Returns to Shareholders
Dividends	554	465	139	164	6	7
Share Repurchases	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	8/11/2026	5/12/2026	3/2/2026	11/10/2025	8/12/2025	5/13/2025	3/6/2025	1/24/2025	8/12/2025	5/13/2025	1/24/2025	1/24/2025
Key Financials Quarterly
Total Revenue	4,578	4,599	4,445	3,329	3,101	2,894	1,524	926	1,108	1,414	1,632	1,054
Ebitda	2,502	1,431	2,154	1,276	1,168	1,160	1,448	-155	667	1,129	209	1,138
Operating Income	2,188	1,151	1,718	1,320	1,038	1,080	594	189	363	617	737	309
Net Income	1,414	556	1,135	496	435	464	938	-346	303	648	-50	617
EPS	0.54	0.20	0.44	0.18	0.15	0.17	0.36	-0.14	0.13	0.28	-0.02	0.26
Key Financials TTM
Total Revenue TTM	16,951	15,474	13,769	10,848	8,445	6,452	4,972	5,080	5,208	-	-	-
Ebitda TTM	7,363	6,029	5,758	5,052	3,621	3,120	3,089	1,850	3,143	-	-	-
Operating Income TTM	6,377	5,227	5,156	4,032	2,901	2,226	1,763	1,906	2,026	-	-	-
Net Income TTM	3,601	2,622	2,530	2,333	1,491	1,359	1,543	555	1,518	-	-	-
Growth Rates Quarterly
Total Revenue Growth	47.6%	58.9%	191.7%	259.5%	179.9%	104.7%	-6.6%	-12.1%	-	-	-	-
EBITDA Growth	114.2%	23.4%	48.8%	923.2%	75.1%	2.7%	592.8%	-113.6%	-	-	-	-
Operating Income Growth	110.8%	6.6%	189.2%	598.4%	186.0%	75.0%	-19.4%	-38.8%	-	-	-	-
Net Income Growth	225.1%	19.8%	21.0%	243.4%	43.6%	-28.4%	1976.0%	-156.1%	-	-	-	-
Margins Quarterly
EBITDA Margin	54.7%	31.1%	48.5%	38.3%	37.7%	40.1%	95.0%	-16.7%	60.2%	79.8%	12.8%	108.0%
Operating Income Margin	47.8%	25.0%	38.7%	39.7%	33.5%	37.3%	39.0%	20.4%	32.8%	43.6%	45.2%	29.3%
Net Income Margin	30.9%	12.1%	25.5%	14.9%	14.0%	16.0%	61.5%	-37.4%	27.3%	45.8%	-3.1%	58.5%
Cash & Debt
Total Cash	3,120	1,599	2,355	1,879	2,247	3,605	3,608	4,562	-	-	4,823	-
Total Debt	42,504	37,279	34,901	33,307	30,485	29,844	29,812	27,401	0	0	21,168	0
Net Debt / (Cash)	39,384	35,680	32,546	31,428	28,238	26,239	26,204	22,839	-	-	16,345	-
Cash Flows Quarterly
FCF from Operations	2,072	763	2,111	1,883	1,458	1,114	673	280	558	638	593	-
Cash Flows TTM
FCF from Operations TTM	6,829	6,215	6,566	5,128	3,525	2,625	2,149	2,069	-	-	-	-
Returns to Shareholders Quarterly
Dividends	-91	180	42	423	-190	190	56	54	14	15	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	17.1%	10.4%	16.1%	13.6%	11.0%	11.9%	7.2%	2.6%	-	-	0.3%	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	12.7%	11.5%	12.1%	9.7%	7.6%	6.2%	5.3%	7.0%	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Plaquemines Project	9,175	23	0	0
Calcasieu Project	4,125	4,916	7,897	6,448	0
Sales and Shipping	2,518	329	0
CP2 Project	1	2	0	0
Corporate, other and eliminations	-2,050	-298	0	0
Total	13,769	4,972	7,897	6,448	0

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Plaquemines Project	4,228	-217	-187	-269	-158
Calcasieu Project	1,316	2,813	5,598	4,042	-85
Sales and Shipping	248	-20	-7
CP2 Project	-278	-500	-362	-34	-15
Corporate, other and eliminations	-358	-313	-192
Corporate and other				-184	-79
Total	5,156	1,763	4,850	3,555	-337

Assets by Segment

$ Mil	2025	2024	2023
Plaquemines Project	26,256	24,627	12,734
CP2 Project	10,857	3,643	1,359
Calcasieu Project	6,955	7,181	7,571
Corporate, other and eliminations	6,893	6,567
Sales and Shipping	2,485	1,473
Corporate and other			6,799
Total	53,446	43,491	28,463

Price Behavior

Price Behavior

Market Price	$14.79
Market Cap ($ Bil)	36.8
First Trading Date	01/24/2025
Distance from 52W High	-15.3%
	50 Days	200 Days
DMA Price	$13.83	$12.66
DMA Trend	down	up
Distance from DMA	6.9%	16.8%
	3M	1YR
Volatility	53.1%	74.3%
Downside Capture	-183.20	-208.30
Upside Capture	-107.35	-116.76
Correlation (S&P 500)	-20.3%	-22.2%

VG Betas & Captures as of 10/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.03	-0.76	-1.00	-1.78	-1.31	-0.05
Up Beta	3.57	-0.88	-1.25	-1.29	-2.04	-0.52
Down Beta	1.89	-0.78	-0.13	-0.83	0.30	-1.08
Up Capture	53%	-64%	-72%	-107%	-47%	-2%
Bmk +ve Days	12	18	28	62	130	427
Stock +ve Days	14	23	33	63	128	216
Down Capture	-202%	-81%	-188%	-502%	-696%	10%
Bmk -ve Days	10	25	36	64	121	325
Stock -ve Days	8	20	31	63	122	223

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with VG
VG	69.8%	74.3%	1.02	-
Sector ETF (XLE)	63.0%	22.3%	2.10	56.1%
Equity (SPY)	10.9%	12.8%	0.52	-22.0%
Gold (GLD)	-2.0%	28.6%	-0.08	-8.0%
Commodities (DBC)	48.2%	20.6%	1.79	54.9%
Real Estate (VNQ)	10.2%	13.7%	0.45	-17.9%
Bitcoin (BTCUSD)	-30.0%	43.5%	-0.70	4.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with VG
VG	-9.0%	82.8%	0.05	-
Sector ETF (XLE)	23.4%	25.5%	0.80	51.6%
Equity (SPY)	12.2%	17.1%	0.53	16.3%
Gold (GLD)	16.2%	19.0%	0.68	-2.0%
Commodities (DBC)	9.2%	19.5%	0.35	48.9%
Real Estate (VNQ)	0.9%	18.9%	-0.06	8.5%
Bitcoin (BTCUSD)	4.9%	51.6%	0.28	14.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with VG
VG	-4.6%	82.8%	0.05	-
Sector ETF (XLE)	11.5%	29.6%	0.42	51.6%
Equity (SPY)	15.2%	17.9%	0.72	16.3%
Gold (GLD)	11.4%	16.5%	0.56	-2.0%
Commodities (DBC)	8.2%	18.1%	0.37	48.9%
Real Estate (VNQ)	5.3%	20.7%	0.21	8.5%
Bitcoin (BTCUSD)	61.8%	66.2%	1.02	14.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	10152026
Short Interest: Shares Quantity	45.4 Mil
Short Interest: % Change Since 9302026	7.8%
Average Daily Volume	12.3 Mil
Days-to-Cover Short Interest	3.7 days
Basic Shares Quantity	2,489.0 Mil
Short % of Basic Shares	1.8%

Returns Analyses

null

Earnings Returns History

Updated 10/8/2026

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/11/2026	-7.3%	-3.6%	7.2%
5/12/2026	14.2%	21.9%	14.4%
3/2/2026	17.4%	28.8%	74.5%
11/10/2025	6.3%	-0.1%	-24.0%
8/12/2025	0.9%	2.6%	15.7%
5/13/2025	8.2%	2.0%	69.3%
3/6/2025	-36.1%	-27.8%	-36.8%
SUMMARY STATS
# Positive	5	4	5
# Negative	2	3	2
Median Positive	8.2%	12.3%	15.7%
Median Negative	-21.7%	-3.6%	-30.4%
Max Positive	17.4%	28.8%	74.5%
Max Negative	-36.1%	-27.8%	-36.8%

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/11/2026	-7.3%	-3.6%	7.2%
5/12/2026	14.2%	21.9%	14.4%
3/2/2026	17.4%	28.8%	74.5%
11/10/2025	6.3%	-0.1%	-24.0%
8/12/2025	0.9%	2.6%	15.7%
5/13/2025	8.2%	2.0%	69.3%
3/6/2025	-36.1%	-27.8%	-36.8%
SUMMARY STATS
# Positive	5	4	5
# Negative	2	3	2
Median Positive	8.2%	12.3%	15.7%
Median Negative	-21.7%	-3.6%	-30.4%
Max Positive	17.4%	28.8%	74.5%
Max Negative	-36.1%	-27.8%	-36.8%

SEC Filings

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Report Date	Filing Date	Filing
06/30/2026	08/11/2026	10-Q
03/31/2026	05/12/2026	10-Q
12/31/2025	03/02/2026	10-K
09/30/2025	11/10/2025	10-Q
06/30/2025	08/12/2025	10-Q
03/31/2025	05/13/2025	10-Q
12/31/2024	03/06/2025	10-K
09/30/2024	01/24/2025	424B4

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Report Date	Filing Date	Filing
06/30/2026	08/11/2026	10-Q
03/31/2026	05/12/2026	10-Q
12/31/2025	03/02/2026	10-K
09/30/2025	11/10/2025	10-Q
06/30/2025	08/12/2025	10-Q
03/31/2025	05/13/2025	10-Q
12/31/2024	03/06/2025	10-K
09/30/2024	01/24/2025	424B4

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/11/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Cargos from Calcasieu Pass	Reported	149	151.5	154	0.7%		Raised	Guidance: 150.5 for 2026
2026 Cargos from Plaquemines	Reported	351	357.5	364	-0.1%		Lowered	Guidance: 358 for 2026
2026 Consolidated Adjusted EBITDA	Reported	8.70 Bil	8.90 Bil	9.10 Bil	6.6%		Raised	Guidance: 8.35 Bil for 2026
2026 Non-controlling interest share of Consolidated Adjusted EBITDA	Reported	150.00 Mil	160.00 Mil	170.00 Mil

Prior: Q1 2026 Earnings Reported 5/12/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Calcasieu Project Cargo Exports	Reported	147	150.5	154	0		Affirmed	Guidance: 150.5 for 2026
2026 Plaquemines Project Cargo Exports	Reported	347	358	369	0.6%		Raised	Guidance: 356 for 2026
2026 Consolidated Adjusted EBITDA	Reported	8.20 Bil	8.35 Bil	8.50 Bil	51.8%		Raised	Guidance: 5.50 Bil for 2026

Q4 2025 Earnings Reported 3/2/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2026 Consolidated Adjusted EBITDA	Reported	1.15 Bil	1.20 Bil	1.25 Bil
2026 Calcasieu Project Cargo Exports	Reported	145	150.5	156	1.7%		Higher New	Actual: 148 for 2025
2026 Plaquemines Project Cargo Exports	Reported	341	356	371	50.8%		Higher New	Actual: 236 for 2025
2026 Consolidated Adjusted EBITDA	Reported	5.20 Bil	5.50 Bil	5.80 Bil	-14.4%		Lower New	Actual: 6.42 Bil for 2025

Q3 2025 Earnings Reported 11/10/2025

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Total Cargos	Reported	382	384	386
2025 Calcasieu Project Cargos	Reported		148		1.0%		Raised	Guidance: 146.5 for 2025
2025 Plaquemines Project Cargos	Reported	234	236	238	1.1%		Raised	Guidance: 233.5 for 2025
2025 Consolidated Adjusted EBITDA	Reported	6.35 Bil	6.42 Bil	6.50 Bil	-2.7%		Lowered	Guidance: 6.60 Bil for 2025
2025 Non-controlling interest share of Consolidated Adjusted EBITDA	Reported	105.00 Mil	115.00 Mil	125.00 Mil

Insider Activity

Updated 10/20/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	10202026	12.70	111,111			Form
2	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	10202026	12.68	111,111			Form
3	Larson, Keith D	General Counsel and Secretary	Direct	Sell	10152026	12.43	389,679	4,842,463	65,862	Form
4	Larson, Keith D	General Counsel and Secretary	Direct	Sell	10152026	13.37	394,978			Form
5	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	9212026	14.23	111,111			Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	10202026	12.70	111,111			Form
2	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	10202026	12.68	111,111			Form
3	Larson, Keith D	General Counsel and Secretary	Direct	Sell	10152026	12.43	389,679	4,842,463	65,862	Form
4	Larson, Keith D	General Counsel and Secretary	Direct	Sell	10152026	13.37	394,978			Form
5	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	9212026	14.23	111,111			Form
6	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	9212026	14.40	111,111			Form
7	Larson, Keith D	General Counsel and Secretary	Direct	Sell	9172026	14.40	394,979			Form
8	Larson, Keith D	General Counsel and Secretary	Direct	Sell	9172026	14.82	394,979			Form
9	Cothran, Brian	Chief Operating Officer	Direct	Sell	9142026	16.15	152,660			Form
10	Larson, Keith D	General Counsel and Secretary	Direct	Sell	9092026	15.21	1,885,804			Form
11	Larson, Keith D	General Counsel and Secretary	Direct	Sell	9092026	15.05	464,196			Form
12	Musser, Fory	Senior VP, Development	Direct	Sell	8202026	14.26	259,413			Form
13	Musser, Fory	Senior VP, Development	Direct	Sell	8202026	14.01	12,600			Form
14	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	8192026	13.86	111,111			Form
15	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	8192026	14.17	111,111			Form
16	Musser, Fory	Senior VP, Development	Direct	Sell	8182026	14.02	22,013			Form
17	Musser, Fory	Senior VP, Development	Direct	Sell	8182026	14.02	447,534			Form
18	Blake, Sarah	SVP, Chief Accounting Officer	Direct	Sell	8142026	14.02	1,000,000			Form
19	Larson, Keith D	General Counsel and Secretary	Direct	Sell	8142026	13.48	555,555			Form
20	Granat, Sari Beth		Direct	Sell	8142026	13.49	200,000			Form
21	Staton, Jimmy D		Direct	Sell	8142026	13.35	66,000	881,034	14,456,967	Form
22	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	7212026	14.08	111,111			Form
23	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	7212026	14.21	111,111			Form
24	Larson, Keith D	General Counsel and Secretary	Direct	Sell	7162026	12.91	555,555			Form
25	Larson, Keith D	General Counsel and Secretary	Direct	Sell	7162026	12.93	555,556			Form
26	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	6182026	10.92	111,111			Form
27	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	6182026	11.05	111,111			Form
28	Larson, Keith D	General Counsel and Secretary	Direct	Sell	6162026	11.27	555,555			Form
29	Larson, Keith D	General Counsel and Secretary	Direct	Sell	6162026	11.90	555,556			Form
30	Sabel, Michael	See Remarks	Direct	Buy	6152026	13.04	1,226	15,981	15,473,992	Form
31	Earl, Thomas	Chief Commercial Officer	Direct	Sell	5282026	12.44	1,000,000			Form
32	Musser, Fory	Senior VP, Development	Direct	Sell	5282026	12.61	233,735			Form
33	Musser, Fory	Senior VP, Development	Direct	Sell	5282026	13.09	266,265			Form
34	Cothran, Brian	Chief Operating Officer	Direct	Sell	5212026	14.33	31,910			Form
35	Cothran, Brian	Chief Operating Officer	Direct	Sell	5212026	14.55	120,623			Form
36	Cothran, Brian	Chief Operating Officer	Direct	Sell	5212026	14.81	473,533			Form
37	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	5192026	14.59	111,111			Form
38	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	5192026	14.27	111,111			Form
39	Larson, Keith D	General Counsel and Secretary	Direct	Sell	5152026	14.04	555,555			Form
40	Larson, Keith D	General Counsel and Secretary	Direct	Sell	5152026	13.07	555,556			Form
41	Musser, Fory	Senior VP, Development	Direct	Sell	5152026	13.09	2,000,000			Form
42	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	4212026	11.89	111,111			Form
43	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	4212026	11.50	111,112			Form
44	Larson, Keith D	General Counsel and Secretary	Direct	Sell	4162026	12.64	555,556			Form
45	Larson, Keith D	General Counsel and Secretary	Direct	Sell	4162026	12.38	555,556			Form
46	Larson, Keith D	General Counsel and Secretary	Direct	Sell	3192026	15.55	3,206,138			Form
47	Blake, Sarah	SVP, Chief Accounting Officer	Direct	Sell	3192026	16.00	200,000			Form
48	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	3192026	16.08	2,611,111			Form
49	Larson, Keith D	General Counsel and Secretary	Direct	Sell	3192026	15.02	1,793,862			Form
50	Thayer, Jonathan W	Chief Financial Officer	Direct	Sell	3192026	14.04	611,112			Form
51	Blake, Sarah	SVP, Chief Accounting Officer	Direct	Sell	3122026	13.01	119,300			Form
52	Earl, Thomas	Chief Commercial Officer	Direct	Sell	3092026	11.83	1,000,000			Form
53	Blake, Sarah	SVP, Chief Accounting Officer	Direct	Sell	3092026	13.00	30,700			Form
54	Blake, Sarah	SVP, Chief Accounting Officer	Direct	Sell	3092026	11.85	300,000			Form
55	Musser, Fory	Senior VP, Development	Direct	Sell	3042026	10.90	1,000,000			Form
56	Earl, Thomas	Chief Commercial Officer	Direct	Sell	12092025	6.89	1,000,000			Form
57	Musser, Fory	Senior VP, Development	Direct	Sell	11202025	7.80	42,901			Form
58	Musser, Fory	Senior VP, Development	Direct	Sell	11202025	7.80	188,337			Form
59	Musser, Fory	Senior VP, Development	Direct	Sell	11202025	8.01	768,762			Form
60	Musser, Fory	Senior VP, Development	Direct	Sell	11182025	8.06	776,298			Form
61	Musser, Fory	Senior VP, Development	Direct	Sell	11182025	8.03	223,702			Form
62	Larson, Keith D	General Counsel and Secretary	Direct	Sell	11172025	8.06	261,144			Form
63	Larson, Keith D	General Counsel and Secretary	Direct	Sell	11172025	8.16	221,555			Form

Investor Activity (13F)

Updated Nov 1, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Anatole Investment Management Ltd	$41.5 Mil	5.8%	15	New	13F
King Street Capital Management, L.P.	$14.0 Mil	4.3%	11	New	13F
RR Advisors, LLC	$13.3 Mil	3.7%	27	New	13F
Mercuria Capital Strategies, LLC	$9.1 Mil	3.5%	31	New	13F
Corigliano Investment Advisers, LLC	$7.7 Mil	3.0%	37	New	13F
Forest Avenue Capital Management LP	$32.1 Mil	2.0%	25	New	13F
Anomaly Capital Management, LP	$20.5 Mil	1.2%	21	New	13F
Sourcerock Group LLC	$17.0 Mil	0.7%	39	New	13F
PointState Capital LP	$23.1 Mil	0.5%	44	New	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Anatole Investment Management Ltd	$41.5 Mil	5.8%	15	New	13F
Forest Avenue Capital Management LP	$32.1 Mil	2.0%	25	New	13F
PointState Capital LP	$23.1 Mil	0.5%	44	New	13F
Anomaly Capital Management, LP	$20.5 Mil	1.2%	21	New	13F
Sourcerock Group LLC	$17.0 Mil	0.7%	39	New	13F
King Street Capital Management, L.P.	$14.0 Mil	4.3%	11	New	13F
RR Advisors, LLC	$13.3 Mil	3.7%	27	New	13F
Mercuria Capital Strategies, LLC	$9.1 Mil	3.5%	31	New	13F
Corigliano Investment Advisers, LLC	$7.7 Mil	3.0%	37	New	13F

Active Manager

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Anatole Investment Management Ltd	$41.5 Mil	5.8%	15	New	13F
Forest Avenue Capital Management LP	$32.1 Mil	2.0%	25	New	13F
PointState Capital LP	$23.1 Mil	0.5%	44	New	13F
Anomaly Capital Management, LP	$20.5 Mil	1.2%	21	New	13F
Sourcerock Group LLC	$17.0 Mil	0.7%	39	New	13F
King Street Capital Management, L.P.	$14.0 Mil	4.3%	11	New	13F
RR Advisors, LLC	$13.3 Mil	3.7%	27	New	13F
Mercuria Capital Strategies, LLC	$9.1 Mil	3.5%	31	New	13F
Corigliano Investment Advisers, LLC	$7.7 Mil	3.0%	37	New	13F

VG Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

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0 / 12

1 Price Structure & Trend · ▾

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6 Key Price Levels Range · Vol ▾

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① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Venture Global — Investor Video Playlist

Investor / Analyst

Is Venture Global Inc VG A Good Time To Buy Now? VG Stock Analysis

Investing Talk Podcast - Daily Stock Analysis · 2026-01-22

Investor / Analyst

Will Venture Global Rebound? Big Upside Opportunity Amid LNG Pullback!

Daily Stock News · 2025-02-18

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Venture Global (VG)

Market Price (11/1/2026): $0 | Market Cap: $-Sector: Energy | Industry: Oil & Gas Storage & Transportation

Venture Global (VG)

Market Price (11/1/2026): $0Market Cap: $-Sector: EnergyIndustry: Oil & Gas Storage & Transportation

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Market Price (11/1/2026): $0
Market Cap: $-
Sector: Energy
Industry: Oil & Gas Storage & Transportation