Venture Global (VG) opened Q1 2026 with revenue of US$4.6 billion and basic EPS of US$0.22, setting the tone for how investors will read the latest move in both the top and bottom line. Over the past year, the company has seen quarterly revenue move from US$2,894 million in Q1 2025 to US$4,599 million in Q1 2026, while basic EPS shifted from US$0.17 to US$0.22 across the same periods, giving a clear sense of how sales and per share profitability are tracking into the new fiscal year. With earnings up 92.6% over the past year and net profit margins now at 15.2%, the market will be weighing how much of this profitability profile feels durable.
See our full analysis for Venture Global.With the headline figures in place, the next step is to set these results against the most common Venture Global narratives to see which stories the numbers support and which they start to challenge.
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TTM earnings surge 92.6% while margins sit at 15.2%
- On a trailing 12 month basis, Venture Global reports net income of US$2.4b on US$15.5b of revenue, with earnings up 92.6% over the past year and a net margin of 15.2% compared with 19% last year.
- Bulls argue that rapid LNG capacity ramp up supports long term earnings power, yet the step down in margin from 19% to 15.2% means:
- The 92.6% earnings growth sits alongside lower profitability per dollar of sales, so part of the bullish case leans heavily on volume expansion rather than margin resilience.
- With TTM revenue at about US$15.5b and earnings at US$2.4b, any further pressure on margins would make it harder for the bullish view of durable EBITDA growth to line up with the current profitability mix.
Bulls looking at this combination of strong TTM earnings growth and moderating margins may want to see how the full upside case fits together in the detailed narrative 🐂 Venture Global Bull Case
P/E of 13.7x and 71.7% gap to DCF fair value
- The stock trades on a P/E of 13.7x compared with an industry level of 14.4x and a peer average of 27.5x, and the current share price of US$13 sits about 71.7% below a DCF fair value of roughly US$46.0.
- Consensus narrative points to solid revenue growth expectations and lower future margins, which lines up in a few ways with the current multiples:
- Analysts expect annual revenue growth of 14.7% alongside thinner margins than last year, so a P/E slightly below the industry and well below peers is consistent with a view that growth quality is mixed rather than purely high growth.
- The wide gap between the US$13 share price and the US$46.0 DCF fair value means anyone relying on that model needs to be comfortable that earnings, which already grew 92.6% over the past year, can be converted into cash flows despite the margin step down.
Debt coverage and non cash earnings worry the bears
- The risk summary flags that debt is not well covered by operating cash flow and that reported profits include high levels of non cash earnings, even as TTM net income reaches US$2.4b.
- Bears lean on these quality of earnings and balance sheet concerns, and the recent numbers give them some support:
- With a 15.2% net margin down from 19% and earnings heavily influenced by non cash items, skeptics argue that the 92.6% earnings growth could overstate the underlying cash generation that actually services debt.
- Share price volatility over the past three months, combined with weaker debt coverage by operating cash flow, fits the bearish focus on financing risk even though revenue of about US$15.5b provides scale today.
If you are weighing these financing and cash flow concerns against the growth story, it helps to see how the cautious case lays it all out in one place 🐻 Venture Global Bear Case
Next Steps
To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Venture Global on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.
With both risks and rewards on the table, how do these numbers compare with your own expectations of Venture Global? If you want to move quickly from headline impressions to a more rounded view, it is worth checking both sides of the story in one place through 4 key rewards and 3 important warning signs
See What Else Is Out There
Venture Global combines a 15.2% net margin with weaker debt coverage by operating cash flow and high non cash earnings, which raises questions about earnings quality and financing resilience.
If you want to balance that kind of earnings profile with companies where the balance sheet does more of the heavy lifting, it is worth checking out solid balance sheet and fundamentals stocks screener (45 results) to quickly surface ideas that lean on stronger financial footing.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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