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Venture Global

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VG 10-K Analysis: The Margin Lifecycle Behind Venture Global's 7.3x Multiple

Venture Global generated $6.6 billion in operating cash flow — nearly triple its $2.3 billion in GAAP net income — yet trades at 7.3x EV/EBITDA, a 32% discount to infrastructure peers. The 10-K reveals why: Calcasieu's post-COD quarterly margin collapsed 36.2 percentage points, CP2's cost estimate escalated $4 billion in one quarter with no explanation, and preferred shareholders capture 58% of the total dividend payout. The margin lifecycle is quantifiable — and the market appears to be pricing it correctly.

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15 min

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