Venture Global, Inc. earns about 7% on invested capital, but has diluted owners by 23% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $10.37 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $7.9B1 | $4.97B1 | $13.8B1 |
| Net income | $3.62B2 | $1.75B2 | $2.73B2 |
| Operating cash flow | $4.55B3 | $2.15B3 | $6.57B3 |
| Capital expenditure | $8.09B4 | $13.7B4 | $13.4B4 |
| Free cash flow (derived) | −$3.54B3,4 | −$11.6B3,4 | −$6.8B3,4 |
| Total debt | — | $29.3B5 | $34.2B5 |
| Cash & equivalents | $5.87B6 | $3.61B7 | $2.36B7 |
| Diluted shares | 2.14B | 2.58B | 2.63B |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $25.59 of net worth that earned you $10.37 and generated −$25.8 of cash last year, against $129.81 of debt.
It earned an average 7% on invested capital over 3 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 23% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 17% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$2.73B
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2026-03-02 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0002007855-26-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-03-02 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0002007855-26-000013 (ProfitLoss)
- 10-K filed 2026-03-02 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0002007855-26-000013 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-03-02 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0002007855-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-03-02 · periods ending 2024-12-31, 2025-12-31 · accession 0002007855-26-000013 (LongTermDebt)
- 10-K filed 2026-03-02 · period ending 2023-12-31 · accession 0002007855-26-000013 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K filed 2026-03-02 · periods ending 2024-12-31, 2025-12-31 · accession 0002007855-26-000013 (CashAndCashEquivalentsAtCarryingValue)