NYSE Shariah screener · October 2026

Is Venture Global, Inc. (VG) Halal?

FAIL

Venture Global, Inc. · NYSE: VG · Energy

The short answer

Venture Global fails this Shariah screen: although its LNG export business is permissible and interest income of about 1.10% of revenue is under the 5% ceiling, its $34.21 billion of interest-bearing debt is 106.1% of its ~$32.23 billion market cap - over the 33% debt ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Venture Global, Inc. is a liquefied natural gas company that develops, constructs, owns and operates LNG liquefaction facilities and export terminals along the US Gulf Coast, spanning natural gas supply, liquefaction, export, shipping and regasification. Per its FY2025 Form 10-K, its projects include Calcasieu (operating), Plaquemines (construction and commissioning), CP2 (construction), plus expansion and development projects, pipelines and an LNG tanker fleet. The company is not an interest-based lender and is not involved in tobacco, gambling, pork or weapons. No haram business segments are disclosed, so it passes gate 1.

Gate 2 — Debt and cash: FAIL

Gate 2 — interest-bearing debt: FAIL (106.1%, ceiling 33%). Per Venture Global's FY2025 Form 10-K, long-term debt, net was $33,393 million and the current portion of long-term debt, net was $812 million at December 31, 2025 — total interest-bearing debt of about $34.21 billion. Noncurrent operating lease liabilities of $696 million are excluded — they are not interest-bearing debt.

Against a market capitalization of about $32.23 billion (Finnhub, October 2, 2026), that is 106.1%, over the 33% ceiling — the heavy debt financing of its LNG terminal build-out fails this gate. Cash and cash equivalents of $2,355 million at December 31, 2025 represent about 7.3% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (1.10%, ceiling 5%). Venture Global's FY2025 Form 10-K separately discloses interest income as its own line item under "Other income (expense)": interest income of $151 million against FY2025 revenue of $13,769 million is about 1.10%, under the 5% ceiling.

Key figures used

Business: LNG liquefaction and export along the US Gulf Coast - Calcasieu (operating), Plaquemines (construction/commissioning), CP2 (construction), plus expansion projects, pipelines and an LNG tanker fleet
Haram assessment: no interest-based lending; no tobacco/gambling/pork/weapons segments disclosed in the FY2025 Form 10-K
Debt: $33,393M long-term debt, net + $812M current portion at Dec 31, 2025 = ~$34.21B interest-bearing debt - 106.1% of ~$32.23B market cap (Finnhub, Oct 2, 2026) - over the 33% ceiling
Cash: $2,355M cash and cash equivalents at Dec 31, 2025 (~7.3% of market cap)
Interest income: $151M in FY2025 (separate income-statement line) vs $13,769M revenue = 1.10% - under the 5% ceiling
Corporate actions: IPO completed January 27, 2025 (NYSE: VG) following a ~4,520-for-one stock split
Market data: NYSE-listed; still listed on NYSE (confirmed October 2, 2026; live quotes, no delisting)
Third-party: Zoya flags VG as not Shariah-compliant; Musaffa classifies VG as not halal (Oct 2026); no verifiable ShariaPortfolio rating found

Frequently asked questions

What does Venture Global do?

Venture Global, Inc. (NYSE: VG) is a US liquefied natural gas (LNG) company. Per its FY2025 Form 10-K (for the year ended December 31, 2025), it develops, builds, owns and operates LNG liquefaction facilities and export terminals along the US Gulf Coast. Its projects include the Calcasieu facility (operating), the Plaquemines facility (construction and commissioning) and the CP2 project (construction), plus expansion projects and associated pipeline systems and an LNG tanker fleet.

Is Venture Global's business Shariah compliant?

Venture Global produces and exports liquefied natural gas - building and operating LNG liquefaction facilities, export terminals, pipelines and LNG tankers. Its FY2025 Form 10-K describes no interest-based lending, tobacco, gambling, pork or weapons businesses. The company went public in January 2025. LNG production and export is the core business, so it passes this screener's first gate.

How much interest-bearing debt does Venture Global have?

Venture Global's FY2025 Form 10-K reports long-term debt, net of $33,393 million and a current portion of long-term debt, net of $812 million at December 31, 2025, for total interest-bearing debt of about $34.21 billion. Noncurrent operating lease liabilities of $696 million are excluded as they are not interest-bearing debt. Against a market capitalization of about $32.23 billion (Finnhub, October 2, 2026), that debt load is about 106.1% - over the 33% ceiling, so it fails this gate. Cash and cash equivalents of $2,355 million at December 31, 2025 represent about 7.3% of market cap.

How much interest income does Venture Global earn?

Venture Global's FY2025 Form 10-K separately discloses interest income as its own line item under 'Other income (expense)': $151 million of interest income against FY2025 revenue of $13,769 million is about 1.10% - under the 5% non-compliant income ceiling, so this gate passes.

What do third-party Shariah screeners say about Venture Global?

Zoya publishes a Venture Global (VG) page and currently flags the stock as not Shariah-compliant. Musaffa also covers VG and classifies it as not halal under its AAOIFI-based methodology (as of October 2026). I could not verify a ShariaPortfolio rating page for VG from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).