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Australian oil and gas producer supplying domestic gas plus LNG exports from Papua New Guinea, Darwin and Gladstone.
Australian oil and gas producer supplying domestic gas plus LNG exports from Papua New Guinea, Darwin and Gladstone.
Sells LNG mostly under long-term contracts with Asian buyers, with prices commonly tied to oil, and supplies gas to Australian domestic users on the east coast and in Western Australia. The 2021 merger with Oil Search brought its Papua New Guinea interests, and the Barossa field is being developed to keep the Darwin plant supplied as its original field runs down.
In one line: Australia's Devon Energy.
Moat: narrow (scale, installed base). Long-life gas fields and LNG export infrastructure that took decades and billions to build.
Headquarters: Adelaide, Australia · Founded: 1954 · Employees: 4,028
Size Santos (STO.AX) is an Australia Energy company (Oil & Gas Production) with a market value of $19.2B, the 21st largest of 316 Australia companies the cockpit tracks. Shares closed at A$8.56 on 6 Nov 2026.
Performance Over six months the shares gained 11.5%, against -2.5% for the median peer and +4.1% for the Australia market (cap-weighted) — 3rd highest of 13 in its peer set.
Growth Revenue fell 8.5% over the last twelve months (peer median +14.2%); the operating margin is 21.4% (peer median 29.8%).
Valuation It trades at 8.1× forward earnings against a peer median of 9.0× (6th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.5 points below its cost of capital (6.1% WACC).
Credit Santos has 3 bonds outstanding ($2.65B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 130 bp.
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$7.54B | A$7.88B | A$8.30B | A$9.02B | A$11.4B |
| Revenue growth | — | -5% | -8% | -21% | — |
| Gross profit | A$1.89B | A$2.43B | A$2.91B | A$3.10B | A$5.08B |
| EBITDA | A$4.60B | A$5.19B | A$5.36B | A$5.93B | A$7.84B |
| Net income | A$1.08B | A$1.27B | A$1.86B | A$2.13B | A$3.05B |
| Free cash flow | A$381M | A$963M | A$396M | A$1.24B | A$4.23B |
| Capital expenditure | A$2.57B | A$3.19B | A$3.64B | A$3.57B | A$2.46B |
| Total debt | n/a | A$11.3B | A$10.8B | A$9.03B | A$8.14B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Santos STO.AX | $19.2B | +11% | -8% | 21% | 8.1× | 11.7% |
| Woodside Energy WDS.AX | $40.4B | 0% | -10% | 26% | 9.4× | n/a |
| Beach Energy BPT.AX | $1.42B | -16% | -9% | 21% | 5.5× | -12.2% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | STO.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.3% | -1.6% | 7th highest of 13 |
| 6-month return | +11.5% | -2.5% | 3rd highest of 13 |
| Distance from 52-week high | -9.1% | -18.7% | 3rd highest of 13 |
| Revenue growth (TTM) | -8.5% | +14.2% | 3rd lowest of 13 |
| Operating margin | 21.4% | 29.8% | 3rd lowest of 13 |
| Forward P/E | 8.1× | 9.0× | 6th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 11.7% | -4.1% | most demanding of 10 |
| Growth delivered (Del g) | +9.3% | +15.1% | 3rd lowest of 10 |
| Hurdle (Req g minus delivered) | +2.4 pp | -19.1 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | -2.5 pp | +2.7 pp | 2nd lowest of 13 |
| EV / EBITDA | 8.0× | 5.8× | 5th most expensive of 13 |
| Net debt / EBITDA | 1.9× | 1.0× | 3rd most indebted of 13 |
| Bond spread | 130 bp | 141 bp | 4th tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Santos STO.AX | Australia | $19.2B | +11% | -8% | 21% | 8.1× | 11.7% | +9.3% |
| Tourmaline Oil TOU.TO | Canada | $17.5B | -3% | +4% | 1% | 11.9× | n/a | n/a |
| Origin Energy ORG.AX | Australia | $14.4B | +5% | -10% | 8% | 16.2× | 10.9% | +5.0% |
| Range Resources RRC | United States | $11.4B | +20% | +18% | 33% | 12.1× | -1.7% | +10.9% |
| Antero Resources AR | United States | $11.1B | 0% | +22% | 23% | 7.8× | -4.1% | +15.1% |
| Woodside Energy WDS.AX | Australia | $40.4B | 0% | -10% | 26% | 9.4× | n/a | n/a |
| Diamondback Energy FANG | United States | $50.0B | -5% | +21% | 39% | 7.9× | -5.6% | +39.8% |
| Seplat Energy SEPL.L | United Kingdom | $7.14B | +56% | +25% | 27% | 19.7× | -7.1% | +38.0% |
| Vista Energy SAB de CV Sponsored ADR VIST | United States | $6.91B | -12% | +84% | 40% | 4.6× | -13.4% | +55.3% |
| Magnolia Oil & Gas MGY | United States | $6.34B | -15% | +11% | 38% | 7.4× | 3.4% | +19.4% |
| Harbour Energy HBR.L | United Kingdom | $6.17B | -8% | +17% | 40% | 5.1× | n/a | n/a |
| Murphy Oil MUR | United States | $5.16B | -3% | +8% | 22% | 8.6× | -0.7% | +9.0% |
| CNX Resources CNX | United States | $4.99B | -2% | +8% | 40% | 9.3× | -5.8% | +14.6% |
Santos has 3 bonds outstanding with $2.65B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 6.08%, a spread of 130 bp over government bonds.