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ADNOC Gas (ADNOCGAS) USD

ADNOC Gas is a subsidiary of the Abu Dhabi National Oil Company (ADNOC) that processes and sells natural gas, including liquefied natural gas (LNG) and natural gas liquids, primarily for domestic and international customers. It operates gas processing, fractionation, and export facilities in the United Arab Emirates.

At a glance: strengths & risks
✓Net cash balance sheet✗Revenue declining (-33% y/y, Q2 2026)✗Profit falling (-52% y/y, Q2 2026)✗Margins compressing (43%→37%, Q2 2026)

Sector: Gas processing

AE_ADNOCGAS

Price chart

3.26 AEDDay —

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
3.26 AED
Market cap
68.1 bn USD

Growth

Δ revenue y/y
-33.2%
Δ EBITDA y/y
-42.0%

Multiples

P/E (LTM)
16.0x
P/B (FY)
2.8x
P/E (ann.)
25.6x
EV/EBITDA (LTM)
10.1x
EV/EBITDA (ann.)
14.5x

Cash return

Dividend yield
—
FCF yield (LTM)
-3.9%

Liquidity

Daily turnover
—

Shares: connector/market_inputs

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK3.1
y/y -33.2%
0.8
y/y -50.8%
0.3
y/y 3.8%
1.2
y/y -42.0%
0.7
y/y -52.0%
0.0-1.331.8
y/y 4.4%
24.6
y/y -1.2%
10.6%-1.1Link
2026-03-31Q1 2026 (3M)OK4.0
y/y -13.6%
1.4
y/y -15.7%
0.3
y/y 16.6%
1.7
y/y -10.9%
1.1
y/y -15.0%
1.4-0.933.4
y/y 3.5%
25.8
y/y 9.6%
17.1%-4.2Link
2025-12-31Q4 2025 (3M)OK4.3
y/y -9.3%
1.4
y/y -12.9%
0.4
y/y 12.1%
1.7
y/y -8.6%
1.2
y/y -15.0%
1.3-0.932.5
y/y 5.3%
24.7
y/y 3.1%
21.0%-3.7Link
2025-09-30Q3 2025 (3M)OK4.9
y/y -0.3%
1.7
y/y 9.0%
0.3
y/y 7.8%
2.1
y/y 8.8%
1.3
y/y 7.6%
1.8-0.731.2
y/y 5.8%
24.4
y/y 8.2%
7.2%-3.4Link
2025-06-30Q2 2025 (3M)OK4.7
y/y -4.2%
1.7
y/y 5.4%
0.3
y/y 5.6%
2.0
y/y 5.4%
1.4
y/y 16.4%
1.5-1.030.4
y/y 2.2%
24.9
y/y 8.0%
22.9%-3.7Link
2025-03-31Q1 2025 (3M)OK4.7
y/y 2.4%
1.6
y/y 7.0%
0.3
y/y 1.1%
1.9
y/y 6.1%
1.3
y/y 7.0%
1.3-0.632.3
y/y 6.5%
23.5
y/y 7.6%
21.4%-4.8Link
2024-12-31Q4 2024 (3M)OK4.8
y/y 32.7%
1.6
y/y 39.3%
0.3
y/y 38.1%
1.9
y/y 39.1%
1.4
y/y 40.5%
1.7-0.830.8
y/y 6.2%
24.0
y/y 7.5%
21.5%-4.0Link
2024-09-30Q3 2024 (3M)OK4.9
y/y 2.1%
1.6
y/y 7.2%
0.3
y/y 13.7%
1.9
y/y 8.2%
1.2
y/y 11.5%
1.4-0.329.4
y/y 2.9%
22.6
y/y 0.1%
7.3%-2.8Link
2024-06-30Q2 2024 (3M)OK4.9
y/y 19.8%
1.6
y/y 26.4%
0.3
y/y 18.4%
1.9
y/y 25.1%
1.2
y/y 21.0%
1.3-0.429.8
y/y 8.8%
23.0
y/y 7.4%
21.2%-3.3Link
2024-03-31Q1 2024 (3M)OK4.6
y/y —
1.5
y/y —
0.3
y/y —
1.8
y/y —
1.2
y/y —
1.5-0.630.3
y/y 11.4%
21.9
y/y 6.8%
21.5%-4.0Link
2023-12-31Q4 2023 (3M)PARTIAL3.6
y/y —
1.1
y/y —
0.2
y/y —
1.4
y/y —
1.0
y/y —
0.9-0.529.0
y/y —
22.3
y/y —
—-2.8Link
2023-09-30Q3 2023 (3M)OK4.8
y/y —
1.5
y/y —
0.3
y/y —
1.8
y/y —
1.1
y/y —
1.4-0.228.6
y/y —
22.6
y/y —
6.8%-3.6Link
2023-06-30Q2 2023 (3M)OK4.1
y/y —
1.3
y/y —
0.3
y/y —
1.5
y/y —
1.0
y/y —
1.6-0.227.4
y/y —
21.4
y/y —
18.8%-2.3Link
2023-03-31Q1 2023 (3M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
0.7—27.2
y/y —
20.5
y/y —
——Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0005 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%-25%0%25%50%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-2 000-1 00001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-5 000-4 000-3 000-2 000-1 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2024–2025 operating cash flow came to 1.17x of reported net profit; after capex, 0.66x.
year20242025
cash flow / profit1.20x1.15x
accruals, % of assets-3.2%-2.4%
Last twelve months (to 2026-06-30): 1.07x of profit came back as operating cash flow.
net debt / EBITDA -0.5x · capex 2.1x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.adx.ae/en/main-market/company-profile/financial-reports?symbols=ADNOCGAS

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of ADNOC Gas (ADNOCGAS) — from primary filings.

Frequently asked questions

What is ADNOC Gas (ADNOCGAS)'s P/E ratio?
ADNOC Gas (ADNOCGAS) trades at a P/E of 16.0x (price to trailing 12-month earnings).
What is ADNOC Gas (ADNOCGAS)'s EV/EBITDA?
ADNOC Gas (ADNOCGAS) trades at 10.1x EV/EBITDA.
What is ADNOC Gas (ADNOCGAS)'s P/B ratio?
ADNOC Gas (ADNOCGAS) trades at a P/B of 2.8x.
What is ADNOC Gas (ADNOCGAS)'s return on equity (ROE)?
ADNOC Gas (ADNOCGAS)'s ROE is 10.6%.
What is ADNOC Gas (ADNOCGAS)'s market capitalization?
ADNOC Gas (ADNOCGAS)'s market cap is 68.1 bn USD.

See also: UAE Stocks (2026): Tax-Free Dividends in Dubai and Abu Dhabi · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map