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Santos (STO) USD

Santos explores, develops, and produces oil and natural gas, including liquefied natural gas, in Australia, Papua New Guinea, and other regions, and also works on decarbonization technologies.

At a glance: strengths & risks
✓Commodity price +33% vs 1-yr · +6% vs 3-yr✗Profit falling (-19% y/y, H1 2026)✗Margins compressing (59%→48%, H1 2026)✗Priced above model value✗Pricier than own history (EV/EBITDA 9.0 vs avg 6.3)

Sector: Oil & gas

AU_STO

Price chart

8.57 AUDDay 0.00%

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
8.57 AUD · 0.00%
Market cap
19.3 bn USD

Growth

Δ revenue y/y
1.6%
Δ EBITDA y/y
-17.6%

Multiples

P/E (LTM)
26.2x
3y avg: 15.5x
P/B (FY)
1.2x
P/E (ann.)
27.1x
EV/EBITDA (LTM)
9.0x
3y avg: 6.3x
EV/EBITDA (ann.)
9.6x

Cash return

Dividend yield
3.6%
FCF yield (LTM)
-3.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-12.8%
↓ details

Liquidity

Daily turnover (listing)
49.7 mln AUD

Shares: connector/market_inputs

Financial results

Monetary columns are in M 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30H1 2026 (6M)OK2620.0
y/y 1.6%
309.0
y/y -40.6%
948.0
y/y -5.8%
1257.0
y/y -17.6%
355.0
y/y -19.1%
827.0-755.030535.0
y/y 2.2%
15704.0
y/y -0.1%
4.5%4846.0stockanalysis.com
2025-12-31H2 2025 (6M)OK2372.0
y/y -11.9%
660.0
y/y -18.8%
771.0
y/y -4.7%
1431.0
y/y -11.8%
379.0
y/y -35.5%
1261.0-1016.030530.0
y/y 3.0%
15665.0
y/y 0.8%
5.2%4354.0Yahoo Finance
2025-06-30H1 2025 (6M)OK2579.0
y/y -4.9%
520.0
y/y -35.4%
1006.0
y/y 15.6%
1526.0
y/y -8.9%
439.0
y/y -31.0%
1552.0-1040.029878.0
y/y 1.1%
15712.0
y/y 0.4%
5.6%4118.0stockanalysis.com
2024-12-31H2 2024 (6M)OK2693.0
y/y -7.8%
813.0
y/y -6.0%
809.0
y/y -8.6%
1622.0
y/y -7.3%
588.0
y/y -6.1%
1410.0-1228.029633.0
y/y -0.4%
15537.0
y/y 1.7%
7.9%4034.0Yahoo Finance
2024-06-30H1 2024 (6M)OK2711.0
y/y -8.6%
805.0
y/y -14.7%
870.0
y/y -10.6%
1675.0
y/y -12.6%
636.0
y/y -19.5%
1440.0-1173.029550.0
y/y 3.8%
15643.0
y/y 5.7%
8.2%3897.0stockanalysis.com
2023-12-31H2 2023 (6M)OK2922.0
y/y —
865.0
y/y —
885.0
y/y —
1750.0
y/y —
626.0
y/y —
1630.0-1296.029756.0
y/y —
15275.0
y/y —
9.4%3499.0Yahoo Finance
2023-06-30H1 2023 (6M)OK2967.0
y/y —
944.0
y/y —
973.0
y/y —
1917.0
y/y —
790.0
y/y —
1628.0-1073.028479.0
y/y —
14805.0
y/y —
—3092.0stockanalysis.com

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-20%-15%-10%-5%0%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF ($ mln)

-10001002003004002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

01 0002 0003 0004 0005 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.31x of reported net profit; after capex, 0.78x.
year2022202320242025
cash flow / profit2.16x2.30x2.33x3.44x
accruals, % of assets-8.5%-6.2%-5.5%-6.5%
Last twelve months (to 2026-06-30): 2.85x of profit came back as operating cash flow.
net debt / EBITDA 1.5x · capex 1.2x 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 →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil & gas (LNG-weighted; PNG/Australia)

Proved reserves
1 484 mmboe
2025
Reserve life (R/P)
16.9 yrs
reserves ÷ annual output
Annual production
88 mmboe
2025

Proved reserves

YearReserves, mmboe
20251 484

Production

YearProduction, mmboeper day, mmboe
2025880.24

Santos 2025 Annual Reserves Statement (santos.com, Feb-2026): 2P reserves 1,484 mmboe at 31-Dec-25 (Santos share); CY2025 production 88 mmboe. Company-stated 2P reserves life 17 years.

Key-commodity price — Brent

Current 102spot vs LTM +27%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -12.8%

Main driver: Brent +33% vs LTM; revenue ×1.27 vs costs ×1.06; EBITDA 2 688→3 323; at 6.5× EV/EBITDA → -13%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+80%101.9576.5180.87+33%+6%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue4 992
LTM EBITDA2 688
LTM cash costs (revenue − EBITDA)2 304
2 · Revenue projection
Revenue multiplier — spot×1.266 (+27%)
= Spot revenue6 320
Revenue multiplier — 3y price×1.046 (+5%)
= 3-year-price revenue5 220
3 · Costs projection
Cost multiplier — spot×1.062 (+6%)
= Spot cash costs2 447
Cost multiplier — 3y price×1.062 (+6%)
= 3-year-price cash costs2 447
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 873
= 3-year-price EBITDA2 773
Conservative EBITDA = min(spot, avg)3 323
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)6.5x
Target EV = EV/EBITDA × conservative EBITDA21 643
Net debt4 846
Target market cap = EV − net debt16 797
Current market cap19 265

Upside = target market cap ÷ current − 1 = -12.8%

Life of mine: 17 yrs

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 H12 9673 311-10.4%1 9171 969-2.6%
2023 H22 9223 418-14.5%1 7502 240-21.9%
2024 H12 7112 974-8.9%1 6751 830-8.5%
2024 H22 6932 613+3.1%1 6221 475+9.9%
2025 H12 5792 460+4.8%1 5261 375+11.0%
2025 H22 3722 406-1.4%1 4311 313+9.0%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth -8% vs -8% the year before — a -0.1 pp move. 3-year CAGR -14%.
revenue growth by year: 2023 -24% · 2024 -8% · 2025 -8%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.8x · target 75th pct (3y) 8.5x · LTM avg 6.5x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (Australia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal22.52.8x2.9x
LukoilRussia45.62.2x4.8x
Occidental Petroleumglobal57.35.3x5.5x
GazpromRussia32.32.8x5.9x
Whitecap Resourcesglobal15.46.1x6.3x
RosneftRussia51.43.1x6.6x
ConocoPhillipsglobal158.76.5x6.8x
Chevronglobal383.58.0x8.3x
TatneftRussia20.74.0x8.6x
Gazprom NeftRussia38.24.2x8.9x
Exxon Mobilglobal685.49.7x10.1x
NovatekRussia45.78.0x17.1x
Group median4.7x6.7x
Group average5.2x7.6x
This companyAustralia19.39.0x9.0x

Group median 4.7x as traded, 6.7x adjusted; this company 9.0x — a 34% premium.

Group average 5.2x as traded, 7.6x adjusted; against the average this company is at a 17% premium.

At the adjusted group median the market cap would be -31% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-240.1618 AUDEx-dividend: 0.1618 AUD per sharePaidYahoo Finance (ex-div)
2026-02-220.1457 AUDEx-dividend: 0.1457 AUD per sharePaidYahoo Finance (ex-div)
2025-09-020.2029 AUDEx-dividend: 0.2029 AUD per sharePaidYahoo Finance (ex-div)
2025-02-230.1632 AUDEx-dividend: 0.1632 AUD per sharePaidYahoo Finance (ex-div)
2024-08-260.1911 AUDEx-dividend: 0.1911 AUD per sharePaidYahoo Finance (ex-div)
2024-02-250.2683 AUDEx-dividend: 0.2683 AUD per sharePaidYahoo Finance (ex-div)
2023-08-280.134 AUDEx-dividend: 0.134 AUD per sharePaidYahoo Finance (ex-div)
2023-02-260.2236 AUDEx-dividend: 0.2236 AUD per sharePaidYahoo Finance (ex-div)
2022-08-220.1093 AUDEx-dividend: 0.1093 AUD per sharePaidYahoo Finance (ex-div)
2022-02-200.1181 AUDEx-dividend: 0.1181 AUD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

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 Santos (STO) — from primary filings.

Frequently asked questions

What is Santos (STO)'s P/E ratio?
Santos (STO) trades at a P/E of 26.2x (price to trailing 12-month earnings).
What is Santos (STO)'s EV/EBITDA?
Santos (STO) trades at 9.0x EV/EBITDA.
What is Santos (STO)'s P/B ratio?
Santos (STO) trades at a P/B of 1.2x.
What is Santos (STO)'s dividend yield?
Santos (STO)'s trailing 12-month dividend yield is 3.6%.
What is Santos (STO)'s return on equity (ROE)?
Santos (STO)'s ROE is 4.5%.
What is Santos (STO)'s market capitalization?
Santos (STO)'s market cap is 19.3 bn USD.

See also: Australian Stocks (2026): Iron Ore, Lithium, Gold and LNG on the ASX by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map