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Woodside Energy (WDS) USD

Woodside Energy Group explores for, develops, and produces hydrocarbons such as liquefied natural gas, crude oil, and condensate. It also engages in new energy products and lower-carbon services.

At a glance: strengths & risks
✓Revenue growing (+13% y/y, H1 2026)✓Profit growing (+27% y/y, H1 2026)✓Low leverage (0.7x EBITDA)✓Commodity price +33% vs 1-yr · +6% vs 3-yr✗Margins compressing (61%→57%, H1 2026)✗Priced above model value

Sector: Oil & LNG

AU_WDS

Price chart

31.24 AUDDay 0.06%

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
31.24 AUD · 0.06%
Market cap
41.2 bn USD

Growth

Δ revenue y/y
13.0%
Δ EBITDA y/y
3.6%

Multiples

P/E (LTM)
13.4x
3y avg: 16.6x
P/B (FY)
1.1x
P/E (ann.)
12.3x
EV/EBITDA (LTM)
4.9x
3y avg: 4.3x
EV/EBITDA (ann.)
5.7x

Cash return

Dividend yield
5.2%
FCF yield (LTM)
0.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-19.7%
↓ details

Liquidity

Daily turnover (listing)
118.2 mln AUD

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
2026-06-30H1 2026 (6M)OK7.4
y/y 13.0%
1.8
y/y 24.2%
2.4
y/y -7.6%
4.2
y/y 3.6%
1.7
y/y 27.1%
3.0-3.767.7
y/y 4.3%
41.7
y/y 8.4%
8.6%7.0stockanalysis.com
2025-12-31H2 2025 (6M)OK6.4
y/y -11.1%
3.1
y/y -17.8%
2.6
y/y -5.4%
5.7
y/y -12.6%
1.4
y/y -14.3%
3.9-3.166.5
y/y 8.5%
35.9
y/y 1.5%
7.3%6.3Yahoo Finance
2025-06-30H1 2025 (6M)OK6.6
y/y 10.1%
1.4
y/y -24.7%
2.6
y/y 31.4%
4.1
y/y 4.1%
1.3
y/y -32.1%
3.3-4.964.9
y/y 16.6%
38.5
y/y 7.5%
7.1%7.1stockanalysis.com
2024-12-31H2 2024 (6M)OK7.2
y/y 9.1%
3.8
y/y -4.5%
2.8
y/y 34.9%
6.5
y/y 8.9%
1.6
y/y 2145.0%
3.5-2.561.3
y/y 10.7%
35.4
y/y 2.9%
10.0%6.1Yahoo Finance
2024-06-30H1 2024 (6M)OK6.0
y/y -19.1%
1.9
y/y -24.6%
2.0
y/y -4.2%
3.9
y/y -15.4%
1.9
y/y 11.3%
2.4-2.455.6
y/y -1.9%
35.8
y/y -2.3%
11.0%3.8stockanalysis.com
2023-12-31H2 2023 (6M)OK6.6
y/y —
4.0
y/y —
2.0
y/y —
6.0
y/y —
-0.1
y/y —
3.2-2.855.4
y/y —
34.4
y/y —
4.7%3.1Yahoo Finance
2023-06-30H1 2023 (6M)OK7.4
y/y —
2.5
y/y —
2.1
y/y —
4.6
y/y —
1.7
y/y —
3.0-2.556.7
y/y —
36.7
y/y —
—1.6stockanalysis.com

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

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

Cash flow

FCF ($ mln)

-2 000-1 500-1 000-50005001 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

02 0004 0006 0008 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 2.14x of reported net profit; after capex, 0.39x.
year2022202320242025
cash flow / profit1.36x3.70x1.64x2.65x
accruals, % of assets-3.9%-8.1%-3.7%-6.7%
Last twelve months (to 2026-06-30): 2.23x of profit came back as operating cash flow.
net debt / EBITDA 0.7x · 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; Australia/GoM/Senegal)

Proved reserves
3 000 mmboe
2025
Reserve life (R/P)
14.2 yrs
reserves ÷ annual output
Annual production
211.40 mmboe
2025

Proved reserves

YearReserves, mmboe
20253 000

Production

YearProduction, mmboeper day, mmboe
2025211.400.58

Woodside Annual Reserves Statement 16-Feb-26 (woodside.com): 2P reserves 2,999.5 mmboe at 31-Dec-25 (net Woodside share, incl 267.9 mmboe fuel); CY2025 production 211.4 mmboe (197.7 for sale + 13.7 fuel). Company-stated 2P reserves life 14.2 years.

Key-commodity price — Brent

Current 102spot vs LTM +28%

Commodity-player potential

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

Upside: -19.7%

Main driver: Brent +33% vs LTM; revenue ×1.28 vs costs ×1.06; EBITDA 9 585→11 613; at 4.1× EV/EBITDA → -20%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+85%101.9576.5180.87+33%+6%

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

1 · Reported baseline (LTM)
LTM revenue13 840
LTM EBITDA9 585
LTM cash costs (revenue − EBITDA)4 255
2 · Revenue projection
Revenue multiplier — spot×1.283 (+28%)
= Spot revenue17 753
Revenue multiplier — 3y price×1.048 (+5%)
= 3-year-price revenue14 511
3 · Costs projection
Cost multiplier — spot×1.062 (+6%)
= Spot cash costs4 519
Cost multiplier — 3y price×1.062 (+6%)
= 3-year-price cash costs4 519
4 · EBITDA projection (revenue − costs)
= Spot EBITDA13 234
= 3-year-price EBITDA9 992
Conservative EBITDA = min(spot, avg)11 613
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)4.1x
Target EV = EV/EBITDA × conservative EBITDA47 845
Net debt7 031
Target market cap = EV − net debt40 814
Current market cap40 651

Upside = target market cap ÷ current − 1 = -19.7%

Life of mine: 14 yrs — before haircut +0.4%

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 H17 4007 068+4.7%4 5404 718-3.8%
2023 H26 5948 986-26.6%7 9916 411+24.6%
2024 H15 9887 072-15.3%3 8106 319-39.7%
2024 H27 1915 807+23.8%5 6565 405+4.6%
2025 H16 5905 963+10.5%3 9884 051-1.6%
2025 H26 3946 253+2.3%5 3664 122+30.2%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -1% vs -6% the year before — a +4.3 pp move. 3-year CAGR -8%.
revenue growth by year: 2023 -17% · 2024 -6% · 2025 -1%
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 3.4x · target 75th pct (3y) 4.8x · LTM avg 4.1x

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

Peer comparison

Group: energy (Australia). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Whitehaven CoalAustralia4.32.6x
Yancoal AustraliaAustralia5.33.3x
New HopeAustralia3.48.8x
SantosAustralia19.39.0x
Group median6.0x
Group average5.9x
This companyAustralia41.14.9x

Group median 6.0x; this company 4.9x — a 19% discount.

Group average 5.9x; against the average this company is at a 18% discount.

At the adjusted group median the market cap would be +27% 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
2026-09-030.7951 AUDEx-dividend: 0.7951 AUD per sharePaidYahoo Finance (ex-div)
2026-03-040.8349 AUDEx-dividend: 0.8349 AUD per sharePaidYahoo Finance (ex-div)
2025-08-280.8182 AUDEx-dividend: 0.8182 AUD per sharePaidYahoo Finance (ex-div)
2025-03-050.8486 AUDEx-dividend: 0.8486 AUD per sharePaidYahoo Finance (ex-div)
2024-09-051.0201 AUDEx-dividend: 1.0201 AUD per sharePaidYahoo Finance (ex-div)
2024-03-060.9168 AUDEx-dividend: 0.9168 AUD per sharePaidYahoo Finance (ex-div)
2023-08-311.243 AUDEx-dividend: 1.243 AUD per sharePaidYahoo Finance (ex-div)
2023-03-072.1544 AUDEx-dividend: 2.1544 AUD per sharePaidYahoo Finance (ex-div)
2022-09-081.5995 AUDEx-dividend: 1.5995 AUD per sharePaidYahoo Finance (ex-div)
2022-02-231.4616 AUDEx-dividend: 1.4616 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 Woodside Energy (WDS) — from primary filings.

Frequently asked questions

What is Woodside Energy (WDS)'s P/E ratio?
Woodside Energy (WDS) trades at a P/E of 13.4x (price to trailing 12-month earnings).
What is Woodside Energy (WDS)'s EV/EBITDA?
Woodside Energy (WDS) trades at 4.9x EV/EBITDA.
What is Woodside Energy (WDS)'s P/B ratio?
Woodside Energy (WDS) trades at a P/B of 1.1x.
What is Woodside Energy (WDS)'s dividend yield?
Woodside Energy (WDS)'s trailing 12-month dividend yield is 5.2%.
What is Woodside Energy (WDS)'s return on equity (ROE)?
Woodside Energy (WDS)'s ROE is 8.6%.
What is Woodside Energy (WDS)'s market capitalization?
Woodside Energy (WDS)'s market cap is 41.2 bn USD.

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