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Woodside Energy (WDS) USD

At a glance: strengths & risks
✓Low leverage (0.7x EBITDA)✓Commodity price +38% vs 1-yr · +18% vs 3-yr✗Profit falling (-24%)✗Priced above model value

Sector: Oil & LNG

AU_WDS

Price chart

34.02 AUDDay 1.22%

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
34.02 AUD · 1.22%
Market cap
46.0 bn USD

Growth

Δ revenue y/y
-11.1%
Δ EBITDA y/y
-12.6%

Multiples

P/E (LTM)
16.9x
3y avg: 17.0x
P/B (FY)
1.3x
P/E (ann.)
16.4x
EV/EBITDA (LTM)
5.3x
3y avg: 4.4x
EV/EBITDA (ann.)
4.6x

Cash return

Dividend yield
4.9%
FCF yield (LTM)
-6.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-19.8%
↓ details

Liquidity

Daily turnover (listing)
211 mln AUD

Shares: yahoo_fundamentals_timeseries/WDS.AX

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
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%6.3—
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%7.1Link
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%6.1—
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%3.8Link
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%3.1—
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 —
—1.6Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-20%-10%0%10%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF ($ mln)

-2 000-1 500-1 000-50005001 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash ($ mln)

02 0004 0006 0008 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

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 2025-12-31): 2.65x 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.

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 94spot vs LTM +32%

Commodity-player potential

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

Upside: -19.8%

Main driver: Brent +38% vs LTM; revenue ×1.32 vs costs ×1.04; EBITDA 9 354→12 290; at 4.3× EV/EBITDA → -20%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+85%93.9368.1780.47+38%+18%

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

1 · Reported baseline (LTM)
LTM revenue12 984
LTM EBITDA9 354
LTM cash costs (revenue − EBITDA)3 630
2 · Revenue projection
Revenue multiplier — spot×1.321 (+32%)
= Spot revenue17 154
Revenue multiplier — 3y price×1.153 (+15%)
= 3-year-price revenue14 976
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs3 775
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs3 775
4 · EBITDA projection (revenue − costs)
= Spot EBITDA13 379
= 3-year-price EBITDA11 201
Conservative EBITDA = min(spot, avg)12 290
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)4.3x
Target EV = EV/EBITDA × conservative EBITDA52 374
Net debt6 256
Target market cap = EV − net debt46 118
Current market cap45 960

Upside = target market cap ÷ current − 1 = -19.8%

Life of mine: 14 yrs — before haircut +0.3%

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%6 0746 411-5.3%
2024 H15 9887 072-15.3%3 8105 332-28.5%
2024 H27 1915 807+23.8%5 6564 418+28.0%
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 3.6x · target 75th pct (3y) 4.0x · LTM avg 4.0x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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)
2021-08-300.4103 AUDEx-dividend: 0.4103 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.

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.

Frequently asked questions

What is Woodside Energy (WDS)'s P/E ratio?
Woodside Energy (WDS) trades at a P/E of 16.9x (price to trailing 12-month earnings).
What is Woodside Energy (WDS)'s EV/EBITDA?
Woodside Energy (WDS) trades at 5.3x EV/EBITDA.
What is Woodside Energy (WDS)'s P/B ratio?
Woodside Energy (WDS) trades at a P/B of 1.3x.
What is Woodside Energy (WDS)'s dividend yield?
Woodside Energy (WDS)'s trailing 12-month dividend yield is 4.9%.
What is Woodside Energy (WDS)'s return on equity (ROE)?
Woodside Energy (WDS)'s ROE is 7.8%.
What is Woodside Energy (WDS)'s market capitalization?
Woodside Energy (WDS)'s market cap is 46.0 bn USD.

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