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Karoon Energy USD

At a glance: strengths & risks
✓Revenue growing (+17% y/y, Q3 2026)✓Low leverage (0.7x EBITDA)✗Profit falling (-62% y/y, H1 2026)✗Pricier than own history (EV/EBITDA 5.1 vs avg 3.2)

Sector: Oil & gas

Geography: Brazil, Australia

COMM_KAR

Price chart

1.58 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
1.58 AUD · -0.00%
Market cap
757 mln USD

Growth

Δ revenue y/y
16.8%
Δ EBITDA y/y
-33.1%

Multiples

P/E (LTM)
6.0x
3y avg: 6.3x
P/B (FY)
0.7x
P/E (ann.)
14.2x
EV/EBITDA (LTM)
5.1x
3y avg: 3.2x

Cash return

Dividend yield
2.7%
FCF yield (LTM)
-38.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+73.1%
↓ details

Liquidity

Daily turnover (listing)
3.3 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
2026-09-30Q3 2026 (3M)PARTIAL-53.3
y/y 16.8%
—
y/y —
—
y/y —
—
y/y —
—
y/y —
———
y/y —
—
y/y —
—269.2Link
2026-06-30H1 2026 (6M)PARTIAL244.9
y/y -20.6%
—
y/y —
—
y/y —
—
y/y —
26.7
y/y -62.4%
58.4——
y/y —
—
y/y —
—≈ 132.3Report (PDF)
2025-12-31H2 2025 (6M)PARTIAL320.3
y/y —
169.5
y/y -42.9%
29.9
y/y 2200.0%
199.4
y/y -33.1%
54.5
y/y —
—-288.51773.6
y/y -8.6%
1032.5
y/y 5.7%
—132.3Yahoo Finance
2025-09-30Q3 2025 (3M)PARTIAL-144.2
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
———
y/y —
—
y/y —
—148.7Link
2025-06-30H1 2025 (6M)PARTIAL308.3
y/y —
—
y/y —
—
y/y —
—
y/y —
71.0
y/y —
81.6——
y/y —
—
y/y —
—≈ 44.1Report (PDF)
2024-12-31FY 2024 (12M)PARTIAL776.5
y/y 37.1%
296.9
y/y -6.0%
1.3
y/y -99.1%
298.2
y/y -35.1%
127.5
y/y -21.8%
—-220.91941.5
y/y 63.1%
976.4
y/y 106.2%
17.6%44.1Yahoo Finance
2023-06-30FY 2023 (12M)PARTIAL566.5
y/y —
315.8
y/y —
143.9
y/y —
459.7
y/y —
163.0
y/y —
—-352.61190.4
y/y —
473.6
y/y —
—0.5Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-09-30

Long-term debt (incl. LT leases)350
− Cash & equivalents81
Net debt269

Net debt / LTM EBITDA: 1.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-20002004006008002023 FY2024 FY2025 H12025 q32025 q42026 H12026 q3

Year-over-year change

-40%-20%0%20%40%2023 FY2024 FY2025 H12025 q32025 q42026 H12026 q3

Cash flow

Net debt / cash ($ mln)

01002003002023 H12023 FY2024 FY2025 q22025 q32025 q42026 q22026 q3

Profit and cash

Profit is broadly cash-backed
net debt / EBITDA 0.7x · capex 5.5x 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 →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodOperating cost
USD US$/boe		Production
boe/d		Oil & liquids share
%		Realized price
USD US$/boe
Q3 2026-09—6 219.18
−16.8%		—80.60
+17.3%
Q2 2026-06—3 095.89—94.56
H1 2026-0618.828 684.939780.65
FY 2025-1213.20
−2.9%		——65.90
−14.5%
Q3 2025-09—7 479.45—68.70
FY 2024-1213.60——77.10

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03151527-3A704671?access_token=83ff96335c2d45a094df02a206a39ff4; https://www.karoonenergy.com.au/wp-content/uploads/260226-Karoon-2025-Annual-Report.pdf; https://www.karoonenergy.com.au/wp-content/uploads/260827-2026-Half-Year-Results-Announcement.pdf; https://www.karoonenergy.com.au/wp-content/uploads/260827-2026-Half-Year-Results-Presentation.pdf; https://www.karoonenergy.com.au/wp-content/uploads/260928-SPS-92-issue-and-updated-guidance.pdf

Production & Reserves

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

Annual production
10.30 mln boe
2025

Production, mln boe

10.40202410.302025

Production

YearProduction, mln boeper day, mln boe
202510.30
−1.0%		0.03
202410.400.03

Company reports: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03151527-3A704671?access_token=83ff96335c2d45a094df02a206a39ff4; https://www.karoonenergy.com.au/wp-content/uploads/260226-Karoon-2025-Annual-Report.pdf; https://www.karoonenergy.com.au/wp-content/uploads/260827-2026-Half-Year-Results-Announcement.pdf; https://www.karoonenergy.com.au/wp-content/uploads/260827-2026-Half-Year-Results-Presentation.pdf; https://www.karoonenergy.com.au/wp-content/uploads/260928-SPS-92-issue-and-updated-guidance.pdf

Key-commodity price — Brent

Current 96spot vs LTM +34%

Commodity-player potential

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

Upside: +73.1% ▲ +0.0 pp 1d

Main driver: Brent +41% vs LTM; revenue ×1.34 vs costs ×1.04; EBITDA 199→337; at 4.4× EV/EBITDA → +73%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+85%95.8468.1781.58+41%+20%
Henry Hub Gas (rev)+8%3.243.643.11-11%-14%

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

1 · Reported baseline (LTM)
LTM revenue629
LTM EBITDA199
LTM cash costs (revenue − EBITDA)429
2 · Revenue projection
Revenue multiplier — spot×1.336 (+34%)
= Spot revenue840
Revenue multiplier — 3y price×1.156 (+16%)
= 3-year-price revenue726
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs446
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs446
4 · EBITDA projection (revenue − costs)
= Spot EBITDA394
= 3-year-price EBITDA280
Conservative EBITDA = min(spot, avg)337
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)4.4x
Target EV = EV/EBITDA × conservative EBITDA1 469
Net debt132
Target market cap = EV − net debt1 336
Current market cap772

Upside = target market cap ÷ current − 1 = +73.1%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -19% vs +37% the year before — a -56.1 pp move. 3-year CAGR +18%.
revenue growth by year: 2023 +47% · 2024 +37% · 2025 -19%
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 2.2x · target 75th pct (3y) 3.6x · LTM avg 4.4x

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 (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal21.92.3x2.3x
LukoilRussia43.12.5x4.2x
TatneftRussia17.12.8x4.8x
GazpromRussia33.72.9x4.9x
Occidental Petroleumglobal58.75.0x5.0x
RosneftRussia46.23.2x5.4x
ConocoPhillipsglobal168.26.2x6.2x
Gazprom NeftRussia30.74.0x6.8x
SantosAustralia20.09.3x7.4x
Chevronglobal432.27.6x7.6x
Exxon Mobilglobal701.58.7x8.7x
NovatekRussia41.88.4x14.2x
Group median4.5x5.8x
Group average5.2x6.4x
This companyglobal0.85.1x5.1x

Group median 4.5x as traded, 5.8x adjusted; this company 5.1x — a 11% discount.

Group average 5.2x as traded, 6.4x adjusted; against the average this company is at a 20% discount.

At the adjusted group median the market cap would be +14% 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 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-020.012 AUDEx-dividend: 0.012 AUD per sharePaidYahoo Finance (ex-div)
2026-03-040.031 AUDEx-dividend: 0.031 AUD per sharePaidYahoo Finance (ex-div)
2025-09-010.024 AUDEx-dividend: 0.024 AUD per sharePaidYahoo Finance (ex-div)
2025-03-030.05 AUDEx-dividend: 0.05 AUD per sharePaidYahoo Finance (ex-div)
2024-09-030.045 AUDEx-dividend: 0.045 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 Karoon Energy — from primary filings.

Frequently asked questions

What is Karoon Energy's P/E ratio?
Karoon Energy trades at a P/E of 6.0x (price to trailing 12-month earnings).
What is Karoon Energy's EV/EBITDA?
Karoon Energy trades at 5.1x EV/EBITDA.
What is Karoon Energy's P/B ratio?
Karoon Energy trades at a P/B of 0.7x.
What is Karoon Energy's dividend yield?
Karoon Energy's trailing 12-month dividend yield is 2.7%.
What is Karoon Energy's return on equity (ROE)?
Karoon Energy's ROE is 12.5%.
What is Karoon Energy's market capitalization?
Karoon Energy's market cap is 757 mln USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map