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Karoon Energy USD

At a glance: strengths & risks
✓Low leverage (0.7x EBITDA)✗Revenue declining (-21% y/y, H1 2026)✗Profit falling (-62% y/y, H1 2026)

Sector: Oil & gas

COMM_KAR

Price chart

1.515 AUDDay -4.11%

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
1.515 AUD · -4.11%
Market cap
768 mln USD

Growth

Δ revenue y/y
-20.6%
Δ EBITDA y/y
-33.1%

Multiples

P/E (LTM)
6.1x
P/B (FY)
0.7x
P/E (ann.)
14.4x
EV/EBITDA (LTM)
4.5x

Cash return

Dividend yield
2.8%
FCF yield (LTM)
-10.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+59.4%
↓ details

Liquidity

Daily turnover (listing)
8.2 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)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
2025-06-30H1 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) 2025-12-31

Short-term debt (incl. ST leases)1
Long-term debt (incl. LT leases)338
− Cash & equivalents206
Net debt132

Net debt / LTM EBITDA: 0.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008002023 FY2024 FY2025 H12025 H22026 H1

Year-over-year change

-40%-20%0%20%40%2023 FY2024 FY2025 H12025 H22026 H1

Cash flow

Net debt / cash ($ mln)

0501001502023 H12023 FY2024 FY2025 H12025 FY2026 H1

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
H1 2026-0618.82—9780.65
FY 2025-1213.20
−2.9%		28 219.18
−1.0%		—65.90
−14.5%
FY 2024-1213.6028 493.15—77.10

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: 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://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 100spot vs LTM +30%

Commodity-player potential

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

Upside: +59.4% ▲ +7.4 pp 1d

Main driver: Brent +46% vs LTM; revenue ×1.38 vs costs ×1.04; EBITDA 199→347; at 3.9× EV/EBITDA → +59%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+85%99.6968.1780.81+46%+19%
Henry Hub Gas (rev)+8%2.953.643.12-19%-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×1.378 (+38%)
= Spot revenue866
Revenue multiplier — 3y price×1.146 (+15%)
= 3-year-price revenue721
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 EBITDA420
= 3-year-price EBITDA274
Conservative EBITDA = min(spot, avg)347
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)3.9x
Target EV = EV/EBITDA × conservative EBITDA1 357
Net debt132
Target market cap = EV − net debt1 224
Current market cap768

Upside = target market cap ÷ current − 1 = +59.4%

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 — daily history

Current 4.5x · 3-year 75th pct 3.9x

EV/EBITDA3-year 75th pct

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 BPglobal22.22.8x2.8x
LukoilRussia44.72.2x4.6x
Occidental Petroleumglobal54.55.1x5.1x
GazpromRussia32.42.8x5.8x
ConocoPhillipsglobal156.76.4x6.4x
RosneftRussia51.43.1x6.6x
Chevronglobal378.97.9x7.9x
SantosAustralia19.08.9x8.4x
TatneftRussia20.84.1x8.5x
Gazprom NeftRussia37.04.1x8.6x
Exxon Mobilglobal680.19.6x9.6x
NovatekRussia44.57.8x16.5x
Group median4.6x7.2x
Group average5.4x7.6x
This companyglobal0.84.5x4.5x

Group median 4.6x as traded, 7.2x adjusted; this company 4.5x — a 37% discount.

Group average 5.4x as traded, 7.6x adjusted; against the average this company is at a 40% discount.

At the adjusted group median the market cap would be +70% 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 22.4x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; 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 6.1x (price to trailing 12-month earnings).
What is Karoon Energy's EV/EBITDA?
Karoon Energy trades at 4.5x 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 2.8%.
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 768 mln USD.

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