Santos Limited SSLZY

EnergyOil & GasAustralia

Last close 6.53 USD on Nov 1, 2026, +65.5% year to date

Quant rating

Quant rating D Rank 103 of 113 in Energy

Growth D 97 of 113
Valuation D 101 of 113
Quality D 102 of 113
Revisions D 91 of 113
Momentum B 31 of 113

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 21.1B
Enterprise value: 27.3B
52-week range: 3.91 – 9.35
3-year range: 3.25 – 9.35
Dividend yield: 3.29%
Beta (5 years): 0.51
Shares outstanding: 3,248M
Next earnings: –

About the company

Santos Limited is an Australia-based global energy company with operations across Australia, Papua New Guinea (PNG), Timor-Leste and the United States of America (USA). The Company is a domestic gas supplier and liquefied natural gas (LNG) supplier in Asia. The Company has a portfolio of LNG plants adjacent to prolific gas resources and diverse integrated oil and gas production assets which include Cooper and Eromanga Basins, Gladstone GLNG (GLNG), PNG LNG and Western Australia. The Cooper Basin produces natural gas, gas liquids and crude oil. Gas is sold primarily to domestic retailers, industry and for the production of liquefied natural gas, while gas liquids and crude oil are sold in domestic and export markets. The GLNG project in Queensland produces LNG for export to global markets from the LNG plant at Gladstone. Its midstream and energy solutions activities are operating midstream assets, progressing technologies, such as carbon capture and storage (CCS) and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,082	5,518	6,034	7,987	4,837	–
Revenue growth	−7.9%	−8.6%	−24.5%	65.1%	37.7%	7.7%
EPS (basic, normalized)	–	–	–	2.19	0.66	–
EPS growth	–	–	–	229.8%	–	–
Gross margin	35.6%	38.5%	39.2%	51.1%	38.3%	40.5%
Net margin	16.1%	22.2%	23.5%	26.4%	13.6%	20.4%
ROE	5.2%	7.9%	9.4%	14.8%	6.3%	8.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	5,082	−7.9%	5.4x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	364	–	–	–	–	–	472	–	494
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SSLZY Santos Limited	21.1B	–	16.1%	1.35x	–	–	–	–
1605 INPEX CORPORATION	32.5B	0.42x	19.6%	0.93x	8.9x	9.5x	3.3x	3.4x
601857 PetroChina Company Limited	365.5B	0.69x	5.5%	1.55x	13.3x	14.3x	5.3x	5.5x
TTEF TotalEnergies SE	217.9B	0.73x	7.0%	1.59x	7.6x	8.5x	4.4x	4.8x
WDS Woodside Energy Group Ltd	44.5B	–	20.9%	1.24x	12.8x	11.3x	5.7x	5.2x
EQT EQT Corporation	34.6B	1.68x	23.6%	1.36x	14.2x	15.1x	7.0x	6.6x
Mean		0.88x	15.5%	1.33x	11.4x	11.7x	5.2x	5.1x
Median		0.71x	17.8%	1.36x	12.8x	11.3x	5.3x	5.2x

Technical analysis

1M+7.2%
3M+23.9%
1Y+63.9%
3Y+54.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Santos Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,082	5,518	6,034	7,987	4,837	3,512
Cost of revenue	3,275	3,395	3,667	3,902	2,984	2,643
Gross profit	1,807	2,123	2,367	4,085	1,853	869
Selling, general & administrative expenses	177	154	155	158	82.0	93.0
Research & development	59.0	75.0	86.0	148	126	59.0
Depreciation/amortization	–	–	–	–	0	1.0
Interest expense (income), operating	80.0	−49.0	78.0	163	387	118
Unusual expense (income)	154	113	73.0	344	66.0	889
Other operating expenses	147	81.0	156	324	−13.0	15.0
Operating income	1,190	1,749	1,819	2,948	1,205	−306
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,190	1,749	1,819	2,948	1,205	−306
Provision for taxes	372	485	403	836	547	51.0
Minority interest	0	−40.0	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	818	1,224	1,416	2,112	658	−357
Extraordinary items	–	–	–	–	–	–
Net income	818	1,224	1,416	2,112	658	−357
EBIT, normalized	1,424	1,813	1,970	3,455	1,658	1,592
EBITDA, normalized	3,201	3,492	3,828	5,202	2,901	2,607
Basic EPS, normalized	–	–	–	2.19	0.66	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Santos Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,722	1,287	1,315	2,352	2,976	1,320
Receivables	741	843	932	879	995	583
Total inventory	386	428	442	443	406	288
Prepaid expenses	60.0	77.0	94.0	70.0	82.0	39.0
Other current assets	48.0	551	1,564	1,384	292	466
Total current assets	2,957	3,186	4,347	5,128	4,751	2,696
Property, plant & equipment	24,674	23,112	21,972	20,494	21,647	12,991
Goodwill	1,250	1,250	1,251	1,190	1,463	383
Intangibles	59.0	15.0	–	–	–	–
Long-term investments	408	393	406	379	399	413
Note receivable	58.0	113	272	262	297	106
Other long-term assets	1,124	1,564	1,508	1,403	1,452	1,067
Total assets	30,530	29,633	29,756	28,856	30,009	17,656
Liabilities
Accounts payable	400	459	567	805	867	365
Payable/accrued	–	–	–	–	–	–
Accrued expenses	88.0	88.0	105	116	99.0	92.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	264	887	835	938	1,085	354
Other current liabilities	1,186	979	1,441	1,613	960	724
Total current liabilities	1,938	2,413	2,948	3,472	3,011	1,535
Long-term debt	7,276	5,801	5,324	4,581	6,964	4,645
Minority interest	–	–	–	–	–	–
Other liabilities	5,651	5,882	6,209	5,960	6,424	4,249
Total liabilities	14,865	14,096	14,481	14,013	16,399	10,429
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	14,349	14,345	14,339	14,652	15,030	9,013
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	2,283	2,240	1,792	1,153	−419	−865
Treasury stock	–	–	–	–	–	–
Other equity	−967	−1,048	−856	−962	−1,001	−921
Total equity	15,665	15,537	15,275	14,843	13,610	7,227
Total liabilities & shareholders' equity	30,530	29,633	29,756	28,856	30,009	17,656

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Santos Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−27.0	−90.0	45.0	−194	−216	207
Cash from operations	2,813	2,886	3,300	4,480	2,272	1,476
Investing activities
Capital expenditures	−2,056	−2,401	−2,369	−1,707	−1,103	−1,465
Other investing cash flows	−122	−284	−527	38.0	966	4.0
Cash from investing	−2,178	−2,685	−2,896	−1,669	−137	−1,461
Financing activities
Financing cash flow items	5.0	586	−15.0	–	–	–
Cash dividends paid	−770	−991	−777	−536	−221	−136
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−26.0	199	−68.0	−2,865	−260	382
Cash from financing	−791	−206	−860	−3,401	−481	246
Foreign exchange effects	45.0	−37.0	−21.0	−34.0	3.0	−9.0
Net change in cash	−111	−42.0	−435	−624	1,657	252
Free cash flow	757	485	931	2,773	1,169	11.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.