State Gas Ltd. (AU:GAS)
ASX:GAS
Want to see AU:GAS full AI Analyst Report?
Top Page
State Gas Ltd.
(Sydney:GAS)
Select Model
Select Model
Rating:38Underperform
Price Target:
AU$0.01
▼(-30.00% Downside)
Action:Downgraded
Date:06/24/26
The score is driven down primarily by weak financial performance (ongoing losses and negative operating/free cash flow) and a strongly bearish technical setup (price below all key moving averages with negative MACD). Valuation provides limited support because the negative P/E reflects unprofitability and no dividend yield is available.
Positive Factors
Low leverage / balance sheet strength
A low debt-to-equity ratio gives State Gas durable financial flexibility to fund exploration and weather commodity cycles. Over months this reduces refinancing risk, preserves optionality for capex or opportunistic M&A, and supports continuity despite operating losses.
Negative Factors
Persistent unprofitability
Ongoing negative net profit and EBIT margins are a structural concern: prolonged unprofitability erodes equity and limits reinvestment. Without a clear medium-term turnaround, the company will likely need external capital, increasing dilution risk and constraining strategic initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / balance sheet strength
A low debt-to-equity ratio gives State Gas durable financial flexibility to fund exploration and weather commodity cycles. Over months this reduces refinancing risk, preserves optionality for capex or opportunistic M&A, and supports continuity despite operating losses.
Read all positive factors
State Gas Ltd. (GAS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.54M
Dividend YieldN/A
Average Volume (3M)821.79K
Price to Earnings (P/E)―
Beta (1Y)1.34
Revenue Growth-100.00%
EPS Growth55.30%
CountryAU
EmployeesN/A
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding436,303,440
10 Day Avg. Volume700,042
30 Day Avg. Volume821,792
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)0.18
Price to Sales (P/S)68.44
P/FCF Ratio-0.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
State Gas Ltd. Business Overview & Revenue Model
Company Description
State Gas Limited is an Australian firm dedicated to the exploration and subsequent development of natural gas reserves. Its principal endeavors include the Reid's Dome gas project, which encompasses production lease 231, and the Rolleston-West pr...
How the Company Makes Money
null...
State Gas Ltd. Financial Statement Overview
Summary
Income Statement
25
Negative
Balance Sheet
40
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 887.00 | 111.96K | 17.41K | 0.00 | 0.00 | 0.00 |
| Gross Profit | 547.54K | 111.96K | -313.00K | -293.00K | -209.00K | -3.56K |
| EBITDA | -2.84M | -2.85M | -3.21M | -895.48K | 1.55M | -2.94M |
| Net Income | -2.33M | -3.28M | -3.63M | -1.19M | 1.34M | -2.95M |
Balance Sheet | ||||||
| Total Assets | 50.88M | 51.21M | 48.32M | 40.91M | 33.88M | 29.54M |
| Cash, Cash Equivalents and Short-Term Investments | 481.68K | 2.16M | 31.75K | 453.35K | 3.23M | 3.16M |
| Total Debt | 4.71M | 1.79M | 2.14M | 200.00K | 0.00 | 0.00 |
| Total Liabilities | 9.22M | 8.55M | 8.01M | 4.31M | 2.58M | 4.36M |
| Stockholders Equity | 41.66M | 42.66M | 40.32M | 36.61M | 31.30M | 25.18M |
Cash Flow | ||||||
| Free Cash Flow | -2.15M | -8.77M | -10.84M | -10.59M | -7.41M | -11.79M |
| Operating Cash Flow | -1.96M | -2.55M | -2.13M | -1.33M | -1.20M | -1.10M |
| Investing Cash Flow | -671.00K | -189.00K | -7.41M | -8.31M | -6.24M | -11.03M |
| Financing Cash Flow | 3.06M | 4.87M | 9.11M | 6.87M | 7.50M | 14.42M |
State Gas Ltd. Technical Analysis
Negative
0.02
Price Trends
0.02
Negative
0.03
Negative
0.03
Negative
Market Momentum
>-0.01
Negative
9.56
Positive
127.78
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:GAS, the sentiment is Negative. The current price of 0.02 is above the 20-day moving average (MA) of 0.02, below the 50-day MA of 0.02, and below the 200-day MA of 0.03, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 9.56 is Positive, neither overbought nor oversold. The STOCH value of 127.78 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:GAS.
State Gas Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
53 Neutral | AU$16.88M | -14.42 | -6.54% | ― | 27.55% | -60.00% | |
46 Neutral | AU$20.81M | -0.52 | -75.72% | ― | -25.04% | -192.86% | |
45 Neutral | AU$4.82M | -0.12 | -333.90% | ― | -7.22% | -85.87% | |
44 Neutral | AU$2.22M | 5.00 | 759.48% | ― | ― | ― | |
41 Neutral | AU$7.44M | -1.56 | -141.31% | ― | ― | -110.94% | |
38 Underperform | AU$6.54M | -2.50 | -5.53% | ― | -100.00% | 55.30% |
* Energy Sector Average
AU:GAS
State Gas Ltd.
0.02
>-0.01
-28.57%
AU:ATS
Australis Oil & Gas
0.02
<0.01
36.36%
AU:QEM
QEM Limited
0.02
-0.02
-44.74%
AU:VEN
Vintage Energy Ltd.
―
―
―
AU:BAS
Bass Oil Ltd
0.05
0.02
53.33%
AU:TEG
Triangle Energy (Global) Limited
―
―
―
State Gas Ltd. Corporate Events
State Gas Seeks ASX Quotation for 3.6 Million New Shares
Jun 23, 2026
State Gas Ltd has applied to the Australian Securities Exchange for quotation of 3,551,867 additional ordinary fully paid shares, effective 24 June 2026. The new securities issuance modestly expands the company’s share base, potentially supp...
State Gas Seeks Quotation for 3.48 Million New Shares on ASX
Jun 22, 2026
State Gas Ltd has applied for quotation of 3,481,162 new ordinary fully paid shares on the ASX, with an issue date of 23 June 2026. The additional securities, arising from the exercise or conversion of existing instruments, will expand the company...
State Gas to List 3.48 Million New Shares on ASX
Jun 22, 2026
State Gas Ltd has applied for quotation on the ASX of 3,481,162 new fully paid ordinary shares, with the securities to be issued on June 23, 2026. The additional shares, arising from the exercise or conversion of existing options or other converti...
State Gas Seeks ASX Quotation for 5.46 Million New Shares
May 22, 2026
State Gas Ltd has applied for quotation on the ASX of 5,456,686 new fully paid ordinary shares, issued on 22 May 2026. The additional securities arise from the exercise or conversion of existing options or other convertible securities, modestly ex...
State Gas Seeks ASX Quotation for Over 11.5 Million New Shares
May 8, 2026
State Gas Limited has applied for quotation on the ASX of 11,581,274 new ordinary fully paid shares, to be issued on 8 May 2026. The additional securities expand the company’s listed capital base, potentially enhancing liquidity in its stock...
State Gas Seeks ASX Quotation for Over 1.1 Million New Shares
May 6, 2026
State Gas Limited has applied for quotation on the ASX of 1,142,343 new fully paid ordinary shares, with an issue date of 7 May 2026. The additional securities arise from the exercise or conversion of existing options or other convertible instrume...
State Gas Seeks ASX Quotation for Over 1.1m New Shares
May 5, 2026
State Gas Limited has applied to the ASX for quotation of 1,138,202 new ordinary fully paid shares, following the exercise or conversion of existing options or other convertible securities. The additional securities, to be quoted from 6 May 2026, ...
State Gas Seeks ASX Quotation for Over 1.1 Million New Shares
May 4, 2026
State Gas Limited has applied for quotation on the ASX of 1,123,115 new ordinary fully paid shares, effective 5 May 2026. The additional securities arise from the exercise or conversion of existing options or other convertible instruments, modestl...
State Gas Seeks ASX Quotation for Additional 2.25 Million Shares
Apr 30, 2026
State Gas Limited has applied to the ASX for quotation of 2,250,698 new ordinary fully paid shares, expanding its listed securities on issue. The new shares arise from the exercise or conversion of existing options or other convertible securities,...
State Gas Targets Central Queensland Gas and Liquids as Energy Security Concerns Intensify
Apr 30, 2026
State Gas reported that the March 2026 quarter was marked by severe disruption in global energy markets, which it believes will drive stronger demand for locally sourced oil and gas as Australia confronts vulnerabilities in its fuel supply and ref...
State Gas Seeks ASX Quotation for 2.2 Million New Shares
Apr 23, 2026
State Gas Limited has applied for quotation on the ASX of 2,210,400 new ordinary fully paid shares, to be issued on 24 April 2026. The additional securities expand the company’s listed capital base, potentially enhancing liquidity in its sto...
State Gas Seeks ASX Quotation for Additional Ordinary Shares
Apr 21, 2026
State Gas Ltd has applied to have 1,069,248 new ordinary fully paid shares quoted on the ASX, following the exercise or conversion of existing options or other convertible securities. The additional quotation modestly enlarges the company’s ...
State Gas Seeks ASX Quotation for Over 1 Million New Shares
Apr 20, 2026
State Gas Ltd has applied for quotation on the ASX of 1,071,617 new fully paid ordinary shares, to be issued on 21 April 2026. The additional securities, arising from the exercise of options or conversion of other instruments, will modestly increa...
State Gas Seeks ASX Quotation for Nearly 2 Million New Shares
Apr 15, 2026
State Gas Ltd has applied to the ASX for quotation of 1,978,702 new ordinary fully paid shares, expanding its listed securities on the market. The additional shares, issued on 15 April 2026, modestly increase the company’s equity base and fr...
State Gas Seeks ASX Quotation for Nearly 1m New Shares
Apr 8, 2026
State Gas Ltd has applied for quotation on the ASX of 957,964 new fully paid ordinary shares, to be traded under the existing ticker GAS. The new securities result from the exercise or conversion of existing options or other convertible instrument...
State Gas Shares Resume Trading After Update on Asset Sale and R&D Grant
Mar 29, 2026
State Gas Limited has had the suspension of trading in its securities lifted on the ASX following the release of an announcement about a proposed material asset sale and an update on its RD grant claim. The reinstatement to quotation signals that ...
State Gas Drops Pilot Plant Sale as ATO Extends R&D Review
Mar 29, 2026
State Gas Ltd has abandoned talks over a proposed material sale of its High Density Natural Gas pilot plant and associated long-term gas supply agreement after failing to agree definitive terms with the unsolicited bidder. The decision means the c...
State Gas Seeks Voluntary Suspension Amid R&D Asset Sale Talks
Mar 25, 2026
State Gas Limited has requested a voluntary suspension of trading in its securities on the ASX, leading to an immediate suspension from quotation under Listing Rule 17.2. The move comes as the company works to finalise negotiations on a proposed m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.