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State Gas Ltd.
(Sydney:GAS)
State Gas Ltd. (GAS) vs. iShares MSCI Australia ETF (EWA)
State Gas Ltd. Business Overview & Revenue Model
State Gas Ltd. Financial Statement Overview
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 111.96K | 17.41K | 0.00 | 0.00 | 0.00 |
| Gross Profit | 111.96K | -313.00K | -293.00K | -209.00K | -3.56K |
| EBITDA | -2.85M | -3.21M | -895.48K | 1.55M | -2.94M |
| Net Income | -3.28M | -3.63M | -1.19M | 1.34M | -2.95M |
Balance Sheet | |||||
| Total Assets | 51.21M | 48.32M | 40.91M | 33.88M | 29.54M |
| Cash, Cash Equivalents and Short-Term Investments | 2.16M | 31.75K | 453.35K | 3.23M | 3.16M |
| Total Debt | 1.79M | 2.14M | 200.00K | 0.00 | 0.00 |
| Total Liabilities | 8.55M | 8.01M | 4.31M | 2.58M | 4.36M |
| Stockholders Equity | 42.66M | 40.32M | 36.61M | 31.30M | 25.18M |
Cash Flow | |||||
| Free Cash Flow | -8.77M | -10.84M | -10.59M | -7.41M | -11.79M |
| Operating Cash Flow | -2.55M | -2.13M | -1.33M | -1.20M | -1.10M |
| Investing Cash Flow | -189.00K | -7.41M | -8.31M | -6.24M | -11.03M |
| Financing Cash Flow | 4.87M | 9.11M | 6.87M | 7.50M | 14.42M |
State Gas Ltd. Technical Analysis
State Gas Ltd. Peers Comparison
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% | |
56 Neutral | AU$24.59M | -8.19 | -3.11% | ― | 7.09% | -275.00% | |
52 Neutral | AU$33.25M | -0.51 | -13.12% | ― | -13.55% | -8.96% | |
52 Neutral | AU$12.71M | -2.13 | -124.89% | ― | ― | -36.92% | |
47 Neutral | AU$12.21M | -1.66 | -7.60% | ― | ― | 16.52% | |
44 Neutral | AU$5.56M | 2.86 | ― | ― | ― | ― | |
39 Underperform | AU$8.35M | -1.59 | -15.46% | ― | -9.56% | 87.68% |
State Gas Ltd. Corporate Events
State Gas has reiterated the status of its contingent gas resources at its Reid’s Dome, Rolleston-West, ATP 2068 and ATP 2069 interests, confirming that the estimates, prepared under SPE–PRMS 2018 guidelines, are based on probabilistic methods and existing technical and exploration data, including seismic reprocessing, drilling and production testing. The company emphasised that further exploration and appraisal are required before any reclassification of these contingent resources to reserves, underscoring both the upside potential of its Queensland gas assets and the uncertainties and risks that remain for investors and other stakeholders.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has issued 148 convertible notes with an aggregate face value of $3.7 million following shareholder approval, increasing its cash reserves by $3.2 million and creating a corresponding liability on its balance sheet. The transaction also significantly boosts the number of options on issue and allows any shares issued on conversion of the notes to be freely on‑sold to retail investors without further disclosure, enhancing the company’s funding flexibility and secondary market liquidity.
The company confirmed it has complied with its financial reporting and continuous disclosure obligations and that there is no excluded information under the Corporations Act relevant to the new securities. Pro forma financial information prepared as at 30 June 2025 illustrates the impact of the notes and attached options, although the figures are unaudited and the final allocation between debt and equity for the notes may change.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has disclosed a change in director Philip St Baker’s relevant interests following his participation in a recently shareholder-approved issue of convertible notes and associated options. Through the P&P St Baker Family Trust, of which he is a trustee and beneficiary, St Baker has acquired 13 convertible notes and 5,416,671 convertible note options for a consideration of $325,000, in addition to his existing indirect holdings in the company’s ordinary shares via both the trust and St Baker Sunset Holdings Pty Ltd. The updated notice confirms his enlarged exposure to the company’s capital structure, underscoring continued insider financial commitment without any trades occurring during a closed period or changes to contractual interests.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has reported a change in the indirect interests of director Jon Stretch, reflecting his participation in a recently approved issue of convertible notes and associated options. Through the Stretch Family Trust, Stretch acquired two convertible notes and 833,334 convertible note options for $50,000, increasing his holdings to include these new securities in addition to his existing 6,162,669 ordinary shares, signalling continued director support for the company’s capital structure and funding arrangements.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has disclosed a change in director Gregory Baynton’s relevant interests, following his participation in a shareholder-approved issue of convertible notes and associated options. Through Allegro Capital Nominees Pty Ltd, an entity of which he is a director, shareholder and beneficiary, Baynton acquired three convertible notes and 1,250,001 convertible note options for a total consideration of $75,000, while his existing ordinary shareholdings across various associated entities remain unchanged, underscoring his continued financial exposure to and alignment with the company’s capital structure.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has disclosed a change in director Anthony Bellas’s indirect interests, with entities associated with him, including Loch Explorations Pty Ltd, subscribing for two convertible notes and 833,334 convertible note options for a total consideration of $50,000. The issue of these convertible notes and options, which was approved by shareholders, modestly increases Bellas’s exposure to the company’s capital structure and signals continued director-aligned investment in State Gas, a move likely to be viewed by stakeholders as reinforcing confidence in the company’s prospects and governance alignment.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has notified the market of the issue of 9.6 million unquoted broker options, effective 3 February 2026, under an existing equity transaction previously flagged in an earlier filing. The move expands the company’s pool of incentive securities aimed at brokers, which may support future capital-raising or market engagement efforts but will not immediately affect the company’s quoted share capital, as the options are not listed on the ASX.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has notified the market of the issue of 148 unquoted convertible notes, effective 3 February 2026. The new securities, which form part of previously announced transactions and are not intended to be quoted on the ASX, represent an additional source of funding or capital structure adjustment for the company, with potential implications for future equity if the notes are converted.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has disclosed a change in Managing Director Doug McAlpine’s interests in the company’s securities, reflecting adjustments to his indirect shareholding and direct performance rights. Following the vesting of Managing Director performance rights, McAlpine’s indirect holding increased by 1,125,000 ordinary shares via a related family trust, while his direct performance rights decreased by 1,375,000, leaving him with 1,285,475 ordinary shares indirectly and 2,125,000 performance rights directly, a move that aligns his remuneration more closely with shareholder outcomes without any cash consideration involved.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has issued 1,125,000 fully paid ordinary shares following the vesting of performance rights granted to Managing Director Doug McAlpine, increasing its share capital without undertaking a public disclosure under the fundraising provisions of the Corporations Act. The company has confirmed it remains compliant with its financial reporting and continuous disclosure obligations and has stated there is no undisclosed price-sensitive information, signalling that the equity issuance is a routine remuneration-related adjustment rather than a broader capital raising, and is not expected to materially alter its regulatory or market standing.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Ltd has applied to the ASX for quotation of 1,125,000 new fully paid ordinary shares under its ticker GAS, issued on 3 February 2026. The additional securities arise from the exercise or conversion of existing options or other convertible instruments, modestly increasing the company’s free float and potentially enhancing liquidity for investors, while signalling some level of confidence or value realisation by holders of those instruments.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas has secured independent certification of a maiden 2P gas reserve of 30.2 petajoules at its Rolleston West Project in central Queensland, providing a resource base sufficient to underpin a long-life, 10 terajoules per day coal seam gas development linked into the Gladstone/Wallumbilla pipeline network and serving both domestic and export markets. The new reserve, derived from only four wells and supported by an additional 3P reserve, significantly enhances the project’s economics and valuation, enabling State Gas to accelerate pre-development work using $3.2 million raised via premium-priced convertible notes, and to intensify efforts on engineering studies, regulatory approvals, gas sales negotiations, infrastructure financing and securing strategic co-investment partners.
The most recent analyst rating on (AU:GAS) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has reported that all resolutions put to shareholders at its 21 January 2026 general meeting were passed by poll, providing formal board and shareholder backing for its current strategic and operational direction. The outcome reinforces the company’s plans to accelerate commercialisation of its southern Bowen Basin assets, including early-stage production at its Rolleston West (Rougemont) project and deployment of its modular HDNG facility and virtual pipeline solution, developments that could strengthen its position as a flexible gas supplier to east coast industrial users lacking direct pipeline access and support its role in the ongoing energy transition.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has secured a waiver from ASX Listing Rule 10.1, allowing it to grant security over all its assets in favour of entities associated with non-executive directors Philip St Baker and Jon Stretch for both new working capital finance facilities and existing legacy loans, without seeking prior shareholder approval. The board, excluding the interested directors, determined the funding to be on arm’s length terms after conventional lenders declined to provide debt finance within the required timeframe, and the ASX waiver is conditional on detailed disclosure of the rationale, terms and protections, including that security will be discharged once loans are repaid and that any enforcement sale of assets to related parties would still require shareholder approval, thereby balancing the company’s urgent funding needs with safeguards for ordinary security holders.
The most recent analyst rating on (AU:GAS) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has called a general meeting of shareholders for 21 January 2026 in Brisbane to vote on several capital-raising and incentive-related resolutions. The board is seeking shareholder approval to issue up to 200 convertible notes and 83,333,400 attaching options to investors, as well as up to 9,600,000 options to lead manager Ignite Equity Pty Ltd, and a specific package of 13 convertible notes and 5,416,671 attaching options to related party director Philip St Baker, moves that would provide additional funding and align stakeholders through equity-linked securities while diluting existing holders if approved.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.