State Gas Ltd. (AU:GAS)
ASX:GAS
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State Gas Ltd.
(Sydney:GAS)
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Rating:47Neutral
Price Target:
AU$0.03
▼(-10.00% Downside)
Action:ReiteratedDate:03/10/26
The score is held down primarily by weak fundamentals—ongoing losses and negative operating/free cash flow—despite a relatively low-leverage balance sheet. Technicals provide some support with the price trading above key moving averages and MACD positive, but valuation remains challenged due to the company being loss-making and no dividend support.
Positive Factors
Low leverage / conservative balance sheet
A low debt-to-equity profile reduces default and refinancing risk and gives the company structural resilience through commodity cycles. Over a multi-month horizon this conservatism supports funding of exploration or working capital without immediate distress, preserving optionality.
Negative Factors
Ongoing losses and weak margins
Persistent negative EBIT and net margins signal the company is not yet generating operating profitability. Over months this undermines internal funding, reduces retained earnings, and means growth or discovery must translate to materially higher margins before shareholder value is created.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / conservative balance sheet
A low debt-to-equity profile reduces default and refinancing risk and gives the company structural resilience through commodity cycles. Over a multi-month horizon this conservatism supports funding of exploration or working capital without immediate distress, preserving optionality.
Read all positive factors
State Gas Ltd. (GAS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$10.64M
Dividend YieldN/A
Average Volume (3M)821.79K
Price to Earnings (P/E)―
Beta (1Y)1.83
Revenue GrowthN/A
EPS Growth16.52%
CountryAU
EmployeesN/A
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding393,975,860
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 engages in the exploration and development of gas fields in Australia. Its flagship projects are the Reid's Dome gas project comprising the production lease 231 permit and the Rolleston-West project covering an area of approximat...
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
Positive
0.03
Price Trends
0.03
Positive
0.03
Positive
0.03
Positive
Market Momentum
<0.01
Positive
51.16
Neutral
2.98
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:GAS, the sentiment is Positive. The current price of 0.03 is below the 20-day moving average (MA) of 0.03, above the 50-day MA of 0.03, and above the 200-day MA of 0.03, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 51.16 is Neutral, neither overbought nor oversold. The STOCH value of 2.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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% | |
55 Neutral | AU$24.59M | -14.94 | -3.32% | ― | 7.09% | -275.00% | |
52 Neutral | AU$30.48M | -0.51 | -75.72% | ― | -13.55% | -8.96% | |
52 Neutral | AU$11.23M | -0.59 | -124.89% | ― | ― | -36.92% | |
47 Neutral | AU$10.64M | -2.52 | -7.60% | ― | ― | 16.52% | |
45 Neutral | AU$8.35M | -0.08 | -333.90% | ― | -9.56% | 87.68% | |
44 Neutral | AU$6.67M | -1.23 | 759.48% | ― | ― | ― |
* Energy Sector Average
AU:GAS
State Gas Ltd.
0.03
>-0.01
-18.18%
AU:ATS
Australis Oil & Gas
0.02
0.01
120.00%
AU:QEM
QEM Limited
0.04
-0.02
-30.91%
AU:VEN
Vintage Energy Ltd.
―
―
―
AU:BAS
Bass Oil Ltd
0.07
0.02
34.00%
AU:TEG
Triangle Energy (Global) Limited
―
―
―
State Gas Ltd. Corporate Events
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...
State Gas Shares Halted Pending R&D Asset Sale Announcement
Mar 23, 2026
State Gas Limited has requested and been granted a trading halt on its securities by the ASX, effective from the start of trading on 24 March 2026 and expected to last until normal trading commences on 26 March 2026 or until a pending announcement...
State Gas Releases Interim Report for Half Year to 31 December 2025
Mar 16, 2026
State Gas Limited has released its interim report for the half year ended 31 December 2025, outlining its financial statements, directors’ report and auditor’s review for the period. The publication of these interim results provides st...
State Gas Reaffirms Contingent Gas Resource Estimates and Exploration Requirements
Mar 2, 2026
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...
State Gas boosts funding with $3.7m convertible note issue and expanded options
Feb 9, 2026
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 transacti...
State Gas Director Philip St Baker Increases Indirect Stake via Convertible Notes and Options
Feb 3, 2026
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 PP St Baker Family Trust,...
State Gas Director Increases Indirect Stake via Convertible Notes
Feb 3, 2026
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 tw...
State Gas Director Increases Exposure via Convertible Notes and Options
Feb 3, 2026
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 ...
State Gas Director Increases Indirect Stake via Convertible Note Subscription
Feb 3, 2026
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 ...
State Gas Issues 9.6 Million Unquoted Broker Options
Feb 3, 2026
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 in...
State Gas Issues 148 Unquoted Convertible Notes
Feb 3, 2026
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 a...
State Gas Managing Director Adjusts Equity Holdings Following Performance Rights Vesting
Feb 3, 2026
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 D...
State Gas Issues New Shares on Vesting of Managing Director Performance Rights
Feb 3, 2026
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 pr...
State Gas Seeks ASX Quotation for 1.1 Million New Shares
Feb 3, 2026
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 convertibl...
State Gas Locks In Maiden 30.2 PJ 2P Reserve to Advance Rolleston West Gas Project
Jan 30, 2026
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 de...
State Gas Secures Shareholder Support as It Advances Bowen Basin Gas and Virtual Pipeline Strategy
Jan 21, 2026
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 rei...
State Gas Wins ASX Waiver to Secure Director-Linked Funding Over Assets
Jan 13, 2026
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...
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.