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Santos Limited
(Sydney:STO)
Santos Limited (STO) vs. iShares MSCI Australia ETF (EWA)
Santos Limited Business Overview & Revenue Model
Santos Limited Earnings Call Summary
Santos Limited Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.26B | 5.40B | 5.89B | 7.79B | 4.71B |
| Gross Profit | 1.62B | 3.70B | 2.22B | 5.64B | 1.59B |
| EBITDA | 3.46B | 3.67B | 3.97B | 4.97B | 2.65B |
| Net Income | 846.53M | 1.22B | 1.42B | 2.11B | 658.00M |
Balance Sheet | |||||
| Total Assets | 32.05B | 29.63B | 29.76B | 28.86B | 31.02B |
| Cash, Cash Equivalents and Short-Term Investments | 1.72B | 1.86B | 2.28B | 2.46B | 2.97B |
| Total Debt | 8.75B | 6.69B | 6.16B | 5.52B | 8.02B |
| Total Liabilities | 16.37B | 14.10B | 14.48B | 14.01B | 17.45B |
| Stockholders Equity | 15.68B | 15.54B | 15.28B | 14.84B | 13.57B |
Cash Flow | |||||
| Free Cash Flow | 642.66M | 449.00M | 889.00M | 2.15B | 1.07B |
| Operating Cash Flow | 2.65B | 2.85B | 3.26B | 3.86B | 2.14B |
| Investing Cash Flow | -1.99B | -2.69B | -2.90B | -1.67B | -137.00M |
| Financing Cash Flow | -818.58M | -206.00M | -860.00M | -3.40B | -481.00M |
Santos Limited Technical Analysis
Santos Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$57.88B | 10.61 | 8.51% | 7.16% | 17.13% | 61.35% | |
67 Neutral | AU$1.30B | 3.37 | 13.85% | 4.74% | -17.02% | -35.47% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
60 Neutral | AU$23.59B | 15.76 | 6.59% | 6.00% | -5.81% | -17.90% | |
60 Neutral | AU$2.63B | 4.48 | -1.02% | 7.72% | 17.16% | 90.79% | |
52 Neutral | AU$993.03M | -30.28 | -14.41% | ― | ― | ― | |
45 Neutral | AU$359.94M | -7.29 | -42.02% | ― | 59.48% | -1714.71% |
Santos Limited Corporate Events
Santos Limited has reported proved plus probable reserves of 1,484 million barrels of oil equivalent at the end of 2025, a 13 mmboe increase before production driven mainly by the Cooper Basin and PNG. The company’s 2P reserves life stands at 17 years, with 83 per cent gas, 17 per cent liquids, and 40 per cent of 2P reserves held in international assets.
Developed reserves now account for 62 per cent of total 2P volumes, while contingent resources fell to 3,212 mmboe after divesting interests in the Petrel and Tern fields. Santos also expanded its carbon capture position, with 2P CO2 storage capacity of 8 million tonnes after injecting 1 million tonnes, and boosting 2C contingent storage resources in the Cooper Basin to 202 million tonnes.
Management highlighted strong organic 1P reserves replacement and growing CO2 storage resources as key supports for its decarbonisation strategy and the commercial expansion of the Moomba CCS project. Additional unaudited guidance for 2025 flagged about $4.94 billion in product sales revenue, cost of sales of roughly $3.25–3.3 billion, and an effective tax rate of about 31 per cent, alongside impairments, higher other expenses and a small loss from joint ventures.
The most recent analyst rating on (AU:STO) stock is a Sell with a A$6.00 price target. To see the full list of analyst forecasts on Santos Limited stock, see the AU:STO Stock Forecast page.
Santos has loaded and shipped the first liquefied natural gas cargo from its Barossa LNG project, with the Kool Blizzard departing Darwin LNG for delivery to Japan’s Sakai terminal, marking a key operational milestone for the offshore development. Delivered within roughly six months of the planned start date and on its original budget, the project underscores Santos’ execution capabilities and is expected to underpin economic growth in Australia’s Northern Territory through long-term employment, local contracts valued at an estimated A$2.5 billion, and an industry-leading Barossa Aboriginal Future Fund that will channel up to $10 million annually into Aboriginal coastal communities for infrastructure, training, jobs and cultural programs.
The most recent analyst rating on (AU:STO) stock is a Hold with a A$6.50 price target. To see the full list of analyst forecasts on Santos Limited stock, see the AU:STO Stock Forecast page.
Santos reported a strong fourth quarter and full-year 2025 performance, with free cash flow from operations of about $380 million in the quarter and roughly $1.8 billion for the year, supported by higher production, increased sales volumes and over $4.9 billion in annual sales revenue. Unit production costs stayed below $7 per barrel of oil equivalent, gearing fell to 26.8 per cent, and operational recovery in the Cooper Basin, higher Western Australia domestic gas output, record GLNG field performance and ongoing Moomba CCS delivery underscored the strength of its base business. The Barossa LNG project has moved into export mode with its first LNG cargo now loading at Darwin for delivery to Japan, while Pikka Phase 1 in Alaska is 98 per cent complete and on track for first oil in late first quarter 2026 despite a modest cost increase due to inflation and logistics, positioning Santos for near-term production growth. Disciplined capital management was reflected in a $1 billion bond issue, early closure of PNG LNG project finance, and divestments of several non-core gas and offshore fields, allowing Santos to recycle capital while sharpening its focus on core growth and LNG portfolio opportunities.
The most recent analyst rating on (AU:STO) stock is a Hold with a A$6.55 price target. To see the full list of analyst forecasts on Santos Limited stock, see the AU:STO Stock Forecast page.
Santos Limited has reported the cessation of 119,962 share acquisition rights (ASX code STOAY) after the conditions attached to these rights were not met or became incapable of being satisfied, with the lapse effective from 2 October 2025. The lapse of these conditional rights slightly reduces Santos’ pool of potential equity-based incentives, signalling that certain performance or service hurdles tied to the securities were not achieved, which may have minor implications for employee or executive compensation structures but does not affect the company’s existing issued capital.
The most recent analyst rating on (AU:STO) stock is a Buy with a A$7.80 price target. To see the full list of analyst forecasts on Santos Limited stock, see the AU:STO Stock Forecast page.
Santos Limited has notified the market of the issue of 5,825 unquoted share acquisition rights under its employee incentive scheme, with an issue date of 19 November 2025. The new securities, which will not be quoted on the ASX, reflect the company’s ongoing use of equity-based remuneration to align staff incentives with shareholder interests and support retention of key personnel, without immediate dilution in the quoted share capital.
The most recent analyst rating on (AU:STO) stock is a Buy with a A$7.80 price target. To see the full list of analyst forecasts on Santos Limited stock, see the AU:STO Stock Forecast page.
Santos Limited has notified the market of the issue of 1,042,669 ordinary fully paid shares on 6 October 2025 following the exercise or conversion of previously unquoted options or other unquoted convertible securities. The move modestly increases the company’s share capital base and reflects ongoing participation in equity-based incentive or financing arrangements, with incremental implications for existing shareholders’ dilution and Santos’ capital structure management.
The most recent analyst rating on (AU:STO) stock is a Buy with a A$7.80 price target. To see the full list of analyst forecasts on Santos Limited stock, see the AU:STO Stock Forecast page.
Santos Limited has notified the ASX of the cessation of 16,267 share acquisition rights under its Sharematch plan, recorded as having lapsed on 1 October 2025 because the performance or vesting conditions were not, or could no longer be, satisfied. The lapse slightly reduces the company’s potential issued capital from equity incentive arrangements and signals that specific conditional hurdles attached to this tranche of employee or executive awards were not met, which may have modest implications for dilution, staff incentives and the structure of Santos’ broader remuneration and capital management framework.
The most recent analyst rating on (AU:STO) stock is a Buy with a A$7.80 price target. To see the full list of analyst forecasts on Santos Limited stock, see the AU:STO Stock Forecast page.
Santos Limited has notified the market of the issue of 589,372 fully paid ordinary shares following the conversion or exercise of previously unquoted securities. The new STO shares, dated 6 October 2025, formalise the movement of unquoted options or convertible securities into listed equity, modestly increasing the company’s share base and reflecting ongoing use of equity-based instruments within its capital and remuneration structure.
The most recent analyst rating on (AU:STO) stock is a Buy with a A$7.80 price target. To see the full list of analyst forecasts on Santos Limited stock, see the AU:STO Stock Forecast page.
Santos Limited has reported a change in the indirect interests of its Managing Director and CEO, Kevin Gallagher, following the release of previously restricted shares awarded under the company’s short-term incentive plan. On 1 January 2026, 146,253 fully paid ordinary shares held on his behalf by the employee share plan trustee became unrestricted at the end of a two‑year restriction period tied to his 2023 deferred short-term incentive, and were transferred to him for no consideration, increasing his total indirect shareholding while leaving his share acquisition rights and other restricted shares unchanged. The move reflects ongoing alignment of executive remuneration with shareholder interests but does not involve any new cash outlay by the company or an on-market share transaction.
The most recent analyst rating on (AU:STO) stock is a Buy with a A$7.25 price target. To see the full list of analyst forecasts on Santos Limited stock, see the AU:STO Stock Forecast page.
Santos Limited has appointed long-serving executive Lachlan Harris as Chief Financial Officer, effective immediately, following his tenure as Acting CFO since October. Harris brings 15 years of experience with Santos across treasury, finance systems and risk, and has previously served as Deputy CFO and Treasurer, where he led initiatives such as a significantly oversubscribed US$1 billion 10-year bond offering. Chief Executive Kevin Gallagher highlighted Harris’s financial acumen, risk focus and leadership capabilities, positioning him to support Santos in executing its strategy and sustaining its low-cost model to drive long-term shareholder value.
The most recent analyst rating on (AU:STO) stock is a Buy with a A$7.25 price target. To see the full list of analyst forecasts on Santos Limited stock, see the AU:STO Stock Forecast page.
Santos Limited has announced the divestment of its 42.86% interest in the Mahalo Joint Venture to Comet Ridge Limited and has completed the sale of its interests in the Petrel and Tern fields to Eni Australia. These transactions are part of Santos’ strategy to optimize its portfolio by monetizing non-core assets, which are not immediate priorities, thereby reinforcing its capital discipline. The divestments are expected to enhance shareholder returns and reduce future decommissioning liabilities, while allowing partners to develop these assets for the Australian domestic gas market.
The most recent analyst rating on (AU:STO) stock is a Buy with a A$7.25 price target. To see the full list of analyst forecasts on Santos Limited stock, see the AU:STO Stock Forecast page.