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State Gas Ltd. (GAS) AI Stock Analysis

AU:GAS

State Gas Ltd.

(ASX:GAS)

Select Model
Rating:43Neutral
Price Target:AUD 0.01â–²(0.00% Upside)
Action:reiterated
Date:10/03/26

The score is held down primarily by very weak financial performance (near-zero revenue, ongoing losses, and negative operating/free cash flow). Technicals also lean bearish with price below key long-term moving averages and negative MACD. Valuation offers limited support because the company is loss-making (negative P/E) and no dividend yield is available.

Positive Factors
Strong Equity BaseA sizable equity base combined with modest leverage gives State Gas a meaningful financial cushion relative to its current operating scale. This supports resilience and preserves some flexibility to fund activities or absorb continued losses while the business seeks to improve revenue generation.
Negative Factors
Zero and Volatile RevenueRevenue at or near zero leaves the company without a dependable operating income base and makes margins and scale difficult to establish. Persistent volatility also limits visibility into future activity, weakening the ability to fund corporate needs internally or demonstrate repeatable commercial traction.

State Gas Ltd. (GAS) vs. iShares MSCI Australia ETF (EWA)

-80%-60%-40%-20%0%20%40%AU:GAS-62.96%EWA+13.51%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
AUD 5.05M
Dividend Yield
―
Average Volume (3M)
1.11M
Price to Earnings (P/E)
-1.2
Beta (1Y)
0.61
Revenue Growth
-100.00%
EPS Growth
21.88%
Country
Australia
Employees
0
Sector
Energy
Sector Strength
65
Industry
Oil & Gas Exploration & Production

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 proje...

State Gas Ltd. Financial Statement Overview

Summary

Operating fundamentals are very weak: revenue is minimal/volatile (2026 fell to zero) with persistent losses (2026 net loss ~2.97m) and consistently negative operating/free cash flow. The main offset is a relatively strong balance sheet with sizable equity (~41.7m) and modest leverage (debt-to-equity ~0.13), providing some financial cushion despite negative ROE.

Income Statement

12Very Negative

Balance Sheet

60Neutral

Cash Flow

18Very Negative
Financial statement breakdown
BreakdownTTMJun 2026Jun 2025Jun 2024Jun 2023Jun 2022
Income Statement
Total Revenue00111.96K17.41K00
Gross Profit-1.07M-1.17M111.96K-313.00K-293.00K-209.00K
EBITDA-1.75M-1.75M-2.85M-3.21M-895.48K1.55M
Net Income-2.97M-2.97M-3.28M-3.63M-1.19M1.34M
Balance Sheet
Total Assets51.55M51.55M51.21M48.32M40.91M33.88M
Cash, Cash Equivalents and Short-Term Investments633.26K633.26K2.16M31.75K453.35K3.23M
Total Debt5.38M5.38M1.79M2.14M200.00K0
Total Liabilities9.87M9.87M8.55M8.01M4.31M2.58M
Stockholders Equity41.69M41.69M42.66M40.32M36.61M31.30M
Cash Flow
Free Cash Flow-1.52M-1.52M-8.77M-10.84M-10.59M-7.41M
Operating Cash Flow-1.52M-1.52M-2.55M-2.13M-1.33M-1.20M
Investing Cash Flow-4.89M-4.89M-189.00K-7.41M-8.31M-6.24M
Financing Cash Flow4.88M4.88M4.87M9.11M6.87M7.50M

State Gas Ltd. Technical Analysis

Technical Analysis SentimentNegative
Last Price0.01

Price Trends

50DMA0.01Negative
100DMA0.01Negative
200DMA0.02Negative

Market Momentum

MACD-0.00Negative
RSI44.11Neutral
STOCH16.67Positive

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 0.01 is below the 20-day moving average (MA) of 0.01, below the 50-day MA of 0.01, and below the 200-day MA of 0.02, indicating a bearish trend. The MACD of -0.00 indicates Negative momentum. The RSI at 44.11 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 is Positive, 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

Overall Rating

UnderperformOutperform
Sector (65)

Financial Indicators

AU:GAS against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
Sector *65Neutral$15.17B7.614.09%5.20%3.87%-62.32%
AU:BLUAU:BLU46NeutralAUD 9.04M-15.00-1.65%――37.50%
AU:GASAU:GAS43NeutralAUD 5.05M-1.20-7.13%―-100.00%21.88%
AU:LIOAU:LIO42NeutralAUD 7.23M-1.24-174.42%―-82.83%-264.86%
AU:KKOAU:KKO41NeutralAUD 51.18M-10.67-6.22%――23.08%
AU:NGYAU:NGY41NeutralAUD 38.00M-95.00-2.22%――33.33%
AU:H3EAU:H3E38UnderperformAUD 5.36M-0.88109.14%――89.58%

* Energy Sector Average

Performance Comparison

0%100%200%AU:GASAU:LIOAU:NGYAU:KKOAU:H3EDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
AU:GAS and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
AU:GASState Gas Ltd.0.01-0.02-64.29%
AU:LIOLion Energy Limited0.020.0014.29%
AU:NGYNuEnergy Gas Limited0.02-0.01-32.14%
AU:KKOKinetiko Energy Ltd.0.03-0.04-54.93%
AU:BLUBlue Energy Limited―――
AU:H3EWhitebark Energy Ltd0.010.000.00%

State Gas Ltd. Corporate Events

State Gas Expands ASX-Quoted Share Base With New Issue

Sep 30, 2026

State Gas Ltd. has applied for quotation of 5,882,292 new ordinary fully paid shares on the ASX, with an issue date of October 1, 2026. The additional securities, arising from the exercise of options or conversion of other instruments, will expand th...

State Gas Details Governance Framework and Diversity Progress in 2026 Statement

Sep 30, 2026

State Gas Limited has released its 2026 Corporate Governance Statement, outlining how its governance framework aligns with the ASX Corporate Governance Council’s Principles and Recommendations. The board has adopted and regularly reviews a suit...

State Gas Releases 2026 Annual Report Detailing Governance and Performance

Sep 30, 2026

State Gas Limited has released its annual report for the year ended 30 June 2026, outlining its governance framework, board composition and executive oversight. The document also details directors’ responsibilities, remuneration structures and...

State Gas Options Lapse, Simplifying Capital Structure

Sep 23, 2026

State Gas Ltd has announced the expiry and cessation of 8.4 million options, identified under the ASX security code GASAF, which lapsed without being exercised by the holders. The options, which expired on 31 August 2026, have been removed from the c...

State Gas Seeks ASX Quotation for 2.7 Million New Shares

Sep 17, 2026

State Gas Limited has applied for the quotation of 2,727,489 new ordinary fully paid shares on the Australian Securities Exchange. The securities, issued on 18 September 2026, expand the company’s listed capital base and may support future fund...

State Gas Expands ASX-Quoted Share Base With New Issue

Sep 8, 2026

State Gas Limited has applied to the ASX for quotation of 2,658,189 ordinary fully paid shares under its existing ticker GAS, with the new securities dated 9 September 2026. The additional shares, issued following the exercise or conversion of existi...

State Gas Seeks ASX Quotation for 2.6 Million New Shares

Sep 1, 2026

State Gas Limited has applied for quotation on the ASX of 2,574,955 new ordinary fully paid shares under the ticker GAS, with an issue date of 2 September 2026. The additional securities arise from the exercise or conversion of existing options or ot...

State Gas Seeks ASX Quotation for 10.3 Million New Shares

Sep 1, 2026

State Gas Ltd has applied for quotation on the ASX of 10,299,820 new ordinary fully paid shares under code GAS, with an issue date of 1 September 2026. The application indicates an expansion of the company’s listed equity base, which may enhanc...

State Gas Seeks ASX Quotation for 2.57 Million New Shares

Aug 30, 2026

State Gas Limited has applied to the ASX for quotation of 2,574,955 new ordinary fully paid shares under its issuer code GAS. The securities, issued on 31 August 2026, expand the company’s quoted capital base, potentially providing additional f...

State Gas Seeks ASX Quotation for New Share Issue

Aug 26, 2026

State Gas Ltd has applied to the ASX for quotation of 2,548,790 new ordinary fully paid shares, scheduled for issue on August 26, 2026. The securities arise from the conversion or exercise of existing options or other convertible instruments, modestl...

State Gas Ltd Seeks Quotation for Additional Ordinary Shares on ASX

Aug 11, 2026

State Gas Ltd, an Australian gas exploration and development company listed on the ASX under ticker GAS, continues to build its presence in the domestic energy market through its ordinary fully paid shares. The company targets investors seeking parti...

State Gas boosts balance sheet and advances Rolleston West gas strategy

Jul 31, 2026

State Gas has strengthened its balance sheet after receiving a $4.1 million R&D tax incentive refund tied to development of its HDNG pilot plant, enabling repayment of bridging and director loans and boosting cash reserves. The improved capital p...

State Gas Director Boosts Equity Stake Through Note Conversion

Jul 14, 2026

State Gas Limited has disclosed a change in director Philip St Baker’s indirect interests, following the conversion of convertible notes into ordinary shares. Through his roles in St Baker Sunset Holdings Pty Ltd and the P&P St Baker Family...

State Gas director boosts indirect equity stake via note conversion

Jul 14, 2026

State Gas Ltd has disclosed a change in director Gregory Baynton’s indirect interests following the conversion of convertible notes into ordinary shares. The holdings are spread across several related entities, including Allegro Capital Nominee...

State Gas Seeks ASX Quotation for 35.5 Million New Shares

Jul 13, 2026

State Gas Ltd. has applied to the ASX for quotation of 35,515,197 new ordinary fully paid shares under its ticker GAS. The securities, issued on 13 July 2026, expand the company’s quoted share capital and may influence its market liquidity and...

State Gas to Receive $4.1m R&D Tax Funding After ATO Review

Jul 13, 2026

State Gas has secured approval from the Australian Taxation Office for its research and development tax concession claim related to the design and development of its High Density Natural Gas pilot plant. The conclusion of the review will release $4.1...

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.

Date of analysis: Oct 03, 2026