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State Gas Ltd. (GAS) AI Stock Analysis
State Gas Ltd.
(ASX:GAS)
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.
State Gas Ltd. (GAS) vs. iShares MSCI Australia ETF (EWA)
- 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 NegativeBalance Sheet
60NeutralCash Flow
18Very Negative| Breakdown | TTM | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0 | 0 | 111.96K | 17.41K | 0 | 0 |
| Gross Profit | -1.07M | -1.17M | 111.96K | -313.00K | -293.00K | -209.00K |
| EBITDA | -1.75M | -1.75M | -2.85M | -3.21M | -895.48K | 1.55M |
| Net Income | -2.97M | -2.97M | -3.28M | -3.63M | -1.19M | 1.34M |
Balance Sheet | ||||||
| Total Assets | 51.55M | 51.55M | 51.21M | 48.32M | 40.91M | 33.88M |
| Cash, Cash Equivalents and Short-Term Investments | 633.26K | 633.26K | 2.16M | 31.75K | 453.35K | 3.23M |
| Total Debt | 5.38M | 5.38M | 1.79M | 2.14M | 200.00K | 0 |
| Total Liabilities | 9.87M | 9.87M | 8.55M | 8.01M | 4.31M | 2.58M |
| Stockholders Equity | 41.69M | 41.69M | 42.66M | 40.32M | 36.61M | 31.30M |
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 Flow | 4.88M | 4.88M | 4.87M | 9.11M | 6.87M | 7.50M |
State Gas Ltd. Technical Analysis
Price Trends
Market Momentum
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
AU:BLU46Neutral
AU:GAS43Neutral
AU:LIO42Neutral
AU:KKO41Neutral
AU:NGY41Neutral
AU:H3E38Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| Sector * | 65Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
| 46Neutral | AUD 9.04M | -15.00 | -1.65% | ― | ― | 37.50% | |
| 43Neutral | AUD 5.05M | -1.20 | -7.13% | ― | -100.00% | 21.88% | |
| 42Neutral | AUD 7.23M | -1.24 | -174.42% | ― | -82.83% | -264.86% | |
| 41Neutral | AUD 51.18M | -10.67 | -6.22% | ― | ― | 23.08% | |
| 41Neutral | AUD 38.00M | -95.00 | -2.22% | ― | ― | 33.33% | |
| 38Underperform | AUD 5.36M | -0.88 | 109.14% | ― | ― | 89.58% |
* Energy Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| AU:GAS | State Gas Ltd. | 0.01 | -0.02 | -64.29% | |
| AU:LIO | Lion Energy Limited | 0.02 | 0.00 | 14.29% | |
| AU:NGY | NuEnergy Gas Limited | 0.02 | -0.01 | -32.14% | |
| AU:KKO | Kinetiko Energy Ltd. | 0.03 | -0.04 | -54.93% | |
| AU:BLU | Blue Energy Limited | ― | ― | ― | |
| AU:H3E | Whitebark Energy Ltd | 0.01 | 0.00 | 0.00% |
State Gas Ltd. Corporate Events
State Gas Expands ASX-Quoted Share Base With New Issue
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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...
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