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State Gas Ltd.
(Sydney:GAS)
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Rating:43Neutral
Price Target:
AU$0.01
▲(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 Base
A 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 Revenue
Revenue 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.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Equity Base
A 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.
Read all positive factors
State Gas Ltd. (GAS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.05M
Dividend YieldN/A
Average Volume (3M)742.56K
Price to Earnings (P/E)―
Beta (1Y)0.64
Revenue Growth-100.00%
EPS Growth21.88%
CountryAU
EmployeesN/A
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding561,439,760
10 Day Avg. Volume596,590
30 Day Avg. Volume742,558
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)0.16
Price to Sales (P/S)0.00
P/FCF Ratio-4.45
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 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 pr...
State Gas Ltd. Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
60
Neutral
Cash Flow
18
Very Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 111.96K | 17.41K | 0.00 | 0.00 |
| Gross Profit | -1.17M | 111.96K | -313.00K | -293.00K | -209.00K |
| EBITDA | -1.75M | -2.85M | -3.21M | -895.48K | 1.55M |
| Net Income | -2.97M | -3.28M | -3.63M | -1.19M | 1.34M |
Balance Sheet | |||||
| Total Assets | 51.55M | 51.21M | 48.32M | 40.91M | 33.88M |
| Cash, Cash Equivalents and Short-Term Investments | 633.26K | 2.16M | 31.75K | 453.35K | 3.23M |
| Total Debt | 5.38M | 1.79M | 2.14M | 200.00K | 0.00 |
| Total Liabilities | 9.87M | 8.55M | 8.01M | 4.31M | 2.58M |
| Stockholders Equity | 41.69M | 42.66M | 40.32M | 36.61M | 31.30M |
Cash Flow | |||||
| Free Cash Flow | -1.52M | -8.77M | -10.84M | -10.59M | -7.41M |
| Operating Cash Flow | -1.52M | -2.55M | -2.13M | -1.33M | -1.20M |
| Investing Cash Flow | -4.89M | -189.00K | -7.41M | -8.31M | -6.24M |
| Financing Cash Flow | 4.88M | 4.87M | 9.11M | 6.87M | 7.50M |
State Gas Ltd. Technical Analysis
Negative
0.01
Price Trends
0.01
Negative
0.01
Negative
0.02
Negative
Market Momentum
>-0.01
Negative
44.11
Neutral
16.67
Positive
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 >-0.01 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
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% | |
46 Neutral | AU$12.05M | -20.00 | -1.65% | ― | ― | 37.50% | |
44 Neutral | AU$49.17M | -10.33 | -6.22% | ― | ― | 23.08% | |
43 Neutral | AU$5.05M | -1.20 | -7.13% | ― | -100.00% | 21.88% | |
43 Neutral | AU$8.14M | -1.38 | -174.42% | ― | -82.83% | -264.86% | |
40 Underperform | AU$45.99M | -60.39 | -2.22% | ― | ― | 33.33% | |
38 Underperform | AU$6.03M | -0.88 | 109.14% | ― | ― | 89.58% |
* Energy Sector Average
AU:GAS
State Gas Ltd.
0.01
-0.02
-66.67%
AU:LIO
Lion Energy Limited
0.02
<0.01
20.00%
AU:NGY
NuEnergy Gas Limited
0.02
>-0.01
-25.81%
AU:KKO
Kinetiko Energy Ltd.
0.03
-0.04
-57.53%
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
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...
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 s...
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 a...
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 th...
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 f...
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 exi...
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...
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 enh...
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 additiona...
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, mode...
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 pa...
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 RD 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 pos...
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 PP St Baker Family T...
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 Nomi...
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 a...
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 $...
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.