SANTOS LIMITED (STO)
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STO

STO - SANTOS LIMITED

FNArena Sector : NatGas
Year End: December
GICS Industry Group : Energy
Debt/EBITDA: 2.18
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Santos is Australia's number one domestic gas supplier and aims to be a leading Asia-Pacific LNG supplier. Santos was founded in 1954 and made its first significant discovery of natural gas in the Cooper Basin in 1963. the name is an acronym of South Australia Northern Territory Oil Search.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$8.31

19 Aug
2026

0.200

OPEN

$8.18

2.47%

HIGH

$8.42

14,710,775

LOW

$8.09

TARGET
$8.32

+0.18 change from previous day

 0.1% upside
Franking for last dividend paid out: 9%
OTHER COMPANIES IN THE SAME SECTOR
AEL . APA . BLU . COI . CRD . CTP . D3E . EXR . GHY . GLL . KAR . ORG . STX . TBN . WDS .
FNARENA'S MARKET CONSENSUS FORECASTS
STO: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 70.9 xxx
DPS (cps) 48.2 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 11.9 xxx
Dividend Yield 5.7% xxx
Div Pay Ratio(%) 68.0% xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 4.28%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.94

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 02/09 - ex-div 20.90c (franking 9%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx39.2
DPS All xxxxxxxxxxxxxxx34.8
Sales/Revenue xxxxxxxxxxxxxxx7,881.3 M
Book Value Per Share xxxxxxxxxxxxxxx725.0
Net Operating Cash Flow xxxxxxxxxxxxxxx3,963.9 M
Net Profit Margin xxxxxxxxxxxxxxx16.10 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx5.22 %
Return on Invested Capital xxxxxxxxxxxxxxx3.68 %
Return on Assets xxxxxxxxxxxxxxx2.59 %
Return on Equity xxxxxxxxxxxxxxx5.22 %
Return on Total Capital xxxxxxxxxxxxxxx6.04 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-231.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx396 M
Long Term Debt xxxxxxxxxxxxxxx10,911 M
Total Debt xxxxxxxxxxxxxxx11,307 M
Goodwill - Gross xxxxxxxxxxxxxxx2,242 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,582 M
Price To Book Value xxxxxxxxxxxxxxx0.85

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx3,188.5 M
Capex % of Sales xxxxxxxxxxxxxxx40.46 %
Cost of Goods Sold xxxxxxxxxxxxxxx5,456 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx290 M
Research & Development xxxxxxxxxxxxxxx16 M
Investments - Total xxxxxxxxxxxxxxx567 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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xx/xx/xxxx

1

xxx

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xx.xx%

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xx/xx/xxxx

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xxx

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Morgan Stanley

20/08/2026

1

Overweight

$7.67

-7.70%

Santos' pre-guided 1H26 result was broadly in line, with EBITDA of US$1.53bn matching Morgan Stanley and consensus, while underlying NPAT beat the broker by 7% and consensus by 18%.

The USD11.6cps interim DPS was also ahead of expectations, representing around 100% of pre-growth free cash flow despite the formal 40% payout policy.

The analyst highlights continued progress at Barossa and Pikka, with Pikka targeting around 80kbbl/d gross production this quarter, while the Moomba optimisation project is expected to deliver more than US$600m in net capex savings.

The next major catalyst is Papua LNG FID targeted for 4Q2026.

Overweight rating and $7.67 target. Industry view In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 EPS of 74.22 cents.
Morgan Stanley forecasts a full year FY27 EPS of 80.05 cents.

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

27/07/2026

2

Overweight

$7.90

-4.93%

Jarden maintains an Overweight rating for Santos with its target price increased to $7.90 from $7.65 following the June quarter operational report.

The quarter featured additional commissioning challenges, particularly at Barossa, which combined with liquefied natural gas cargo timing to drive a negative free cash flow print of -US$5m.

Despite these near-term hurdles, the analyst anticipates a sharp operational turnaround and higher sustained free cash flow generation exceeding US$1.3bn in the second half of 2026, driven by the ongoing ramp-up of Barossa and Pikka.

FORECAST
Jarden forecasts a full year FY26 dividend of 47.39 cents and EPS of 47.54 cents.
Jarden forecasts a full year FY27 dividend of 48.41 cents and EPS of 61.68 cents.
Access Extra Coverage Research History >

STO STOCK CHART

FNArena News on STO

1
FNArena Corporate Results Monitor – 19-08-2026

Aug 19 2026 - Australia
2
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1
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Jul 02 2026 - Rudi's View
2
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Mar 24 2026 - Technicals
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