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: ASX20 | 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

$6.76

26 Feb
2026

-0.060

OPEN

$6.79

-0.88%

HIGH

$6.82

7,856,513

LOW

$6.73

TARGET
$7.168 6.0% upside
Franking for last dividend paid out: 9%
OTHER COMPANIES IN THE SAME SECTOR
AEL . APA . BLU . COI . CRD . CTP . D3E . GHY . GLL . KAR . ORG . STX . TBN . WDS .
FNARENA'S MARKET CONSENSUS FORECASTS
STO: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 43.4 xxx
DPS (cps) 33.7 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 15.6 xxx
Dividend Yield 5.0% xxx
Div Pay Ratio(%) 77.5% 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: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 N/A

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 xxxxxxxxxxxxxxx34.9
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

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

19/02/2026

1

Buy

$7.80

15.38%

Santos’ FY25 result was in line with market expectations. The company’s cost-out plan is supported by a targeted -10% headcount reduction via reducing the scale of major projects teams as Barossa & Pikka are commissioned, UBS notes.

While Santos reiterated investors should expect higher payouts from 2H26 onwards, management did not shy away from the need to continue to invest in growth. 

Santos expects no major new growth capex over 2026-27, but 2028 may provide an opportunity to consider a scale development in either the Bedout basin (Dorado) or Beetaloo - both pending successful appraisal drilling.

UBS maintains a Buy rating, with Santos offering the strongest free cash flow profile to support dividends. Target unchanged at $7.80.

FORECAST
UBS forecasts a full year FY26 dividend of 33.59 cents and EPS of 56.50 cents.
UBS forecasts a full year FY27 dividend of 41.23 cents and EPS of 64.13 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$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

25/02/2026

4

Underweight

$5.90

-12.72%

In the wake of Santos' FY25 result, Jarden trims its 2027 production forecast by -4%, and highlights softer guidance. 2027 output is now flagged at around 25% above 2025 levels versus prior guidance of growth above 30%.

While 2025 underlying profit of US$898m was in line with the broker's forecast, and 2026 guidance was unchanged, Jarden expects consensus downgrades to follow.

A strategic review of Australian assets is underway, note the analysts, with potential divestments flagged as capital is prioritised towards higher-return projects.

The target eases to $5.90 from $6.00. Underweight rating maintained.

FORECAST
Jarden forecasts a full year FY26 dividend of 34.81 cents and EPS of 40.01 cents.
Jarden forecasts a full year FY27 dividend of 34.97 cents and EPS of 53.44 cents.
Access Extra Coverage Research History >

STO STOCK CHART

FNArena News on STO

1
Australian Broker Call *Extra* Edition – Feb 25, 2026

Feb 25 2026 - Daily Market Reports
2
FNArena Corporate Results Monitor – 19-02-2026

Feb 19 2026 - Australia
3
Australian Broker Call *Extra* Edition – Feb 16, 2026

Feb 16 2026 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Feb 11, 2026

Feb 11 2026 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Jan 29, 2026

Jan 29 2026 - Daily Market Reports

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