Stock

State Gas Limited

GAS.AX

Oil & Gas Exploration & Production · Energy

Price

A$0.01

+0.00 (+0.00%)

Market Cap

A$5.7M

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Sep 11, 2026 · filings through Dec 31, 2025

§How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+120.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 165.5M (2021) → 364.9M (2025)

§Winston Score History

The full picture

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 project, an expansive area covering approximately 1,595 square kilometers. Both these key initiatives are strategically situated within Central Queensland's Bowen Basin. Established in 2017, State Gas Limited maintains its corporate headquarters in Brisbane, Australia.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-100.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+56.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Runway

~2 months

A$481,680 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

State Gas Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

-2549.6%

Losing money on operations — -2549.6%

Return on the money invested

ROCE

-6.4%

Weak — -6.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+543.1%

Fast-growing sales (+543.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

N/A

Data not available

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-7833.6%

Burning cash (-7833.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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