Strike Energy Limited

STX.AX

Oil & Gas Exploration & Production · Energy

Price

A$0.10

+0.00 (+0.00%)

Market Cap

A$377.9M

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+57.6% over 4y

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

Diluted shares outstanding: 1.82B (2021) → 2.87B (2025)

Winston Score History

The full picture

Strike Energy is an Australian oil and gas company focused on finding and developing natural gas in Western Australia. Its main projects are in the Perth Basin, where it holds large onshore gas permits and is working to bring new gas fields into production. The company is targeting the domestic Western Australian gas market, which relies heavily on local supply for homes, businesses, and industry.

Strike Energy makes money by eventually selling natural gas to customers under long-term supply contracts, but it is not yet generating meaningful revenue — it is still in the exploration and development phase. The company operates entirely in Australia and has a market value of around $400 million. Its competitive position rests on the size and location of its Perth Basin acreage, which sits close to existing pipelines and a gas-hungry local market. The key risk is that developing these gas fields requires significant capital spending, and the company is currently losing money while it waits for projects to reach production.

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

+0.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+33.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

30.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 months

A$69M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Strike Energy 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

-3.8%

Thin — -3.8% gross margin

Profit after running costs

Operating Margin

-15.4%

Losing money on operations — -15.4%

Return on the money invested

ROCE

-3.3%

Weak — -3.3% 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

-0.5%

Shrinking sales (-0.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-135.0%

Burning cash (-135.0%)

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

0.29

Conservative — low debt load (0.29)

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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