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Santos Valuation Multiples

Discover revenue and EBITDA valuation multiples for Santos and similar public comparables like AGL Energy, Dana Gas, and ADNOC Gas.

Santos Overview

About Santos

Santos was founded in 1954. The company's name is an acronym for South Australia Northern Territory Oil Search. The first Cooper Basin gas discovery came in 1963, with initial supplies in 1969. Santos became a major enterprise, though over-reliance on the Cooper Basin, along with the Moomba field's inexorable decline, saw it struggle to maintain relevance in the first decade of the 21st century. However, the stage was set for a renaissance via conversion of coal seam gas into LNG in Queensland and conventional gas to LNG in PNG.


Founded

1954

HQ

Australia
Employees

4.0K+

Website

santos.com

Financials

LTM Revenue $8.5B

LTM EBITDA $5.7B

EV

$18.6B

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Santos Financials

Santos has a last 12-month revenue (LTM) of $8.5B and a last 12-month EBITDA of $5.7B.

In the most recent fiscal year, Santos achieved revenue of $3.5B and an EBITDA of $2.4B.

Santos expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Santos P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $8.5B XXX $3.5B XXX XXX XXX
Gross Profit $7.3B XXX $2.4B XXX XXX XXX
Gross Margin 86% XXX 68% XXX XXX XXX
EBITDA $5.7B XXX $2.4B XXX XXX XXX
EBITDA Margin 67% XXX 68% XXX XXX XXX
EBIT $3.0B XXX $1.0B XXX XXX XXX
EBIT Margin 35% XXX 30% XXX XXX XXX
Net Profit $1.8B XXX $786M XXX XXX XXX
Net Margin 21% XXX 23% XXX XXX XXX
Net Debt XXX XXX $2.6B XXX XXX XXX

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Santos Stock Performance

As of May 30, 2025, Santos's stock price is AUD 7 (or $4).

Santos has current market cap of AUD 21.4B (or $13.7B), and EV of AUD 28.9B (or $18.6B).

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Santos Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$18.6B $13.7B XXX XXX XXX XXX $0.36

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Santos Valuation Multiples

As of May 30, 2025, Santos has market cap of $13.7B and EV of $18.6B.

Santos's trades at 5.4x EV/Revenue multiple, and 7.9x EV/EBITDA.

Equity research analysts estimate Santos's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Santos has a P/E ratio of 11.8x.

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Santos Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $13.7B XXX $13.7B XXX XXX XXX
EV (current) $18.6B XXX $18.6B XXX XXX XXX
EV/Revenue 3.4x XXX 5.4x XXX XXX XXX
EV/EBITDA 5.1x XXX 7.9x XXX XXX XXX
EV/EBIT 9.8x XXX 17.9x XXX XXX XXX
EV/Gross Profit 4.0x XXX n/a XXX XXX XXX
P/E 11.8x XXX 17.5x XXX XXX XXX
EV/FCF 14.7x XXX 64.4x XXX XXX XXX

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Santos Margins & Growth Rates

Santos's last 12 month revenue growth is 4%

Santos's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.3M for the same period.

Santos's rule of 40 is 71% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Santos's rule of X is 76% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Santos Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 4% XXX 33% XXX XXX XXX
EBITDA Margin 67% XXX 68% XXX XXX XXX
EBITDA Growth 6% XXX 19% XXX XXX XXX
Rule of 40 71% XXX 71% XXX XXX XXX
Bessemer Rule of X XXX XXX 76% XXX XXX XXX
Revenue per Employee XXX XXX $0.9M XXX XXX XXX
Opex per Employee XXX XXX $0.3M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 0% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 38% XXX XXX XXX

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Santos Public Comps

See public comps and valuation multiples for Energy Exploration & Generation and Fossil Fuels comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
ADNOC Drilling Company XXX XXX XXX XXX XXX XXX
ADNOC Gas XXX XXX XXX XXX XXX XXX
Dana Gas XXX XXX XXX XXX XXX XXX
TAQA XXX XXX XXX XXX XXX XXX
AGL Energy XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Santos M&A and Investment Activity

Santos acquired  XXX companies to date.

Last acquisition by Santos was  XXXXXXXX, XXXXX XXXXX XXXXXX . Santos acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Santos

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Santos

When was Santos founded? Santos was founded in 1954.
Where is Santos headquartered? Santos is headquartered in Australia.
How many employees does Santos have? As of today, Santos has 4.0K+ employees.
Who is the CEO of Santos? Santos's CEO is Mr. Kevin Thomas Gallagher.
Is Santos publicy listed? Yes, Santos is a public company listed on ASX.
What is the stock symbol of Santos? Santos trades under STO ticker.
When did Santos go public? Santos went public in 1954.
Who are competitors of Santos? Similar companies to Santos include e.g. ADNOC Drilling Company, ADNOC Gas, Dana Gas, TAQA.
What is the current market cap of Santos? Santos's current market cap is $13.7B
What is the current revenue of Santos? Santos's last 12 months revenue is $8.5B.
What is the current revenue growth of Santos? Santos revenue growth (NTM/LTM) is 4%.
What is the current EV/Revenue multiple of Santos? Current revenue multiple of Santos is 3.4x.
Is Santos profitable? Yes, Santos is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Santos? Santos's last 12 months EBITDA is $5.7B.
What is Santos's EBITDA margin? Santos's last 12 months EBITDA margin is 67%.
What is the current EV/EBITDA multiple of Santos? Current EBITDA multiple of Santos is 5.1x.
What is the current FCF of Santos? Santos's last 12 months FCF is $2.0B.
What is Santos's FCF margin? Santos's last 12 months FCF margin is 23%.
What is the current EV/FCF multiple of Santos? Current FCF multiple of Santos is 14.7x.

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