Santos Ltd (STO) - Net Assets
Based on the latest financial reports, Santos Ltd (STO) has net assets worth AU$15.68 Billion AUD (≈ $11.09 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (AU$32.05 Billion ≈ $22.68 Billion USD) and total liabilities (AU$16.37 Billion ≈ $11.58 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check how tangible is Santos Ltd's equity to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | AU$15.68 Billion |
| % of Total Assets | 48.91% |
| Annual Growth Rate | 7.94% |
| 5-Year Change | 15.53% |
| 10-Year Change | 121.41% |
| Growth Volatility | 24.17 |
Santos Ltd - Net Assets Trend (1987–2025)
This chart illustrates how Santos Ltd's net assets have evolved over time, based on quarterly financial data. See STO days of operational coverage to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Santos Ltd (1987–2025)
The table below shows the annual net assets of Santos Ltd from 1987 to 2025. For live valuation and market cap data, see Santos Ltd (STO) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | AU$15.68 Billion ≈ $11.09 Billion |
+0.89% |
| 2024-12-31 | AU$15.54 Billion ≈ $10.99 Billion |
+1.72% |
| 2023-12-31 | AU$15.28 Billion ≈ $10.81 Billion |
+2.91% |
| 2022-12-31 | AU$14.84 Billion ≈ $10.50 Billion |
+9.39% |
| 2021-12-31 | AU$13.57 Billion ≈ $9.60 Billion |
+87.75% |
| 2020-12-31 | AU$7.23 Billion ≈ $5.11 Billion |
-5.85% |
| 2019-12-31 | AU$7.68 Billion ≈ $5.43 Billion |
+5.45% |
| 2018-12-31 | AU$7.28 Billion ≈ $5.15 Billion |
+1.79% |
| 2017-12-31 | AU$7.15 Billion ≈ $5.06 Billion |
+1.00% |
| 2016-12-31 | AU$7.08 Billion ≈ $5.01 Billion |
-4.69% |
| 2015-12-31 | AU$7.43 Billion ≈ $5.26 Billion |
-3.54% |
| 2014-12-31 | AU$7.70 Billion ≈ $5.45 Billion |
-15.45% |
| 2013-12-31 | AU$9.11 Billion ≈ $6.44 Billion |
-6.39% |
| 2012-12-31 | AU$9.73 Billion ≈ $6.88 Billion |
+6.21% |
| 2011-12-31 | AU$9.16 Billion ≈ $6.48 Billion |
+18.63% |
| 2010-12-31 | AU$7.72 Billion ≈ $5.46 Billion |
+23.38% |
| 2009-12-31 | AU$6.26 Billion ≈ $4.43 Billion |
+99.86% |
| 2008-12-31 | AU$3.13 Billion ≈ $2.22 Billion |
+7.88% |
| 2007-12-31 | AU$2.90 Billion ≈ $2.05 Billion |
+9.67% |
| 2006-12-31 | AU$2.65 Billion ≈ $1.87 Billion |
+21.96% |
| 2005-12-31 | AU$2.17 Billion ≈ $1.54 Billion |
-20.49% |
| 2004-12-31 | AU$2.73 Billion ≈ $1.93 Billion |
+17.46% |
| 2003-12-31 | AU$2.32 Billion ≈ $1.64 Billion |
+44.67% |
| 2002-12-31 | AU$1.61 Billion ≈ $1.14 Billion |
+15.41% |
| 2001-12-31 | AU$1.39 Billion ≈ $984.78 Million |
+8.13% |
| 2000-12-31 | AU$1.29 Billion ≈ $910.76 Million |
+8.85% |
| 1998-12-31 | AU$1.18 Billion ≈ $836.71 Million |
-5.27% |
| 1997-12-31 | AU$1.25 Billion ≈ $883.26 Million |
+10.38% |
| 1995-12-31 | AU$1.13 Billion ≈ $800.22 Million |
-4.84% |
| 1994-12-31 | AU$1.19 Billion ≈ $840.96 Million |
+27.11% |
| 1993-12-31 | AU$935.07 Million ≈ $661.62 Million |
+10.31% |
| 1992-12-31 | AU$847.65 Million ≈ $599.76 Million |
-8.25% |
| 1991-12-31 | AU$923.83 Million ≈ $653.67 Million |
-13.27% |
| 1990-12-31 | AU$1.07 Billion ≈ $753.73 Million |
+20.14% |
| 1989-12-31 | AU$886.68 Million ≈ $627.38 Million |
+3.07% |
| 1987-12-31 | AU$860.30 Million ≈ $608.72 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Santos Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 157.4% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | AU$650.44 Million | 4.15% |
| Common Stock | AU$14.36 Billion | 91.60% |
| Other Comprehensive Income | AU$666.45 Million | 4.25% |
| Other Components | AU$2.00 | 0.00% |
| Total Equity | AU$15.68 Billion | 100.00% |
Santos Ltd Competitors by Market Cap
The table below lists competitors of Santos Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
OMV AG ADR 1
F:OMVI
|
$18.00 Billion |
|
Suncorp Group Ltd
AU:SUNPH
|
$18.01 Billion |
|
Hengli Petrochemical Co Ltd
SHG:600346
|
$18.04 Billion |
|
Jentech Precision Industrial Co Ltd
TW:3653
|
$18.05 Billion |
|
China Three Gorges New Energy Group Co Ltd
SHG:600905
|
$17.95 Billion |
|
Brookfield Infrastructure Partners L.P
TO:BIP-UN
|
$17.94 Billion |
|
Evolution Mining Ltd
AU:EVN
|
$17.94 Billion |
|
Pernod Ricard S.A.
PA:RI
|
$17.93 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Santos Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 15,537,000,000 to 15,675,570,967, a change of 138,570,967 (0.9%).
- Net income of 846,525,541 contributed positively to equity growth.
- Dividend payments of 796,851,671 reduced retained earnings.
- Share repurchases of 27,941,551 reduced equity.
- Other comprehensive income increased equity by 561,449,426.
- Other factors decreased equity by 444,610,778.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | AU$846.53 Million | +5.4% |
| Dividends Paid | AU$796.85 Million | -5.08% |
| Share Repurchases | AU$27.94 Million | -0.18% |
| Other Comprehensive Income | AU$561.45 Million | +3.58% |
| Other Changes | AU$-444.61 Million | -2.84% |
| Total Change | AU$- | 0.89% |
Book Value vs Market Value Analysis
This analysis compares Santos Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.62x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 2.70x to 1.62x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1987-12-31 | AU$2.89 | AU$7.81 | x |
| 1989-12-31 | AU$2.05 | AU$7.81 | x |
| 1990-12-31 | AU$2.50 | AU$7.81 | x |
| 1991-12-31 | AU$2.09 | AU$7.81 | x |
| 1992-12-31 | AU$1.71 | AU$7.81 | x |
| 1993-12-31 | AU$1.85 | AU$7.81 | x |
| 1994-12-31 | AU$2.27 | AU$7.81 | x |
| 1995-12-31 | AU$2.11 | AU$7.81 | x |
| 1996-12-31 | AU$2.39 | AU$7.81 | x |
| 1997-12-31 | AU$2.12 | AU$7.81 | x |
| 1998-12-31 | AU$1.95 | AU$7.81 | x |
| 1999-12-31 | AU$2.22 | AU$7.81 | x |
| 2000-12-31 | AU$2.12 | AU$7.81 | x |
| 2001-12-31 | AU$2.27 | AU$7.81 | x |
| 2002-12-31 | AU$2.77 | AU$7.81 | x |
| 2003-12-31 | AU$3.98 | AU$7.81 | x |
| 2004-12-31 | AU$4.67 | AU$7.81 | x |
| 2005-12-31 | AU$3.49 | AU$7.81 | x |
| 2006-12-31 | AU$4.27 | AU$7.81 | x |
| 2007-12-31 | AU$4.90 | AU$7.81 | x |
| 2008-12-31 | AU$5.08 | AU$7.81 | x |
| 2009-12-31 | AU$7.66 | AU$7.81 | x |
| 2010-12-31 | AU$9.21 | AU$7.81 | x |
| 2011-12-31 | AU$10.28 | AU$7.81 | x |
| 2012-12-31 | AU$10.15 | AU$7.81 | x |
| 2013-12-31 | AU$9.38 | AU$7.81 | x |
| 2014-12-31 | AU$7.88 | AU$7.81 | x |
| 2015-12-31 | AU$6.45 | AU$7.81 | x |
| 2016-12-31 | AU$3.94 | AU$7.81 | x |
| 2017-12-31 | AU$3.44 | AU$7.81 | x |
| 2018-12-31 | AU$3.47 | AU$7.81 | x |
| 2019-12-31 | AU$3.66 | AU$7.81 | x |
| 2020-12-31 | AU$3.47 | AU$7.81 | x |
| 2021-12-31 | AU$6.31 | AU$7.81 | x |
| 2022-12-31 | AU$4.41 | AU$7.81 | x |
| 2023-12-31 | AU$4.66 | AU$7.81 | x |
| 2024-12-31 | AU$4.76 | AU$7.81 | x |
| 2025-12-31 | AU$4.82 | AU$7.81 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Santos Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 5.40%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 16.10%
- • Asset Turnover: 0.16x
- • Equity Multiplier: 2.04x
- Recent ROE (5.40%) is below the historical average (6.10%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1987 | -1.70% | 0.00% | 0.00x | 3.11x | AU$-88.92 Million |
| 1989 | -0.16% | 0.00% | 0.00x | 2.82x | AU$-83.24 Million |
| 1990 | -0.41% | 0.00% | 0.00x | 2.29x | AU$-104.09 Million |
| 1991 | -0.23% | 0.00% | 0.00x | 2.39x | AU$-91.17 Million |
| 1996 | 12.35% | 0.00% | 0.00x | 0.00x | AU$29.67 Million |
| 1997 | 10.75% | 0.00% | 0.00x | 2.10x | AU$9.30 Million |
| 1998 | 9.09% | 0.00% | 0.00x | 2.18x | AU$-10.74 Million |
| 1999 | 15.03% | 0.00% | 0.00x | 0.00x | AU$67.66 Million |
| 2000 | 21.07% | 18.11% | 0.58x | 2.02x | AU$142.43 Million |
| 2001 | 16.35% | 30.55% | 0.29x | 1.85x | AU$88.43 Million |
| 2002 | -0.87% | -1.65% | 0.28x | 1.86x | AU$-174.53 Million |
| 2003 | -0.37% | -0.78% | 0.28x | 1.69x | AU$-241.03 Million |
| 2004 | -1.07% | -2.45% | 0.26x | 1.70x | AU$-302.06 Million |
| 2005 | 25.71% | 30.75% | 0.40x | 2.09x | AU$341.00 Million |
| 2006 | 23.11% | 28.56% | 0.39x | 2.06x | AU$347.11 Million |
| 2007 | 13.31% | 17.80% | 0.34x | 2.21x | AU$96.06 Million |
| 2008 | 36.00% | 57.80% | 0.28x | 2.19x | AU$814.14 Million |
| 2009 | 6.09% | 18.90% | 0.20x | 1.63x | AU$-244.97 Million |
| 2010 | 6.57% | 21.54% | 0.17x | 1.81x | AU$-264.56 Million |
| 2011 | 8.40% | 28.75% | 0.17x | 1.76x | AU$-146.86 Million |
| 2012 | 5.54% | 15.79% | 0.19x | 1.82x | AU$-434.26 Million |
| 2013 | 5.05% | 14.17% | 0.18x | 2.02x | AU$-450.93 Million |
| 2014 | -9.93% | -23.16% | 0.18x | 2.37x | AU$-1.54 Billion |
| 2015 | -26.45% | -83.12% | 0.15x | 2.15x | AU$-2.71 Billion |
| 2016 | -14.79% | -40.36% | 0.17x | 2.16x | AU$-1.75 Billion |
| 2017 | -5.03% | -11.59% | 0.23x | 1.92x | AU$-1.08 Billion |
| 2018 | 8.66% | 17.21% | 0.21x | 2.35x | AU$-97.90 Million |
| 2019 | 8.78% | 16.71% | 0.24x | 2.15x | AU$-93.60 Million |
| 2020 | -4.94% | -10.54% | 0.19x | 2.44x | AU$-1.08 Billion |
| 2021 | 4.85% | 13.96% | 0.15x | 2.29x | AU$-698.84 Million |
| 2022 | 14.23% | 27.11% | 0.27x | 1.94x | AU$627.70 Million |
| 2023 | 9.27% | 24.04% | 0.20x | 1.95x | AU$-111.50 Million |
| 2024 | 7.88% | 22.65% | 0.18x | 1.91x | AU$-329.70 Million |
| 2025 | 5.40% | 16.10% | 0.16x | 2.04x | AU$-721.03 Million |
Industry Comparison
This section compares Santos Ltd's net assets metrics with peer companies in the Oil & Gas E&P industry.
Industry Context
- Industry: Oil & Gas E&P
- Average net assets among peers: $150,065,452
- Average return on equity (ROE) among peers: -37.80%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Santos Ltd (STO) | AU$15.68 Billion | -1.70% | 1.04x | $17.95 Billion |
| 88 Energy Ltd (88E) | $55.53 Million | -15.14% | 0.47x | $22.60 Million |
| ADX Energy Ltd (ADX) | $5.37 Million | -244.73% | 0.93x | $16.45 Million |
| Australis Oil & Gas Ltd (ATS) | $85.05 Million | -3.77% | 0.47x | $16.73 Million |
| Bass Oil Ltd (BAS) | $5.64 Million | -9.95% | 0.02x | $13.76 Million |
| Blue Energy Ltd (BLU) | $87.45 Million | -1.76% | 0.02x | $10.66 Million |
| Blue Star Helium Ltd (BNL) | $32.04 Million | -25.78% | 0.51x | $26.71 Million |
| Beach Energy Ltd (BPT) | $1.07 Billion | -54.80% | 0.51x | $1.76 Billion |
| Brookside Energy Ltd (BRK) | $83.43 Million | 19.95% | 0.14x | $34.77 Million |
| Buru Energy Ltd (BRU) | $67.43 Million | -40.83% | 0.24x | $9.22 Million |
| Beetaloo Energy Australia Limited (BTL) | $4.21 Million | -1.17% | 1.05x | $299.51 Million |
About Santos Ltd
Santos Limited explores, develops, produces, transports, and markets hydrocarbons in Australia and Papua New Guinea. The company's assets are located in the Alaska, Cooper Basin, Queensland and New South Wales, Papua New Guinea, Northern Australia, Timor-Leste and Western Australia. It also engages in the development of decarbonization technologies. In addition, the company produces crude oil, li… Read more