Latest Ratios: P/E Ratio 16.7x · EV/EBITDA 5.7x · ROE 7.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $45.3B | $29.8B | $29.8B | $40.3B | $36.9B | $15.5B | $16.6B | $22.5B | $20.4B | $22.3B | $18.7B |
| Enterprise Value | $53.3B | $37.8B | $37.5B | $45.1B | $37.5B | $19.2B | $20.5B | $25.3B | $22.8B | $27.0B | $23.4B |
| P/E Ratio → | 16.66 | 10.98 | 8.34 | 24.24 | 5.68 | 7.80 | — | 64.97 | 14.94 | 20.93 | 21.59 |
| P/S Ratio | 3.49 | 2.30 | 2.26 | 2.88 | 2.19 | 2.22 | 4.62 | 4.62 | 3.89 | 5.61 | 4.60 |
| P/B Ratio | 1.14 | 0.75 | 0.82 | 1.15 | 0.99 | 1.09 | 1.29 | 1.29 | 1.11 | 1.40 | 1.20 |
| P/FCF | — | — | 31.56 | 47.19 | 6.50 | 13.17 | — | 10.75 | 13.42 | 22.08 | 25.79 |
| P/OCF | 6.30 | 4.15 | 5.10 | 6.56 | 4.19 | 4.08 | 8.99 | 6.81 | 6.18 | 9.29 | 7.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.91 | 2.85 | 3.22 | 2.23 | 2.76 | 5.70 | 5.19 | 4.34 | 6.80 | 5.75 |
| EV / EBITDA | 5.67 | 4.02 | 3.39 | 4.02 | 3.60 | 4.66 | 11.19 | 7.55 | 5.95 | 9.65 | 8.71 |
| EV / EBIT | 13.78 | 9.80 | 7.98 | 13.98 | 4.49 | 5.78 | 201.11 | 14.98 | 10.20 | 17.57 | 18.14 |
| EV / FCF | — | — | 39.71 | 52.76 | 6.60 | 16.38 | — | 12.09 | 15.00 | 26.78 | 32.23 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.9% | 34.9% | 43.1% | 46.3% | 61.1% | 44.8% | 17.1% | 44.0% | 50.3% | 47.6% | 45.2% |
| Operating Margin | 29.8% | 29.8% | 47.8% | 41.0% | 49.6% | 47.8% | 2.8% | 34.6% | 42.6% | 38.7% | 31.7% |
| Net Profit Margin | 20.9% | 20.9% | 27.1% | 11.9% | 38.6% | 28.5% | -111.9% | 7.0% | 26.0% | 26.9% | 21.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.2% | 7.2% | 10.0% | 4.6% | 25.3% | 14.6% | -26.6% | 1.9% | 8.0% | 6.8% | 5.7% |
| ROA | 4.3% | 4.3% | 6.1% | 2.9% | 15.1% | 7.8% | -14.9% | 1.2% | 5.2% | 4.3% | 3.6% |
| ROIC | 6.3% | 6.3% | 11.3% | 11.1% | 22.5% | 14.3% | 0.4% | 6.2% | 8.1% | 5.6% | 4.9% |
| ROCE | 6.6% | 6.6% | 11.9% | 11.1% | 21.8% | 14.3% | 0.4% | 6.2% | 8.9% | 6.4% | 5.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.34 | 0.34 | 0.32 | 0.18 | 0.18 | 0.48 | 0.58 | 0.39 | 0.22 | 0.32 | 0.32 |
| Debt / EBITDA | 1.46 | 1.46 | 1.05 | 0.58 | 0.65 | 1.65 | 4.09 | 2.04 | 1.06 | 1.81 | 1.85 |
| Net Debt / Equity | — | 0.20 | 0.21 | 0.14 | 0.02 | 0.27 | 0.30 | 0.16 | 0.13 | 0.30 | 0.30 |
| Net Debt / EBITDA | 0.85 | 0.85 | 0.70 | 0.42 | 0.05 | 0.91 | 2.12 | 0.83 | 0.63 | 1.69 | 1.74 |
| Debt / FCF | — | — | 8.15 | 5.57 | 0.10 | 3.21 | — | 1.33 | 1.58 | 4.70 | 6.45 |
| Interest Coverage | 350.54 | 350.54 | 65.33 | 12.50 | 63.67 | 16.54 | 0.35 | 5.28 | 10.33 | 16.37 | 23.07 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.59 | 1.59 | 1.29 | 1.03 | 1.41 | 1.63 | 2.03 | 4.11 | 2.31 | 0.97 | 0.93 |
| Quick Ratio | 1.46 | 1.46 | 1.17 | 0.90 | 1.30 | 1.55 | 1.97 | 3.95 | 2.16 | 0.79 | 0.78 |
| Cash Ratio | 1.10 | 1.10 | 0.70 | 0.39 | 1.04 | 1.28 | 1.80 | 3.61 | 1.65 | 0.38 | 0.30 |
| Asset Turnover | — | 0.20 | 0.22 | 0.25 | 0.28 | 0.26 | 0.15 | 0.17 | 0.19 | 0.16 | 0.16 |
| Inventory Turnover | 12.19 | 12.19 | 10.97 | 12.21 | 9.65 | 19.03 | 23.88 | 15.49 | 16.80 | 11.20 | 14.99 |
| Days Sales Outstanding | — | 26.96 | 74.17 | 42.65 | 35.83 | 19.29 | 16.93 | 15.58 | 18.53 | 19.65 | 17.73 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.4% | 6.7% | 8.2% | 10.6% | 6.9% | 1.9% | 2.7% | 4.7% | 4.5% | 3.7% | 3.0% |
| Payout Ratio | 74.0% | 74.0% | 68.5% | 256.2% | 39.4% | 14.6% | — | 309.6% | 66.6% | 77.3% | 64.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.0% | 9.1% | 12.0% | 4.1% | 17.6% | 12.8% | — | 1.5% | 6.7% | 4.8% | 4.6% |
| FCF Yield | — | — | 3.2% | 2.1% | 15.4% | 7.6% | — | 9.3% | 7.5% | 4.5% | 3.9% |
| Buyback Yield | 0.1% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.6% | 6.9% | 8.2% | 10.6% | 6.9% | 1.9% | 2.7% | 4.7% | 4.5% | 3.7% | 3.0% |
| Shares Outstanding | — | $1.9B | $1.9B | $1.9B | $1.5B | $972M | $951M | $936M | $921M | $866M | $835M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying WDS stock.
Woodside Energy Group Ltd's current P/E ratio is 16.7x. The historical average is 23.3x. This places it at the 46th percentile of its historical range.
Woodside Energy Group Ltd's current EV/EBITDA is 5.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.3x.
Woodside Energy Group Ltd's return on equity (ROE) is 7.2%. The historical average is 17.7%.
Based on historical data, Woodside Energy Group Ltd is trading at a P/E of 16.7x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Woodside Energy Group Ltd's current dividend yield is 4.44% with a payout ratio of 74.0%.
Woodside Energy Group Ltd has 34.9% gross margin and 29.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Woodside Energy Group Ltd's Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Capex overwhelming FCF generation
Valuation Discount Reflects Growth Uncertainty
Woodside trades at a significant discount to global majors, with a forward EV/EBITDA of 4.94x versus Shell's 6.59x, suggesting the market is pricing in execution risk for its growth projects and a less favorable commodity outlook.
The company's forward P/E of 12.71x and EV/EBITDA of 4.94x are well below the averages of its global integrated peers like Chevron and Exxon, indicating a potential 'country discount' or skepticism about the sustainability of its current earnings power. This valuation gap appears to reflect the market's focus on the negative revenue growth trend and the massive capital expenditure required for Scarborough, which may be seen as consuming future cash flows. The 4.6% dividend yield provides a floor, but the valuation implies limited multiple expansion unless project execution is flawless and commodity prices remain supportive.
Margin Normalization from Super-Cycle Peaks
Gross margins have compressed from a peak of 61.5% in 2022Q2 to 33.3% in 2026Q2, a structural shift that indicates the company's high fixed-cost base is now operating in a lower commodity price environment.
The decline in operating margin from 53.4% to 30.1% over the same period confirms that the cost structure is not fully flexible, limiting margin resilience. While the net margin of 22.5% remains healthy, it is heavily influenced by non-cash depreciation and the absence of significant interest expense, as shown by the high interest coverage ratio. The true earning power is now more dependent on operational efficiency and cost control rather than favorable commodity tailwinds, making the margin trajectory a key monitor for investors.
Capital Base Expansion Dilutes Returns
Return on Invested Capital (ROIC) has fallen from a peak of 12.0% in 2022Q4 to 3.4% in 2026Q2, a trend that suggests the significant increase in the asset base from the BHP merger has not yet been matched by proportional earnings growth.
The ROIC decline is more severe than the drop in ROE (from 13.8% to 4.1%), indicating that the expansion of the balance sheet is the primary driver of lower returns, not just margin compression. This pattern is typical for capital-intensive businesses in the investment phase of major projects. The key question for the market is whether the new, larger asset base will generate returns above its cost of capital once Scarborough and other projects are fully operational, or if the company is entering a period of lower, more stable returns.
Conservative Leverage Amidst Growth Spending
Despite a doubling of total debt to $13.7B following the BHP integration, the debt-to-equity ratio remains a conservative 0.33, providing substantial financial flexibility to fund its multi-billion dollar development pipeline.
The interest coverage ratio of 25.16x in 2026Q2, while lower than the 210.60x in 2025Q4, indicates that debt service remains extremely comfortable and is not a near-term constraint. This conservative leverage profile is a key differentiator from more indebted peers like BP and positions the company to absorb potential cost overruns or commodity price dips without straining its balance sheet. However, the rising debt level warrants monitoring as it represents a permanent increase in fixed financial obligations.
Adequate Liquidity with Project-Driven Volatility
The current ratio of 1.39 and quick ratio of 1.28 in 2026Q2 indicate a solid liquidity position, though the significant quarterly swings in cash reserves suggest active management to fund large-scale capital projects.
The liquidity position is adequate for normal operations but shows sensitivity to the timing of major capital outlays and working capital changes. The negative free cash flow margin of -12.3% in the latest quarter highlights that liquidity is being drawn down to fund growth, a trend that will persist until major projects generate positive cash flow. The company's ability to maintain this liquidity profile without resorting to expensive short-term financing will be a key test during the peak investment phase.
The Misleading Stability of Interest Coverage
The interest coverage ratio, while currently high at 25.16x, is the most commonly misapplied metric for this business model as it obscures the true capital intensity and long-term cash flow obligations of LNG infrastructure.
For a company with a massive, long-lived asset base and significant future decommissioning liabilities, interest coverage is a poor proxy for financial health because it ignores the principal repayment cycle and the enormous ongoing capital expenditure required to maintain and grow production. A more appropriate metric would be the ratio of free cash flow to total capital expenditure, which for Woodside is currently negative, revealing that the business is consuming more cash than it generates. This alternative view better captures the true financial pressure of its growth strategy and the long-term cash flow profile of its assets.