Tamboran Resources Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
There is documented risk to the substance of the business: the quarterly report for the period ended March 31, 2026 itself cites substantial doubt about the going concern, the company has earned no revenue since inception, there are no proved reserves, and funding comes entirely from equity raises and debt. On top of that, management rates its own disclosure controls as not effective. This is a judgment about the company as it stands today, not about the share price and not a forecast on whether the Beetaloo project will ultimately succeed. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Tamboran Resources controls one of the largest contiguous natural gas acreage positions in Australia and has serious partners in APA Group and six energy retailers. Against that stands a balance sheet with no revenue since inception, an accumulated deficit of $191.5 million, a going-concern warning in the latest quarterly report and a share count that has more than doubled in under two years. Not investment advice.
Acreage and partners
About 1.9 million net acres and the position as the largest holder in the Beetaloo (as of 6/30/2025), plus binding agreements with APA Group for the pipeline and gas transportation and six non-binding letters of intent from Australian energy retailers for an aggregate 875 MMcf/d over 10 to 15 years.
Earnings
No revenue in fiscal 2023, 2024 and 2025 or in the nine months ended 3/31/2026; net losses of $32.196 million, $23.851 million, $39.624 million and $27.232 million; accumulated deficit of $191.5 million at 3/31/2026.
Going concern
The quarterly report for the period ended 3/31/2026 explicitly cites substantial doubt about the ability to continue as a going concern; management sees the April and May 2026 capital raises as progress but expects to reassess only with the annual financial statements.
Dilution
Share count from 13,915,524 (6/30/2024) through 16,717,289 (6/30/2025) and 28,318,909 (5/1/2026) to a computed 34,856,412 after the Falcon closing on 5/28/2026 – more than a doubling in under two years.
Internal controls
Disclosure controls and procedures were rated not effective as of 3/31/2026; the underlying material weakness was already disclosed in the annual reports for the years ended 6/30/2024 and 6/30/2025 and has not been remediated.
Liquidity
At 3/31/2026 the company held $88.151 million of cash plus $13.766 million restricted and a working capital surplus of $45.2 million – funded by roughly $198 million of equity raised in April and May 2026, not by the business itself.
Worth Noting
This analysis was triggered by an August 12, 2026 alert from our in-house stock scanner, which flagged 10 mentions of the ticker in retail investor forums at a reported market value of about $1.26 billion.
Valuation figures as of August 18, 2026; business figures are labeled with their own balance sheet or reporting dates. The fiscal year ends June 30.
The market value was cross-checked: 34,856,412 shares times $35.00 (the April 2026 offering price disclosed in the quarterly report) equals about $1.22 billion against roughly $1.30 billion from fundamental data.
A note on the tickers: today's Tamboran Resources Corporation is a Delaware company; the former Australian Tamboran Resources Limited has traded as Tamboran Resources Pty Ltd since the corporate reorganization and is a wholly owned subsidiary. Besides the NYSE ticker TBN, the U.S. securities regulator, the SEC, lists a second ticker for the same issuer, TBNRL, in the over-the-counter market; on the Australian Securities Exchange the company also maintains a listing of CHESS Depository Interests, 200 of which represent one share.
Stock Watch
This analysis is as of August 19, 2026. Stock Watch will tell you what's changed at TBN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 20.00 $ to 50.00 $ · Last price: 38.10 $ (As of: August 19, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/20/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
No dividend data is available for this stock yet.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas E&P
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Tamboran Resources Corporation TBN | 1.3 | – | – | – | 0.0 | – | 86.0 |
| ConocoPhillips COP | 159.1 | 22.0 | 6.7 | 45.6 | 22.1 | 7.5 | 43.7 |
| EOG Resources Inc EOG | 80.2 | 14.7 | 7.0 | 62.0 | 37.9 | -3.5 | 31.8 |
| Occidental Petroleum Corporation OXY | 59.8 | 79.3 | 7.1 | 69.8 | 17.7 | -20.3 | 39.5 |
| Diamondback Energy Inc FANG | 58.6 | 211.9 | 12.5 | 72.3 | 5.8 | 36.3 | 53.7 |
| Devon Energy Corporation DVN | 55.2 | 13.3 | 8.3 | 46.9 | 6.9 | 7.8 | 47.2 |
| EQT Corporation EQT | 33.6 | 10.4 | 5.6 | 80.8 | 57.4 | 73.7 | 7.4 |
| Texas Pacific Land Corporation TPL | 25.1 | 51.3 | 39.0 | 93.2 | 77.2 | 13.1 | 24.9 |
| Expand Energy Corporation EXE | 22.9 | 7.2 | 3.7 | 47.1 | 34.0 | 176.0 | 5.5 |
| Median of companies shown | 55.2 | 18.4 | 7.0 | 65.9 | 22.1 | 10.5 | 39.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -131.20 | – | 0 | 100.00 | – | -1 | -20 |
| 2024: Q3 | -0.42 | – | 0 | – | – | -4 | -19 |
| 2024: Q4 | -0.35 | – | -5,359 | – | – | -5 | -39 |
| 2025: Q1 | -0.32 | 99.70 | -943 | – | – | -14 | -51 |
| 2025: Q2 | -130.86 | 0.30 | -2,311 | – | – | -6 | -31 |
| 2025: Q3 | -0.36 | 14.30 | -1 | – | – | -14 | -41 |
| 2025: Q4 | -0.27 | 22.90 | 0 | 100.00 | -12,246.30 | -1 | -28 |
| 2026: Q1 | -0.39 | -21.90 | 1 | 100.10 | -953.10 | -18 | -29 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
No price target is available for this stock.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Reiner Erdgas-Explorer im Beetaloo-Becken ohne KI-Produkt und ohne dokumentierten KI-Einsatz im Geschäftsmodell — künstliche Intelligenz kommt in den geprüften Berichten ausschließlich als Bedrohungsvektor im Cyber-Risikoabschnitt vor.
View the full file — quotes, sources, reviewed filings
„The threat landscape is constantly evolving as threat actors become increasingly sophisticated in using techniques and tools – including artificial intelligence and other emerging technologies – that circumvent security controls, evade detection and remove forensic evidence."
Die Bedrohungslage entwickelt sich ständig weiter, da Angreifer immer raffinierter Techniken und Werkzeuge einsetzen – darunter künstliche Intelligenz und andere neue Technologien –, die Sicherheitskontrollen umgehen, der Entdeckung entgehen und forensische Spuren beseitigen.
10-K · 2025-09-25 · View SEC filing
Filings Reviewed: 10-Q 2026-05-13 · 10-K 2025-09-25 · 10-K 2024-09-23 · 8-K 2026-05-28 · 8-K/A 2026-08-07 · 8-K 2026-05-13
Rated on August 18, 2026 · How the Rating Is Built
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% –
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Tamboran Resources Corporation, a natural gas company, engages in developing unconventional gas resources in the northern territory of Australia. Its assets include a 25% non-operated working interest in EP 161; a 38.75% working interest in EPs 76, 98, and 117; and a 100% working interest in EPs 136 and 143, as well as EP (A) 197, located in the Betaloo Basin. Tamboran Resources Corporation was founded in 2009 and is headquartered in Sydney, Australia.
- IPO Year
- 2024
Data as of: August 19, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.