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Blue Star Helium Limited Stock AnalysisComprehensive stock analysis for Blue Star Helium Limited (BNL.AX) including live price, Snowflake performance metrics, financial statements, and investment research.Stock AnalysisBNL.AX
BNL.AX
Blue Star Helium Limited
  • Company Overview
  • FRC Research
  • Financial Data
  • Peer Comparison
  • Ownership & News
BNL.AX
Home🔹Stocks🔹Blue Star Helium Limited

Blue Star Helium Limited

FRC Coverage
🇦🇺BNL.AX•ASX

Blue Star Helium Limited

FRC Coverage
🇦🇺BNL.AX•ASX
Sentiment

Your view on BNL.AX

Sentiment
Your view
BNL.AX
Blue Star Helium Limited
  • Company Overview
  • FRC Research
  • Financial Data
  • Peer Comparison
  • Ownership & News
BNL.AX
Company Overview

Overview

What the company does, where it operates, and who runs it.

*Blue Star Helium Limited has paid FRC a fee for research coverage and distribution of reports.

About Blue Star Helium Limited

Industry
Oil & Gas Exploration & Production
Sector
Energy
CEO
Mr. Trent Benjamin Spry
Headquarters
194 Hay Street, Subiaco, WA, AU
Industry
Oil & Gas Exploration & Production
Sector
Energy
CEO
Mr. Trent Benjamin Spry
Headquarters
194 Hay Street, Subiaco, WA, AU
Description

Blue Star Helium Limited engages in the exploration, development, and production of helium in North America. The company was formerly known as Big Star Energy Limited and changed its name to Blue Star Helium Limited in April 2020.

FRC Research
Buy
Fair Value Estimate
AUD$0.03

Production Started, Cash Flows Next – Initiating Coverage

Report · Feb 13, 2026

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FRC Research
Buy
Fair Value Estimate
AUD$0.03

Production Started, Cash Flows Next – Initiating Coverage

Report · Feb 13, 2026

Sign in to view

FRC Research

Research Reports

FRC analyst coverage and recommendations.

Past Reports

Historical coverage archive.

Analyst Notes

Ongoing commentary and updates from FRC analysts.

Media

Infographics, videos, and posts covering the company.

Financial Data

Stock Data

Price chart, volume, and trading data.

Fair Value

What FRC thinks it is worth vs. the current price.

FRC's fair value estimate for Blue Star Helium Limited, and the rating behind it. FRC analysts run the firm's valuation model across the companies on this platform to estimate what each one is worth, rather than republishing a consensus average. Shows the current estimate, our rating, and when it was last revised. A free account covers 7 company valuations a month; a paid subscription is unlimited.

Financial Ratios

Profitability, returns, valuation, and leverage ratios.

Valuation, profitability, liquidity and leverage ratios for Blue Star Helium Limited. P/E, P/B, EV/EBITDA, margins, return on equity, current ratio and debt coverage, each shown against the company's own history.

Dividend Analysis

Yield, payout ratio, and dividend coverage metrics.

Dividend history, yield and payout sustainability for Blue Star Helium Limited. Blue Star Helium Limited does not currently pay a regular dividend, so this section tracks capacity rather than history. Per-share payments, yield over time, payout ratio and growth streak, with coverage measured against free cash flow.

Earnings Analysis

EPS history, beat rate, and upcoming earnings reports.

Reported vs. expected earnings history for Blue Star Helium Limited. EPS surprises by quarter, revenue against estimates, and the upcoming reporting date.

Financial Statements

Income statement, balance sheet, and cash flow statements.

Income statement, balance sheet and cash flow history for Blue Star Helium Limited. Annual and quarterly filings with period-over-period comparison, so you can trace how revenue, margins and cash generation have moved.

Peer Comparison

Comparables

List of peer companies in the same industry.

Blue Star Helium Limited valued side by side against its closest peers. Blue Star Helium Limited is measured against Oil & Gas Exploration & Production peers within the Energy sector. Peer-relative multiples and operating metrics, so the valuation is read in the context of its own sector rather than in isolation.

Ownership & News

Institutional Ownership

Premium

Which funds and firms own the stock.

Which institutions hold Blue Star Helium Limited, and how their positions are changing. Top holders, position sizes, and quarter-over-quarter accumulation or distribution from regulatory filings. Included with FRC Premium.

Insider Trading

Premium

Recent buying and selling by company executives.

Buying and selling by Blue Star Helium Limited executives and directors. Insider transactions as disclosed to regulators, with role, size and date — the clearest read on how the people running the company are positioned. Included with FRC Premium.

Senate Trading

Premium

U.S. Senator disclosures filed under the STOCK Act.

U.S. Senate disclosures naming Blue Star Helium Limited. Senators' reported transactions in this security, alongside the fundamentals — a signal most research platforms leave out entirely. Included with FRC Premium.

House Trading

Premium

U.S. Representative disclosures filed under the STOCK Act.

U.S. House of Representatives disclosures naming Blue Star Helium Limited. Representatives' reported transactions in this security, shown next to the company's fundamentals. Included with FRC Premium.

News

Latest headlines and market coverage.

Latest headlines and company announcements for Blue Star Helium Limited. Coverage tracks Blue Star Helium Limited within Oil & Gas Exploration & Production (Energy). Press releases and market coverage, newest first.

Peer companies

  • 88E.AX — 88 Energy Limited
  • ADX.AX — ADX Energy Ltd
  • ATS.AX — Australis Oil & Gas Limited
  • BRU.AX — Buru Energy Limited
  • FZR.AX — Fitzroy River Corporation Limited
  • OEL.AX — Otto Energy Limited

More Oil & Gas Exploration & Production companies

  • BDRSF — Borders & Southern Petroleum plc
  • BEPTF — Beach Energy Limited
  • BIR.TO — Birchcliff Energy Ltd.
  • BIREF — Birchcliff Energy Ltd.
  • BKEN — Bakken Energy Corp.
  • BKRP — Black Rock Petroleum Company
  • BKV — BKV Corporation
  • BLMC — Biloxi Marsh Lands Corporation
  • BLU.AX — Blue Energy Limited
  • BNE.TO — Bonterra Energy Corp.
  • BNEFF — Bonterra Energy Corp.
  • BNG.TO — Bengal Energy Ltd.

Research Reports

1 report

*Blue Star Helium Limited has paid FRC a fee for research coverage and distribution of reports.

Feb 13, 2026

Production Started, Cash Flows Next – Initiating Coverage

Blue Star Helium Limited's Galactica project is in production, with Pegasus set to follow, indicating strong revenue potential and upcoming catalysts.

Thumbnail for Production Started, Cash Flows Next – Initiating Coverage
5 notes

*Blue Star Helium Limited has paid FRC a fee for research coverage and distribution of reports.

Jul 20, 2026·1 month agoLatest
Company Announcement

First Helium Sale Marks Commercial Production (All figures in US$)

FRC Analyst's Comment

BNL has reached a transformative milestone with its first helium sale, marking the completion of commissioning and the start of revenue generation from its 50%-owned Galactica-Pegasus project in Colorado. As production ramps up, and with a second helium project expected to come online later this year, we expect meaningful near-term production and cash flow growth.

At full build-out, we estimate the project could generate $82M in annual revenue, and $53M in operating profit. BNL trades at just 0.3x our operating profit estimate, versus >4x for peers, suggesting the market has yet to recognize its earnings potential.

Jul 20, 20261 month agoLatest
Jun 1, 2026·3 months ago
Company Announcement

Secures Helium Offtake Agreement

FRC Analyst's Comment

BNL owns helium projects in Colorado, and recently commenced production at its flagship Galactica project. The company is currently ramping up output and is targeting the start-up of a second project later this year.

BNL has entered into a three-month helium offtake agreement with an undisclosed publicly listed U.S. industrial gases company with a multi-billion-dollar MCAP. We view the agreement as an important validation of both the helium product and the Galactica project, while also potentially laying the foundation for a longer-term relationship that could provide greater revenue stability.

We are looking forward to initial production and operating data over the coming quarters, which could serve as key catalysts for the stock.

Jun 1, 20263 months ago
Mar 30, 2026·5 months ago
Company Announcement

Closes a $10M financing (All figures in A$)

FRC Analyst's Comment

BNL is up 80% since we initiated coverage last month. Proceeds from the latest financing came from institutional and sophisticated investors, which we view as a vote of confidence from smart money. The company’s processing facility is now fully operational, producing 98% helium, with plans to ramp up production, and bring its second project, Pegasus, online later this year. We estimate BNL’s projects could support 15+ years of operations, and accommodate four processing plants, serving more than 30 wells. At full build-out, we estimate $120M in revenue, and $77M in operating profit. BNL currently trades at 0.5x our operating profit estimate vs >4x for peers, suggesting the market has yet to recognize its true potential.

Helium has gained attention over the past few weeks due to the Middle East conflict, as Qatar accounts for 35% of global helium supply. This has created supply vulnerability, and with a significant supply deficit expected later this decade, we anticipate a surge in investor interest in the helium sector.

Mar 30, 20265 months ago
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