Detailed financial statements for Sibanye Stillwater Limited (SBSW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Sibanye Stillwater Limited, along with its various subsidiaries, functions as a prominent precious metals mining entity with operations spanning South Africa, the United States, Zimbabwe, Canada, and Argentina. The company's primary outputs encompass gold and Platinum Group Metals (PGMs) – specifically palladium, platinum, and rhodium – alongside secondary commodities such as iridium, ruthenium, nickel, copper, and chrome.
Analysis Summary
Sibanye Stillwater Limited reported revenue of 129.68B ZAR in the most recent fiscal year, growing at a 5-year CAGR of 0.4%.
Trailing-twelve-month margins: gross margin 29.2%, operating margin 25.3%, net margin 9.8%. Free cash flow grew at -37.4% CAGR over 5 years.
At the current price of $10.02, SBSW trades at a P/E of 7.28 and an ROE of 34.68%. Market capitalisation stands at $7.1B.
Balance sheet quality for SBSW: current ratio of 1.8, net debt of 26.74B ZAR. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 31.24B ZAR | 45.91B ZAR | 50.66B ZAR | 72.93B ZAR | 127.39B ZAR | 172.19B ZAR | 138.29B ZAR | 113.68B ZAR | 112.13B ZAR | 129.68B ZAR |
| Cost of Revenue | 25.30B ZAR | 42.58B ZAR | 48.34B ZAR | 63.75B ZAR | 85.13B ZAR | 112.02B ZAR | 103.46B ZAR | 100.90B ZAR | 105.82B ZAR | 88.44B ZAR |
| Gross Profit | 5.94B ZAR | 3.33B ZAR | 2.31B ZAR | 9.18B ZAR | 42.26B ZAR | 60.17B ZAR | 34.83B ZAR | 12.78B ZAR | 6.30B ZAR | 41.24B ZAR |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 496.2M ZAR | 1.34B ZAR | 314.8M ZAR | 323.7M ZAR | 564.7M ZAR | 369.0M ZAR | 7.0M ZAR | 217.0M ZAR | 379.0M ZAR | 2.53B ZAR |
| Operating Expenses | 500.3M ZAR | 2.19B ZAR | 1.22B ZAR | 1.77B ZAR | 545.0M ZAR | 395.0M ZAR | 608.0M ZAR | 4.36B ZAR | 2.62B ZAR | 2.12B ZAR |
| Operating Income | 6.49B ZAR | 1.63B ZAR | 1.09B ZAR | 8.26B ZAR | 43.48B ZAR | 62.49B ZAR | 36.43B ZAR | 13.62B ZAR | 3.68B ZAR | 39.12B ZAR |
| EBITDA | 8.88B ZAR | 1.63B ZAR | 7.75B ZAR | 8.41B ZAR | 45.42B ZAR | 57.61B ZAR | 37.13B ZAR | -27.52B ZAR | 164.0M ZAR | 19.39B ZAR |
| Interest Expense | 903.1M ZAR | 2.54B ZAR | 2.58B ZAR | 2.50B ZAR | 2.35B ZAR | 1.76B ZAR | 2.13B ZAR | 2.31B ZAR | 3.27B ZAR | 2.57B ZAR |
| Pre-tax Income | 4.51B ZAR | -7.38B ZAR | -1.44B ZAR | -1.30B ZAR | 35.48B ZAR | 47.56B ZAR | 27.90B ZAR | -39.85B ZAR | -4.21B ZAR | -411.0M ZAR |
| Income Tax | 1.24B ZAR | -2.95B ZAR | 1.08B ZAR | -1.73B ZAR | 4.86B ZAR | 13.76B ZAR | 8.92B ZAR | -2.42B ZAR | 1.50B ZAR | 4.33B ZAR |
| Net Income | 3.70B ZAR | -4.44B ZAR | -2.50B ZAR | 62.1M ZAR | 29.31B ZAR | 33.05B ZAR | 18.40B ZAR | -37.77B ZAR | -7.30B ZAR | -5.17B ZAR |
| EPS | $9.00 | $-8.84 | $-4.40 | $0.68 | $42.96 | $45.60 | $26.04 | $-53.36 | $-10.32 | $-7.32 |
| EPS (Diluted) | $9.00 | $-8.84 | $-4.36 | $0.68 | $42.20 | $45.16 | $26.00 | $-53.36 | $-10.32 | $-7.32 |
| Shares Outstanding (Diluted) | 386.7M ZAR | 502.8M ZAR | 573.9M ZAR | 644.7M ZAR | 694.5M ZAR | 731.8M ZAR | 707.7M ZAR | 707.6M ZAR | 707.6M ZAR | 707.6M ZAR |
Income Statement (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 56.92B ZAR | 54.77B ZAR | 71.36B ZAR | 93.03B ZAR |
| Gross Profit | 8.59B ZAR | 16.49B ZAR | 18.20B ZAR | 30.02B ZAR |
| Operating Income | 8.46B ZAR | 15.88B ZAR | 13.77B ZAR | 28.21B ZAR |
| EBITDA | -4.58B ZAR | 4.12B ZAR | 8.54B ZAR | 33.09B ZAR |
| Net Income | 175.0M ZAR | -3.59B ZAR | -1.51B ZAR | 18.35B ZAR |
| EPS | $0.25 | $-5.08 | $-2.16 | $25.96 |
| EPS (Diluted) | $0.24 | $-5.08 | $-2.16 | $22.92 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 967.9M ZAR | 2.06B ZAR | 2.55B ZAR | 5.62B ZAR | 20.24B ZAR | 30.29B ZAR | 26.08B ZAR | 25.56B ZAR | 16.05B ZAR | 17.16B ZAR |
| Short-term Investments | 310.6M ZAR | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 5.76B ZAR | 5.44B ZAR | 6.18B ZAR | 3.87B ZAR | 6.02B ZAR | 5.77B ZAR | 5.83B ZAR | 8.68B ZAR | 5.72B ZAR | 11.40B ZAR |
| Inventory | 676.8M ZAR | 3.53B ZAR | 5.29B ZAR | 15.50B ZAR | 24.95B ZAR | 25.08B ZAR | 26.38B ZAR | 26.36B ZAR | 25.55B ZAR | 31.45B ZAR |
| Total Current Assets | 7.70B ZAR | 12.00B ZAR | 15.20B ZAR | 26.16B ZAR | 52.24B ZAR | 64.83B ZAR | 60.76B ZAR | 61.82B ZAR | 48.41B ZAR | 60.69B ZAR |
| Property, Plant & Equipment | 27.24B ZAR | 51.44B ZAR | 54.56B ZAR | 57.84B ZAR | 60.90B ZAR | 62.72B ZAR | 77.19B ZAR | 61.90B ZAR | 67.06B ZAR | 64.79B ZAR |
| Goodwill | 936.0M ZAR | 6.40B ZAR | 6.89B ZAR | 6.85B ZAR | 7.17B ZAR | 7.73B ZAR | 8.24B ZAR | 499.0M ZAR | 782.0M ZAR | 843.0M ZAR |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 81.0M ZAR | 3.0M ZAR | 1.28B ZAR | 1.13B ZAR |
| Total Assets | 41.72B ZAR | 76.07B ZAR | 84.92B ZAR | 101.07B ZAR | 134.10B ZAR | 152.99B ZAR | 166.63B ZAR | 142.94B ZAR | 137.99B ZAR | 149.59B ZAR |
| Accounts Payable | 1.12B ZAR | 1.73B ZAR | 2.20B ZAR | 3.21B ZAR | 4.33B ZAR | 3.67B ZAR | 4.15B ZAR | 4.28B ZAR | 3.98B ZAR | 16.74B ZAR |
| Short-term Debt | 752.3M ZAR | 1.66B ZAR | 6.19B ZAR | 38.0M ZAR | 886.0M ZAR | 107.0M ZAR | 122.0M ZAR | 15.48B ZAR | 552.0M ZAR | 11.40B ZAR |
| Total Current Liabilities | 6.24B ZAR | 8.44B ZAR | 14.63B ZAR | 14.33B ZAR | 17.49B ZAR | 20.54B ZAR | 20.22B ZAR | 36.41B ZAR | 20.86B ZAR | 34.12B ZAR |
| Long-term Debt | 8.22B ZAR | 23.99B ZAR | 18.32B ZAR | 23.70B ZAR | 17.50B ZAR | 20.19B ZAR | 22.61B ZAR | 24.95B ZAR | 41.13B ZAR | 31.86B ZAR |
| Total Liabilities | 25.02B ZAR | 52.07B ZAR | 60.20B ZAR | 69.93B ZAR | 63.39B ZAR | 71.65B ZAR | 75.63B ZAR | 91.33B ZAR | 89.70B ZAR | 105.47B ZAR |
| Retained Earnings | -8.03B ZAR | -13.26B ZAR | -15.50B ZAR | -15.43B ZAR | 12.22B ZAR | 27.41B ZAR | 33.78B ZAR | -8.47B ZAR | -13.82B ZAR | -19.08B ZAR |
| Total Equity | 16.70B ZAR | 24.00B ZAR | 24.72B ZAR | 31.14B ZAR | 67.94B ZAR | 79.39B ZAR | 91.00B ZAR | 48.73B ZAR | 43.98B ZAR | 39.49B ZAR |
| Total Debt | 8.97B ZAR | 25.65B ZAR | 24.50B ZAR | 24.12B ZAR | 18.71B ZAR | 20.58B ZAR | 23.05B ZAR | 41.01B ZAR | 42.06B ZAR | 43.90B ZAR |
| Net Debt | 7.70B ZAR | 23.59B ZAR | 21.96B ZAR | 18.50B ZAR | -1.53B ZAR | -9.71B ZAR | -3.03B ZAR | 15.45B ZAR | 26.02B ZAR | 26.74B ZAR |
| Working Capital | 1.47B ZAR | 3.57B ZAR | 562.7M ZAR | 11.84B ZAR | 34.76B ZAR | 44.29B ZAR | 40.55B ZAR | 25.41B ZAR | 27.55B ZAR | 26.57B ZAR |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 16.05B ZAR | 21.01B ZAR | 17.16B ZAR | 22.26B ZAR |
| Total Assets | 137.99B ZAR | 144.70B ZAR | 149.59B ZAR | 158.16B ZAR |
| Total Liabilities | 89.70B ZAR | 100.35B ZAR | 105.47B ZAR | 99.46B ZAR |
| Total Equity | 43.98B ZAR | 40.37B ZAR | 39.49B ZAR | 53.27B ZAR |
| Total Debt | 42.06B ZAR | 42.86B ZAR | 43.90B ZAR | 37.04B ZAR |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 9.84B ZAR | 7.09B ZAR | 8.70B ZAR | 10.56B ZAR | 45.19B ZAR | 67.78B ZAR | 40.75B ZAR | -37.77B ZAR | -7.30B ZAR | 4.17B ZAR |
| Depreciation & Amortization | 4.04B ZAR | 7.56B ZAR | 6.61B ZAR | 7.21B ZAR | 7.59B ZAR | 8.29B ZAR | 7.09B ZAR | 10.01B ZAR | 8.81B ZAR | 9.37B ZAR |
| Stock-based Compensation | 496.2M ZAR | 231.9M ZAR | 299.4M ZAR | 363.0M ZAR | 512.0M ZAR | 383.0M ZAR | 218.0M ZAR | 113.0M ZAR | 251.0M ZAR | 2.11B ZAR |
| Change in Working Capital | -237.6M ZAR | -522.3M ZAR | -1.07B ZAR | -625.6M ZAR | -9.44B ZAR | 2.46B ZAR | 386.0M ZAR | 1.75B ZAR | 6.85B ZAR | 2.27B ZAR |
| Operating Cash Flow | 4.41B ZAR | 2.74B ZAR | 12.20B ZAR | 9.46B ZAR | 27.15B ZAR | 32.26B ZAR | 15.54B ZAR | 7.09B ZAR | 10.29B ZAR | 20.49B ZAR |
| Capital Expenditure | -4.15B ZAR | -6.10B ZAR | -7.08B ZAR | -7.71B ZAR | -9.62B ZAR | -12.74B ZAR | -15.90B ZAR | -22.41B ZAR | -21.57B ZAR | -18.81B ZAR |
| Acquisitions | -5.31B ZAR | -25.59B ZAR | 500.3M ZAR | 2.59B ZAR | -756.2M ZAR | -998.0M ZAR | -1.40B ZAR | 471.0M ZAR | -2.98B ZAR | -1.73B ZAR |
| Stock Repurchased | 0 | 0 | 0 | 0 | -84.0M ZAR | -8.50B ZAR | 0 | 0 | 0 | 0 |
| Dividends Paid | -1.61B ZAR | -560.4M ZAR | -600,000 ZAR | -85.0M ZAR | -1.70B ZAR | -18.18B ZAR | -9.45B ZAR | -5.32B ZAR | -173.0M ZAR | -279.7M ZAR |
| Free Cash Flow | 254.4M ZAR | -3.36B ZAR | 5.12B ZAR | 1.76B ZAR | 17.53B ZAR | 19.52B ZAR | -356.0M ZAR | -15.32B ZAR | -11.28B ZAR | 1.69B ZAR |
Cash Flow (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 6.34B ZAR | 13.18B ZAR | 8.85B ZAR | 24.88B ZAR |
| Capital Expenditure | -10.42B ZAR | -9.54B ZAR | -10.76B ZAR | -8.59B ZAR |
| Free Cash Flow | -4.08B ZAR | 3.64B ZAR | -1.91B ZAR | 16.30B ZAR |
| Dividends Paid | -87.0M ZAR | 0 | -287.7M ZAR | 0 |
| Stock-based Compensation | 114.0M ZAR | 615.0M ZAR | 1.50B ZAR | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +47.0% | +10.3% | +44.0% | +74.7% | +35.2% | -19.7% | -17.8% | -1.4% | +15.6% | |
| Net Income Growth (YoY) | -219.9% | +43.7% | +102.5% | +47,101.3% | +12.8% | -44.3% | -305.3% | +80.7% | +29.1% | |
| EPS Growth (YoY) | -198.2% | +50.2% | +115.5% | +6,217.6% | +6.1% | -42.9% | -304.9% | +80.7% | +29.1% | |
| Shares Change (YoY) | +30.0% | +14.1% | +12.3% | +7.7% | +5.4% | -3.3% | -0.0% | +0.0% | +0.0% | |
| FCF Growth (YoY) | -1,420.0% | +252.4% | -65.6% | +897.3% | +11.3% | -101.8% | -4,202.2% | +26.3% | +114.9% | |
| Gross Margin | 19.0% | 7.3% | 4.6% | 12.6% | 33.2% | 34.9% | 25.2% | 11.2% | 5.6% | 31.8% |
| Operating Margin | 20.8% | 3.6% | 2.2% | 11.3% | 34.1% | 36.3% | 26.3% | 12.0% | 3.3% | 30.2% |
| EBITDA Margin | 28.4% | 3.6% | 15.3% | 11.5% | 35.7% | 33.5% | 26.8% | -24.2% | 0.1% | 15.0% |
| Net Margin | 11.8% | -9.7% | -4.9% | 0.1% | 23.0% | 19.2% | 13.3% | -33.2% | -6.5% | -4.0% |
| FCF Margin | 0.8% | -7.3% | 10.1% | 2.4% | 13.8% | 11.3% | -0.3% | -13.5% | -10.1% | 1.3% |
| Effective Tax Rate | 27.5% | 39.9% | -75.4% | 133.3% | 13.7% | 28.9% | 32.0% | 6.1% | -35.5% | -1,053.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.66 | $-6.68 | $8.91 | $2.73 | $25.25 | $26.67 | $-0.50 | $-21.64 | $-15.94 | $2.38 |
| Dividends Per Share | $4.17 | $1.11 | $0.00 | $0.13 | $2.44 | $24.84 | $13.36 | $7.52 | $0.24 | $0.40 |
| Shares Outstanding (Basic) | 386.2M ZAR | 502.8M ZAR | 566.0M ZAR | 626.9M ZAR | 682.2M ZAR | 724.7M ZAR | 706.5M ZAR | 707.6M ZAR | 707.1M ZAR | 707.6M ZAR |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 34.68% |
| Return on Invested Capital | 19.57% |
| Return on Assets | 10.14% |
| Gross Margin | 29.19% |
| Operating Margin | 25.32% |
| Net Margin | 9.80% |
Financial Health
| Debt / Equity | 0.70 |
| Current Ratio | 2.72 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.71 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 10.56 | -7.33 | -9.24 | 204.60 | 5.43 | 4.38 | 6.95 | -1.82 | -6.04 | -32.23 |
| P/B | 2.20 | 1.36 | 0.93 | 2.80 | 2.34 | 1.82 | 1.40 | 1.41 | 1.00 | 4.23 |
| P/S | 1.17 | 0.71 | 0.45 | 1.20 | 1.25 | 0.84 | 0.92 | 0.60 | 0.39 | 1.29 |
| Gross Margin | 19.0% | 7.3% | 4.6% | 12.6% | 33.2% | 34.9% | 25.2% | 11.2% | 5.6% | 31.8% |
| Operating Margin | 20.8% | 3.6% | 2.2% | 11.3% | 34.1% | 36.3% | 26.3% | 12.0% | 3.3% | 30.2% |
| Net Margin | 11.8% | -9.7% | -4.9% | 0.1% | 23.0% | 19.2% | 13.3% | -33.2% | -6.5% | -4.0% |
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Explore sector: Basic Materials · Other Precious Metals
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