Detailed financial statements for Sasol Limited (SSL): 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.
Based in Johannesburg, South Africa, Sasol Limited functions as an integrated chemical and energy enterprise with a global footprint, organized into six primary segments: Mining, Gas, Fuels, and its Chemicals operations spanning Africa, America, and Eurasia.
Analysis Summary
Sasol Limited reported revenue of 266.46B ZAR in the most recent fiscal year, growing at a 5-year CAGR of 5.7%. Net income reached 11.90B ZAR, with a 5.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 37.7%, operating margin 18.0%, net margin 4.5%. Free cash flow grew at -7.9% CAGR over 5 years.
At $17.22 (closing price, October 30, 2026), SSL trades at a P/E of 14.99 and an ROE of 7.73%. Market capitalisation stands at $11.0B, placing it among large-cap names.
Balance sheet quality for SSL: current ratio of 1.8, net debt of 61.08B 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.
Cash flow quality is strong: free cash flow of 11.76B ZAR represents 99% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 172.41B ZAR | 181.46B ZAR | 203.58B ZAR | 190.37B ZAR | 201.91B ZAR | 272.75B ZAR | 289.70B ZAR | 275.11B ZAR | 249.10B ZAR | 266.46B ZAR |
| Cost of Revenue | 80.09B ZAR | 85.77B ZAR | 100.82B ZAR | 100.60B ZAR | 97.48B ZAR | 137.32B ZAR | 167.37B ZAR | 153.40B ZAR | 143.14B ZAR | 184.42B ZAR |
| Gross Profit | 92.32B ZAR | 95.69B ZAR | 102.76B ZAR | 89.77B ZAR | 104.42B ZAR | 135.43B ZAR | 122.32B ZAR | 121.71B ZAR | 105.95B ZAR | 82.04B ZAR |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 474.9M ZAR |
| Selling, General & Admin | 30.82B ZAR | 37.39B ZAR | 45.39B ZAR | 45.26B ZAR | 40.87B ZAR | 43.05B ZAR | 46.47B ZAR | 45.91B ZAR | 43.06B ZAR | 25.20B ZAR |
| Operating Expenses | 60.99B ZAR | 78.24B ZAR | 92.39B ZAR | 201.64B ZAR | 87.85B ZAR | 75.13B ZAR | 100.95B ZAR | 73.60B ZAR | 67.49B ZAR | 26.26B ZAR |
| Operating Income | 32.95B ZAR | 27.71B ZAR | 28.64B ZAR | 13.32B ZAR | 25.64B ZAR | 50.34B ZAR | 54.49B ZAR | 48.11B ZAR | 38.46B ZAR | 55.77B ZAR |
| EBITDA | 51.76B ZAR | 49.38B ZAR | 45.53B ZAR | 50.97B ZAR | 30.96B ZAR | 39.71B ZAR | 67.79B ZAR | 60.31B ZAR | 35.62B ZAR | 69.09B ZAR |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.27B ZAR | 9.34B ZAR | 9.22B ZAR |
| Pre-tax Income | 30.01B ZAR | 15.70B ZAR | 7.97B ZAR | -118.31B ZAR | 10.72B ZAR | 55.54B ZAR | 14.51B ZAR | -34.51B ZAR | 12.28B ZAR | 18.22B ZAR |
| Income Tax | 8.49B ZAR | 5.56B ZAR | 2.80B ZAR | 26.39B ZAR | 185.0M ZAR | 13.87B ZAR | 5.18B ZAR | 9.74B ZAR | 4.56B ZAR | 4.06B ZAR |
| Net Income | 20.37B ZAR | 8.73B ZAR | 3.39B ZAR | -91.75B ZAR | 9.03B ZAR | 38.96B ZAR | 8.80B ZAR | -44.27B ZAR | 6.77B ZAR | 11.90B ZAR |
| EPS | $33.36 | $14.26 | $5.46 | $-148.49 | $14.57 | $62.34 | $13.02 | $-69.94 | $10.56 | $18.54 |
| EPS (Diluted) | $33.27 | $14.18 | $5.46 | $-148.49 | $14.39 | $61.36 | $13.02 | $-69.94 | $10.56 | $18.37 |
| Shares Outstanding (Diluted) | 612.4 M | 615.9 M | 620.3 M | 617.9 M | 627.8 M | 634.9 M | 661.9 M | 633.0 M | 640.7 M | 648.5 M |
Income Statement (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 122.10B ZAR | 126.99B ZAR | 116.59B ZAR | 154.82B ZAR |
| Gross Profit | 50.54B ZAR | 37.30B ZAR | 29.52B ZAR | 54.49B ZAR |
| Operating Income | 15.74B ZAR | 24.77B ZAR | 17.59B ZAR | 41.67B ZAR |
| EBITDA | 21.80B ZAR | 16.92B ZAR | 24.04B ZAR | 49.00B ZAR |
| Net Income | 4.60B ZAR | 2.17B ZAR | 229.6M ZAR | 12.31B ZAR |
| EPS | $7.18 | $3.34 | $0.35 | $18.84 |
| EPS (Diluted) | $7.18 | $3.34 | $0.35 | $18.84 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 27.64B ZAR | 17.13B ZAR | 15.88B ZAR | 34.74B ZAR | 31.23B ZAR | 43.14B ZAR | 53.93B ZAR | 45.38B ZAR | 41.05B ZAR | 42.96B ZAR |
| Short-term Investments | 0 | 85.0M ZAR | 630.0M ZAR | 0 | 0 | 0 | 0 | 2.17B ZAR | 5.62B ZAR | 6.16B ZAR |
| Receivables | 21.12B ZAR | 21.24B ZAR | 23.91B ZAR | 28.58B ZAR | 17.91B ZAR | 23.44B ZAR | 32.32B ZAR | 27.44B ZAR | 41.64B ZAR | 45.78B ZAR |
| Inventory | 25.37B ZAR | 29.36B ZAR | 29.65B ZAR | 27.80B ZAR | 29.74B ZAR | 41.11B ZAR | 42.20B ZAR | 40.72B ZAR | 41.79B ZAR | 49.92B ZAR |
| Total Current Assets | 87.95B ZAR | 81.26B ZAR | 78.02B ZAR | 177.97B ZAR | 105.16B ZAR | 132.26B ZAR | 134.53B ZAR | 126.72B ZAR | 130.15B ZAR | 144.82B ZAR |
| Property, Plant & Equipment | 289.51B ZAR | 332.82B ZAR | 357.58B ZAR | 241.46B ZAR | 210.92B ZAR | 233.94B ZAR | 237.16B ZAR | 175.94B ZAR | 169.88B ZAR | 156.82B ZAR |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.35B ZAR | 0 |
| Intangible Assets | 2.36B ZAR | 2.69B ZAR | 3.36B ZAR | 2.80B ZAR | 2.48B ZAR | 3.05B ZAR | 3.19B ZAR | 2.46B ZAR | 132.2M ZAR | 2.48B ZAR |
| Total Assets | 398.94B ZAR | 439.24B ZAR | 466.24B ZAR | 474.54B ZAR | 360.74B ZAR | 419.55B ZAR | 433.84B ZAR | 364.98B ZAR | 359.56B ZAR | 360.92B ZAR |
| Accounts Payable | 11.94B ZAR | 11.94B ZAR | 13.51B ZAR | 13.54B ZAR | 13.54B ZAR | 17.20B ZAR | 26.31B ZAR | 24.97B ZAR | 28.27B ZAR | 28.47B ZAR |
| Short-term Debt | 2.14B ZAR | 9.84B ZAR | 14.80B ZAR | 3.84B ZAR | 42.22B ZAR | 5.81B ZAR | 22.59B ZAR | 1.80B ZAR | 14.76B ZAR | 27.30B ZAR |
| Total Current Liabilities | 52.17B ZAR | 59.96B ZAR | 49.10B ZAR | 93.12B ZAR | 57.56B ZAR | 91.78B ZAR | 88.76B ZAR | 54.49B ZAR | 69.44B ZAR | 81.02B ZAR |
| Long-term Debt | 78.02B ZAR | 72.56B ZAR | 134.79B ZAR | 163.34B ZAR | 147.51B ZAR | 97.14B ZAR | 96.77B ZAR | 115.91B ZAR | 88.55B ZAR | 67.33B ZAR |
| Total Liabilities | 181.71B ZAR | 210.63B ZAR | 243.13B ZAR | 318.62B ZAR | 208.27B ZAR | 226.35B ZAR | 232.31B ZAR | 217.55B ZAR | 201.94B ZAR | 192.24B ZAR |
| Retained Earnings | 176.71B ZAR | 184.35B ZAR | 179.02B ZAR | 87.56B ZAR | 99.52B ZAR | 139.25B ZAR | 135.71B ZAR | 84.54B ZAR | 91.97B ZAR | 103.96B ZAR |
| Total Equity | 211.71B ZAR | 222.99B ZAR | 217.22B ZAR | 150.98B ZAR | 146.49B ZAR | 188.62B ZAR | 196.90B ZAR | 143.00B ZAR | 152.43B ZAR | 161.76B ZAR |
| Total Debt | 84.15B ZAR | 111.49B ZAR | 138.64B ZAR | 205.56B ZAR | 116.85B ZAR | 119.36B ZAR | 138.69B ZAR | 135.16B ZAR | 120.67B ZAR | 110.20B ZAR |
| Net Debt | 56.51B ZAR | 94.28B ZAR | 122.13B ZAR | 170.82B ZAR | 85.62B ZAR | 76.22B ZAR | 84.76B ZAR | 87.60B ZAR | 74.01B ZAR | 61.08B ZAR |
| Working Capital | 35.78B ZAR | 21.30B ZAR | 28.92B ZAR | 84.85B ZAR | 47.60B ZAR | 40.48B ZAR | 45.77B ZAR | 72.23B ZAR | 60.72B ZAR | 63.80B ZAR |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 36.72B ZAR | 41.05B ZAR | 33.39B ZAR | 42.96B ZAR |
| Total Assets | 367.66B ZAR | 359.56B ZAR | 339.37B ZAR | 360.92B ZAR |
| Total Liabilities | 215.18B ZAR | 201.94B ZAR | 182.83B ZAR | 192.24B ZAR |
| Total Equity | 148.11B ZAR | 152.43B ZAR | 151.15B ZAR | 161.76B ZAR |
| Total Debt | 134.18B ZAR | 120.67B ZAR | 125.17B ZAR | 110.20B ZAR |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 20.37B ZAR | 8.73B ZAR | 3.39B ZAR | -91.75B ZAR | 9.03B ZAR | 38.96B ZAR | 8.80B ZAR | -44.27B ZAR | 18.82B ZAR | 11.90B ZAR |
| Depreciation & Amortization | 16.20B ZAR | 16.43B ZAR | 17.81B ZAR | 22.33B ZAR | 17.64B ZAR | 14.07B ZAR | 17.39B ZAR | 15.64B ZAR | 14.00B ZAR | 13.32B ZAR |
| Stock-based Compensation | 226.0M ZAR | 4.43B ZAR | 1.66B ZAR | 1.95B ZAR | 1.93B ZAR | 1.16B ZAR | 1.03B ZAR | 986.0M ZAR | 914.0M ZAR | 0 |
| Change in Working Capital | -3.56B ZAR | -6.20B ZAR | -792.0M ZAR | 9.83B ZAR | -12.07B ZAR | -21.70B ZAR | 10.91B ZAR | -3.15B ZAR | 1.28B ZAR | -14.42B ZAR |
| Operating Cash Flow | 37.11B ZAR | 33.58B ZAR | 41.90B ZAR | 29.76B ZAR | 34.09B ZAR | 40.30B ZAR | 49.18B ZAR | 37.38B ZAR | 38.31B ZAR | 32.31B ZAR |
| Capital Expenditure | -60.28B ZAR | -53.35B ZAR | -55.78B ZAR | -35.15B ZAR | -16.37B ZAR | -23.14B ZAR | -30.73B ZAR | -30.16B ZAR | -25.41B ZAR | -20.55B ZAR |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 309.0M ZAR | 210.5M ZAR |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -9.62B ZAR | -7.95B ZAR | -9.95B ZAR | -31.0M ZAR | -46.0M ZAR | -49.0M ZAR | -13.75B ZAR | -7.63B ZAR | -1.5M ZAR | 0 |
| Free Cash Flow | -23.17B ZAR | -19.77B ZAR | -13.89B ZAR | -5.38B ZAR | 17.72B ZAR | 17.16B ZAR | 18.45B ZAR | 7.31B ZAR | 12.89B ZAR | 11.76B ZAR |
Cash Flow (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 13.87B ZAR | 24.48B ZAR | 9.00B ZAR | 24.89B ZAR |
| Capital Expenditure | -14.99B ZAR | -10.57B ZAR | -8.22B ZAR | -13.27B ZAR |
| Free Cash Flow | -1.13B ZAR | 13.91B ZAR | 784.0M ZAR | 11.61B ZAR |
| Dividends Paid | -27.0M ZAR | -1.0M ZAR | 0 | 0 |
| Stock-based Compensation | 506.0M ZAR | 408.0M ZAR | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.3% | +12.2% | -6.5% | +6.1% | +35.1% | +6.2% | -5.0% | -9.5% | +7.0% | |
| Net Income Growth (YoY) | -57.2% | -61.2% | -2,807.4% | +109.8% | +331.3% | -77.4% | -603.1% | +115.3% | +75.8% | |
| EPS Growth (YoY) | -57.3% | -61.7% | -2,819.6% | +109.8% | +327.9% | -79.1% | -637.2% | +115.1% | +75.6% | |
| Shares Change (YoY) | +0.6% | +0.7% | -0.4% | +1.6% | +1.1% | +4.3% | -4.4% | +1.2% | +1.2% | |
| FCF Growth (YoY) | +14.7% | +29.8% | +61.2% | +429.1% | -3.2% | +7.5% | -60.4% | +76.4% | -8.8% | |
| Gross Margin | 53.5% | 52.7% | 50.5% | 47.2% | 51.7% | 49.7% | 42.2% | 44.2% | 42.5% | 30.8% |
| Operating Margin | 19.1% | 15.3% | 14.1% | 7.0% | 12.7% | 18.5% | 18.8% | 17.5% | 15.4% | 20.9% |
| EBITDA Margin | 30.0% | 27.2% | 22.4% | 26.8% | 15.3% | 14.6% | 23.4% | 21.9% | 14.3% | 25.9% |
| Net Margin | 11.8% | 4.8% | 1.7% | -48.2% | 4.5% | 14.3% | 3.0% | -16.1% | 2.7% | 4.5% |
| FCF Margin | -13.4% | -10.9% | -6.8% | -2.8% | 8.8% | 6.3% | 6.4% | 2.7% | 5.2% | 4.4% |
| Effective Tax Rate | 28.3% | 35.4% | 35.2% | -22.3% | 1.7% | 25.0% | 35.7% | -28.2% | 37.1% | 22.3% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-37.84 | $-32.10 | $-22.39 | $-8.71 | $28.22 | $27.02 | $27.87 | $11.55 | $20.13 | $18.13 |
| Dividends Per Share | $15.70 | $12.91 | $16.04 | $0.05 | $0.07 | $0.08 | $20.78 | $12.06 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 612.4 M | 615.6 M | 620.3 M | 617.9 M | 627.7 M | 634.9 M | 661.9 M | 633.0 M | 640.7 M | 639.7 M |
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 | 7.73% |
| Return on Invested Capital | 12.28% |
| Return on Assets | 3.34% |
| Gross Margin | 37.73% |
| Operating Margin | 17.98% |
| Net Margin | 4.46% |
Financial Health
| Debt / Equity | 0.68 |
| Current Ratio | 1.79 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.18 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 10.94 | 35.16 | 63.53 | -0.90 | 15.01 | 6.02 | 17.88 | -1.98 | 7.40 | 8.67 |
| P/B | 1.06 | 1.38 | 0.99 | 0.55 | 0.94 | 1.26 | 0.78 | 0.61 | 0.33 | 0.64 |
| P/S | 1.30 | 1.70 | 1.06 | 0.43 | 0.68 | 0.87 | 0.53 | 0.32 | 0.20 | 0.39 |
| Gross Margin | 53.5% | 52.7% | 50.5% | 47.2% | 51.7% | 49.7% | 42.2% | 44.2% | 42.5% | 30.8% |
| Operating Margin | 19.1% | 15.3% | 14.1% | 7.0% | 12.7% | 18.5% | 18.8% | 17.5% | 15.4% | 20.9% |
| Net Margin | 11.8% | 4.8% | 1.7% | -48.2% | 4.5% | 14.3% | 3.0% | -16.1% | 2.7% | 4.5% |
Related companies: SHEL · TTE · E · MPC · PSX · EC · YPF · CE
Explore sector: Basic Materials · Chemicals
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