NYSE : SBSW
Sibanye Stillwater Limited — Financial statements
Materials · Other Precious Metals & Mining · South Africa
Last price 8.59 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.63B
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Financial statements
Sibanye Stillwater Limited (SBSW) reported revenue of 164.89B ZAR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in ZAR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 164.89B | 129.68B | 112.13B | 113.68B | 138.29B | 172.19B |
| Cost of Revenue | 115.77B | 97.81B | 105.21B | 99.77B | 101.62B | 109.31B |
| Gross Profit | 49.12B | 31.87B | 6.92B | 13.92B | 36.66B | 62.89B |
| Other Operating Expenses | 6.32B | 5.79B | 5.65B | 6.43B | 3.96B | 3.62B |
| Operating Expenses | 12.03B | 21.82B | 15.11B | 45.22B | 4.19B | 9.16B |
| Operating Income | 37.09B | 10.05B | -8.19B | -31.31B | 32.47B | 53.73B |
| Interest Expense | -3.70B | -3.98B | -3.57B | -2.47B | -2.14B | -1.80B |
| Interest & Investment Income | 1.65B | 1.57B | 1.34B | 1.37B | 1.20B | 1.20B |
| Earnings From Equity Investments | 2.41B | 337.00M | 212.00M | -1.17B | 1.29B | 1.99B |
| Currency Exchange Gain (Loss) | 57.00M | 155.00M | -215.00M | 1.97B | 616.00M | 1.15B |
| Other Non Operating Income (Expenses) | -5.21B | -4.04B | 6.27B | 135.00M | -5.30B | -8.24B |
| EBT Excluding Unusual Items | 32.30B | 4.09B | -4.16B | -31.48B | 28.14B | 48.02B |
| Merger & Restructuring Charges | -4.43B | -4.79B | -1.40B | -989.00M | -515.00M | -247.00M |
| Impairment of Goodwill | -8.44B | |||||
| Gain (Loss) on Sale of Investments | 109.00M | 126.00M | -22.00M | -4.00M | 152.00M | -4.00M |
| Gain (Loss) on Sale of Assets | 37.00M | 2.00M | 55.00M | 105.00M | -1.00M | 52.00M |
| Asset Writedown | -26.00M | -26.00M | -86.00M | 7.00M | ||
| Legal Settlements | -77.00M | -83.00M | 38.00M | 295.00M | 126.00M | -63.00M |
| Other Unusual Items | 396.00M | 743.00M | -199.00M | |||
| Pretax Income | 28.12B | -411.00M | -4.21B | -39.85B | 27.90B | 47.56B |
| Income Tax Expense | 10.15B | 4.33B | 1.50B | -2.42B | 8.92B | 13.76B |
| Earnings From Continuing Operations | 17.97B | -4.74B | -5.71B | -37.43B | 18.98B | 33.80B |
| Minority Interest in Earnings | -1.81B | -432.00M | -1.59B | -342.00M | -584.00M | -742.00M |
| Net Income | 16.16B | -5.17B | -7.30B | -37.77B | 18.40B | 33.05B |
| Net Income to Common | 16.16B | -5.17B | -7.30B | -37.77B | 18.40B | 33.05B |
| Shares Outstanding (Basic) | 2.83B | 2.83B | 2.83B | 2.83B | 2.83B | 2.90B |
| Shares Outstanding (Diluted) | 3.02B | 2.83B | 2.83B | 2.83B | 2.83B | 2.93B |
| EPS (Basic) | 5.71 | -1.83 | -2.58 | -13.34 | 6.51 | 11.40 |
| EPS (Diluted) | 5.44 | -1.83 | -2.58 | -13.34 | 6.50 | 11.29 |
| Free Cash Flow | 12.87B | 1.40B | -11.28B | -10.00B | 9.10B | 37.69B |
| Free Cash Flow Per Share | 4.26 | 0.49 | -3.99 | -3.53 | 3.21 | 12.88 |
| Dividend Per Share | 3.32 | 1.31 | 0.53 | 2.60 | 4.79 | |
| Gross Margin | 29.79% | 24.58% | 6.17% | 12.24% | 26.51% | 36.52% |
| Operating Margin | 22.49% | 7.75% | -7.31% | -27.54% | 23.48% | 31.20% |
| Profit Margin | 9.80% | -3.99% | -6.51% | -33.23% | 13.30% | 19.20% |
| Free Cash Flow Margin | 7.80% | 1.08% | -10.06% | -8.79% | 6.58% | 21.89% |
| EBITDA | 61.25B | 34.20B | 10.65B | 17.75B | 40.07B | 67.67B |
| EBITDA Margin | 37.15% | 26.38% | 9.50% | 15.61% | 28.98% | 39.30% |
| D&A For EBITDA | 24.16B | 24.16B | 18.84B | 49.05B | 7.60B | 13.94B |
| EBIT | 37.09B | 10.05B | -8.19B | -31.31B | 32.47B | 53.73B |
| EBIT Margin | 22.49% | 7.75% | -7.31% | -27.54% | 23.48% | 31.20% |
| Effective Tax Rate | 36.09% | 31.98% | 28.94% |
Balance sheet
Fiscal year January - December; amounts in ZAR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 22.43B | 17.18B | 16.05B | 25.56B | 26.08B | 30.29B |
| Cash & Short-Term Investments | 22.43B | 17.18B | 16.05B | 25.56B | 26.08B | 30.29B |
| Accounts Receivable | 6.51B | 4.83B | 3.67B | 6.67B | 5.83B | 5.77B |
| Other Receivables | 2.87B | 6.57B | 2.28B | 2.01B | 2.04B | 3.07B |
| Receivables | 9.39B | 11.40B | 5.95B | 8.68B | 7.87B | 8.84B |
| Inventory | 31.83B | 31.48B | 25.55B | 26.36B | 26.38B | 25.08B |
| Prepaid Expenses | 660.00M | 793.00M | 1.22B | 433.00M | 335.00M | |
| Other Current Assets | 284.00M | 30.00M | 70.00M | 280.00M | ||
| Total Current Assets | 63.94B | 60.75B | 48.41B | 61.82B | 60.76B | 64.83B |
| Property, Plant & Equipment | 68.37B | 64.85B | 67.06B | 61.90B | 77.19B | 62.72B |
| Long-Term Investments | 12.13B | 10.83B | 10.83B | 10.33B | 11.81B | 10.96B |
| Goodwill | 843.00M | 878.00M | 499.00M | 8.24B | 7.73B | |
| Other Intangible Assets | 1.86B | 1.13B | 1.28B | 3.00M | 81.00M | |
| Long-Term Deferred Tax Assets | 838.00M | 2.09B | 2.45B | 1.94B | 2.44B | 906.00M |
| Other Long-Term Assets | 12.29B | 9.23B | 7.18B | 6.45B | 6.10B | 5.85B |
| Total Assets | 159.43B | 149.74B | 138.09B | 142.94B | 166.63B | 152.99B |
| Accounts Payable | 18.26B | 3.41B | 3.98B | 4.28B | 4.15B | 3.67B |
| Accrued Expenses | 781.00M | 13.26B | 10.88B | 11.83B | 10.56B | 9.97B |
| Short-Term Debt | 4.00M | 4.00M | 4.00M | |||
| Current Portion of Long-Term Debt | 263.00M | 11.40B | 552.00M | 15.48B | 118.00M | 103.00M |
| Current Portion of Leases | 151.00M | 166.00M | 175.00M | 198.00M | 111.00M | 104.00M |
| Current Income Taxes Payable | 1.41B | 602.00M | 329.00M | 679.00M | 93.00M | 189.00M |
| Current Unearned Revenue | 576.00M | 1.20B | 1.66B | 305.00M | 21.00M | 156.00M |
| Other Current Liabilities | 2.07B | 4.12B | 3.38B | 3.64B | 5.17B | 6.35B |
| Total Current Liabilities | 23.51B | 34.16B | 20.95B | 36.41B | 20.22B | 20.54B |
| Long-Term Debt | 36.51B | 31.86B | 41.13B | 24.95B | 22.61B | 20.19B |
| Long-Term Leases | 413.00M | 481.00M | 203.00M | 384.00M | 208.00M | 177.00M |
| Long-Term Unearned Revenue | 14.18B | 14.16B | 6.98B | 6.33B | 6.40B | 6.20B |
| Long-Term Deferred Tax Liabilities | 7.47B | 6.47B | 4.76B | 4.18B | 9.36B | 7.82B |
| Other Long-Term Liabilities | 18.17B | 18.45B | 15.77B | 19.09B | 16.84B | 16.72B |
| Total Liabilities | 100.26B | 105.57B | 89.80B | 91.33B | 75.63B | 71.65B |
| Common Stock | 21.65B | 21.65B | 21.65B | 21.65B | 21.65B | 30.15B |
| Retained Earnings | -5.04B | -19.08B | -13.82B | -8.47B | 33.78B | 27.41B |
| Treasury Stock | -8.50B | |||||
| Comprehensive Income & Other | 37.09B | 36.96B | 36.15B | 35.55B | 32.67B | 30.33B |
| Total Common Equity | 53.70B | 39.53B | 43.98B | 48.73B | 88.10B | 79.39B |
| Minority Interest | 5.48B | 4.64B | 4.31B | 2.88B | 2.90B | 1.95B |
| Shareholders' Equity | 59.17B | 44.17B | 48.29B | 51.61B | 91.00B | 81.34B |
| Total Liabilities & Equity | 159.43B | 149.74B | 138.09B | 142.94B | 166.63B | 152.99B |
| Total Debt | 37.34B | 43.90B | 42.06B | 41.01B | 23.05B | 20.58B |
| Net Cash (Debt) | -14.91B | -26.73B | -26.02B | -15.45B | 3.03B | 9.71B |
| Net Cash Per Share | -4.93 | -9.44 | -9.19 | -5.46 | 1.07 | 3.32 |
| Filing Date Shares Outstanding | 2.83B | 2.83B | 2.83B | 2.83B | 2.83B | 2.83B |
| Total Common Shares Outstanding | 2.83B | 2.83B | 2.83B | 2.83B | 2.83B | 2.81B |
| Working Capital | 40.43B | 26.59B | 27.46B | 25.41B | 40.55B | 44.29B |
| Book Value Per Share | 18.97 | 13.96 | 15.54 | 17.22 | 31.13 | 28.27 |
| Tangible Book Value | 51.84B | 37.55B | 41.83B | 48.23B | 79.78B | 71.67B |
| Tangible Book Value Per Share | 18.31 | 13.27 | 14.78 | 17.04 | 28.19 | 25.52 |
| Land | 29.01B | 30.83B | 30.14B | 27.56B | 24.95B |
Cash flow statement
Fiscal year January - December; amounts in ZAR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 16.16B | -5.17B | -7.30B | -37.77B | 18.40B | 33.05B |
| Depreciation & Amortization | 24.27B | 24.27B | 18.95B | 49.26B | 7.70B | 14.06B |
| Other Amortization | 85.00M | 266.00M | 158.00M | |||
| Loss (Gain) From Sale of Assets | 164.00M | |||||
| Asset Writedown & Restructuring Costs | 26.00M | 26.00M | 8.52B | -7.00M | ||
| Loss (Gain) From Sale of Investments | -121.00M | -121.00M | 24.00M | 9.00M | -152.00M | |
| Loss (Gain) on Equity Investments | -337.00M | -337.00M | -212.00M | 1.17B | -1.29B | -1.99B |
| Stock-Based Compensation | 2.11B | 2.11B | 251.00M | 113.00M | 218.00M | 383.00M |
| Other Operating Activities | -21.81B | -1.34B | -8.28B | -10.75B | -687.00M | 2.31B |
| Change in Accounts Receivable | -1.50B | -1.50B | 1.77B | 1.33B | 116.00M | -510.00M |
| Change in Inventory | -5.62B | -5.62B | 2.15B | 1.51B | 605.00M | 1.38B |
| Change in Accounts Payable | 9.39B | 9.39B | 2.93B | -1.09B | -335.00M | 1.58B |
| Operating Cash Flow | 31.94B | 21.71B | 10.29B | 12.41B | 25.00B | 50.43B |
| Capital Expenditures | -19.07B | -20.31B | -21.57B | -22.41B | -15.90B | -12.74B |
| Sale of Property, Plant & Equipment | 447.00M | 481.00M | 129.00M | 168.00M | 191.00M | 80.00M |
| Cash Acquisitions | -1.89B | -1.99B | -2.98B | 471.00M | -1.32B | -577.00M |
| Divestitures | 14.00M | 25.00M | ||||
| Investment in Securities | -507.00M | -176.00M | -43.00M | -852.00M | -864.00M | -2.25B |
| Other Investing Activities | 532.00M | 279.00M | 127.00M | 586.00M | 501.00M | 893.00M |
| Investing Cash Flow | -20.50B | -21.69B | -24.34B | -22.04B | -17.37B | -14.57B |
| Long-Term Debt Issued | 7.91B | 8.28B | 12.76B | 8.00B | 20.65B | |
| Long-Term Debt Repaid | -5.11B | -3.54B | -1.54B | -8.13B | -20.36B | |
| Lease Payments | -215.00M | -228.00M | -208.00M | -219.00M | -131.00M | -112.00M |
| Net Debt Issued (Repaid) | -4.96B | 2.80B | 4.74B | 11.22B | -134.00M | 287.00M |
| Repurchase of Common Stock | -8.50B | |||||
| Common Dividends Paid | -4.10B | -302.00M | -173.00M | -5.32B | -9.45B | -18.18B |
| Other Financing Activities | -45.00M | -45.00M | 1.76B | -3.36B | -128.00M | |
| Financing Cash Flow | -9.11B | 2.45B | 4.56B | 7.66B | -12.95B | -26.52B |
| Foreign Exchange Rate Adjustments | -917.00M | -1.34B | -21.00M | 1.45B | 1.11B | 708.00M |
| Net Cash Flow | 1.42B | 1.13B | -9.51B | -516.00M | -4.22B | 10.05B |
| Free Cash Flow | 12.87B | 1.40B | -11.28B | -10.00B | 9.10B | 37.69B |
| Free Cash Flow Margin | 7.80% | 1.08% | -10.06% | -8.79% | 6.58% | 21.89% |
| Free Cash Flow Per Share | 4.26 | 0.49 | -3.99 | -3.53 | 3.21 | 12.88 |
| Levered Free Cash Flow | 27.96B | 1.02B | -6.32B | 5.10B | 10.75B | 35.60B |
| Unlevered Free Cash Flow | 30.27B | 3.51B | -4.09B | 6.56B | 11.82B | 36.57B |
| Free Cash Flow After Leases | 12.65B | 1.17B | -11.49B | -10.22B | 8.97B | 37.58B |
| Cash Interest Paid | 2.11B | 2.34B | 2.10B | 1.30B | 1.12B | 781.00M |
| Cash Income Tax Paid | 6.30B | 1.98B | 1.45B | 3.21B | 8.87B | 14.84B |
| Change in Working Capital | 11.63B | 2.27B | 6.85B | 1.75B | 386.00M | 2.46B |
Ratios
Fiscal year January - December; amounts in ZAR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.06B | 10.34B | 2.25B | 3.85B | 7.45B | 8.64B |
| Enterprise Value | 7.28B | 11.90B | 3.59B | 4.23B | 7.26B | 8.18B |
| Last Close Price | 8.59 | 13.49 | 3.12 | 5.14 | 9.71 | 10.88 |
| PE Ratio | 6.58 | 6.88 | 4.17 | |||
| PS Ratio | 0.60 | 1.32 | 0.38 | 0.62 | 0.92 | 0.80 |
| PB Ratio | 1.68 | 3.88 | 0.88 | 1.37 | 1.39 | 1.70 |
| P/TBV Ratio | 1.92 | 4.56 | 1.01 | 1.46 | 1.59 | 1.92 |
| P/FCF Ratio | 7.85 | 122.15 | 13.91 | 3.66 | ||
| P/OCF Ratio | 3.16 | 7.89 | 4.12 | 5.68 | 5.06 | 2.73 |
| EV/Sales Ratio | 0.72 | 1.52 | 0.60 | 0.68 | 0.89 | 0.76 |
| EV/EBITDA Ratio | 1.95 | 5.76 | 6.36 | 4.37 | 3.08 | 1.93 |
| EV/EBIT Ratio | 3.22 | 19.61 | 3.80 | 2.43 | ||
| EV/FCF Ratio | 9.43 | 140.56 | 13.57 | 3.46 | ||
| Debt / Equity Ratio | 0.63 | 0.99 | 0.87 | 0.80 | 0.25 | 0.25 |
| Debt / EBITDA Ratio | 0.61 | 1.28 | 3.91 | 2.28 | 0.57 | 0.30 |
| Debt / FCF Ratio | 2.90 | 31.32 | 2.53 | 0.55 | ||
| Net Debt / Equity Ratio | 0.25 | 0.60 | 0.54 | 0.30 | -0.03 | -0.12 |
| Net Debt / EBITDA Ratio | 0.24 | 0.78 | 2.44 | 0.87 | -0.08 | -0.14 |
| Net Debt / FCF Ratio | 1.16 | 19.06 | -2.31 | -1.54 | -0.33 | -0.26 |
| Asset Turnover | 1.08 | 0.90 | 0.80 | 0.73 | 0.86 | 1.20 |
| Inventory Turnover | 3.85 | 3.43 | 4.05 | 3.78 | 3.95 | 4.37 |
| Quick Ratio | 1.35 | 0.84 | 1.05 | 0.94 | 1.68 | 1.91 |
| Current Ratio | 2.72 | 1.78 | 2.31 | 1.70 | 3.00 | 3.16 |
| Return on Equity (ROE) | 34.73% | -10.25% | -11.43% | -52.49% | 22.02% | 44.45% |
| Return on Assets (ROA) | 15.24% | 4.36% | -3.64% | -12.64% | 12.70% | 23.39% |
| Return on Invested Capital (ROIC) | 32.00% | 13.84% | -11.59% | -40.39% | 27.68% | 54.23% |
| Return on Capital Employed (ROCE) | 27.30% | 8.70% | -7.00% | -29.40% | 22.20% | 40.60% |
| Earnings Yield | 15.19% | -3.02% | -17.21% | -53.59% | 14.53% | 23.97% |
| FCF Yield | 12.73% | 0.82% | -26.61% | -14.19% | 7.19% | 27.33% |
| Dividend Yield | 9.36% | 2.17% | 2.13% | 5.81% | 9.76% | |
| Payout Ratio | 61.44% | 51.39% | 54.99% | |||
| Buyback Yield / Dilution | -6.77% | -0.00% | 0.01% | 3.29% | -5.37% | |
| Total Shareholder Return | 2.60% | 2.17% | -0.00% | 2.14% | 9.11% | 4.38% |