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Gold · Basic Materials · Fiscal year ends Dec 31 · Reports in ZAR
Sibanye Stillwater reported revenue of ZAR 130B in the fiscal year ended Dec 2025, up 15.6% from the year before. Operating income was ZAR 4.6B, an operating margin of 3.5%, and net income was −ZAR 4.7B. Operating cash flow of ZAR 21.4B less capital expenditure of ZAR 20.3B left free cash flow of ZAR 1.1B. Net debt was ZAR 26.1B.
Ranks among the 27 gold companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 172,194 | 138,288 | 113,684 | 112,129 | 129,677 |
| Cost of revenue | 109,306 | 101,624 | 99,768 | 105,208 | 97,806 |
| Gross profit | 62,888 | 36,664 | 13,916 | 6,921 | 31,871 |
| Operating incomederived: pre-tax income + interest | 50,053 | 30,744 | −36,547 | 357 | 4,589 |
| Interest expense | 2,496 | 2,840 | 3,299 | 4,571 | 5,000 |
| Pre-tax income | 47,557 | 27,904 | −39,846 | −4,214 | −411 |
| Income tax | 13,761 | 8,924 | −2,416 | 1,496 | 4,328 |
| Net income | 33,796 | 18,980 | −37,430 | −5,710 | −4,739 |
| Diluted EPS | 11.29 | 6.50 | −13.34 | −2.58 | −1.83 |
| Diluted shares | 2,927 | 2,831 | 2,831 | 2,831 | 2,831 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 30,292 | 26,076 | 25,560 | 16,049 | 17,178 |
| Receivables | 7,411 | 7,500 | 8,900 | 5,722 | 6,811 |
| Inventory | 25,080 | 26,384 | 26,363 | 25,549 | 31,480 |
| Current assets | 64,831 | 60,764 | 61,822 | 48,409 | 60,753 |
| Net PP&E | 62,494 | 76,909 | 61,338 | 66,906 | 64,320 |
| Goodwill | 7,727 | 8,241 | 499 | 878 | 843 |
| Total assets | 152,994 | 166,631 | 142,941 | 138,088 | 149,737 |
| Payables | 15,162 | 15,653 | 16,464 | 15,604 | 16,756 |
| Deferred revenue | 156 | 21.0 | 305 | 1,660 | 1,204 |
| Current liabilities | 20,541 | 20,219 | 36,407 | 20,951 | 34,158 |
| Short-term debt | 107 | 122 | 11,672 | 552 | 11,402 |
| Long-term debt | 20,191 | 22,606 | 24,946 | 41,135 | 31,855 |
| Total liabilities | 71,649 | 75,627 | 91,334 | 89,799 | 105,570 |
| Shareholders' equity | 79,393 | 88,101 | 48,730 | 43,979 | 39,526 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 32,256 | 15,543 | 7,095 | 10,113 | 21,407 |
| Capital expenditure | 12,740 | 15,899 | 22,411 | 21,569 | 20,307 |
| Free cash flow | 19,516 | −356 | −15,316 | −11,456 | 1,100 |
| Depreciation & amortisation | 8,293 | 7,087 | 10,012 | 8,810 | 9,367 |
| Stock-based compensation | 383 | 218 | 113 | 251 | 2,114 |
| Acquisitions | 0.0 | 1,132 | −471 | 2,690 | 1,990 |
| Share buybacks | 8,503 | 0.0 | 0.0 | – | – |
| Dividends paid | 18,176 | 9,453 | 5,318 | 173 | 302 |
| Dividend per share | 4.79 | 2.60 | 0.53 | 0.00 | 1.31 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −19.7% | −17.8% | −1.4% | 15.6% |
| Operating income growth (YoY) | – | −38.6% | −218.9% | – | 1185.4% |
| EPS growth (YoY) | – | −42.4% | −305.2% | – | – |
| Gross margin | 36.5% | 26.5% | 12.2% | 6.2% | 24.6% |
| Operating margin | 29.1% | 22.2% | −32.1% | 0.3% | 3.5% |
| Net margin | 19.6% | 13.7% | −32.9% | −5.1% | −3.7% |
| Return on equityBlank when equity is negative | 42.6% | 21.5% | −76.8% | −13.0% | −12.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 37.8% | 21.0% | −34.3% | 0.3% | 4.0% |
| Free cash flow margin | 11.3% | −0.3% | −13.5% | −10.2% | 0.8% |
| Cash conversion (CFO ÷ net income) | 0.95x | 0.82x | −0.19x | −1.77x | −4.52x |
| Receivable days | 16 | 20 | 29 | 19 | 19 |
| Inventory days | 84 | 95 | 96 | 89 | 117 |
| Payable days | 51 | 56 | 60 | 54 | 63 |
| Interest cover | 20.1x | 10.8x | −11.1x | 0.08x | 0.92x |
| Debt ÷ equity | 0.26x | 0.26x | 0.75x | 0.95x | 1.09x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −9,994 | −3,348 | 11,058 | 25,638 | 26,079 |
| Current ratio | 3.16x | 3.01x | 1.70x | 2.31x | 1.78x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.