SBSW Basic Materials

Sibanye Stillwater Limited

$8.60-1.60%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Basic Materials
Industry: Other Precious Metals & Mining
Country: South Africa
Market cap: 6.2B USD
Enterprise value: 16.2B USD

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.97 vs a peer median of 0.69), though less than the overall market and more debt relative to equity (1.09× vs a peer median of 0.36×)higher risk: bigger price swings (beta 0.97 vs peers 0.69) and more debt vs equity (1.09× vs peers 0.36×)

Ranks #384 of 1,217 basic materials companies (top 32%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 95% of peers on operating cash profit (EBITDA), but only 0% on earnings.Cheaper than 95% of peers on operating cash profit, but only 0% on earnings.
Relative to its operating cash profit (EBITDA), Sibanye Stillwater looks cheaper than 95% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Sibanye Stillwater looks cheaper than 95% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to December 2025.
Sibanye Stillwater reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.
Wide margins. Operating margin 19% (12 months to Dec 2025) vs a peer median of 7.6%.Operating margin 19% vs peers 7.6%.
Sibanye Stillwater keeps 19% of revenue as operating profit, more than 83% of peers (median 7.6%).

StockQuotient Score

61/ 100

Oct 5 61 → Nov 4 61

Valuation

Is the price right?

83/100

Strong

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-2.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · ZAR→USD at the current rateNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0364 · MAD: 0.0364

EBITDA yield52.3%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · ZAR→USD convertedOutlier capped at sector 5th/95th percentile50% base weight · Z-score 3.88Sector median: 0.0854 · MAD: 0.0520

Free cash flow yield0.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · ZAR→USD at the current rate · operating cash flow − capital spendingReported value20% base weight · Z-score -0.79Sector median: 0.0261 · MAD: 0.0261

Other data (not scored)

Book yield19.3%

SEC filings (IFRS mapped) · latest balance sheet · ZAR→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5947 · MAD: 0.3137

Growth

Is it growing?

61/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 15.5%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.0941 · MAD: 0.3300

3-year revenue growth-2.1%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score -0.29Sector median: -0.0005 · MAD: 0.0725

Revenue growth15.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.27Sector median: 0.0335 · MAD: 0.0952

Profitability

Does it earn well?

82/100

Strong

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Net margin rose 2.5 points to -4.0%
Free cash flow turned positive over the last 12 months

Why

Stronger than most peers on:

▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin19.3%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score 1.91Sector median: 0.0757 · MAD: 0.0617

Return on assets-3.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -2.24Sector median: 0.0249 · MAD: 0.0265

Return on invested capital235.3%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsOutlier capped at sector 5th/95th percentile33% base weight · Z-score 5.93Sector median: 0.0675 · MAD: 0.0575

Other data (not scored)

Gross margin24.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.2138 · MAD: 0.1202

Return on equity-13.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0537 · MAD: 0.0694

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.97

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.96Sector median: 0.6950 · MAD: 0.2810

Current ratio1.78×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.03Sector median: 1.7610 · MAD: 0.6770

Debt / equity1.09×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -2.51Sector median: 0.3578 · MAD: 0.2929

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Sibanye Stillwater

Is Sibanye Stillwater getting weaker?: Its latest SEC filing (Apr 24, 2026) got stronger: net margin rose 2.5 points to -4.0%; free cash flow turned positive over the last 12 months. Its overall score is unchanged at 61/100 since Oct 28, 2026.
How is Sibanye Stillwater valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 83/100 against 1,371 basic materials peers. EBITDA yield 52.3% vs a peer median of 8.5% (stronger than 95% of peers).EBITDA yield 52.3% vs peers 8.5% (stronger than 95% of peers). Earnings yield -2.5% vs a peer median of 3.6% (weaker than 100% of peers).Earnings yield -2.5% vs peers 3.6% (weaker than 100% of peers).
Is Sibanye Stillwater growing?: Yes, faster than most of its peers. Growth scores 61/100 against 1,371 basic materials peers. Revenue growth 15.5% vs a peer median of 3.4% (stronger than 77% of peers).Revenue growth 15.5% vs peers 3.4% (stronger than 77% of peers).
How profitable is Sibanye Stillwater?: More profitable than most of its peers. Profitability scores 82/100 against 1,371 basic materials peers. Return on invested capital 235.3% vs a peer median of 6.7% (stronger than 95% of peers).Return on invested capital 235.3% vs peers 6.7% (stronger than 95% of peers). Return on assets -3.5% vs a peer median of 2.5% (weaker than 89% of peers).Return on assets -3.5% vs peers 2.5% (weaker than 89% of peers).
How risky is Sibanye Stillwater?: Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Debt / equity 1.09× vs a peer median of 0.36× (weaker than 86% of peers).Debt / equity 1.09× vs peers 0.36× (weaker than 86% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Apr 24, 2026 · compared with the year ended Dec 31, 2024

Got stronger

Net margin rose 2.5 points to -4.0%
Free cash flow turned positive over the last 12 months

	Previous year	Latest year	Change
Revenue (12 months)	112.3B ZAR	129.7B ZAR	+15.5%
Net income (12 months)	−7.3B ZAR	−5.2B ZAR	−29.1%
Free cash flow (12 months)	−11.5B ZAR	1.1B ZAR	turned positive
Debt	41.7B ZAR	43.3B ZAR	+3.8%
Cash	16.0B ZAR	17.2B ZAR	+7.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in ZAR, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	36.6%	26.5%	13.1%	6.3%	24.6%	▲ 18 pts
Net margin	19.2%	13.3%	-32.9%	-6.5%	-4.0%	▲ 2.5 pts
Return on assets (ROA)	21.6%	11.0%	-26.4%	-5.3%	-3.5%	▲ 1.8 pts
Return on equity (ROE)	41.6%	20.9%	-77.5%	-16.6%	-13.1%	▲ 3.5 pts
Free cash flow margin	11.3%	-0.3%	-13.3%	-10.2%	0.8%	▲ 11 pts
Current ratio	3.16×	3.01×	1.70×	2.31×	1.78×	▼ 23%
Quick ratio	1.94×	1.70×	0.97×	1.09×	0.86×	▼ 21%
Debt to equity	0.26×	0.26×	0.75×	0.95×	1.09×	▲ 15%

SBSW price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

Sylvania Platinum LimitedSLP.L97/ 100

Serabi Gold plcSRB.L95/ 100

Wesdome Gold Mines Ltd.WDO.TO95/ 100

Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.97 vs a peer median of 0.69), though less than the overall market and more debt relative to equity (1.09× vs a peer median of 0.36×)higher risk: bigger price swings (beta 0.97 vs peers 0.69) and more debt vs equity (1.09× vs peers 0.36×)

Ranks #384 of 1,217 basic materials companies (top 32%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 95% of peers on operating cash profit (EBITDA), but only 0% on earnings.Cheaper than 95% of peers on operating cash profit, but only 0% on earnings.

Relative to its operating cash profit (EBITDA), Sibanye Stillwater looks cheaper than 95% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Sibanye Stillwater looks cheaper than 95% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to December 2025.

Sibanye Stillwater reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Wide margins. Operating margin 19% (12 months to Dec 2025) vs a peer median of 7.6%.Operating margin 19% vs peers 7.6%.

Sibanye Stillwater keeps 19% of revenue as operating profit, more than 83% of peers (median 7.6%).

Questions investors ask about Sibanye Stillwater

Is Sibanye Stillwater getting weaker?

Its latest SEC filing (Apr 24, 2026) got stronger: net margin rose 2.5 points to -4.0%; free cash flow turned positive over the last 12 months. Its overall score is unchanged at 61/100 since Oct 28, 2026.

How is Sibanye Stillwater valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 83/100 against 1,371 basic materials peers. EBITDA yield 52.3% vs a peer median of 8.5% (stronger than 95% of peers).EBITDA yield 52.3% vs peers 8.5% (stronger than 95% of peers). Earnings yield -2.5% vs a peer median of 3.6% (weaker than 100% of peers).Earnings yield -2.5% vs peers 3.6% (weaker than 100% of peers).

Is Sibanye Stillwater growing?

Yes, faster than most of its peers. Growth scores 61/100 against 1,371 basic materials peers. Revenue growth 15.5% vs a peer median of 3.4% (stronger than 77% of peers).Revenue growth 15.5% vs peers 3.4% (stronger than 77% of peers).

How profitable is Sibanye Stillwater?

More profitable than most of its peers. Profitability scores 82/100 against 1,371 basic materials peers. Return on invested capital 235.3% vs a peer median of 6.7% (stronger than 95% of peers).Return on invested capital 235.3% vs peers 6.7% (stronger than 95% of peers). Return on assets -3.5% vs a peer median of 2.5% (weaker than 89% of peers).Return on assets -3.5% vs peers 2.5% (weaker than 89% of peers).

How risky is Sibanye Stillwater?

Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Debt / equity 1.09× vs a peer median of 0.36× (weaker than 86% of peers).Debt / equity 1.09× vs peers 0.36× (weaker than 86% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

112.3B ZAR

129.7B ZAR

+15.5%

Net income (12 months)

−7.3B ZAR

−5.2B ZAR

−29.1%

Free cash flow (12 months)

−11.5B ZAR

1.1B ZAR

turned positive

Debt

41.7B ZAR

43.3B ZAR

+3.8%

Cash

16.0B ZAR

17.2B ZAR

+7.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

36.6%

26.5%

13.1%

6.3%

24.6%

▲ 18 pts

Net margin

19.2%

13.3%

-32.9%

-6.5%

-4.0%

▲ 2.5 pts

Return on assets (ROA)

21.6%

11.0%

-26.4%

-5.3%

-3.5%

▲ 1.8 pts

Return on equity (ROE)

41.6%

20.9%

-77.5%

-16.6%

-13.1%

▲ 3.5 pts

Free cash flow margin

11.3%

-0.3%

-13.3%

-10.2%

0.8%

▲ 11 pts

Current ratio

3.16×

3.01×

1.70×

2.31×

1.78×

▼ 23%

Quick ratio

1.94×

1.70×

0.97×

1.09×

0.86×

▼ 21%

Debt to equity

0.26×

0.75×

0.95×

1.09×

▲ 15%