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SBSW

Sibanye Stillwater Limited

SBSW

Sibanye Stillwater Limited • NYSE
$13.33 ▲ 5.96% (+0.75)
Market Cap $9.43 B
52w High $13.36
52w Low $3.05
Dividend Yield 0%
P/E -45.97
Volume 4.85M
Outstanding Shares 707.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $54.767B ▼ $617M ▲ $-3.591B ▼ -6.557% ▼ $-5.08 ▼ $4.122B ▲
Q4-2024 $56.925B ▲ $125M ▼ $175M ▲ 0.307% ▲ $0.25 ▲ $-4.577B ▼
Q2-2024 $55.204B ▲ $162M ▼ $-7.472B ▲ -13.535% ▲ $-10.56 ▲ $4.741B ▲
Q4-2023 $53.116B ▼ $253M ▼ $-45.195B ▼ -85.087% ▼ $-63.84 ▼ $4.275B ▼
Q2-2023 $60.568B $4.481B $7.423B 12.256% $10.48 $13.47B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $21.012B ▲ $144.699B ▲ $100.354B ▲ $40.372B ▼
Q4-2024 $16.049B ▲ $137.992B ▲ $89.703B ▲ $43.979B ▲
Q2-2024 $15.56B ▼ $134.912B ▼ $88.371B ▼ $43.404B ▼
Q4-2023 $25.56B ▲ $142.941B ▼ $91.334B ▲ $48.73B ▼
Q2-2023 $22.159B $180.424B $80.26B $96.99B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-3.591B ▼ $13.177B ▲ $-9.156B ▲ $1.453B ▼ $21.012B ▲ $3.639B ▲
Q4-2024 $175M ▲ $6.344B ▲ $-10.164B ▲ $4.233B ▲ $-15.56B ▼ $-4.078B ▲
Q2-2024 $-7.472B ▲ $3.942B ▲ $-14.015B ▼ $329M ▼ $15.56B ▲ $-7.205B ▲
Q4-2023 $-45.195B ▼ $3.931B ▼ $-11.659B ▼ $11.22B ▲ $1.7B ▲ $-7.626B ▼
Q2-2023 $7.423B $8.482B $-10.379B $-3.562B $-1.958B $-2.372B

Five-Year Company Overview

Income Statement

Income Statement Earnings have swung sharply over the last five years. Revenue peaked a few years ago and has been drifting down since, while costs have risen, squeezing profit margins. After a period of very strong profitability during the commodity upswing, results turned into sizeable losses, especially in the most recent two years. This pattern is typical of a highly cyclical miner: very strong in good price environments, but vulnerable when metal prices weaken or costs spike. The recent move from solid profits to losses is the main financial red flag on the income statement.

Balance Sheet

Balance Sheet The balance sheet shows a business that has invested and taken on more financial risk. Total assets grew earlier in the period but have eased back more recently, suggesting a mix of new projects and some value being written down or consumed by losses. Cash reserves have fallen from earlier highs, while debt has climbed, leaving the company more leveraged than it was five years ago. Shareholders’ equity rose strongly during the boom years, then shrank as losses accumulated, which reduces the financial cushion. Overall, the balance sheet is still substantial, but it is clearly under more pressure than in the earlier part of the decade.

Cash Flow

Cash Flow Operating cash flow was very robust during the strong pricing environment, but has weakened as earnings fell. At the same time, spending on new projects and assets has increased steadily, so more cash is going out the door for investment. As a result, free cash flow has shifted from comfortably positive to consistently negative in the last few years. This means the business has been relying more on its balance sheet and external funding to support its growth and strategic projects. Future cash flow will depend heavily on both commodity prices and the success of these investments turning into cash-generating operations.

Competitive Edge

Competitive Edge Sibanye Stillwater has moved beyond being just a South African gold or PGM miner and now operates a broad portfolio across platinum group metals, gold, and emerging battery metals, plus recycling. This diversification across metals and regions provides some protection against downturns in any single commodity or country. The company has built a strong position in precious metals recycling and tailings retreatment, which gives it a foothold in the circular economy and provides a different, often more stable, source of metal. An integrated mine-to-market chain, especially in PGMs across two continents, adds operational control and supply chain strength. However, the group still faces typical mining risks: exposure to volatile metal prices, labor and regulatory challenges in key jurisdictions, and the execution risk of large, complex projects.

Innovation and R&D

Innovation and R&D The company is leaning heavily into technology and “green metals” as a way to reshape its future. It is rolling out digital twins, machine vision and AI to improve safety and productivity in its mines, signaling a push toward a more automated, data-driven operating model. On the product side, Sibanye Stillwater is investing in lithium, battery materials, and hydrogen-related PGM demand, aiming to be a key supplier to electric vehicles and clean energy systems. Its advanced recycling technologies and acquisitions in the US show a deliberate strategy to grow urban mining and circular economy revenue. Partnerships with technology and materials companies further support its R&D and reduce the risk of going it alone on new processes and products.

Summary

Sibanye Stillwater is in the middle of a transition: financially pressured in the short term, but strategically repositioning for long-term themes like decarbonization, battery metals, and recycling. The last few years have seen profits turn into losses, margins compress, and free cash flow turn negative, while debt has risen and cash cushions have shrunk. At the same time, the company has built a differentiated competitive position in PGMs, diversified metals, and recycling, with a notable emphasis on ESG and the circular economy. Its innovation agenda – from digital mines to lithium and battery materials – could pay off if projects are delivered on time and on budget and if demand for green metals unfolds as expected. The key tension to watch is whether the balance sheet and cash generation can comfortably support this ambitious strategy through a volatile commodity cycle.