Sibanye Stillwater Limited (SBSW) Balance Sheet
SBSW balance sheet, 2025
December 31, 2025 · South African randR 149.59B assets = R 105.47B liabilities + R 44.12B equity
Both columns are drawn to the same scale: what SBSW owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SBSW financial health
Current ratio1.78
Comfortable · current assets cover current liabilities 1.78×
Debt / equity1.11
Moderate leverage · R 1.11 of debt for each $1 of equity
Equity / assets26.4%
Balanced · of assets funded by shareholders
Cash / debt39.1%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles1.3%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
SBSW balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | R 41.72B2016 | R 149.59B2025 | +15.2%/yr | |
| Total liabilities | R 25.02B2016 | R 105.47B2025 | +17.3%/yr | |
| Shareholders’ equity | R 16.70B2016 | R 39.49B2025 | +10.0%/yr | |
| Cash & short-term investments | R 1.28B2016 | R 17.16B2025 | +33.4%/yr | |
| Total debt | R 8.97B2016 | R 43.90B2025 | +19.3%/yr | |
| Net cash (debt) | −R 7.70B2016 | −R 26.74B2025 | R 19.0B | |
| Working capital | R 1.47B2016 | R 26.57B2025 | R 25.1B | |
| Current ratio | 1.242016 | 1.782025 | +0.54 | |
| Debt / equity | 0.542016 | 1.112025 | +0.57 | |
| Shares outstanding | 386.7M2016 | 707.6M2025 | +6.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SBSW assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
SBSW liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
SBSW debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SBSW balance sheet in South African rand
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | R 17.16B | R 16.05B | R 25.56B | R 26.08B | R 30.29B | R 20.24B | R 5.62B | R 2.55B | R 2.06B | R 1.28B |
| Cash & equivalents | R 17.16B | R 16.05B | R 25.56B | R 26.08B | R 30.29B | R 20.24B | R 5.62B | R 2.55B | R 2.06B | R 967.9M |
| Short-term investments | — | — | −R 5.93B | −R 14.50B | −R 13.58B | −R 9.75B | −R 8.00B | R 0 | R 0 | R 310.6M |
| Receivables | R 11.40B | R 5.72B | R 8.68B | R 8.30B | R 9.18B | R 7.05B | R 5.04B | R 7.35B | R 6.42B | R 5.75B |
| Inventory | R 31.45B | R 25.55B | R 26.36B | R 26.38B | R 25.08B | R 24.95B | R 15.50B | R 5.29B | R 3.53B | R 676.8M |
| Other current assets | R 678.1M | R 1.09B | R 1.22B | R 0 | R 280.0M | R 0 | R 0 | R 0 | R 0 | R 0 |
| Total current assets | R 60.69B | R 48.41B | R 61.82B | R 60.76B | R 64.83B | R 52.24B | R 26.16B | R 15.20B | R 12.00B | R 7.70B |
| Property, plant & equipment (net) | R 64.79B | R 67.06B | R 61.90B | R 77.19B | R 62.72B | R 60.90B | R 57.84B | R 54.56B | R 51.44B | R 27.24B |
| Goodwill & intangible assets | R 1.97B | R 2.06B | R 502.0M | R 8.32B | R 7.73B | R 7.17B | R 6.85B | R 6.89B | R 6.40B | R 936.0M |
| Long-term investments | R 18.14B | R 17.52B | R 16.25B | R 17.12B | R 16.16B | R 11.40B | R 9.24B | R 7.89B | R 5.74B | R 5.26B |
| Other non-current assets | R 4.00B | R 2.94B | R 2.46B | R 3.24B | R 1.56B | R 2.40B | R 972.4M | R 391.3M | R 490.2M | R 583.5M |
| Total assets | R 149.59B | R 137.99B | R 142.94B | R 166.63B | R 152.99B | R 134.10B | R 101.07B | R 84.92B | R 76.07B | R 41.72B |
| Liabilities | ||||||||||
| Accounts payable | R 16.74B | R 3.98B | R 4.28B | R 15.65B | R 15.16B | R 13.21B | R 11.47B | R 7.86B | R 6.69B | R 5.18B |
| Short-term debt | R 11.57B | R 727.0M | R 15.68B | R 233.0M | R 211.0M | R 989.2M | R 148.3M | R 6.19B | R 1.66B | R 752.3M |
| Deferred revenue | R 1.20B | R 1.66B | R 305.0M | R 21.0M | R 156.0M | R 66.9M | R 1.27B | R 30.1M | −R 4.93B | −R 3.99B |
| Total current liabilities | R 34.12B | R 20.86B | R 36.41B | R 20.22B | R 20.54B | R 17.49B | R 14.33B | R 14.63B | R 8.44B | R 6.24B |
| Long-term debt | R 31.86B | R 41.13B | R 24.95B | R 22.61B | R 20.19B | R 17.50B | R 23.97B | R 18.32B | R 23.99B | R 8.22B |
| Lease obligations | R 647.0M | R 378.0M | R 582.0M | R 319.0M | R 281.0M | R 326.8M | R 382.8M | R 0 | R 0 | R 0 |
| Other long-term liabilities | R 39.49B | R 27.71B | R 29.98B | R 32.80B | R 30.92B | R 28.40B | R 31.64B | R 27.25B | R 19.64B | R 10.57B |
| Total liabilities | R 105.47B | R 89.70B | R 91.33B | R 75.63B | R 71.65B | R 63.39B | R 69.93B | R 60.20B | R 52.07B | R 25.02B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | R 21.63B | R 21.65B | R 21.65B | R 21.65B | R 21.65B | R 30.15B | R 40.66B | R 34.67B | R 34.67B | R 21.73B |
| Retained earnings (deficit) | −R 19.08B | −R 13.82B | −R 8.47B | R 33.78B | R 27.96B | R 12.76B | −R 15.43B | −R 15.50B | −R 13.26B | −R 8.03B |
| Treasury stock | — | — | — | — | — | — | R 0 | R 0 | R 0 | R 0 |
| Accumulated other comprehensive income | R 36.96B | R 36.15B | R 35.55B | R 32.67B | R 30.33B | R 25.57B | R 4.44B | R 4.62B | R 2.57B | R 2.98B |
| Minority interest | R 4.64B | R 4.31B | R 2.88B | R 2.90B | — | — | R 0 | R 0 | R 0 | R 0 |
| Total shareholders' equity | R 39.49B | R 43.98B | R 51.61B | R 91.00B | R 81.34B | R 70.72B | R 31.14B | R 24.72B | R 24.00B | R 16.70B |
| Key figures | ||||||||||
| Total debt | R 43.90B | R 42.06B | R 41.01B | R 23.05B | R 20.58B | R 18.71B | R 24.12B | R 24.50B | R 25.65B | R 8.97B |
| Net cash (debt) | −R 26.74B | −R 26.02B | −R 15.45B | R 3.03B | R 9.71B | R 1.53B | −R 18.50B | −R 21.96B | −R 23.59B | −R 7.70B |
| Working capital | R 26.57B | R 27.55B | R 25.41B | R 40.55B | R 44.29B | R 34.76B | R 11.84B | R 562.7M | R 3.57B | R 1.47B |
| Tangible book value | R 37.51B | R 41.92B | R 51.10B | R 82.68B | R 73.62B | R 63.55B | R 24.28B | R 17.83B | R 17.60B | R 15.76B |
| Shares outstanding | 707.6M | 707.6M | 707.6M | 707.7M | 731.8M | 694.5M | 644.7M | 566.0M | 483.5M | 386.7M |
| Current ratio | 1.78 | 2.32 | 1.70 | 3.01 | 3.16 | 2.99 | 1.83 | 1.04 | 1.42 | 1.24 |
| Quick ratio | 0.84 | 1.04 | 0.94 | 1.70 | 1.92 | 1.56 | 0.74 | 0.68 | 1.00 | 1.13 |
| Debt / equity | 1.11 | 0.96 | 0.79 | 0.25 | 0.25 | 0.26 | 0.77 | 0.99 | 1.07 | 0.54 |
| Equity / assets | 26.4% | 31.9% | 36.1% | 54.6% | 53.2% | 52.7% | 30.8% | 29.1% | 31.5% | 40.0% |
| Jun '26 | Mar '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | R 22.26B | R 17.16B | R 17.16B | R 21.01B | R 16.05B | R 16.05B | R 15.56B | R 15.56B | R 25.56B | R 25.56B | R 22.16B | R 22.16B |
| Cash & equivalents | R 22.26B | R 17.16B | R 17.16B | R 21.01B | R 16.05B | R 16.05B | R 15.56B | R 15.56B | R 25.56B | R 25.56B | R 22.16B | R 22.16B |
| Short-term investments | — | — | — | — | — | — | — | — | −R 5.93B | — | −R 15.67B | R 14.3M |
| Receivables | R 9.31B | R 11.40B | R 11.40B | R 10.72B | R 5.72B | R 5.72B | R 8.95B | R 8.95B | R 8.68B | R 6.67B | R 8.78B | R 8.02B |
| Inventory | R 31.58B | R 31.45B | R 31.45B | R 28.34B | R 25.55B | R 25.55B | R 25.87B | R 25.87B | R 26.36B | R 26.36B | R 25.71B | R 25.71B |
| Other current assets | R 281.7M | R 678.1M | R 678.1M | R 305.0M | R 1.09B | R 1.09B | R 1.16B | R 1.16B | R 1.22B | R 3.23B | R 0 | R 767.0M |
| Total current assets | R 63.43B | R 60.69B | R 60.69B | R 60.37B | R 48.41B | R 48.41B | R 51.53B | R 51.53B | R 61.82B | R 61.82B | R 56.65B | R 56.65B |
| Property, plant & equipment (net) | R 67.83B | R 64.79B | R 64.79B | R 62.70B | R 67.06B | R 67.06B | R 61.86B | R 61.86B | R 61.90B | R 61.90B | R 93.43B | R 93.43B |
| Goodwill & intangible assets | R 1.84B | R 1.97B | R 1.97B | R 1.99B | R 2.06B | R 2.84B | R 1.97B | R 1.97B | R 502.0M | R 502.0M | R 9.15B | R 17.39B |
| Long-term investments | R 19.74B | R 0 | R 18.14B | R 16.50B | R 0 | R 17.52B | R 16.91B | R 0 | R 16.25B | R 0 | R 18.18B | R 0 |
| Other non-current assets | R 5.32B | R 22.14B | R 4.00B | R 3.13B | R 20.46B | R 2.16B | R 2.64B | R 19.55B | R 2.46B | R 18.72B | R 3.00B | R 12.95B |
| Total assets | R 158.16B | R 149.59B | R 149.59B | R 144.70B | R 137.99B | R 137.99B | R 134.91B | R 134.91B | R 142.94B | R 142.94B | R 180.42B | R 180.42B |
| Liabilities | ||||||||||||
| Accounts payable | R 18.11B | R 16.74B | R 16.74B | R 15.56B | R 3.98B | R 15.60B | R 15.40B | R 15.40B | R 4.28B | R 4.28B | R 15.38B | R 15.38B |
| Short-term debt | R 410.7M | R 11.57B | R 11.57B | R 460.0M | R 727.0M | R 727.0M | R 4.89B | R 4.89B | R 15.68B | R 15.48B | R 335.0M | R 233.0M |
| Deferred revenue | R 571.4M | R 1.20B | R 1.20B | R 1.12B | R 1.66B | — | R 394.0M | R 337.0M | R 305.0M | — | R 324.0M | R 21.0M |
| Total current liabilities | R 23.32B | R 34.12B | R 34.12B | R 20.90B | R 20.86B | R 20.86B | R 24.70B | R 24.70B | R 36.41B | R 36.41B | R 18.02B | R 18.02B |
| Long-term debt | R 36.51B | R 0 | R 31.86B | R 42.14B | R 0 | R 41.13B | R 32.60B | R 0 | R 24.95B | R 0 | R 25.18B | R 0 |
| Lease obligations | R 564.0M | — | R 647.0M | R 447.0M | — | R 378.0M | R 464.0M | — | R 582.0M | — | R 640.0M | — |
| Other long-term liabilities | R 39.62B | R 71.34B | R 39.49B | R 37.32B | R 68.85B | R 27.71B | R 31.07B | R 63.67B | R 29.98B | R 54.93B | R 37.06B | R 25.18B |
| Total liabilities | R 99.46B | R 105.47B | R 105.47B | R 100.35B | R 89.70B | R 89.70B | R 88.37B | R 88.37B | R 91.33B | R 91.33B | R 80.26B | R 80.26B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | R 21.47B | R 21.63B | R 21.63B | R 21.65B | R 21.65B | R 21.65B | R 21.65B | R 21.65B | R 21.65B | R 21.65B | R 21.65B | R 21.65B |
| Retained earnings (deficit) | R 17.81B | −R 19.08B | −R 19.08B | −R 17.41B | −R 13.82B | −R 13.82B | −R 13.99B | −R 13.99B | −R 8.47B | −R 8.47B | R 38.23B | R 38.23B |
| Accumulated other comprehensive income | R 13.98B | R 36.96B | R 36.96B | R 36.13B | R 36.15B | R 36.15B | R 35.75B | R 35.75B | R 35.55B | R 35.55B | R 37.12B | R 32.67B |
| Minority interest | R 5.48B | — | R 4.64B | — | — | R 4.31B | — | — | — | — | — | — |
| Total shareholders' equity | R 53.27B | R 39.49B | R 39.49B | R 40.37B | R 43.98B | R 43.98B | R 43.40B | R 43.40B | R 48.73B | R 48.73B | R 96.99B | R 96.99B |
| Key figures | ||||||||||||
| Total debt | R 37.04B | R 43.90B | R 43.90B | R 42.86B | R 42.06B | R 42.06B | R 37.78B | R 37.32B | R 41.01B | R 40.81B | R 25.95B | R 23.05B |
| Net cash (debt) | −R 14.79B | −R 26.74B | −R 26.74B | −R 21.85B | −R 26.02B | −R 26.02B | −R 22.22B | −R 21.76B | −R 15.45B | −R 15.25B | −R 3.79B | −R 888.0M |
| Working capital | R 40.11B | R 26.57B | R 26.57B | R 39.48B | R 27.55B | R 27.55B | R 26.83B | R 26.83B | R 25.41B | R 25.41B | R 38.63B | R 38.63B |
| Tangible book value | R 51.42B | R 37.51B | R 37.51B | R 38.38B | R 41.92B | R 41.14B | R 41.43B | R 41.43B | R 48.23B | R 48.23B | R 87.84B | R 79.60B |
| Shares outstanding | 803.4M | 707.6M | 707.6M | 707.6M | 707.6M | 707.6M | 707.6M | 2.83B | 707.6M | 707.6M | 707.7M | 707.7M |
| Current ratio | 2.72 | 1.78 | 1.78 | 2.89 | 2.32 | 2.32 | 2.09 | 2.09 | 1.70 | 1.70 | 3.14 | 3.14 |
| Quick ratio | 1.35 | 0.84 | 0.84 | 1.52 | 1.04 | 1.04 | 0.99 | 0.99 | 0.94 | 0.89 | 1.72 | 1.67 |
| Debt / equity | 0.70 | 1.11 | 1.11 | 1.06 | 0.96 | 0.96 | 0.87 | 0.86 | 0.84 | 0.84 | 0.27 | 0.24 |
| Equity / assets | 33.7% | 26.4% | 26.4% | 27.9% | 31.9% | 31.9% | 32.2% | 32.2% | 34.1% | 34.1% | 53.8% | 53.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in South African rand as reported (latest annual report filed April 24, 2026); data from EODHD.
SBSW financial position
At the end of fiscal 2025 (December 31, 2025), Sibanye Stillwater had total assets of R 149.6 billion (up 8.4% from a year earlier), total liabilities of R 105.5 billion and shareholders' equity of R 39.5 billion. It held R 17.2 billion in cash and short-term investments against R 43.9 billion of debt, net debt of R 26.7 billion. Its current ratio was 1.78. In the latest quarter (ended June 30, 2026) total assets were R 158.2 billion and equity R 53.3 billion.
Related: SBSW income statement, SBSW cash flow statement, SBSW key metrics. See the SBSW stock overview for the latest quote and news.
SBSW balance sheet FAQ
What are Sibanye Stillwater's total assets?
Sibanye Stillwater reported total assets of R 149.6 billion at the end of fiscal 2025 (December 31, 2025), compared with R 138.0 billion a year earlier.
How much debt does Sibanye Stillwater have?
Sibanye Stillwater had R 43.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.11.
How much cash does Sibanye Stillwater have?
Sibanye Stillwater held R 17.2 billion in cash and short-term investments at the end of fiscal 2025; with R 43.9 billion of debt that is net debt of R 26.7 billion.
What is Sibanye Stillwater's book value?
Sibanye Stillwater's shareholders' equity (book value) was R 39.5 billion at the end of fiscal 2025.
What is Sibanye Stillwater's current ratio?
Sibanye Stillwater had current assets of R 60.7 billion and current liabilities of R 34.1 billion, a current ratio of 1.78 (it can cover its short-term obligations).
How much goodwill does Sibanye Stillwater have?
Sibanye Stillwater carried R 2.0 billion of goodwill and intangible assets, 1.3% of total assets, at the end of fiscal 2025.