Sibanye Stillwater Limited (SBSW) Cash Flow Statement
Where SBSW’s cash came from and went, 2025
December 31, 2025 · South African rand- Cash from operations
- R 20.49B +99.2% vs 2024
- Capital expenditures
- R 18.81B 14.5% of revenue
- Free cash flow
- R 1.69B 1.3% margin
- Returned to shareholders
- R 279.7M 17% of free cash flow
- Change in cash
- R 3.08B cash at year-end R 17.16B
Cash from operations
R 20.49B
Capital expenditures
−R 18.81B
Investments (net)
−R 85.0M
Acquisitions & other
−R 1.63B
Dividends
−R 279.7M
Net borrowing (repayment)
+R 2.80B
Other financing
−R 206.9M
Currency & other
+R 793.7M
Change in cash
R 3.08B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SBSW operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SBSW cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R 4.41B2016 | R 20.49B2025 | +18.6%/yr | |
| Capital expenditures | R 4.15B2016 | R 18.81B2025 | +18.3%/yr | |
| Free cash flow | R 254.4M2016 | R 1.69B2025 | +23.4%/yr | |
| Free cash flow margin | 0.8%2016 | 1.3%2025 | +0.5 pts | |
| Operating cash flow / net income | 0.452016 | 4.922025 | +4.47 | |
| Stock-based compensation | R 496.2M2016 | R 2.11B2025 | +17.5%/yr | |
| Dividends paid | R 1.61B2016 | R 279.7M2025 | −17.7%/yr | |
| Share buybacks (net) | R 02016 | R 02023 | — | |
| Capex / revenue | 13.3%2016 | 14.5%2025 | +1.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SBSW cash flow by activity
OperatingInvestingFinancingChange in cash
SBSW net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SBSW cash flow statement in South African rand
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R 4.17B | −R 7.30B | −R 37.77B | R 40.75B | R 67.78B | R 45.19B | R 10.56B | R 8.70B | R 7.09B | R 9.84B |
| Depreciation & amortization | R 9.37B | R 8.81B | R 10.01B | R 7.09B | R 8.29B | R 7.59B | R 7.21B | R 6.61B | R 7.56B | R 4.04B |
| Stock-based compensation | R 2.11B | R 251.0M | R 113.0M | R 218.0M | R 383.0M | R 512.0M | R 363.0M | R 299.4M | R 231.9M | R 496.2M |
| Change in working capital | R 2.27B | R 6.85B | R 1.75B | R 386.0M | R 2.46B | −R 9.44B | −R 625.6M | −R 1.07B | −R 522.3M | −R 237.6M |
| Other non-cash items | R 2.57B | R 1.67B | R 32.99B | −R 32.89B | −R 46.66B | −R 16.71B | −R 8.05B | −R 2.35B | −R 11.62B | −R 9.73B |
| Cash from operating activities | R 20.49B | R 10.29B | R 7.09B | R 15.54B | R 32.26B | R 27.15B | R 9.46B | R 12.20B | R 2.74B | R 4.41B |
| Investing activities | ||||||||||
| Capital expenditures | −R 18.81B | −R 21.57B | −R 22.41B | −R 15.90B | −R 12.74B | −R 9.62B | −R 7.71B | −R 7.08B | −R 6.10B | −R 4.15B |
| Investments (net) | −R 85.0M | −R 24.34B | −R 22.04B | −R 17.37B | −R 2.25B | −R 9.94B | −R 4.86B | −R 7.74B | −R 28.14B | −R 9.44B |
| Acquisitions & other investing | −R 1.63B | R 21.57B | R 22.41B | R 15.90B | R 421.0M | R 9.62B | R 7.71B | R 7.08B | R 6.10B | R 4.15B |
| Cash from investing activities | −R 20.52B | −R 24.34B | −R 22.04B | −R 17.37B | −R 14.57B | −R 9.94B | −R 4.86B | −R 7.74B | −R 28.14B | −R 9.44B |
| Financing activities | ||||||||||
| Dividends paid | −R 279.7M | −R 173.0M | −R 5.32B | −R 9.45B | −R 18.18B | −R 1.70B | −R 85.0M | −R 600,000 | −R 560.4M | −R 1.61B |
| Share repurchases & issuance (net) | — | — | R 0 | R 0 | −R 8.50B | −R 84.0M | R 85.0M | R 0 | R 13.44B | R 0 |
| Net borrowing (repayment) | R 2.80B | R 4.74B | R 12.89B | −R 134.0M | R 287.0M | −R 2.16B | −R 3.16B | −R 4.10B | R 13.87B | R 5.45B |
| Shares issued | R 0 | R 0 | R 1.10B | R 0 | R 0 | R 0 | R 1.69B | R 0 | R 0 | R 0 |
| Other financing | −R 206.9M | R 0 | R 4.31B | R 6.09B | R 18.05B | R 1.70B | R 0 | R 600,000 | R 54.3M | R 1.61B |
| Cash from financing activities | R 2.31B | R 4.56B | R 12.98B | −R 3.50B | −R 8.34B | −R 2.24B | −R 1.47B | −R 4.10B | R 26.81B | R 5.45B |
| Summary | ||||||||||
| Net change in cash | R 3.08B | −R 9.51B | −R 516.0M | −R 4.22B | R 10.05B | R 14.62B | R 3.07B | R 486.7M | R 1.09B | R 250.5M |
| Cash at end of period | 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 |
| Free cash flow | R 1.69B | −R 11.28B | −R 15.32B | −R 356.0M | R 19.52B | R 17.53B | R 1.76B | R 5.12B | −R 3.36B | R 254.4M |
| Free cash flow margin | 1.3% | −10.1% | −13.5% | −0.3% | 11.3% | 13.8% | 2.4% | 10.1% | −7.3% | 0.8% |
| Capex / revenue | 14.5% | 19.2% | 19.7% | 11.5% | 7.4% | 7.5% | 10.6% | 14.0% | 13.3% | 13.3% |
| Operating cash flow / net income | 4.92 | — | — | 0.38 | 0.48 | 0.60 | 0.90 | 1.40 | 0.39 | 0.45 |
| Jun '26 | Mar '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | R 18.35B | −R 1.58B | −R 1.58B | −R 3.59B | R 175.0M | R 175.0M | −R 7.47B | −R 3.74B | −R 45.20B | −R 22.60B | R 3.71B | R 3.71B |
| Depreciation & amortization | R 4.87B | R 5.37B | R 5.37B | R 4.22B | R 4.66B | R 4.66B | R 4.15B | R 2.07B | R 44.62B | R 22.27B | R 2.37B | R 2.37B |
| Stock-based compensation | — | R 1.50B | R 1.50B | R 615.0M | R 114.0M | R 114.0M | R 137.0M | R 68.5M | R 70.0M | R 35.0M | R 21.5M | R 21.5M |
| Change in working capital | R 10.22B | R 1.70B | R 1.70B | R 522.0M | R 4.52B | R 4.52B | R 2.33B | R 1.17B | R 1.88B | R 939.0M | R 481.5M | R 96.5M |
| Other non-cash items | −R 8.55B | R 1.87B | R 1.87B | R 11.41B | −R 3.13B | −R 3.13B | R 4.80B | R 2.40B | R 2.56B | R 1.32B | −R 2.34B | −R 1.95B |
| Cash from operating activities | R 24.88B | R 8.85B | R 8.85B | R 13.18B | R 6.34B | R 6.34B | R 3.94B | R 1.97B | R 3.93B | R 1.97B | R 4.24B | R 4.24B |
| Investing activities | ||||||||||||
| Capital expenditures | −R 8.59B | −R 10.76B | −R 10.76B | −R 9.54B | −R 10.42B | −R 10.42B | −R 11.15B | −R 5.57B | −R 11.56B | −R 5.78B | −R 5.43B | −R 5.43B |
| Investments (net) | — | — | — | — | — | — | — | — | — | — | −R 209.0M | −R 209.0M |
| Acquisitions & other investing | −R 189.2M | −R 1.86B | −R 1.86B | R 382.0M | R 258.0M | — | −R 2.87B | — | −R 102.0M | — | R 446.5M | R 446.5M |
| Cash from investing activities | −R 8.78B | −R 12.61B | −R 12.61B | −R 9.16B | −R 10.16B | — | −R 14.02B | — | −R 11.66B | — | −R 5.19B | −R 5.19B |
| Financing activities | ||||||||||||
| Dividends paid | — | −R 287.7M | −R 287.7M | — | −R 87.0M | −R 87.0M | −R 86.0M | −R 43.0M | −R 1.78B | −R 889.5M | −R 1.77B | −R 1.77B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | −R 1.10B | −R 548.0M | — | −R 21.0M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | — | −R 55.0M | −R 55.0M |
| Shares issued | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 | R 0 |
| Other financing | −R 10.58B | R 1.48B | R 1.48B | R 1.45B | R 4.32B | R 4.32B | R 415.0M | R 207.5M | R 14.10B | R 7.05B | R 43.5M | R 64.5M |
| Cash from financing activities | −R 10.58B | R 1.19B | R 1.19B | R 1.45B | R 4.23B | R 4.23B | R 329.0M | R 164.5M | R 11.22B | R 5.61B | −R 1.78B | −R 1.78B |
| Summary | ||||||||||||
| Net change in cash | R 5.63B | −R 2.41B | −R 2.41B | R 21.01B | −R 15.56B | −R 15.56B | R 15.56B | −R 5.00B | R 1.70B | R 1.70B | −R 1.96B | −R 1.96B |
| Cash at end of period | R 23.23B | R 17.16B | R 17.16B | R 21.01B | R 850.5M | R 15.56B | R 15.56B | −R 5.00B | R 1.70B | R 1.70B | −R 1.96B | −R 1.96B |
| Free cash flow | R 16.30B | −R 1.91B | −R 1.91B | R 3.64B | −R 4.08B | −R 4.08B | −R 7.21B | −R 3.60B | −R 7.63B | −R 3.81B | −R 1.19B | −R 1.19B |
| Free cash flow margin | 17.5% | −2.7% | −2.7% | 6.6% | −7.2% | −7.2% | −13.1% | −13.1% | −14.4% | −14.4% | −2.0% | −1.7% |
| Capex / revenue | 9.2% | 15.1% | 15.1% | 17.4% | 18.3% | 18.3% | 20.2% | 20.2% | 21.8% | 21.8% | 9.0% | 8.0% |
| Operating cash flow / net income | 1.36 | — | — | — | 36.25 | 36.25 | — | — | — | — | 1.14 | 1.14 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in South African rand as reported; data from EODHD.
SBSW cash generation
In fiscal 2025 (ended December 31, 2025), Sibanye Stillwater generated R 20.5 billion of cash from operations (up 99.2%) and spent R 18.8 billion on capital expenditures, leaving free cash flow of R 1.7 billion, 1.3% of revenue. It returned R 279.7 million to shareholders through dividends (R 279.7 million) and net share buybacks (R 0). Cash and equivalents rose by R 3.1 billion over the year.
Related: SBSW income statement, SBSW balance sheet. See the SBSW stock overview for the latest quote and news.
SBSW cash flow FAQ
What is Sibanye Stillwater's free cash flow?
Sibanye Stillwater's free cash flow was R 1.7 billion in fiscal 2025: R 20.5 billion of operating cash flow minus R 18.8 billion of capital expenditures It was -R 11.3 billion a year earlier..
How much cash does Sibanye Stillwater generate from operations?
Sibanye Stillwater generated R 20.5 billion of cash from operating activities in fiscal 2025, 4.92 times its net income of R 4.2 billion.
How much does Sibanye Stillwater spend on capital expenditures?
Sibanye Stillwater spent R 18.8 billion on capital expenditures in fiscal 2025, 14.5% of revenue, compared with R 21.6 billion the year before.
How much does Sibanye Stillwater pay in dividends?
Sibanye Stillwater paid R 279.7 million in dividends in fiscal 2025, 16.6% of free cash flow.