Sibanye Stillwater Limited (SBSW) Key Metrics
SBSW key metrics, 2016–2025
Fiscal year ended December 31, 2025 · South African randSBSW returns How much profit the business earns on the capital it uses.
SBSW financial health Debt, liquidity and how easily interest is covered.
SBSW efficiency & capital use Working capital cycle and where the cash goes.
SBSW returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SBSW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SBSW cash returned to shareholders
SBSW key metrics in South African rand
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −12.4% | −15.3% | −53.0% | 21.3% | 43.5% | 57.6% | 0.2% | −10.3% | −21.8% | 23.4% |
| Return on invested capital (ROIC) | 45.4% | 4.2% | 13.9% | 31.1% | 63.1% | 63.2% | 13.6% | 1.8% | 3.6% | 22.1% |
| Return on assets (ROA) | −3.6% | −5.2% | −24.4% | 11.5% | 23.0% | 24.9% | 0.1% | −3.1% | −7.5% | 10.6% |
| Return on tangible assets | −3.5% | −5.4% | −26.5% | 11.6% | 22.8% | 23.1% | 0.1% | −3.2% | −6.4% | 9.1% |
| Free cash flow margin | 1.3% | −10.1% | −13.5% | −0.3% | 11.3% | 13.8% | 2.4% | 10.1% | −7.3% | 0.8% |
| Income quality (OCF / net income) | — | — | — | 0.84 | 0.98 | 0.93 | 152.40 | — | — | 1.19 |
| Financial health | ||||||||||
| 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 |
| 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 |
| Net 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 |
| Debt / equity | 1.11 | 0.96 | 0.79 | 0.25 | 0.25 | 0.26 | 0.77 | 0.99 | 1.07 | 0.54 |
| Debt / assets | 0.29 | 0.30 | 0.29 | 0.14 | 0.13 | 0.14 | 0.24 | 0.29 | 0.34 | 0.22 |
| Net debt / EBITDA | 1.38 | 158.63 | — | −0.08 | −0.17 | −0.03 | 2.20 | 2.83 | 14.45 | 0.87 |
| Current ratio | 1.78 | 2.32 | 1.70 | 3.01 | 3.16 | 2.99 | 1.83 | 1.04 | 1.42 | 1.24 |
| Quick ratio | 0.86 | 1.10 | 0.97 | 1.70 | 1.94 | 1.56 | 0.74 | 0.68 | 1.00 | 1.13 |
| Interest coverage | 15.2 | 1.1 | 5.9 | 17.1 | 35.4 | 18.5 | 3.3 | 0.4 | 0.6 | 7.2 |
| 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 |
| Invested capital | R 66.23B | R 70.00B | R 67.06B | R 87.97B | R 71.63B | R 69.19B | R 49.64B | R 46.68B | R 47.59B | R 24.39B |
| Tangible asset value | R 42.15B | R 46.23B | R 51.10B | R 82.68B | R 73.62B | R 63.55B | R 24.28B | R 17.83B | R 17.60B | R 15.76B |
| Net current asset value | −R 44.77B | −R 41.29B | −R 29.51B | −R 14.86B | −R 6.82B | −R 11.14B | −R 43.77B | −R 45.00B | −R 40.07B | −R 17.32B |
| Capital allocation | ||||||||||
| 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 buybacks (net) | — | — | R 0 | R 0 | R 8.50B | R 84.0M | R 0 | R 0 | R 0 | R 0 |
| Dividend payout ratio | — | — | — | 51.4% | 55.0% | 5.8% | 136.9% | — | — | 43.5% |
| Dividends + buybacks / free cash flow | 16.6% | — | — | — | 136.7% | 10.2% | 4.8% | 0.0% | — | 633.6% |
| Capex / revenue | 14.5% | 19.2% | 19.7% | 11.5% | 7.4% | 7.5% | 10.6% | 14.0% | 13.3% | 13.3% |
| Capex / operating cash flow | 91.8% | 209.7% | 315.9% | 102.3% | 39.5% | 35.4% | 81.4% | 58.1% | 222.5% | 94.2% |
| Capex / depreciation | 2.01 | 2.45 | 2.24 | 2.24 | 1.54 | 1.27 | 1.07 | 1.07 | 0.81 | 1.03 |
| Stock-based compensation / revenue | 1.6% | 0.2% | 0.1% | 0.2% | 0.2% | 0.4% | 0.5% | 0.6% | 0.5% | 1.6% |
| SG&A / revenue | 1.9% | 0.3% | 0.2% | 0.0% | 0.2% | 0.4% | 0.4% | 0.6% | 2.9% | 1.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 24.1 | 23.4 | 27.3 | 23.1 | 17.2 | 17.3 | 31.0 | 49.6 | 48.4 | 42.4 |
| Days of inventory on hand | 117.6 | 89.5 | 95.4 | 90.8 | 81.5 | 86.7 | 59.5 | 33.3 | 18.0 | 7.8 |
| Days payables outstanding | 42.8 | 14.2 | 36.0 | 54.4 | 46.2 | 52.9 | 55.3 | 54.9 | 50.9 | 41.0 |
| Cash conversion cycle (days) | 99.0 | 98.7 | 86.6 | 59.5 | 52.5 | 51.2 | 35.2 | 28.0 | 15.5 | 9.1 |
| Receivables turnover | 15.14 | 15.57 | 13.39 | 15.82 | 21.22 | 21.07 | 11.77 | 7.36 | 7.55 | 8.62 |
| Payables turnover | 8.54 | 25.62 | 10.13 | 6.71 | 7.90 | 6.90 | 6.60 | 6.65 | 7.17 | 8.89 |
| Inventory turnover | 3.10 | 4.08 | 3.83 | 4.02 | 4.48 | 4.21 | 6.13 | 10.96 | 20.26 | 46.73 |
| Asset turnover | 0.90 | 0.80 | 0.73 | 0.87 | 1.20 | 1.08 | 0.78 | 0.63 | 0.78 | 0.89 |
| Average receivables | R 8.56B | R 7.20B | R 8.49B | R 8.74B | R 8.11B | R 6.05B | R 6.20B | R 6.88B | R 6.08B | R 3.63B |
| Average payables | R 10.36B | R 4.13B | R 9.97B | R 15.41B | R 14.18B | R 12.34B | R 9.66B | R 7.27B | R 5.94B | R 2.84B |
| Average inventory | R 28.50B | R 25.96B | R 26.37B | R 25.73B | R 25.02B | R 20.23B | R 10.40B | R 4.41B | R 2.10B | R 541.4M |
| Intangibles / total assets | 1.3% | 1.5% | 0.4% | 5.0% | 5.1% | 5.3% | 6.8% | 8.1% | 8.4% | 2.2% |
Computed from SBSW's annual financial statements (latest annual report filed April 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in South African rand; data from EODHD. Averages use the opening and closing balance of each year.
SBSW valuation and financial ratios
Sibanye Stillwater earned a return on equity of −12.4% and a return on invested capital of 45.4% in fiscal 2025. It ended the year with R 43.9 billion of debt and R 17.2 billion in cash and short-term investments, net debt of R 26.7 billion. It returned R 279.7 million to shareholders: R 279.7 million in dividends and R 0 in share buybacks, 17% of free cash flow.
See the SBSW income statement, the SBSW chart for price history, or the SBSW stock overview for the latest quote and news.
SBSW key metrics FAQ
What is Sibanye Stillwater's return on equity?
Sibanye Stillwater's return on equity (ROE) was −12.4% in fiscal 2025: net income of -R 5.2 billion on average shareholders' equity of R 41.7 billion.
What is Sibanye Stillwater's ROIC?
Sibanye Stillwater's return on invested capital was 45.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Sibanye Stillwater have?
Sibanye Stillwater had total debt of R 43.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.11 and R 26.7 billion of net debt (1.38 times EBITDA).
What is Sibanye Stillwater's current ratio?
Sibanye Stillwater's current ratio was 1.78 at the end of fiscal 2025: current assets were 1.78 times current liabilities.