Sibanye Stillwater Ltd
SBSW, SBYSF · Gold and Silver Ores · EDGAR filings ↗
Grade
D52Large, diversified PGM/gold miner in a loss-making, negative-FCF FY2024 with elevated leverage, though scaled and cash-rich.
Strengths
- Substantial scale and liquidity: cash $851M (90th pct), strong 2025 EBITDA recovery (+189%) noted in MD&A
- Diversified PGM, gold, zinc and recycling asset base across SA, US and EU
Risks
- FY2024 was a loss year: net margin -5%, ROE -11.8%, gross margin 6% (11th pct), FCF -$608M (2nd pct)
- High leverage (D/E 0.86, 90th pct) plus SA labour, power, and political/nationalization risk
Notable findings
- Net lossNet loss (net margin -5.1%)
- Cash burnNegative free cash flow (-607.7M)
Key metrics
Gross margin
6.3%
Net margin
-5.1%
Return on equity
-11.8%
Return on assets
-4.1%
Revenue growth (QoQ)
-4.4%
Debt / equity
0.9×
Current ratio
2.3×
Free cash flow
-$608M
Tangible book value
$2.5B
Cash & investments
$851M
Cash runway
6q
Supply chain
Customers (1)
Suppliers (0)
Named in the 10-K; linked when we track them.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-24 | 2025-12-31 | 0001628280-26-026991 ↗ |
| 20-F | 2025-04-25 | 2024-12-31 | 0001786909-25-000021 ↗ |
| 20-F | 2024-04-26 | 2023-12-31 | 0001786909-24-000019 ↗ |
| 20-F | 2023-04-24 | 2022-12-31 | 0001786909-23-000034 ↗ |
| 20-F | 2022-04-22 | 2021-12-31 | 0001786909-22-000026 ↗ |
| 20-F | 2021-04-22 | 2020-12-31 | 0001104659-21-053622 ↗ |
| 20-F | 2020-04-28 | 2019-12-31 | 0001558370-20-004504 ↗ |