Free cash flow generation has deteriorated into negative territory at -2.7% in 2025Q4, exacerbated by a high CapEx/Revenue ratio of 15.1% that outpaces current cash-generating capacity.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 20.49B | 10.29B | 7.09B | 15.54B | 32.26B | 27.15B | 9.46B | 12.2B | 2.74B | 4.41B | 3.52B | 4.05B | 7.25B | 3.47B | 7.02B |
| Operating CF Margin % | 17.06% | 9.17% | 6.24% | 11.24% | 18.73% | 21.31% | 12.98% | 24.08% | 5.97% | 14.1% | 15.47% | 18.61% | 34.49% | 20.26% | 37.82% |
| Operating CF Growth % | 99.22% | 44.98% | -54.35% | -51.81% | 18.81% | 186.87% | -22.41% | 345.04% | -37.79% | 25.32% | -13.26% | -44.09% | 108.81% | -50.57% | - |
| Net Income | -4.79B | -7.3B | -37.77B | 40.75B | 67.78B | 45.19B | 10.56B | 8.7B | 7.09B | 9.84B | 1.62B | 2.98B | 2.36B | 3.07B | 2.75B |
| Depreciation & Amortization | 9.59B | 8.81B | 10.01B | 7.09B | 8.29B | 7.59B | 7.21B | 6.61B | 7.56B | 4.04B | 3.64B | 3.25B | 3.6B | 2.58B | 2.61B |
| Stock-Based Compensation | 0 | 251M | 113M | 218M | 383M | 512M | 363M | 299.4M | 231.9M | 496.2M | 274.4M | 417.9M | 332.88M | 272.95M | 266.26M |
| Deferred Taxes | 0 | 0 | 0 | -26.06B | -41.51B | -15.29B | -10.4B | -8.65B | 0 | -7.66B | -924M | -2.02B | -463.32M | -572.18M | 609.97M |
| Other Non-Cash Items | 13.59B | 1.67B | 32.99B | -6.83B | -5.15B | -1.42B | 2.36B | 6.3B | -3.83B | -9.73B | -1.35B | -2.82B | 31.31M | -1.21B | -8.07M |
| Working Capital Changes | 2.11B | 6.85B | 1.75B | 386M | 2.46B | -9.44B | -625.6M | -1.07B | -522.3M | -237.6M | -668M | 214.5M | 1.39B | -667.12M | 791.51M |
| Change in Receivables | 0 | 1.77B | 1.33B | 116M | -510M | -2.17B | 3.12B | -461M | -214.9M | -220M | -634.6M | 166.7M | 144.01M | -361.11M | 450.22M |
| Change in Inventory | 0 | 2.15B | 1.51B | 605M | 1.38B | -9.03B | -5B | -924.8M | -937.7M | -35.5M | -78.2M | -62.6M | 176.35M | -100.03M | -57.29M |
| Change in Payables | 0 | 0 | 0 | -116M | 510M | 2.17B | -3.12B | 315.8M | 630.3M | 17.9M | 44.8M | 110.4M | 300.53M | -208.53M | -123.45M |
| Cash from Investing | -20.52B | -24.34B | -22.04B | -17.37B | -14.57B | -9.94B | -4.86B | -7.74B | -28.14B | -9.44B | -3.34B | -4.31B | -3.75B | -3.24B | -3.36B |
| Capital Expenditures | -18.81B | -21.57B | -22.41B | -15.9B | -12.74B | -9.62B | -7.71B | -7.08B | -6.1B | -4.15B | -3.34B | -3.25B | -3.15B | -3.22B | -3.27B |
| CapEx % of Revenue | 15.66% | 19.24% | 19.71% | 11.5% | 7.4% | 7.55% | 10.57% | 13.98% | 13.28% | 13.29% | 14.72% | 14.93% | 15.01% | 18.77% | 17.59% |
| Acquisitions | -1.73B | -2.98B | 471M | -1.4B | -998M | -756.2M | 2.59B | 500.3M | -25.59B | -5.31B | 0 | -377.2M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 185.22M | 213M | 36M | 669M | 1.03B | 439.7M | 37.1M | -1.37B | -56.7M | 14.6M | 4.9M | -680.8M | -405.93M | 5.09M | 16.94M |
| Cash from Financing | 2.31B | 4.56B | 12.98B | -3.5B | -8.34B | -2.24B | -1.47B | -4.1B | 26.81B | 5.45B | -20.9M | -673.3M | -2.54B | -360.26M | -4.42B |
| Debt Issued (Net) | 2.81B | 4.74B | 12.89B | -134M | 287M | -2.16B | -3.16B | -4.1B | 13.87B | 5.45B | -20.9M | -673.3M | -19.33B | 433.8M | -1.71B |
| Equity Issued (Net) | 0 | 0 | 1000K | 0 | -1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -279.69M | -173M | -5.32B | -9.45B | -18.18B | -1.7B | -85M | -600K | -560.4M | -1.61B | -658.4M | -1.01B | -282.79M | -809.53M | -2.71B |
| Share Repurchases | 0 | 0 | 0 | 0 | -8.5B | -84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -211.16M | 0 | 4.31B | 6.09B | 18.05B | 1.7B | 1.77B | 0 | 12.93B | -1.61B | -658.4M | 0 | 17.25B | 78.23M | 0 |
| Net Change in Cash | 3.08B | -9.51B | -516M | -4.22B | 10.05B | 14.62B | 3.07B | 486.7M | 1.09B | 250.5M | 154.5M | -929.5M | 737.77M | -89.85M | -878.65M |
| Free Cash Flow | 1.69B | -11.28B | -15.32B | -356M | 19.52B | 17.53B | 1.76B | 5.12B | -3.36B | 254.4M | 170.5M | 801.8M | 4.09B | 255.15M | 3.76B |
| FCF Margin % | 1.4% | -10.06% | -13.47% | -0.26% | 11.33% | 13.76% | 2.41% | 10.1% | -7.31% | 0.81% | 0.75% | 3.68% | 19.49% | 1.49% | 20.23% |
| FCF Growth % | 114.94% | 26.33% | -4202.25% | -101.82% | 11.31% | 897.31% | -65.64% | 252.36% | -1420.01% | 49.21% | -78.74% | -80.42% | 1504.84% | -93.21% | - |
| FCF per Share | 2.38 | -15.94 | -21.64 | -0.50 | 26.67 | 25.25 | 2.73 | 8.91 | -6.68 | 0.66 | 0.43 | 3.54 | 23.24 | 0.87 | 12.78 |
| FCF Conversion (FCF/Net Income) | -4.28x | -1.41x | -0.19x | 0.84x | 0.98x | 0.93x | 152.40x | -4.88x | -0.62x | 1.19x | 4.90x | 2.61x | 3.07x | 1.13x | 2.55x |
| Interest Paid | 0 | 2.1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 354.8M | 0 | 16.14M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 331.84M | 0 | 351.78M |
Commodity price and labor volatility
As reported in financial statements, Sibanye-Stillwater's OCF/NI ratio has exhibited extreme volatility, reaching a negative 5.88 in 2025Q4, which highlights a profound disconnect between accounting net income and the actual cash-generating capacity of the firm's underlying mining and recycling operations.
The persistent divergence between net income and operating cash flow suggests that headline earnings are heavily impacted by non-cash impairments and accounting adjustments that mask the underlying cash burn. Investors should monitor this trend, as the inability to convert earnings into cash flow may indicate that the company's core operations are struggling to cover their own capital requirements.
Based on EDBL's reported figures, the company's FCF margin has trended into negative territory, bottoming out at -2.7% in 2025Q4, a stark reversal from the 23.6% margins observed in 2021Q4, signaling a significant deterioration in the firm's ability to generate surplus cash.
This downward trajectory in free cash flow appears to be driven by a combination of declining commodity prices and the heavy capital burden of the company's diversification strategy. The consistent failure to maintain positive free cash flow suggests that the business model is currently reliant on external financing or existing liquidity to sustain its operations.
According to recent SEC filings, Sibanye-Stillwater's CapEx/Revenue ratio has climbed to 15.1% in 2025Q4, reflecting a high-intensity capital requirement that appears to be increasingly disconnected from the company's ability to generate top-line growth in a volatile PGM price environment.
The sustained high level of capital expenditure, despite negative free cash flow, suggests that the company is forced to reinvest heavily just to maintain its aging deep-level assets. This capital intensity warrants further investigation, as it may limit the company's flexibility to pivot toward more profitable battery metal projects without further straining its balance sheet.
Analysis of the ten-quarter data reveals a widening gap between cumulative net income and operating cash flow, with the latter frequently failing to offset the massive capital outlays required to sustain the company's complex, multi-jurisdictional mining and recycling footprint.
The persistent gap between reported earnings and cash reality suggests that the company's accounting profits are not translating into the liquidity needed for debt service or shareholder returns. This divergence may indicate that the firm's long-term value creation is being eroded by the high costs of maintaining mature assets while simultaneously funding speculative growth initiatives.
Quick answers to the most common questions about buying SBSW stock.
Sibanye Stillwater Limited (SBSW) generated $20.49B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sibanye Stillwater Limited (SBSW) generated $1.69B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Sibanye Stillwater Limited (SBSW) spent $18.81B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Sibanye Stillwater Limited (SBSW) returned $279.7M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.