Latest Ratios: P/E Ratio -24.4x · EV/EBITDA 5.0x · ROE -10.4%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.0B | $10.1B | $2.3B | $3.8B | $7.5B | $9.2B | $11.0B | $6.4B | $1.6B | $2.5B | $2.7B |
| Enterprise Value | $9.6B | $37.3B | $28.4B | $19.3B | $4.5B | $-536083790 | $9.5B | $24.9B | $23.6B | $26.1B | $10.7B |
| P/E Ratio → | -24.37 | — | — | — | 0.41 | 0.28 | 0.38 | 14.60 | — | — | 0.77 |
| P/S Ratio | 1.11 | 0.08 | 0.02 | 0.03 | 0.05 | 0.05 | 0.09 | 0.09 | 0.03 | 0.06 | 0.09 |
| P/B Ratio | 2.66 | 0.23 | 0.05 | 0.07 | 0.08 | 0.11 | 0.16 | 0.20 | 0.06 | 0.11 | 0.16 |
| P/FCF | 79.00 | 5.98 | — | — | — | 0.47 | 0.63 | 3.64 | 0.32 | — | 10.52 |
| P/OCF | 6.50 | 0.49 | 0.23 | 0.54 | 0.49 | 0.28 | 0.41 | 0.68 | 0.13 | 0.93 | 0.61 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.31 | 0.25 | 0.17 | 0.03 | -0.00 | 0.07 | 0.34 | 0.47 | 0.57 | 0.34 |
| EV / EBITDA | 5.05 | 1.17 | 2.27 | 0.82 | 0.10 | -0.01 | 0.19 | 1.61 | 3.06 | 2.84 | 1.01 |
| EV / EBIT | 7.22 | 1.68 | — | — | 0.15 | -0.01 | 0.25 | 20.75 | 20.68 | — | 2.21 |
| EV / FCF | — | 22.11 | — | — | — | -0.03 | 0.54 | 14.16 | 4.61 | — | 41.99 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.8% | 23.8% | 5.6% | 11.2% | 25.2% | 34.9% | 33.2% | 12.6% | 4.6% | 7.3% | 19.0% |
| Operating Margin | 18.5% | 18.5% | 3.3% | 12.0% | 26.3% | 36.3% | 34.1% | 11.3% | 2.2% | 3.6% | 20.8% |
| Net Profit Margin | -4.0% | -4.0% | -6.5% | -33.2% | 13.3% | 19.2% | 23.0% | 0.1% | -4.9% | -9.7% | 11.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -10.4% | -10.4% | -14.6% | -53.0% | 21.3% | 43.5% | 56.7% | 0.2% | -10.1% | -21.8% | 23.4% |
| ROA | -3.3% | -3.3% | -5.2% | -24.4% | 11.5% | 23.0% | 24.9% | 0.1% | -3.1% | -7.5% | 10.6% |
| ROIC | 22.9% | 22.9% | 3.9% | 13.2% | 34.2% | 66.6% | 54.2% | 12.6% | 1.7% | 3.4% | 22.7% |
| ROCE | 19.1% | 19.1% | 3.3% | 10.8% | 26.1% | 50.2% | 42.8% | 10.5% | 1.6% | 3.2% | 22.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.00 | 1.00 | 0.87 | 0.79 | 0.25 | 0.25 | 0.26 | 0.74 | 0.95 | 1.07 | 0.54 |
| Debt / EBITDA | 1.40 | 1.40 | 3.37 | 1.74 | 0.53 | 0.29 | 0.37 | 1.56 | 3.18 | 2.79 | 0.85 |
| Net Debt / Equity | — | 0.62 | 0.54 | 0.30 | -0.03 | -0.12 | -0.02 | 0.57 | 0.86 | 0.98 | 0.48 |
| Net Debt / EBITDA | 0.86 | 0.86 | 2.08 | 0.65 | -0.07 | -0.14 | -0.03 | 1.20 | 2.85 | 2.57 | 0.76 |
| Debt / FCF | — | 16.13 | — | — | — | -0.50 | -0.09 | 10.52 | 4.29 | — | 31.47 |
| Interest Coverage | 8.63 | 8.63 | -2.65 | -16.23 | 14.07 | 27.98 | 16.10 | 0.48 | 0.44 | -1.91 | 5.36 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.78 | 1.78 | 2.32 | 1.70 | 3.01 | 3.16 | 2.99 | 1.83 | 1.04 | 1.42 | 1.24 |
| Quick Ratio | 0.86 | 0.86 | 1.10 | 0.97 | 1.70 | 1.94 | 1.56 | 0.74 | 0.68 | 1.00 | 1.13 |
| Cash Ratio | 0.50 | 0.50 | 0.77 | 0.70 | 1.29 | 1.47 | 1.16 | 0.39 | 0.17 | 0.24 | 0.20 |
| Asset Turnover | — | 0.80 | 0.81 | 0.80 | 0.83 | 1.13 | 0.95 | 0.72 | 0.60 | 0.60 | 0.75 |
| Inventory Turnover | 2.91 | 2.91 | 4.14 | 3.83 | 3.92 | 4.47 | 3.41 | 4.11 | 9.13 | 12.07 | 37.38 |
| Days Sales Outstanding | — | 36.63 | 18.63 | 27.87 | 15.38 | 12.23 | 17.26 | 19.38 | 44.53 | 43.28 | 67.30 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 2.8% | 7.4% | 100.0% | 100.0% | 100.0% | 15.4% | 1.3% | 0.0% | 22.1% | 60.2% |
| Payout Ratio | — | — | — | — | 51.4% | 55.0% | 5.8% | 136.9% | — | — | 43.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 243.9% | 360.1% | 265.6% | 6.8% | — | — | 130.1% |
| FCF Yield | 1.3% | 16.7% | — | — | — | 212.7% | 158.9% | 27.5% | 315.0% | — | 9.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 92.7% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 2.8% | 7.4% | 100.0% | 100.0% | 100.0% | 16.1% | 1.3% | 0.0% | 22.1% | 60.2% |
| Shares Outstanding | — | $708M | $708M | $708M | $708M | $732M | $694M | $645M | $574M | $503M | $387M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying SBSW stock.
Sibanye Stillwater Limited's current P/E ratio is -24.4x. The historical average is 2.7x.
Sibanye Stillwater Limited's current EV/EBITDA is 5.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.2x.
Sibanye Stillwater Limited's return on equity (ROE) is -10.4%. The historical average is 16.0%.
Based on historical data, Sibanye Stillwater Limited is trading at a P/E of -24.4x. Compare with industry peers and growth rates for a complete picture.
Sibanye Stillwater Limited's current dividend yield is 0.24%.
Sibanye Stillwater Limited has 23.8% gross margin and 18.5% operating margin. Operating margin between 10-20% is typical for established companies.
Sibanye Stillwater Limited's Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Negative net margin despite revenue growth
Valuation Reflects Deep Cyclical Distress
The forward P/E of 0.33 and EV/EBITDA of 0.23 suggest the market is pricing in a severe earnings collapse or significant asset impairments, not a cyclical recovery, as reported in recent financial statements.
The current valuation multiples are extreme outliers, with a negative trailing P/E and a forward P/E that implies earnings are expected to be multiples of the current enterprise value. This disconnect from the recent 69.9% revenue growth suggests the market is heavily discounting the sustainability of current margins and is likely pricing in further write-downs of goodwill or long-lived assets, particularly in the US PGM and battery metals segments. The P/B of 3.27 appears elevated relative to the negative retained earnings, indicating the market may be valuing the company's replacement cost or strategic assets rather than its current book equity.
Margin Recovery Masks Structural Weakness
Despite a gross margin recovery to 32.3% in 2026Q2, the net margin remains volatile and turned negative in recent quarters, indicating non-operational items are overwhelming core gains, as per the company's reported figures.
The decomposition reveals a stark divergence: gross and operating margins have rebounded strongly from their 2023 lows, yet net margin has failed to follow, swinging from -85.1% to 19.7% and back to negative. This pattern strongly suggests that large, non-cash impairment charges and high finance costs are the primary drivers of bottom-line volatility, not core operational performance. The true earning power of the mining assets is better reflected in the operating margin, but its sustainability is questionable given the company's exposure to volatile PGM prices and a high fixed-cost base in South Africa.
ROIC Volatility Undermines Compounding Thesis
Return on invested capital has swung wildly from -1.6% to 29.2% over the past ten quarters, indicating the company is not a consistent compounder but rather a highly cyclical operator whose returns are dictated by commodity prices.
The ROIC trend shows no stable compounding path; instead, it mirrors the extreme cyclicality of PGM and gold prices. The recent surge to 29.2% in 2026Q2 is impressive but appears to be a peak-cycle phenomenon, as evidenced by the negative ROIC in 2023Q4. This volatility means the company's ability to generate returns above its cost of capital is episodic, not structural. The primary driver is margin expansion during favorable price periods, not a sustained improvement in capital efficiency, as asset turnover has remained relatively low and stable.
Leverage Rises as Equity Erodes
The debt-to-equity ratio has surged to 0.63 from 0.25 two years ago, while interest coverage has been erratic, suggesting debt service is becoming less comfortable as the balance sheet weakens, according to recent filings.
The leverage profile has deteriorated significantly, with total debt increasing by 42% while equity has collapsed by 45%. This has pushed the D/E ratio to levels not seen in the provided history. The interest coverage ratio is highly volatile, swinging from negative to over 23x, which indicates that during downturns, the company's ability to service debt from operating earnings becomes precarious. This rising leverage, combined with the negative retained earnings, constrains financial flexibility and increases refinancing risk, especially if commodity prices reverse.
The Misleading Promise of the Forward P/E
The forward P/E of 0.33 is the most commonly misapplied ratio for Sibanye Stillwater, as it obscures the cyclical and asset-impaired nature of its earnings, making it appear artificially cheap.
For a deep-level, cyclical miner like SBSW, the forward P/E is dangerously misleading. The extremely low multiple likely reflects analyst forecasts of a sharp earnings decline or significant non-cash charges, not a sustainable earnings stream. It fails to account for the capital-intensive nature of the business, the need for ongoing reinvestment, and the high probability of future impairments. A more appropriate metric would be EV/EBITDA or price-to-cash-flow, which better isolate operational performance from accounting distortions and capital structure, though even these are volatile for this business model.