Gross margins have compressed to 25.5% in 2025Q4, significantly trailing the 34.8% levels achieved in 2021, as rising operational costs and administrative burdens weigh on profitability.
| 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 |
|---|
| Sales/Revenue | 120.1B | 112.13B | 113.68B | 138.29B | 172.19B | 127.39B | 72.93B | 50.66B | 45.91B | 31.24B | 22.72B | 21.78B | 21.01B | 17.13B | 18.57B |
| Revenue Growth % | 7.11% | -1.37% | -17.79% | -19.69% | 35.17% | 74.69% | 43.96% | 10.33% | 46.96% | 37.52% | 4.3% | 3.65% | 22.65% | -7.71% | - |
| Cost of Goods Sold | 91.49B | 105.82B | 100.9B | 103.46B | 112.02B | 85.13B | 63.75B | 48.34B | 42.58B | 25.3B | 20.42B | 18B | 17.11B | 14.12B | 13.92B |
| COGS % of Revenue | 76.18% | 94.38% | 88.76% | 74.81% | 65.05% | 66.83% | 87.41% | 95.43% | 92.75% | 80.98% | 89.88% | 82.63% | 81.42% | 82.44% | 74.97% |
| Gross Profit | 28.61B | 6.3B | 12.78B | 34.83B | 60.17B | 42.26B | 9.18B | 2.31B | 3.33B | 5.94B | 2.3B | 3.78B | 3.9B | 3.01B | 4.65B |
| Gross Margin % | 23.82% | 5.62% | 11.24% | 25.19% | 34.95% | 33.17% | 12.59% | 4.57% | 7.25% | 19.02% | 10.12% | 17.37% | 18.58% | 17.56% | 25.03% |
| Gross Profit Growth % | 353.69% | -50.67% | -63.3% | -42.12% | 42.39% | 360.34% | 296.57% | -30.5% | -43.96% | 158.42% | -39.22% | -3.07% | 29.76% | -35.26% | - |
| Operating Expenses | 6.41B | 2.62B | 4.36B | 608M | 395M | 545M | 1.77B | 1.22B | 2.19B | 500.3M | 497.3M | 595.7M | 207.66M | 194.96M | 167.02M |
| OpEx % of Revenue | 5.34% | 2.34% | 3.83% | 0.44% | 0.23% | 0.43% | 2.43% | 2.42% | 4.78% | 1.6% | 2.19% | 2.73% | 0.99% | 1.14% | 0.9% |
| Selling, General & Admin | 6.41B | 379M | 217M | 7M | 369M | 564.7M | 323.7M | 314.8M | 1.34B | 496.2M | 275.8M | 419.1M | 61.57M | 73.75M | 55.67M |
| SG&A % of Revenue | 5.34% | 0.34% | 0.19% | 0.01% | 0.21% | 0.44% | 0.44% | 0.62% | 2.92% | 1.59% | 1.21% | 1.92% | 0.29% | 0.43% | 0.3% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 2.24B | 4.14B | 601M | 26M | -19.7M | 1.45B | -195.3M | -134.6M | 0 | -78.6M | -94M | -349.58M | -334.83M | -258.19M |
| Operating Income | 22.19B | 3.68B | 13.62B | 36.43B | 62.49B | 43.48B | 8.26B | 1.09B | 1.63B | 6.49B | 2.7B | 4.21B | 3.7B | 2.81B | 4.48B |
| Operating Margin % | 18.48% | 3.29% | 11.98% | 26.35% | 36.29% | 34.13% | 11.33% | 2.15% | 3.56% | 20.77% | 11.89% | 19.35% | 17.59% | 16.42% | 24.13% |
| Operating Income Growth % | 502.43% | -72.95% | -62.62% | -41.7% | 43.73% | 426.08% | 657.32% | -33.25% | -74.81% | 140.32% | -35.92% | 14.02% | 31.37% | -37.19% | - |
| EBITDA | 31.78B | 12.49B | 23.63B | 43.52B | 70.79B | 51.07B | 15.48B | 7.71B | 9.19B | 10.53B | 6.34B | 7.47B | 7.29B | 5.39B | 7.09B |
| EBITDA Margin % | 26.46% | 11.14% | 20.79% | 31.47% | 41.11% | 40.09% | 21.23% | 15.21% | 20.02% | 33.71% | 27.89% | 34.29% | 34.7% | 31.47% | 38.21% |
| EBITDA Growth % | 154.36% | -47.13% | -45.7% | -38.52% | 38.6% | 229.94% | 100.89% | -16.16% | -12.74% | 66.19% | -15.16% | 2.43% | 35.26% | -23.99% | - |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 22.19B | -8.65B | -37.53B | 30.04B | 49.32B | 37.83B | 1.2B | 1.14B | -4.84B | 4.84B | 1.27B | 2.73B | 2.27B | 2.73B | 4.08B |
| Net Interest Income | -1.12B | -2.23B | -874M | -941M | -602M | -1.31B | -2.16B | -2.25B | -2.2B | -280.3M | -106.9M | -216.8M | -326.3M | -116.9M | 93.59M |
| Interest Income | 1.45B | 1.34B | 1.44B | 1.2B | 1.2B | 1.07B | 560.4M | 482.1M | 415.5M | 331.4M | 0 | 14.2M | 174.27M | 109.35M | 109.73M |
| Interest Expense | 2.57B | 3.27B | 2.31B | 2.13B | 1.76B | 2.35B | 2.5B | 2.58B | 2.54B | 903.1M | 350.2M | 231M | 354.8M | 122.91M | 16.14M |
| Other Income/Expense | -22.57B | -7.9B | -53.47B | -8.53B | -14.94B | -8B | 0 | -2.53B | -9.01B | -1.75B | -1.51B | -1.46B | -714.98M | -146.3M | -417.94M |
| Pretax Income | -380.63M | -4.21B | -39.85B | 27.9B | 47.56B | 35.48B | -1.3B | -1.44B | -7.38B | 4.51B | 915.4M | 2.33B | 2.72B | 2.4B | 4.06B |
| Pretax Margin % | -0.32% | -3.76% | -35.05% | 20.18% | 27.62% | 27.85% | -1.78% | -2.84% | -16.07% | 14.45% | 4.03% | 10.72% | 12.97% | 14.02% | 21.88% |
| Income Tax | 4.01B | 1.5B | -2.42B | 8.92B | 13.76B | 4.86B | -1.73B | 1.08B | -2.95B | 1.24B | 377.2M | 828.1M | 417.41M | -572.18M | 1.35B |
| Effective Tax Rate % | -1053.04% | -35.5% | 6.06% | 31.98% | 28.94% | 13.69% | 133.29% | -75.43% | 39.93% | 27.54% | 41.21% | 35.46% | 15.32% | -23.82% | 33.27% |
| Net Income | -4.79B | -7.3B | -37.77B | 18.4B | 33.05B | 29.31B | 62.1M | -2.5B | -4.44B | 3.7B | 716.9M | 1.55B | 2.36B | 3.07B | 2.75B |
| Net Margin % | -3.99% | -6.51% | -33.23% | 13.3% | 19.2% | 23.01% | 0.09% | -4.93% | -9.67% | 11.85% | 3.16% | 7.12% | 11.22% | 17.92% | 14.81% |
| Net Income Growth % | 34.37% | 80.68% | -305.33% | -44.35% | 12.77% | 47101.29% | 102.48% | 43.67% | -219.88% | 416.33% | -53.79% | -34.18% | -23.22% | 11.66% | - |
| Net Income (Continuing) | -4.39B | -5.71B | -37.43B | 18.98B | 33.8B | 30.62B | 433M | -2.52B | -4.43B | 3.04B | 538.2M | 1.51B | 1.7B | 2.98B | 2.75B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.64B | 4.31B | 2.88B | 2.9B | 1.41B | 2.24B | 1.47B | 936M | 19.8M | 17.7M | 109.8M | 329.6M | 4.17M | -4.24M | -16.14M |
| EPS (Diluted) | -6.80 | -10.32 | -53.36 | 26.00 | 45.16 | 42.20 | 0.68 | -4.36 | -8.84 | 9.00 | 1.80 | 6.88 | 9.60 | 10.12 | 9.36 |
| EPS Growth % | 34.11% | 80.66% | -305.23% | -42.43% | 7.01% | 6105.88% | 115.6% | 50.68% | -198.22% | 400% | -73.84% | -28.33% | -5.14% | 8.12% | - |
| EPS (Basic) | -6.80 | -10.32 | -53.36 | 26.04 | 45.60 | 42.96 | 0.68 | -4.40 | -8.84 | 9.00 | 1.80 | 7.00 | 9.80 | 10.12 | 9.36 |
| Diluted Shares Outstanding | 707.64M | 707.64M | 707.64M | 707.7M | 731.81M | 694.49M | 644.74M | 573.94M | 502.8M | 386.7M | 400.56M | 226.67M | 176.17M | 293.87M | 293.87M |
| Basic Shares Outstanding | 707.64M | 707.07M | 707.63M | 706.52M | 724.7M | 682.22M | 626.9M | 565.96M | 502.8M | 386.16M | 399.09M | 221.69M | 172.54M | 293.87M | 293.87M |
| Dividend Payout Ratio | - | - | - | 51.39% | 54.99% | 5.79% | 136.88% | - | - | 43.55% | 91.84% | 64.79% | 12% | 26.37% | 98.47% |
Commodity price and labor volatility
According to the latest financial disclosures, Sibanye-Stillwater reported a 25.4% revenue increase in 2025Q4 to $71.4B, yet this follows a highly inconsistent historical trend where quarterly growth rates have swung wildly between 72.1% and -59.1% over the past ten quarters, reflecting extreme sensitivity to PGM spot pricing.
The recent revenue uptick appears driven more by price recovery in specific metal baskets rather than sustained volume growth across the portfolio. Investors should monitor whether this trajectory can be maintained given the persistent operational constraints in South African deep-level mining and the ongoing transition toward battery metals.
As reported in recent income statements, the company's gross margin has fluctuated significantly, reaching 25.5% in 2025Q4, which remains well below the 34.8% levels observed in 2021, suggesting that inflationary input costs and operational inefficiencies are structurally eroding the profitability of the firm's core mining assets.
The volatility in gross margins highlights the company's limited pricing power in a commodity-taker environment where labor and electricity costs are largely rigid. The inability to consistently maintain margins above 30% suggests that the current cost structure may be ill-suited for the prevailing lower-price environment for palladium and rhodium.
Based on the provided income statement data, Sibanye-Stillwater has recorded negative net income in three of the last four quarters, with a net loss of $1.5B in 2025Q4, indicating that headline earnings are frequently distorted by significant non-operating charges and asset impairments related to aging mining infrastructure.
The disconnect between operating income and net income warrants further investigation into the nature of these recurring charges, which appear to be a permanent feature of the company's accounting. Investors should be cautious of relying on EPS as a proxy for cash-generating ability, as these impairments suggest a recurring need to write down the carrying value of capital-intensive projects.
Analysis of the company's cost structure reveals that SG&A expenses surged to $4.4B in 2025Q4, a sharp departure from the $125M reported in 2024Q4, which may indicate rising administrative burdens or integration costs associated with the company's aggressive diversification into battery metals and international recycling operations.
This sudden spike in overhead costs appears to contradict management's stated focus on cost rationalization within its South African operations. Such expense volatility suggests that the company's transition to a more diversified business model is currently creating significant friction, potentially masking the underlying efficiency of the core mining business.
While management emphasizes the strategic value of its battery metals pivot, the income statement data suggests that the company's reliance on debt-funded acquisitions has left it vulnerable, as evidenced by the persistent net losses and the high volatility in operating margins observed over the last ten quarters.
Short-sellers would likely focus on the company's inability to generate consistent positive net income despite high revenue levels, pointing to a potential over-extension of the balance sheet. The current strategy of scaling through acquisition appears to be failing to deliver the expected per-share value, raising questions about the long-term viability of the current capital allocation model.
Quick answers to the most common questions about buying SBSW stock.
For fiscal year 2025, Sibanye Stillwater Limited (SBSW) reported total revenue of $120.10B. This represents a 546.9% increase compared to $18.57B in 2011.
Sibanye Stillwater Limited (SBSW) reported a net loss of $4.79B for the fiscal year ending 2025.
Sibanye Stillwater Limited (SBSW) reported an operating income of $22.19B, resulting in an operating profit margin of 18.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Sibanye Stillwater Limited (SBSW) generated $28.61B in gross profit for the year, representing a gross profit margin of 23.8%. This demonstrates the company's core pricing power and production efficiency.