High capital intensity persists, with CapEx/Revenue ratios reaching 12.3% in 2025Q2, which continues to constrain free cash flow generation and liquidity buffers.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 75.79B | 38.31B | 37.38B | 49.18B | 40.3B | 34.09B | 29.76B | 41.9B | 33.58B | 37.11B | 44.62B | 53.67B | 57.22B | 47.08B | 28.02B | 25.82B | 15.53B | 30.84B | 16.85B | 16.09B | 17.38B | 14.26B | 9.56B | 12.64B | 11.85B | 9.48B | 6.2B | 2.13B | 1.92B | 2.89B | 2.86B |
| Operating CF Margin % | - | 15.38% | 13.59% | 16.98% | 14.78% | 16.88% | 15.63% | 20.58% | 18.51% | 21.52% | 25.8% | 28.97% | 28.23% | 27.71% | 16.54% | 18.12% | 12.7% | 22.37% | 13.82% | 16.11% | 30.5% | 21.14% | 16.48% | 18.63% | 18.84% | 21.8% | 24.23% | 11.13% | 11.76% | 18.26% | 21.23% |
| Operating CF Growth % | -14.32% | 2.47% | -23.98% | 22.03% | 18.22% | 14.54% | -28.96% | 24.76% | -9.5% | -16.83% | -16.88% | -6.2% | 21.55% | 68% | 8.55% | 66.24% | -49.64% | 82.97% | 4.72% | -7.4% | 21.92% | 49.1% | -24.37% | 6.68% | 25.04% | 52.84% | 190.69% | 10.89% | -33.39% | 1.13% | 0.77% |
| Net Income | -46.86B | 18.82B | -44.27B | 8.8B | 38.96B | 9.03B | -91.75B | 3.39B | 8.73B | 20.37B | 13.22B | 29.72B | 29.58B | 26.27B | 23.58B | 19.79B | 15.94B | 24.67B | 22.09B | 25.6B | 20.7B | 9.79B | 5.29B | 7.91B | 15B | 11.35B | 4.04B | 2.48B | 2.04B | 2.55B | 2.47B |
| Depreciation & Amortization | 28.5B | 14B | 15.64B | 17.39B | 14.07B | 17.65B | 22.28B | 17.85B | 16.74B | 16.2B | 16.37B | 13.57B | 13.52B | 11.12B | 9.65B | 7.4B | 6.71B | 6.25B | 4.89B | 4.02B | 3.26B | 0 | 4.8B | 4.87B | 124.2M | 2.46B | 1.9B | 1.4B | 1.18B | 977.29M | 877.79M |
| Stock-Based Compensation | 1.02B | 914M | 986M | 1.03B | 1.16B | 1.93B | 1.95B | 1.66B | 4.43B | 226M | 494M | -1.16B | 6.07B | 2.04B | 485M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -43.53B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -294.57M | 366.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 89.3B | 3.3B | 68.17B | 11.04B | 7.8B | 17.55B | 87.46B | 19.79B | 9.89B | 3.86B | 10.55B | 5.02B | 12.86B | 13.11B | 40.11B | 1B | -3.7B | -10.45B | -1.3B | -12.26B | -3.52B | 4.47B | 883.71M | 1.02B | -3.56B | -3.76B | 1.13B | -831.37M | -976.64M | 1.34B | 1.11B |
| Working Capital Changes | 3.82B | 1.28B | -3.15B | 10.91B | -21.7B | -12.07B | 9.83B | -792M | -6.2B | -3.56B | 3.97B | 6.53B | -4.8B | -5.46B | -2.27B | -2.38B | -3.42B | 10.38B | -8.82B | -1.26B | -3.05B | 0 | -1.12B | -1.52B | 289.8M | -563.67M | -867.5M | -918.25M | -312.2M | -1.98B | -1.6B |
| Change in Receivables | 933.6M | -1.11B | -3.09B | 9B | -9.41B | -7.2B | 6.43B | 37M | -2.79B | -346M | 2.85B | 2.77B | -1.04B | -832M | -512M | -3.48B | 0 | 7.13B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 2.45B | -457M | -54M | 1.91B | -12.28B | -4.87B | 3.4B | -829M | -3.41B | -3.21B | 1.13B | 3.76B | -3.76B | -1.48B | -1.49B | -2.45B | -2.51B | 4.14B | -4B | -2.06B | -1.49B | 0 | -104.33M | -217.07M | -289.8M | -628.1M | -555.74M | -246.76M | -122.52M | -496.13M | 146.8M |
| Change in Payables | 442.12M | 2.85B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 351M | 3.62B | 0 | -1.38B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -48.24B | -25.89B | -30.66B | -28.23B | -15.08B | 25.09B | -38.55B | -56.41B | -53.98B | -56.68B | -71.03B | -42.09B | -37.81B | -30.83B | -27.62B | -24.46B | -16.7B | -12.52B | -10.18B | -10.73B | -10.83B | -11.89B | -9.55B | -12.39B | -8.4B | -13B | -4.66B | -2.67B | -2.89B | -2.72B | -1.92B |
| Capital Expenditures | -48.07B | -25.34B | -30.07B | -30.73B | -23.14B | -16.37B | -35.15B | -55.78B | -53.35B | -60.28B | -73.73B | -45.03B | -38.7B | -30.34B | -29.16B | -20.66B | -16.11B | -15.67B | -10.22B | -12.26B | -9.01B | -10.15B | -8.29B | -9.54B | -8B | -3.84B | -1.98B | -2.36B | -2.88B | -2.62B | -1.98B |
| CapEx % of Revenue | 9.53% | 10.17% | 10.93% | 10.61% | 8.48% | 8.11% | 18.46% | 27.4% | 29.4% | 34.96% | 42.63% | 24.3% | 19.09% | 17.86% | 17.21% | 14.51% | 13.18% | 11.37% | 8.38% | 12.27% | 15.82% | 15.06% | 14.29% | 14.06% | 12.72% | 8.83% | 7.73% | 12.29% | 17.58% | 16.55% | 14.75% |
| Acquisitions | 379.16M | 309M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8M | -721M | 689M | 22M | -51M | 3.48B | 242.11M | -288.91M | 307.31M | -46.54M | -245.47M | -546.41M | -569.25M | -8.38B | -2.81B | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -382.88M | -741M | -583M | 2.49B | 8.06B | 41.47B | -3.4B | -631M | -630M | 3.6B | 2.69B | 2.94B | 877M | 225M | 975M | -3.8B | 736M | -239M | -328.02M | 1.71B | -343.04M | -1.69B | -1.27B | -2.3B | 165.6M | -233.52M | 121.99M | -315.54M | -14.73M | -101.13M | 59.33M |
| Cash from Financing | -31.9B | -16.61B | -14.6B | -12.57B | -15B | -58.31B | 25.08B | 13.18B | 7.16B | -81M | 18.5B | 326M | -12.34B | -2.27B | -1.03B | 288M | -2.7B | -1.19B | -7.9B | -2.95B | -5.72B | -1.46B | -1.71B | 2.05B | -4.55B | 5.42B | -1.84B | -993.66M | 872.97M | -190.92M | -610.6M |
| Debt Issued (Net) | -20.32B | -16.61B | -7.47B | -14.97B | -38.56B | 6.09B | 23.88B | 15.76B | 6.91B | 30.89B | 12.88B | 1.06B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -1.32B | 0 | -7.63B | -13.75B | -49M | -46M | -31M | -9.95B | -7.95B | -9.62B | -10.68B | -12.74B | -13.25B | -10.79B | 0 | -419M | -318M | -583M | 0 | 0 | -3.37B | -2.92B | -2.71B | -3.05B | -72.45M | -32.21M | -1.1B | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 545M | 0 | -1.15B | -6.85B | -3.73B | 0 | 0 | -30.68M | -202.1M | -1.02B | -1.18B | -1.28B | 0 | 0 | 0 | 0 |
| Other Financing | -10.27B | 0 | 508M | -36M | -19.7B | 19.05B | 1.23B | -2.58B | 9.59B | -30.97B | -12.55B | -13.39B | -12.34B | 9.76B | -1.03B | 707M | -875M | -610M | -7.9B | 420.65M | -2.35B | 1.46B | 1.01B | 5.1B | -4.48B | 5.45B | 111.04M | -993.66M | -190.92M | -610.6M | -480.36M |
| Net Change in Cash | 35.97B | -4.21B | -8.51B | 10.8B | 11.98B | -3.11B | 18.27B | -1.22B | -12.28B | -22.86B | -852M | 15.01B | 7.47B | 14.13B | 28M | 1.22B | -4B | 16.26B | -913.77M | 2.39B | 771.84M | 937.5M | -1.77B | 2.07B | -1.11B | 1.8B | -298.2M | -1.53B | -95.43M | -190.92M | -610.6M |
| Free Cash Flow | 27.8B | 12.89B | 7.31B | 18.45B | 17.16B | 17.72B | -5.38B | -13.89B | -19.77B | -23.17B | -29.11B | 8.65B | 18.52B | 16.74B | -1.14B | 5.15B | -579M | 15.17B | 6.63B | 3.83B | 8.37B | 4.1B | 1.27B | 3.1B | 3.85B | 5.64B | 4.22B | -223.23M | -953.08M | 270.29M | 872.16M |
| FCF Margin % | 5.51% | 5.18% | 2.66% | 6.37% | 6.29% | 8.77% | -2.83% | -6.82% | -10.89% | -13.44% | -16.83% | 4.67% | 9.14% | 9.85% | -0.67% | 3.62% | -0.47% | 11% | 5.44% | 3.84% | 14.69% | 6.08% | 2.19% | 4.57% | 6.12% | 12.97% | 16.49% | -1.16% | -5.82% | 1.71% | 6.48% |
| FCF Growth % | 20.14% | 76.4% | -60.38% | 7.54% | -3.16% | 429.07% | 61.23% | 29.76% | 14.7% | 20.39% | -436.62% | -53.32% | 10.65% | 1573.77% | -122.05% | 989.64% | -103.82% | 128.72% | 72.97% | -54.19% | 104% | 222.94% | -59.01% | -19.52% | -31.69% | 33.5% | 1991.48% | 76.58% | -452.62% | -69.01% | -35.61% |
| FCF per Share | 42.81 | 20.13 | 11.55 | 27.87 | 27.02 | 28.22 | -8.71 | -22.39 | -32.10 | -37.84 | -47.67 | 14.17 | 29.84 | 27.59 | -1.87 | 8.38 | -0.94 | 24.70 | 10.88 | 5.97 | 13.30 | 6.58 | 2.08 | 4.63 | 6.16 | 8.99 | 6.39 | -0.35 | -1.49 | 0.42 | 1.37 |
| FCF Conversion (FCF/Net Income) | -0.59x | 5.66x | -0.84x | 5.59x | 1.03x | 3.77x | -0.32x | 12.36x | 3.85x | 1.82x | 3.37x | 1.81x | 1.93x | 1.79x | 1.19x | 1.30x | 0.97x | 2.26x | 0.76x | 0.93x | 1.67x | 1.46x | 1.81x | 1.60x | 1.23x | 1.28x | 1.54x | 0.86x | 0.94x | 1.13x | 1.15x |
| Interest Paid | 8.89B | 0 | 8.64B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operational and currency volatility
As reported in recent financial filings, Sasol’s OCF/NI ratio has exhibited extreme volatility, ranging from -6.18 to 39.21, which suggests that reported net income is frequently decoupled from actual cash generation due to significant non-cash impairments and accounting adjustments inherent in the company's complex capital structure.
The wide variance between net income and operating cash flow indicates that headline earnings are an unreliable proxy for the company's true liquidity position. Investors should monitor these discrepancies closely, as they often mask the underlying cash-burn characteristics of the firm's aging industrial assets.
Based on the provided cash flow data, Sasol’s free cash flow trajectory remains highly erratic, with margins swinging from a peak of 16.4% in 2021Q4 to negative territory in multiple periods, reflecting the company's inability to maintain consistent cash generation amidst cyclical commodity price downturns.
The frequent oscillation between positive and negative free cash flow suggests that the business model is highly sensitive to external macro factors rather than internal operational efficiency. This lack of predictability complicates long-term capital planning and may necessitate further reliance on external financing to bridge liquidity gaps.
According to historical cash flow statements, Sasol maintains a high capital intensity, with CapEx/Revenue ratios consistently exceeding 8% and reaching as high as 12.3% in 2025Q2, indicating that the firm is forced to reinvest heavily just to sustain its aging Secunda and international production facilities.
The persistent requirement for substantial capital expenditure suggests that the company is trapped in a cycle of high maintenance costs, which limits the potential for meaningful free cash flow expansion. This capital-heavy profile leaves little room for error when commodity prices compress or operational disruptions occur.
As indicated by the quarterly cash flow data, working capital changes have been a major source of volatility, with swings as large as $10.0B in 2023Q4, suggesting that inventory management and collection cycles are highly susceptible to the broader cyclicality of the global chemical and energy markets.
The erratic nature of these working capital movements implies that the company struggles to manage its cash conversion cycle effectively during periods of market stress. This volatility often masks the true operational cash flow, making it difficult for analysts to gauge the underlying health of the core business.
Quick answers to the most common questions about buying SSL stock.
Sasol Limited (SSL) generated $38.31B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sasol Limited (SSL) generated $12.89B 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.
Sasol Limited (SSL) spent $25.34B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.