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Latest Ratios: P/E Ratio 20.1x · EV/EBITDA 4.2x · ROE 4.4%. (1996–2025 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 | $8.7B | $2.8B | $4.8B | $8.2B | $14.6B | $9.6B | $4.8B | $15.4B | $22.5B | $17.1B | $16.6B |
| Enterprise Value | $13.7B | $82.5B | $94.6B | $93.0B | $90.9B | $95.2B | $175.6B | $138.2B | $116.9B | $73.6B | $46.7B |
| P/E Ratio → | 20.15 | 0.42 | — | 0.95 | 0.38 | 1.07 | — | 4.55 | 2.58 | 0.84 | 1.25 |
| P/S Ratio | 0.56 | 0.01 | 0.02 | 0.03 | 0.05 | 0.05 | 0.03 | 0.08 | 0.12 | 0.10 | 0.10 |
| P/B Ratio | 0.86 | 0.02 | 0.03 | 0.04 | 0.08 | 0.06 | 0.03 | 0.07 | 0.10 | 0.08 | 0.08 |
| P/FCF | 10.79 | 0.22 | 0.66 | 0.44 | 0.85 | 0.54 | — | — | — | — | — |
| P/OCF | 3.63 | 0.07 | 0.13 | 0.17 | 0.36 | 0.28 | 0.16 | 0.37 | 0.67 | 0.46 | 0.37 |
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 | — | 0.33 | 0.34 | 0.32 | 0.33 | 0.47 | 0.92 | 0.68 | 0.64 | 0.43 | 0.27 |
| EV / EBITDA | 4.17 | 1.57 | 1.54 | 1.36 | 1.34 | 1.98 | 5.61 | 3.07 | 2.66 | 1.49 | 0.90 |
| EV / EBIT | 5.69 | 3.81 | 2.12 | 1.84 | 3.54 | 7.15 | 6.13 | 4.99 | 3.55 | 2.07 | 0.97 |
| EV / FCF | — | 6.39 | 12.94 | 5.04 | 5.30 | 5.38 | — | — | — | — | — |
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 | 42.5% | 42.5% | 44.2% | 42.2% | 49.7% | 51.7% | 47.2% | 50.5% | 52.7% | 53.5% | 53.9% |
| Operating Margin | 15.4% | 15.4% | 17.5% | 18.8% | 18.5% | 12.7% | 7.0% | 14.1% | 15.3% | 19.1% | 20.6% |
| Net Profit Margin | 2.7% | 2.7% | -16.1% | 3.0% | 14.3% | 4.5% | -48.2% | 1.7% | 4.8% | 11.8% | 7.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.4% | 4.4% | -25.4% | 4.5% | 22.5% | 5.9% | -48.4% | 1.5% | 3.9% | 9.5% | 6.5% |
| ROA | 1.9% | 1.9% | -11.1% | 2.1% | 10.0% | 2.2% | -19.5% | 0.7% | 2.1% | 5.2% | 3.7% |
| ROIC | 12.2% | 12.2% | 13.8% | 14.7% | 14.9% | 6.8% | 3.0% | 6.4% | 7.0% | 9.6% | 12.3% |
| ROCE | 12.8% | 12.8% | 14.7% | 16.2% | 16.0% | 7.5% | 3.3% | 7.2% | 7.6% | 9.5% | 11.3% |
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 | 0.77 | 0.77 | 0.92 | 0.69 | 0.62 | 0.77 | 1.32 | 0.62 | 0.49 | 0.39 | 0.38 |
| Debt / EBITDA | 2.30 | 2.30 | 2.20 | 2.02 | 1.76 | 2.42 | 6.57 | 3.08 | 2.54 | 1.71 | 1.54 |
| Net Debt / Equity | — | 0.51 | 0.61 | 0.42 | 0.39 | 0.56 | 1.10 | 0.55 | 0.41 | 0.26 | 0.14 |
| Net Debt / EBITDA | 1.52 | 1.52 | 1.46 | 1.24 | 1.12 | 1.78 | 5.46 | 2.72 | 2.15 | 1.15 | 0.58 |
| Debt / FCF | — | 6.17 | 12.28 | 4.59 | 4.44 | 4.83 | — | — | — | — | — |
| Interest Coverage | 2.32 | 2.32 | 4.35 | — | — | — | — | — | — | — | — |
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 | 1.87 | 1.87 | 2.33 | 1.52 | 1.44 | 1.83 | 1.91 | 1.59 | 1.36 | 1.69 | 2.60 |
| Quick Ratio | 1.27 | 1.27 | 1.58 | 1.04 | 0.99 | 1.31 | 1.61 | 0.99 | 0.87 | 1.20 | 2.03 |
| Cash Ratio | 0.67 | 0.67 | 0.87 | 0.61 | 0.47 | 0.54 | 0.37 | 0.34 | 0.29 | 0.53 | 1.20 |
| Asset Turnover | — | 0.69 | 0.75 | 0.67 | 0.65 | 0.56 | 0.40 | 0.44 | 0.41 | 0.43 | 0.44 |
| Inventory Turnover | 3.43 | 3.43 | 3.77 | 3.97 | 3.34 | 3.28 | 3.62 | 3.40 | 2.92 | 3.16 | 3.35 |
| Days Sales Outstanding | — | 61.02 | 36.41 | 40.72 | 31.37 | 32.37 | 54.79 | 42.88 | 42.72 | 44.72 | 45.52 |
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 | — | — | 100.0% | 0.6% | 0.3% | 0.3% | 100.0% | 51.6% | 42.7% | 62.4% | 76.9% |
| Payout Ratio | — | — | — | 0.6% | 0.1% | 0.3% | — | 234.6% | 110.2% | 52.4% | 96.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 238.9% | — | 105.2% | 266.1% | 93.9% | — | 22.0% | 38.8% | 119.0% | 79.9% |
| FCF Yield | 9.3% | 455.4% | 151.8% | 225.2% | 117.2% | 184.1% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 100.0% | 0.6% | 0.3% | 0.3% | 100.0% | 51.6% | 42.7% | 62.4% | 76.9% |
| Shares Outstanding | — | $641M | $633M | $662M | $635M | $628M | $618M | $620M | $616M | $612M | $611M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SSL stock.
Sasol Limited's current P/E ratio is 20.1x. The historical average is 1.5x. This places it at the 100th percentile of its historical range.
Sasol Limited's current EV/EBITDA is 4.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.4x.
Sasol Limited's return on equity (ROE) is 4.4%. The historical average is 14.8%.
Based on historical data, Sasol Limited is trading at a P/E of 20.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sasol Limited has 42.5% gross margin and 15.4% operating margin. Operating margin between 10-20% is typical for established companies.
Sasol Limited's Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Cyclical Margin Compression
Deep Value Discount Amidst Cyclical Trough
Sasol's forward EV/EBITDA of 0.21 and P/B of 0.80 suggest the market is pricing in severe earnings deterioration, a stark contrast to its historical multiples and the negative valuations of many Western chemical peers.
The current valuation multiples, particularly the forward EV/EBITDA of 0.21, appear to be pricing in a significant contraction in future earnings power, likely reflecting the cyclical downturn evidenced by the -9.46% revenue decline. This deep discount is more pronounced than for peers like Eastman Chemical (EV/EBITDA 8.76) and suggests the market is applying a substantial risk premium for Sasol's South African operational base and commodity exposure. The P/B of 0.80 indicates the market values the company's assets below their book value, which may reflect skepticism about the future cash flows from its carbon-intensive Secunda complex.
Gross Margin Erosion Undermines Core Earning Power
Sasol's gross margin has compressed from 51.0% in 2022Q4 to 35.2% in 2026Q4, a trend that suggests the company's pricing power is waning as input costs remain sticky relative to selling prices.
The significant erosion in gross margin is the primary driver of the strained profitability signal, indicating that the company's core conversion process is generating less value per unit of revenue. While the operating margin has recently improved to 26.9%, this appears to be driven by cost-cutting rather than top-line strength, as revenue continues to contract. The wide gap between gross and net margins, with the latter at just 8.0%, continues to suggest heavy non-cash charges or interest burdens are consuming the majority of the operating profit.
Volatile Returns Reflect Cyclical and Structural Pressures
Sasol's ROIC has been volatile, ranging from 4.8% to 12.9% over the last ten quarters, indicating that returns on invested capital are highly sensitive to commodity cycles and internal operational efficiency.
The recent ROIC of 12.9% in 2026Q4 is a notable improvement from the 5.4% seen in 2026Q2, but this volatility itself is a risk, as it suggests the company's ability to generate returns is not stable. Compared to a peer like Eastman Chemical with a more consistent ROIC of 6.7%, Sasol's returns appear more erratic and less predictable. The drivers appear to be a mix of margin swings and asset base changes, as the company has been contracting its total assets while attempting to optimize its core operations.
Working Capital Management Shows Recent Improvement
Sasol's cash conversion cycle has improved significantly from 59 days in 2024Q4 to 26 days in 2026Q4, suggesting more efficient management of inventory and payables, which has bolstered cash flow.
The reduction in the CCC is a positive development, driven primarily by a decrease in days inventory outstanding from 53 to 41 days and an increase in days payable outstanding from 17 to 40 days. This indicates the company is holding less inventory and taking longer to pay suppliers, which improves working capital efficiency. However, the improvement in DPO could also signal strained relationships with suppliers or a deliberate use of trade credit to preserve cash during the downturn.
Deleveraging Trend Improves Interest Coverage
Sasol's debt-to-equity ratio has improved from 0.92 in 2024Q4 to 0.65 in 2026Q4, while interest coverage has strengthened to 8.08x, suggesting a more comfortable debt service position.
The deleveraging trend is a clear positive, reducing financial risk and improving the company's ability to weather the current cyclical downturn. The interest coverage ratio of 8.08x is robust and indicates that operating income is more than sufficient to cover interest expenses. However, this improvement must be viewed in the context of the company's history of high leverage and the potential for future capital-intensive projects to reverse this trend.
The Misleading Signal of the P/E Ratio
The P/E ratio of 18.53 is the most commonly misapplied metric for Sasol, as it is heavily distorted by large, non-cash impairments and volatile earnings, making it an unreliable indicator of valuation.
For a company like Sasol, which frequently records significant impairments (as evidenced by the swing from a -38.8% net margin to an 8.0% net margin), the P/E ratio can be misleadingly high or low depending on the cycle. A more appropriate metric would be EV/EBITDA, which strips out the effects of capital structure, depreciation, and non-cash charges, providing a clearer view of the core business's valuation. The forward EV/EBITDA of 0.21, while extreme, is a more meaningful signal of the market's current pessimistic outlook.