Gross margins have experienced a structural decline from 54.0% in 2021Q4 to 25.3% in 2026Q2, reflecting significant vulnerability to global chemical pricing pressures.
| 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 |
|---|
| Sales/Revenue | 504.51B | 249.1B | 275.11B | 289.7B | 272.75B | 201.91B | 190.37B | 203.58B | 181.46B | 172.41B | 172.94B | 185.27B | 202.68B | 169.89B | 169.45B | 142.44B | 122.26B | 137.84B | 121.98B | 99.92B | 56.98B | 67.43B | 58.03B | 67.86B | 62.91B | 43.48B | 25.6B | 19.17B | 16.36B | 15.82B | 13.45B |
| Revenue Growth % | -12.54% | -9.46% | -5.03% | 6.21% | 35.08% | 6.06% | -6.49% | 12.19% | 5.25% | -0.31% | -6.65% | -8.59% | 19.3% | 0.26% | 18.96% | 16.51% | -11.3% | 13% | 22.07% | 75.36% | -15.49% | 16.19% | -14.48% | 7.87% | 44.7% | 69.84% | 33.5% | 17.17% | 3.47% | 17.6% | 12.51% |
| Cost of Goods Sold | 322.54B | 143.14B | 153.4B | 167.37B | 137.32B | 97.48B | 100.6B | 100.82B | 85.77B | 80.09B | 79.77B | 87.8B | 97.51B | 83.86B | 111.04B | 90.47B | 79.18B | 88.51B | 70.06B | 61.09B | 27.3B | 44.27B | 37.29B | 44.75B | 37.48B | 27.08B | 16.6B | 13.79B | 11.92B | 10.61B | 9.33B |
| COGS % of Revenue | - | 57.46% | 55.76% | 57.78% | 50.35% | 48.28% | 52.85% | 49.52% | 47.27% | 46.45% | 46.13% | 47.39% | 48.11% | 49.36% | 65.53% | 63.51% | 64.77% | 64.21% | 57.43% | 61.14% | 47.91% | 65.65% | 64.27% | 65.95% | 59.58% | 62.29% | 64.84% | 71.92% | 72.82% | 67.06% | 69.4% |
| Gross Profit | 181.96B | 105.95B | 121.71B | 122.32B | 135.43B | 104.42B | 89.77B | 102.76B | 95.69B | 92.32B | 93.17B | 97.47B | 105.17B | 86.03B | 58.4B | 51.97B | 43.07B | 49.33B | 51.92B | 38.83B | 29.68B | 23.16B | 20.74B | 23.11B | 25.43B | 16.39B | 9B | 5.38B | 4.45B | 5.21B | 4.12B |
| Gross Margin % | 36.07% | 42.54% | 44.24% | 42.22% | 49.65% | 51.72% | 47.15% | 50.48% | 52.73% | 53.55% | 53.87% | 52.61% | 51.89% | 50.64% | 34.47% | 36.49% | 35.23% | 35.79% | 42.57% | 38.86% | 52.09% | 34.35% | 35.73% | 34.05% | 40.42% | 37.71% | 35.16% | 28.08% | 27.18% | 32.94% | 30.6% |
| Gross Profit Growth % | - | -12.94% | -0.5% | -9.67% | 29.69% | 16.33% | -12.65% | 7.39% | 3.66% | -0.91% | -4.41% | -7.32% | 22.25% | 47.3% | 12.38% | 20.65% | -12.68% | -4.99% | 33.72% | 30.82% | 28.16% | 11.68% | -10.26% | -9.14% | 55.11% | 82.16% | 67.19% | 21.03% | -14.63% | 26.59% | 7.56% |
| Operating Expenses | 97.45B | 67.49B | 73.6B | 100.95B | 75.13B | 87.85B | 201.64B | 92.39B | 78.24B | 60.99B | 68.96B | 50.95B | 59.44B | 45.26B | 21.89B | 21.9B | 19.14B | 33.71B | 20.18B | 12.74B | 10.63B | 8.22B | 12.11B | 11.26B | 10.22B | 5.05B | 2.34B | 1.76B | 1.42B | 977.29M | 877.79M |
| OpEx % of Revenue | - | 27.09% | 26.75% | 34.85% | 27.55% | 43.51% | 105.92% | 45.38% | 43.11% | 35.38% | 39.87% | 27.5% | 29.32% | 26.64% | 12.92% | 15.38% | 15.65% | 24.46% | 16.55% | 12.75% | 18.65% | 12.2% | 20.88% | 16.59% | 16.24% | 11.61% | 9.13% | 9.2% | 8.67% | 6.18% | 6.53% |
| Selling, General & Admin | 69.8B | 43.06B | 45.91B | 46.47B | 43.05B | 40.87B | 45.26B | 45.39B | 37.39B | 30.82B | 32.35B | 28.14B | 39.89B | 29.88B | 18.37B | 19.88B | 16.95B | 16.63B | 20.77B | 12.13B | 10.8B | 8.78B | 11.19B | 10.1B | 10.78B | 5.05B | 115.22M | 211.76M | 97.19M | 0 | 0 |
| SG&A % of Revenue | - | 17.28% | 16.69% | 16.04% | 15.78% | 20.24% | 23.78% | 22.29% | 20.61% | 17.88% | 18.71% | 15.19% | 19.68% | 17.59% | 10.84% | 13.96% | 13.87% | 12.07% | 17.03% | 12.14% | 18.95% | 13.03% | 19.29% | 14.88% | 17.14% | 11.61% | 0.45% | 1.1% | 0.59% | - | - |
| Research & Development | 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 | 318.54M | 147.21M | 147.26M | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.24% | 0.77% | 0.9% | - | - |
| Other Operating Expenses | 2M | 24.43B | 27.68B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.52B | 4.32B | 2.18B | 0 | -593.56M | 606.02M | -171.52M | -558.51M | 920.53M | 1.16B | -569.25M | 0 | 1.9B | 1.4B | 1.18B | 977.29M | 877.79M |
| Operating Income | 84.51B | 38.46B | 48.11B | 54.49B | 50.34B | 25.64B | 13.32B | 28.64B | 27.71B | 32.95B | 35.55B | 48.22B | 47.3B | 38.29B | 36.76B | 29.95B | 23.94B | 24.67B | 31.74B | 26.09B | 19.05B | 14.93B | 8.62B | 11.85B | 15.21B | 11.35B | 6.66B | 3.62B | 3.03B | 4.23B | 3.24B |
| Operating Margin % | 16.75% | 15.44% | 17.49% | 18.81% | 18.45% | 12.7% | 7% | 14.07% | 15.27% | 19.11% | 20.56% | 26.03% | 23.34% | 22.54% | 21.69% | 21.03% | 19.58% | 17.9% | 26.02% | 26.11% | 33.44% | 22.15% | 14.86% | 17.46% | 24.19% | 26.1% | 26.03% | 18.88% | 18.5% | 26.76% | 24.07% |
| Operating Income Growth % | - | -20.05% | -11.71% | 8.26% | 96.31% | 92.54% | -53.51% | 3.36% | -15.89% | -7.32% | -26.27% | 1.93% | 23.53% | 4.17% | 22.73% | 25.12% | -2.96% | -22.29% | 21.67% | 36.92% | 27.59% | 73.2% | -27.23% | -22.12% | 34.1% | 70.31% | 84.04% | 19.54% | -28.46% | 30.73% | 14.42% |
| EBITDA | 110.53B | 52.47B | 61.32B | 68.56B | 67.98B | 48.22B | 31.29B | 45.07B | 43.92B | 49.32B | 51.92B | 61.79B | 60.82B | 49.41B | 46.41B | 37.35B | 30.65B | 30.91B | 36.63B | 30.1B | 22.31B | 14.36B | 13.42B | 16.71B | 15.34B | 13.8B | 8.57B | 5.02B | 4.2B | 5.21B | 4.12B |
| EBITDA Margin % | 21.91% | 21.06% | 22.29% | 23.67% | 24.92% | 23.88% | 16.43% | 22.14% | 24.2% | 28.61% | 30.02% | 33.35% | 30.01% | 29.09% | 27.39% | 26.22% | 25.07% | 22.43% | 30.03% | 30.13% | 39.16% | 21.29% | 23.13% | 24.63% | 24.38% | 31.75% | 33.47% | 26.2% | 25.69% | 32.94% | 30.6% |
| EBITDA Growth % | -20.85% | -14.44% | -10.56% | 0.86% | 40.99% | 54.12% | -30.59% | 2.63% | -10.95% | -5.01% | -15.97% | 1.59% | 23.09% | 6.47% | 24.25% | 21.86% | -0.85% | -15.61% | 21.68% | 34.92% | 55.43% | 6.96% | -19.7% | 8.97% | 11.13% | 61.11% | 70.5% | 19.53% | -19.32% | 26.59% | 7.56% |
| D&A (Non-Cash Add-back) | 26.02B | 14B | 13.21B | 14.07B | 17.64B | 22.57B | 17.97B | 16.43B | 16.2B | 16.37B | 16.37B | 13.57B | 13.52B | 11.12B | 9.65B | 7.4B | 6.71B | 6.25B | 4.89B | 4.02B | 3.26B | -578.46M | 4.8B | 4.87B | 124.2M | 2.46B | 1.9B | 1.4B | 1.18B | 977.29M | 877.79M |
| EBIT | 67.23B | 21.62B | 44.66B | 50.4B | 25.64B | 13.32B | 28.64B | 27.71B | 32.95B | 35.55B | 48.22B | 47.3B | 0 | 38.29B | 32.15B | 25.93B | 26.27B | 0 | 31.77B | 25.3B | 15.31B | 8.1B | 7.79B | 0 | 12.78B | 11.6B | 0 | 0 | 0 | 3.36B | 3.12B |
| Net Interest Income | -13.05B | -6.54B | -7B | 6.86B | 4.75B | 5.86B | 6.43B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.23B | -826M | -782M | -741M | -390.5M | 528.5M | 57.17M | -219.42M | -184.11M | 0 | -641.7M | -289.89M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.49B | 2.92B | 3.23B | 6.86B | 4.75B | 5.86B | 6.43B | 2.4B | 1.75B | 1.32B | 495M | 924M | 621M | 1.06B | 796M | 991M | 1.33B | 1.79B | 687.28M | 789.23M | 242.99M | 113.03M | 177.97M | 0 | 238.05M | 241.57M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 15.53B | 9.34B | 10.27B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.03B | 1.82B | 2.11B | 2.53B | 1.08B | 260.73M | 185.81M | 332.45M | 362.07M | 0 | 879.75M | 531.47M | 0 | 0 | 0 | 88.89M | 242.07M |
| Other Income/Expense | -117.79B | -26.18B | -82.61B | 4.03B | -29.12B | -118.36B | -19.27B | -14.81B | -3.31B | -13.41B | -956M | -705M | -7.53B | 1.41B | 6.05B | 5.48B | 258M | 270M | -148.39M | 84.56M | -192.82M | -192.82M | -61.37M | -67.37M | 3.26B | -5.18B | -2.98B | -379.54M | 212.06M | 903.9M | 561.45M |
| Pretax Income | -33.28B | 12.28B | -34.51B | 14.51B | 55.54B | 10.72B | -118.31B | 7.97B | 15.7B | 30.01B | 23.72B | 45.59B | 45.11B | 39.71B | 36B | 29.42B | 23.37B | 24.2B | 31.59B | 26.17B | 19.12B | 14.74B | 8.56B | 11.78B | 14.6B | 11.04B | 6.17B | 3.68B | 3.24B | 4.14B | 3.39B |
| Pretax Margin % | -6.6% | 4.93% | -12.54% | 5.01% | 20.36% | 5.31% | -62.15% | 3.91% | 8.65% | 17.41% | 13.71% | 24.61% | 22.26% | 23.37% | 21.25% | 20.65% | 19.12% | 17.55% | 25.9% | 26.19% | 33.55% | 21.86% | 14.75% | 17.36% | 23.21% | 25.39% | 24.09% | 19.2% | 19.8% | 26.19% | 25.21% |
| Income Tax | 11.61B | 4.56B | 9.74B | 5.18B | 13.87B | 185M | 26.39B | 2.8B | 5.56B | 8.49B | 8.69B | 14.43B | 14.7B | 12.6B | 11.75B | 9.2B | 6.99B | 10.48B | 9.5B | 8.3B | 5.95B | 5.16B | 3.14B | 4.21B | 4.87B | 3.66B | 2.13B | 1.2B | 1.2B | 1.59B | 917.63M |
| Effective Tax Rate % | -34.88% | 37.09% | -28.22% | 35.7% | 24.97% | 1.73% | -22.31% | 35.18% | 35.39% | 28.31% | 36.64% | 31.65% | 32.58% | 31.72% | 32.63% | 31.26% | 29.89% | 43.31% | 30.09% | 31.72% | 31.1% | 35% | 36.63% | 35.77% | 33.38% | 33.11% | 34.51% | 32.67% | 37.12% | 38.45% | 27.06% |
| Net Income | -46.86B | 6.77B | -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 | 13.65B | 22.09B | 17.34B | 10.41B | 9.79B | 5.29B | 7.91B | 9.66B | 7.38B | 4.04B | 2.48B | 2.04B | 2.55B | 2.47B |
| Net Margin % | -9.29% | 2.72% | -16.09% | 3.04% | 14.28% | 4.47% | -48.2% | 1.66% | 4.81% | 11.82% | 7.65% | 16.04% | 14.59% | 15.47% | 13.92% | 13.9% | 13.04% | 9.9% | 18.11% | 17.36% | 18.26% | 14.52% | 9.12% | 11.66% | 15.35% | 16.98% | 15.78% | 12.93% | 12.45% | 16.12% | 18.39% |
| Net Income Growth % | -210.62% | 115.29% | -603.14% | -77.41% | 331.31% | 109.84% | -2807.41% | -61.18% | -57.16% | 54.06% | -55.5% | 0.46% | 12.58% | 11.41% | 19.14% | 24.17% | 16.8% | -38.21% | 27.36% | 66.66% | 6.32% | 85.02% | -33.14% | -18.07% | 30.77% | 82.81% | 62.98% | 21.64% | -20.07% | 3.05% | 33.02% |
| Net Income (Continuing) | -44.89B | 7.73B | -44.24B | 41.67B | 10.53B | -91.92B | 5.17B | 10.15B | 21.51B | 15.03B | 31.16B | 30.42B | 29.58B | 26.27B | 23.58B | 19.79B | 15.94B | - | 22.09B | 17.34B | 10.41B | 9.79B | 5.29B | 7.91B | 9.66B | 7.38B | 4.04B | 2.48B | 2.04B | 2.55B | 2.47B |
| Discontinued Operations | 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 |
| Minority Interest | 5.39B | 5.18B | 4.42B | 4.62B | 4.57B | 5.98B | 4.94B | 5.88B | 5.62B | 5.52B | 5.42B | 4.87B | 3.79B | 3.31B | 3.08B | 2.69B | 2.51B | 2.38B | 2.37B | 1.68B | 271.57M | 239.36M | 355.94M | 508.98M | 258.75M | 104.68M | 115.22M | 101.96M | 89.54M | 82.08M | 128.18M |
| EPS (Diluted) | -72.16 | 10.56 | -69.94 | 13.02 | 61.36 | 14.39 | -148.49 | 5.46 | 14.18 | 33.27 | 21.66 | 48.70 | 48.27 | 43.30 | 38.90 | 32.85 | 26.54 | 22.80 | 36.78 | 27.00 | 16.54 | 15.16 | 9.29 | 11.81 | 15.73 | 11.76 | 6.10 | 3.86 | 3.18 | 3.95 | 3.90 |
| EPS Growth % | -212.63% | 115.1% | -637.17% | -78.78% | 326.41% | 109.69% | -2819.6% | -61.5% | -57.38% | 53.6% | -55.52% | 0.89% | 11.48% | 11.31% | 18.42% | 23.78% | 16.4% | -38.01% | 36.22% | 63.24% | 9.1% | 63.19% | -21.34% | -24.92% | 33.76% | 92.79% | 58.03% | 21.38% | -19.49% | 1.28% | 29.14% |
| EPS (Basic) | - | 10.56 | -69.94 | 14.00 | 62.34 | 14.57 | -148.49 | 5.46 | 14.26 | 33.36 | 21.66 | 48.71 | 48.57 | 43.38 | 39.09 | 32.97 | 26.68 | 22.90 | 37.30 | 27.33 | 16.82 | 15.33 | 9.38 | 12.02 | 15.73 | 11.76 | 6.57 | 4.10 | 3.36 | 4.22 | 4.07 |
| Diluted Shares Outstanding | 649.38M | 640.67M | 633M | 661.9M | 634.9M | 627.8M | 617.9M | 620.3M | 615.9M | 612.4M | 610.7M | 610.2M | 620.8M | 606.8M | 606.1M | 614.5M | 615.5M | 614M | 609.5M | 642.3M | 629.37M | 623.08M | 610M | 669.88M | 625M | 627.3M | 660.8M | 641.88M | 640.56M | 646.09M | 634.67M |
| Basic Shares Outstanding | 649.38M | 640.67M | 632.99M | 675.64M | 634.88M | 627.66M | 617.9M | 620.3M | 615.59M | 612.38M | 610.7M | 610.18M | 612.8M | 606.79M | 603.2M | 600.4M | 597.6M | 596.1M | 601M | 634.55M | 620M | 613.8M | 610M | 658.21M | 612.5M | 627.3M | 604.4M | 604.12M | 606.84M | 604.41M | 607.66M |
| Dividend Payout Ratio | - | - | - | 0.56% | 0.12% | 0.34% | - | 234.64% | 110.17% | 52.42% | 96.33% | 44.58% | 44.79% | 41.06% | - | 2.12% | 1.99% | 4.27% | - | 19.45% | 32.42% | 29.82% | 51.28% | 38.6% | 0.75% | 0.44% | 27.35% | - | - | - | - |
Commodity price and currency volatility
As indicated by the most recent quarterly data, Sasol has experienced a sustained period of negative top-line growth, with the latest period showing a 4.5% decline, marking a multi-quarter trend of revenue contraction that reflects broader cyclical headwinds and operational challenges within its core segments.
The consistent negative revenue growth suggests that the company is struggling to maintain volume in a softening commodity environment. Investors should monitor whether this contraction is a result of intentional portfolio rationalization or a loss of market share in the competitive chemicals landscape.
According to the provided income statement figures, gross margins have compressed significantly from a peak of 54.0% in 2021Q4 to 25.3% in 2026Q2, highlighting the vulnerability of the company's integrated model to fluctuating feedstock costs and global chemical pricing pressures.
The sharp decline in gross profitability suggests that the company's ability to pass through input cost increases is limited by current market conditions. This margin erosion warrants further investigation into whether the Secunda facility's cost structure remains competitive against global peers with lower energy inputs.
Based on reported financial statements, net income has exhibited extreme volatility, including a massive loss of $53.9B in 2024Q4, which appears to be driven by significant non-operating items and periodic impairments that obscure the underlying operational performance of the business.
The wide disparity between operating income and net income suggests that headline earnings are heavily influenced by non-cash charges and currency translation effects. Analysts should prioritize normalized earnings metrics to better understand the true cash-generating capability of the firm's core industrial assets.
As reported in the income statement, SG&A expenses have remained relatively sticky despite the revenue downturn, with the most recent period showing $11.8B in overhead, which may indicate limited flexibility in managing the company's high fixed-cost base during cyclical troughs.
The inability to scale SG&A downward in proportion to revenue declines suggests that the company faces significant operating leverage risks. This cost structure may continue to pressure net margins unless management can successfully implement more aggressive structural cost-reduction initiatives.
Based on the provided data, the sharp decline in net margin to 0.2% in 2026Q2 raises concerns regarding the long-term viability of the current capital-intensive model, particularly if the company cannot offset the impact of rising regulatory costs and aging infrastructure in South Africa.
Short-sellers would likely focus on the potential for further asset impairments and the risk that the company's debt-servicing capacity may be compromised by sustained low profitability. The market may be underestimating the capital expenditure required to maintain the Secunda complex's operational integrity.
Quick answers to the most common questions about buying SSL stock.
For fiscal year 2025, Sasol Limited (SSL) reported total revenue of $249.10B. This represents a 1752.0% increase compared to $13.45B in 1996.
Sasol Limited (SSL) is profitable, generating $6.77B in net income for the fiscal year ending 2025 with a net profit margin of 2.7%.
Sasol Limited (SSL) reported an operating income of $38.46B, resulting in an operating profit margin of 15.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Sasol Limited (SSL) generated $105.95B in gross profit for the year, representing a gross profit margin of 42.5%. This demonstrates the company's core pricing power and production efficiency.