Sector: Precious-metals mining
Geography: South Africa, United States
COMM_SBSW
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: connector/market_inputs
Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | FY 2025 (12M) | OK | 7254.4 y/y 18.5% | 184.7 y/y — | 524.0 y/y 9.0% | 708.7 y/y 65.2% | -289.3 y/y — | 1197.6 | -1136.0 | 8376.7 y/y 11.2% | 2211.2 y/y -7.9% | -12.9% | 1458.9 | Link |
| 2025-06-30 | Q2 2025 (3M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | — | — | 8094.8 y/y — | 2258.5 y/y — | — | 1197.1 | Link |
| 2024-12-31 | H2 2024 (6M) | OK | 3106.9 y/y 7.9% | -84.2 y/y 96.6% | 254.5 y/y -11.1% | 170.3 y/y 107.7% | 9.6 y/y 100.4% | 346.3 | -568.8 | 7531.5 y/y -2.8% | 2400.4 y/y -9.1% | -16.7% | 1399.3 | Link |
| 2024-06-30 | H1 2024 (6M) | OK | 3013.0 y/y -8.2% | 32.4 y/y -93.2% | 226.3 y/y -11.7% | 258.8 y/y -64.6% | -407.8 y/y -201.3% | 215.2 | -608.4 | 7363.4 y/y -24.7% | 2369.0 y/y -54.9% | -32.6% | 1212.8 | Link |
| 2023-12-31 | H2 2023 (6M) | OK | 2879.4 y/y — | -2508.4 y/y — | 286.3 y/y — | -2222.1 y/y — | -2450.0 y/y — | -75.2 | -626.5 | 7748.7 y/y — | 2641.6 y/y — | -51.8% | 806.0 | Link |
| 2023-06-30 | H1 2023 (6M) | OK | 3283.4 y/y — | 473.7 y/y — | 256.5 y/y — | 730.2 y/y — | 402.4 y/y — | 459.8 | -588.4 | 9780.7 y/y — | 5257.8 y/y — | — | 205.6 | Link |
| Short-term debt (incl. ST leases) | 638 |
| Long-term debt (incl. LT leases) | 1 782 |
| − Cash & equivalents | 961 |
| Net debt | 1 459 |
|---|
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Physical operating metrics — supplementary, not part of the financial statements
PGM (platinum/palladium/rhodium; South Africa + US + gold)
| Year | Reserves, Moz |
|---|---|
| 2025 | 48.80 |
| Year | Production, Moz | per day |
|---|---|---|
| 2025 | 2.08 | 5 699 |
Sibanye-Stillwater FY2025 20-F (SEC, filed 2026-04-24, sbsw-20251231.htm): attributable P&P reserves at 31-Dec-25 SA 4E 29.4 Moz + US 2E 19.4 Moz = 48.8 Moz; 2025 attributable production SA 4E 1.80 Moz + US 2E 0.28 Moz = 2.08 Moz. Same 4E+2E basis both sides; prior panel history (gold-oz-eq basis, 2021 vintage) dropped as basis-broken.
Current 1 606spot vs LTM -11%
Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.
Upside: -111.4%
Main driver: Platinum -11% vs LTM; revenue ×0.89 vs costs ×1.19; EBITDA 2 307→173; at 2.9× EV/EBITDA → -111%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | vs LTM, ZAR | 3y vs LTM |
|---|---|---|---|---|---|---|---|
| Platinum (rev) | +44% | 1 606.10 | 1 808.14 | 1 300.24 | -11% | -20% | -28% |
| Palladium (rev) | +37% | 1 262.50 | 1 460.88 | 1 207.71 | -14% | -22% | -17% |
| Gold (rev) | +19% | 4 034.04 | 4 246.02 | 3 199.38 | -5% | -15% | -25% |
| Electricity Spot (cost) | -10% | 57.80 | 58.56 | 52.39 | -1% | -11% | -11% |
| US Diesel Index (EIA) (cost) | -5% | 5.13 | 4.22 | 4.11 | +22% | +9% | -3% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 7 253 |
| LTM EBITDA | 2 307 |
| LTM cash costs (revenue − EBITDA) | 4 946 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×0.891 (-11%) |
| = Spot revenue | 6 464 |
| Revenue multiplier — 3y price | ×0.765 (-24%) |
| = 3-year-price revenue | 5 548 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.190 (+19%) |
| = Spot cash costs | 5 886 |
| Cost multiplier — 3y price | ×1.169 (+17%) |
| = 3-year-price cash costs | 5 780 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 578 |
| = 3-year-price EBITDA | -232 |
| Conservative EBITDA = min(spot, avg) | 173 |
| 5 · Valuation → target market cap | |
| Historical EV/projected-EBITDA (75th pct) | 2.9x |
| Target EV = EV/EBITDA × conservative EBITDA | 498 |
| Net debt | 1 338 |
| Target market cap = EV − net debt | -694 |
| Current market cap | 6 066 |
Upside = target market cap ÷ current − 1 = -111.4%
Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2021 FY | 11 653 | 8 739 | +33.3% | 3 899 | 2 398 | +62.6% |
| 2022 FY | 8 448 | 10 504 | -19.6% | 2 268 | 1 541 | +47.2% |
| 2023 FY | 6 163 | 7 505 | -17.9% | -1 492 | 1 635 | -191.2% |
| 2024 FY | 6 120 | 5 804 | +5.4% | 713 | -2 616 | — |
| 2025 FY | 7 254 | 8 023 | -9.6% | 2 100 | 1 901 | +10.5% |
Projected EV/EBITDA 3.1x · target 75th pct (3y) 2.9x · LTM avg 2.7x
| Date | Per share | Details | Status | Source |
|---|---|---|---|---|
| 2026-03-20 | 0.328 USD | Ex-dividend: 0.328 USD per share | Paid | Yahoo Finance (ex-div) |
| 2023-09-21 | 0.11 USD | Ex-dividend: 0.11 USD per share | Paid | Yahoo Finance (ex-div) |
| 2023-03-23 | 0.268 USD | Ex-dividend: 0.268 USD per share | Paid | Yahoo Finance (ex-div) |
| 2022-09-15 | 0.325 USD | Ex-dividend: 0.325 USD per share | Paid | Yahoo Finance (ex-div) |
| 2022-03-24 | 0.494 USD | Ex-dividend: 0.494 USD per share | Paid | Yahoo Finance (ex-div) |
| 2021-09-16 | 0.807 USD | Ex-dividend: 0.807 USD per share | Paid | Yahoo Finance (ex-div) |
KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Sibanye-Stillwater (SBSW) — from primary filings.
Sibanye Stillwater Limited is a precious metals mining company that extracts and processes platinum group metals, gold, and other base metals from operations in South Africa, the United States, Europe, and Australia.