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Sibanye-Stillwater (SSW) ZAR

Sibanye-Stillwater 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.

At a glance: strengths & risks
✓Revenue growing (+64% y/y, H1 2026)✓Margins improving (8%→35%, H1 2026)✗Loss-making last FY✗Priced above model value

Sector: Gold & PGM mining

ZA_SSW

Price chart

41.4 ZARDay -0.36%

Key metrics

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.

Market

Price
41.4 ZAR · -0.36%
Market cap
117.2 bn ZAR

Growth

Δ revenue y/y
64.3%
Δ EBITDA y/y
638.2%

Multiples

P/E (LTM)
7.2x
P/B (FY)
3.0x
P/E (ann.)
3.3x
EV/EBITDA (LTM)
3.2x
EV/EBITDA (ann.)
2.1x

Cash return

Dividend yield
8.0%
FCF yield (LTM)
5.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-43.1%
↓ details

Liquidity

Daily turnover (listing)
362.5 mln ZAR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B ZAR, 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.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2026-06-30H1 2026 (6M)OK90.0
y/y 64.3%
27.6
y/y —
4.2
y/y 0.0%
31.9
y/y 638.2%
17.7
y/y —
23.5-8.3159.4
y/y 10.2%
59.2
y/y 33.4%
71.9%14.9Link
2025-12-31H2 2025 (6M)OK74.9
y/y 31.6%
3.7
y/y 5.7%
5.1
y/y 10.1%
8.9
y/y 8.2%
-1.6
y/y -4257.9%
8.1-10.8149.7
y/y 8.4%
39.5
y/y -10.1%
-12.3%26.7Link
2025-06-30H1 2025 (6M)OK54.8
y/y -0.8%
0.1
y/y —
4.2
y/y 2.0%
4.3
y/y —
-3.6
y/y —
13.3-9.5144.7
y/y 7.3%
44.3
y/y -4.7%
-16.3%21.8Link
2024-12-31H2 2024 (6M)OK56.9
y/y 7.2%
3.5
y/y 1220.6%
4.7
y/y -11.5%
8.2
y/y 65.2%
0.0
y/y 100.1%
6.3-10.4138.1
y/y -3.4%
44.0
y/y -9.7%
-16.1%26.0Link
2024-06-30H1 2024 (6M)OK55.2
y/y -8.9%
-4.2
y/y -147.8%
4.1
y/y -12.6%
0.0
y/y -100.3%
-7.3
y/y -198.8%
3.8-11.1134.9
y/y -25.2%
46.5
y/y -53.5%
-30.8%21.8Link
2023-12-31H2 2023 (6M)OK53.1
y/y —
-0.3
y/y —
5.3
y/y —
5.0
y/y —
-45.2
y/y —
-1.4-11.6142.9
y/y —
48.7
y/y —
-50.7%14.9Link
2023-06-30H1 2023 (6M)OK60.6
y/y —
8.7
y/y —
4.7
y/y —
13.5
y/y —
7.4
y/y —
8.5-10.9180.4
y/y —
100.2
y/y —
—3.2Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

-20 000020 00040 00060 00080 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-150%-100%-50%0%50%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (ZAR mln)

-20 000-10 000010 00020 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (ZAR mln)

010 00020 00030 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is broadly cash-backed
In a typical year of 2022–2025 operating cash flow came to 0.84x of reported net profit; after capex, -0.02x. Loss years (2023, 2024, 2025) are left out of the ratio.
year2022202320242025
cash flow / profit0.84x———
accruals, % of assets1.7%-31.4%-12.6%-17.8%
Last twelve months (to 2026-06-30): 1.96x of profit came back as operating cash flow.
net debt / EBITDA 2.0x · capex 2.3x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

PGM (SA 4E + US 2E) + gold — diversified precious metals

Proved reserves
48.80 Moz
2025
Reserve life (R/P)
24.3 yrs
reserves ÷ annual output
Annual production
2.01 Moz
2025
Production guidance
2 Moz

Production, Moz

2.1020232.1720242.012025

Proved reserves

YearReserves, Moz
202548.80
202447.10

Production

YearProduction, Mozper day, Moz
20252.01
−7.2%		0.01
20242.17
+3.1%		0.01
20232.100.01

Sibanye-Stillwater FY2025 results 6-K (SEC CIK 1786909, acc. 0001628280-26-010005) + MRMR declaration as at 31 Dec 2025 (17 Feb 2026). FY2025 production: SA PGM 1,724,778 4Eoz + US 284,069 2Eoz mined = 2.009 Moz PGM; gold 632,341 oz. Reserves = attributable Mineral Reserves 31 Dec 2025: SA 4E 29.4 Moz (+4.7%) + US 2E 19.4 Moz (+2.1%) = 48.8 Moz PGM (gold reserves 6.7 Moz separate); 2024 comparable 47.1 Moz derived from stated YoY changes (prior 90 Moz entry was a resources-basis overestimate, corrected). LoM = 48.8/2.009 = 24.3y. FY2026 guidance: SA 4E 1.65-1.75 Moz (incl PoC + 50% Mimosa) + US 2E 280-300 koz => ~2.0 Moz; gold excl DRDGOLD 440-473 koz. Interim: Q1-2026 6-K — SA 4E +2% YoY, US 2E 68,386 oz (-5% YoY).

Key-commodity price — Gold

Current 4 167spot vs LTM -7%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -43.1%

Main driver: Gold -2% vs LTM; revenue ×0.93 vs costs ×1.04; EBITDA 40 733→12 576; at 6.5× EV/EBITDA → -43%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, ZAR3y vs LTM
Gold (rev)+42%4 166.944 242.243 357.31-2%-3%-21%
Palladium (rev)+24%1 183.001 455.071 212.80-19%-20%-17%
Platinum (rev)+22%1 747.501 798.501 356.25-3%-4%-25%
Rhodium (rev)+10%9 000.008 672.476 628.37+4%+2%-24%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue164 887
LTM EBITDA40 733
LTM cash costs (revenue − EBITDA)124 154
2 · Revenue projection
Revenue multiplier — spot×0.934 (-7%)
= Spot revenue153 945
Revenue multiplier — 3y price×0.785 (-21%)
= 3-year-price revenue129 448
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs129 120
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs129 120
4 · EBITDA projection (revenue − costs)
= Spot EBITDA24 825
= 3-year-price EBITDA328
Conservative EBITDA = min(spot, avg)12 576
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct) — capped at 2x current6.5x
Target EV = EV/EBITDA × conservative EBITDA81 829
Net debt14 907
Target market cap = EV − net debt66 922
Current market cap117 610

Upside = target market cap ÷ current − 1 = -43.1%

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.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 H160 56864 740-6.4%13 47012 646+6.5%
2023 H253 11656 278-5.6%51 9795 085+922.3%
2024 H155 20454 318+1.6%-4329 476-100.1%
2024 H256 92559 124-3.7%8 20630 083-72.7%
2025 H154 76764 255-14.8%4 31510 716-59.7%
2025 H274 91078 774-4.9%8 88127 700-67.9%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +16% vs -1% the year before — a +17.0 pp move. 3-year CAGR -2%.
revenue growth by year: 2023 -18% · 2024 -1% · 2025 +16%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.5x · target 75th pct (3y) 17.3x · LTM avg 10.9x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: materials (South Africa). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Kumba Iron OreSouth Africa4.32.1x
African Rainbow MineralsSouth Africa1.82.6x
Impala PlatinumSouth Africa10.43.5x
Harmony GoldSouth Africa10.83.8x
Gold FieldsSouth Africa31.64.4x
SappiSouth Africa0.55.1x
Valterra PlatinumSouth Africa20.65.2x
AngloGold AshantiSouth Africa47.96.3x
Northam PlatinumSouth Africa6.06.3x
Anglo AmericanSouth Africa58.510.6x
Group median4.7x
Group average5.0x
This companySouth Africa7.03.2x

Group median 4.7x; this company 3.2x — a 32% discount.

Group average 5.0x; against the average this company is at a 35% discount.

At the adjusted group median the market cap would be +57% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-16201 ZAREx-dividend: 201 ZAR per sharePaidYahoo Finance (ex-div)
2026-03-18131 ZAREx-dividend: 131 ZAR per sharePaidYahoo Finance (ex-div)
2023-09-2053 ZAREx-dividend: 53 ZAR per sharePaidYahoo Finance (ex-div)
2023-03-22122 ZAREx-dividend: 122 ZAR per sharePaidYahoo Finance (ex-div)
2022-09-14138 ZAREx-dividend: 138 ZAR per sharePaidYahoo Finance (ex-div)
2022-03-23187 ZAREx-dividend: 187 ZAR per sharePaidYahoo 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).

Investor reporting (IR): https://www.sibanyestillwater.com/investors/

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 (SSW) — from primary filings.

Frequently asked questions

What is Sibanye-Stillwater (SSW)'s P/E ratio?
Sibanye-Stillwater (SSW) trades at a P/E of 7.2x (price to trailing 12-month earnings).
What is Sibanye-Stillwater (SSW)'s EV/EBITDA?
Sibanye-Stillwater (SSW) trades at 3.2x EV/EBITDA.
What is Sibanye-Stillwater (SSW)'s P/B ratio?
Sibanye-Stillwater (SSW) trades at a P/B of 3.0x.
What is Sibanye-Stillwater (SSW)'s dividend yield?
Sibanye-Stillwater (SSW)'s trailing 12-month dividend yield is 8.0%.
What is Sibanye-Stillwater (SSW)'s return on equity (ROE)?
Sibanye-Stillwater (SSW)'s ROE is 71.9%.
What is Sibanye-Stillwater (SSW)'s market capitalization?
Sibanye-Stillwater (SSW)'s market cap is 117.2 bn ZAR.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map