SBSW

MKT CAP:$9B

Sibanye Stillwater Limited

Market Cap

$9B

Basic Materials·Gold·🇿🇦 South Africa·NYSE

Materials·Gold·🇿🇦·NYSE

Stock Price

$12.72-$1.74 (-12.03%)

Apr 24, 2026

Company Details

Sibanye Stillwater Limited, together with its subsidiaries, operates as a precious metals mining company in South Africa, the United States, Zimbabwe, Canada, and Argentina. The company produces gold; platinum group metals (PGMs), including...

CEO

Richard Andrew Stewart

IPO Date

Feb 11, 2013

Website

www.sibanyestillwater.com

Key Metrics TTM

Revenue

$14.4B

+25.3% YoY

Net Income

-$748M

EPS (Diluted)

-$1.06

Free Cash Flow

-$576M

Revenue / Share

$20.32

Gross Margin

21.2%

Operating Margin

18.9%

Net Margin

-5.2%

FCF Margin

-4.0%

P/S

0.6x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$7.2B+7.1%EPS -$0.41

Q4 2025

Feb 20, 2026

$4.3B+25.4%EPS -$0.13

Q2 2025

Aug 28, 2025

$3.3B-0.8%EPS -$0.31

FY 2024

Apr 25, 2025

$6.8B-1.4%EPS -$0.62

Q4 2024

Apr 25, 2025

$3.4B+7.2%EPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 11	$560M	$140M	$135M
Q4 11	$560M	$140M	$135M
Q2 12	$517M	$91M	$85M
Q4 22	$4.1B	$803M	$856M
Q2 23	$3.7B	$943M	$527M
Q4 23	$3.2B	-$103M	-$112M
Q2 24	$3.3B	$431M	$421M
Q4 24	$3.4B	$518M	$511M
Q2 25	$3.3B	$995M	$958M
Q4 25	$4.3B	$1.1B	$831M

Valuation

Quarter	P/S	P/E
Q2 11	—	—
Q4 11	—	—
Q2 12	—	—
Q4 22	1.6x	14.0x
Q2 23	1.0x	8.9x
Q4 23	0.8x	—
Q2 24	0.6x	—
Q4 24	0.7x	—
Q2 25	0.7x	—
Q4 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 11	$212M	$113M
Q4 11	$212M	$113M
Q2 12	$105M	$8M
Q4 22	$919M	$330M
Q2 23	$512M	-$143M
Q4 23	$237M	-$460M
Q2 24	$238M	-$435M
Q4 24	$383M	-$246M
Q2 25	$795M	$220M
Q4 25	$534M	-$115M

Capital Expenditures

Quarter	CapEx
Q2 11	$99M
Q4 11	$99M
Q2 12	$97M
Q4 22	$589M
Q2 23	$655M
Q4 23	$697M
Q2 24	$673M
Q4 24	$629M
Q2 25	$576M
Q4 25	$649M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 23	+552.5%	+635.9%
Q4 23	+472.2%	+680.6%
Q2 24	+544.4%	+573.5%
Q4 24	-16.2%	-9.8%
Q2 25	-9.6%	-25.0%
Q4 25	+34.3%	+4.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 11	$8M	1.4%
Q4 11	$8M	1.4%
Q2 12	$8M	1.6%
Q4 22	$6M	0.2%
Q2 23	$3M	0.1%
Q4 23	$4M	0.1%
Q2 24	$8M	0.2%
Q4 24	$7M	0.2%
Q2 25	$37M	1.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 11	$2M	—	—
Q4 11	$2M	—	—
Q2 12	$2M	—	—
Q4 22	$211.2K	$15M	—
Q2 23	—	—	$3M
Q4 23	—	—	$15M
Q2 24	—	—	$10M
Q4 24	—	—	$8M
Q2 25	—	—	$37M
Q4 25	—	—	$267M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 18	$127M	$0	$127M
Q4 18	$154M	$0	$154M
Q2 19	$362M	$0	$362M
Q4 19	$339M	$0	$339M
Q2 20	$727M	$0	$727M
Q4 20	$1.2B	$0	$1.2B
Q2 21	$1.6B	$0	$1.6B
Q4 21	$1.8B	$0	$1.8B
Q2 22	$1.6B	$0	$1.6B
Q4 22	$1.6B	$0	$1.6B
Q2 23	$1.3B	$0	$1.3B
Q4 23	$1.5B	$0	$1.5B
Q2 24	$939M	$0	$939M
Q4 24	$969M	$0	$969M
Q2 25	$1.3B	$0	$1.3B
Q4 25	$1.0B	$0	$1.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 11	294M	—	—
Q4 11	294M	0.0%	—
Q2 12	294M	0.0%	—
Q4 22	708M	+140.8%	—
Q2 23	708M	-0.0%	+140.8%
Q4 23	708M	+0.0%	+140.8%
Q2 24	708M	-0.0%	+140.8%
Q4 24	708M	0.0%	-0.0%
Q2 25	708M	0.0%	0.0%
Q4 25	708M	0.0%	-0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 11	—	—
Q4 11	—	—
Q2 12	—	—
Q4 22	$273M	15
Q2 23	$244M	15
Q4 23	$88.4K	36K
Q2 24	$91.8K	36K
Q4 24	$94.7K	36K
Q2 25	$91.1K	36K
Q4 25	$118.7K	36K

Revenue / Employee