Latest Ratios: P/E Ratio -21.4x · EV/EBITDA 4.1x · ROE -10.4%. (2011–2025 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 | $6.3B | $10.1B | $2.3B | $3.8B | $7.5B | $9.2B | $11.0B | $6.4B | $1.6B | $2.5B | $2.7B |
| Enterprise Value | $8.0B | $37.3B | $28.4B | $19.3B | $4.5B | $-536083790 | $9.5B | $24.9B | $23.6B | $26.1B | $10.7B |
| P/E Ratio → | -21.38 | — | — | — | 0.41 | 0.28 | 0.38 | 14.60 | — | — | 0.77 |
| P/S Ratio | 0.86 | 0.08 | 0.02 | 0.03 | 0.05 | 0.05 | 0.09 | 0.09 | 0.03 | 0.06 | 0.09 |
| P/B Ratio | 2.33 | 0.23 | 0.05 | 0.07 | 0.08 | 0.11 | 0.16 | 0.20 | 0.06 | 0.11 | 0.16 |
| P/FCF | 61.03 | 5.98 | — | — | — | 0.47 | 0.63 | 3.64 | 0.32 | — | 10.52 |
| P/OCF | 5.02 | 0.49 | 0.23 | 0.54 | 0.49 | 0.28 | 0.41 | 0.68 | 0.13 | 0.93 | 0.61 |
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 | — | 0.31 | 0.25 | 0.17 | 0.03 | -0.00 | 0.07 | 0.34 | 0.47 | 0.57 | 0.34 |
| EV / EBITDA | 4.09 | 1.17 | 2.27 | 0.82 | 0.10 | -0.01 | 0.19 | 1.61 | 3.06 | 2.84 | 1.01 |
| EV / EBIT | 5.86 | 1.68 | — | — | 0.15 | -0.01 | 0.25 | 20.75 | 20.68 | — | 2.21 |
| EV / FCF | — | 22.11 | — | — | — | -0.03 | 0.54 | 14.16 | 4.61 | — | 41.99 |
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 | 23.8% | 23.8% | 5.6% | 11.2% | 25.2% | 34.9% | 33.2% | 12.6% | 4.6% | 7.3% | 19.0% |
| Operating Margin | 18.5% | 18.5% | 3.3% | 12.0% | 26.3% | 36.3% | 34.1% | 11.3% | 2.2% | 3.6% | 20.8% |
| Net Profit Margin | -4.0% | -4.0% | -6.5% | -33.2% | 13.3% | 19.2% | 23.0% | 0.1% | -4.9% | -9.7% | 11.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -10.4% | -10.4% | -14.6% | -53.0% | 21.3% | 43.5% | 56.7% | 0.2% | -10.1% | -21.8% | 23.4% |
| ROA | -3.3% | -3.3% | -5.2% | -24.4% | 11.5% | 23.0% | 24.9% | 0.1% | -3.1% | -7.5% | 10.6% |
| ROIC | 22.9% | 22.9% | 3.9% | 13.2% | 34.2% | 66.6% | 54.2% | 12.6% | 1.7% | 3.4% | 22.7% |
| ROCE | 19.1% | 19.1% | 3.3% | 10.8% | 26.1% | 50.2% | 42.8% | 10.5% | 1.6% | 3.2% | 22.2% |
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 | 1.00 | 1.00 | 0.87 | 0.79 | 0.25 | 0.25 | 0.26 | 0.74 | 0.95 | 1.07 | 0.54 |
| Debt / EBITDA | 1.40 | 1.40 | 3.37 | 1.74 | 0.53 | 0.29 | 0.37 | 1.56 | 3.18 | 2.79 | 0.85 |
| Net Debt / Equity | — | 0.62 | 0.54 | 0.30 | -0.03 | -0.12 | -0.02 | 0.57 | 0.86 | 0.98 | 0.48 |
| Net Debt / EBITDA | 0.86 | 0.86 | 2.08 | 0.65 | -0.07 | -0.14 | -0.03 | 1.20 | 2.85 | 2.57 | 0.76 |
| Debt / FCF | — | 16.13 | — | — | — | -0.50 | -0.09 | 10.52 | 4.29 | — | 31.47 |
| Interest Coverage | 8.63 | 8.63 | 1.13 | 5.89 | 17.07 | 35.45 | 18.51 | 3.31 | 0.42 | 0.64 | 7.19 |
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 | 1.78 | 1.78 | 2.32 | 1.70 | 3.01 | 3.16 | 2.99 | 1.83 | 1.04 | 1.42 | 1.24 |
| Quick Ratio | 0.86 | 0.86 | 1.10 | 0.97 | 1.70 | 1.94 | 1.56 | 0.74 | 0.68 | 1.00 | 1.13 |
| Cash Ratio | 0.50 | 0.50 | 0.77 | 0.70 | 1.29 | 1.47 | 1.16 | 0.39 | 0.17 | 0.24 | 0.20 |
| Asset Turnover | — | 0.80 | 0.81 | 0.80 | 0.83 | 1.13 | 0.95 | 0.72 | 0.60 | 0.60 | 0.75 |
| Inventory Turnover | 2.91 | 2.91 | 4.14 | 3.83 | 3.92 | 4.47 | 3.41 | 4.11 | 9.13 | 12.07 | 37.38 |
| Days Sales Outstanding | — | 36.63 | 18.63 | 27.87 | 15.38 | 12.23 | 17.26 | 19.38 | 44.53 | 43.28 | 67.30 |
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 | 0.3% | 2.8% | 7.4% | 100.0% | 100.0% | 100.0% | 15.4% | 1.3% | 0.0% | 22.1% | 60.2% |
| Payout Ratio | — | — | — | — | 51.4% | 55.0% | 5.8% | 136.9% | — | — | 43.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 243.9% | 360.1% | 265.6% | 6.8% | — | — | 130.1% |
| FCF Yield | 1.6% | 16.7% | — | — | — | 212.7% | 158.9% | 27.5% | 315.0% | — | 9.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 92.7% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.3% | 2.8% | 7.4% | 100.0% | 100.0% | 100.0% | 16.1% | 1.3% | 0.0% | 22.1% | 60.2% |
| Shares Outstanding | — | $708M | $708M | $708M | $708M | $732M | $694M | $645M | $574M | $503M | $387M |
Commodity price and labor volatility
According to recent financial data, Sibanye-Stillwater trades at a forward P/E of 0.18 and an EV/EBITDA of 4.10, yet these depressed multiples appear to reflect extreme market skepticism regarding the company's ability to sustain profitability amidst persistent PGM price volatility and high operational leverage.
The divergence between the trailing P/E of -21.40 and the forward multiple suggests that the market is pricing in a highly optimistic recovery that may not materialize given the company's current cost structure. Investors should monitor whether these low multiples represent a genuine value opportunity or a value trap driven by the ongoing erosion of the company's core earnings power.
Based on reported figures, the company's ROIC has experienced significant volatility, dropping from 29.4% in 2021Q2 to 15.0% in 2025Q4, which indicates that recent capital allocation toward battery metals and international acquisitions has failed to generate returns commensurate with the firm's historical mining performance.
The decline in ROIC suggests that the company is struggling to maintain its competitive advantage as it pivots away from its traditional, high-margin PGM base. This trend warrants further investigation into whether the current capital-intensive strategy is structurally dilutive to long-term shareholder value creation.
As reported in recent filings, the cash conversion cycle has expanded to 163 days in 2025Q4, largely driven by a bloated inventory turnover period of 216 days, which highlights significant inefficiencies in managing the flow of refined metals and work-in-progress materials through the production cycle.
The lengthening of the cash conversion cycle suggests that the company is tying up excessive liquidity in stockpiles, which may be a response to volatile market conditions or operational bottlenecks. This inefficiency reduces the firm's agility and places additional pressure on its already strained cash flow position.
According to the latest balance sheet data, the debt-to-EBITDA ratio has climbed to 2.32, while interest coverage has compressed to 10.99, indicating that the company's reliance on debt to fund its aggressive growth strategy is leaving it with a narrowing margin of safety for debt service.
The escalation in leverage appears to be a direct consequence of the company's M&A-led diversification, which has increased the fixed-cost burden on the balance sheet. Investors should monitor whether the current debt levels remain sustainable if PGM prices continue to face downward pressure or if operational disruptions persist.
The market frequently misapplies standard P/E and EV/EBITDA multiples to Sibanye-Stillwater, failing to account for the unique circularity of its US recycling operations which operate with a fundamentally different risk profile than the company's deep-level, high-cost South African gold and PGM mining assets.
By valuing the entire firm as a traditional miner, the market likely obscures the potential value of the recycling segment, which acts as a counter-cyclical hedge. A more appropriate framework would involve a sum-of-the-parts analysis that separates the high-risk mining operations from the more stable, processing-oriented recycling business.
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Quick answers to the most common questions about buying SBSW stock.
Sibanye Stillwater Limited's current P/E ratio is -21.4x. The historical average is 2.7x.
Sibanye Stillwater Limited's current EV/EBITDA is 4.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.2x.
Sibanye Stillwater Limited's return on equity (ROE) is -10.4%. The historical average is 16.0%.
Based on historical data, Sibanye Stillwater Limited is trading at a P/E of -21.4x. Compare with industry peers and growth rates for a complete picture.
Sibanye Stillwater Limited's current dividend yield is 0.27%.
Sibanye Stillwater Limited has 23.8% gross margin and 18.5% operating margin. Operating margin between 10-20% is typical for established companies.
Sibanye Stillwater Limited's Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.