Sibanye Stillwater Limited
- Open
- 11.41
- Day high
- 11.95
- Day low
- 11.35
- Prev close
- 11.84
- Volume
- 5.5M
- Mkt cap
- $8.3B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.4
- P/S
- 0.6
- Yield
- 2.13%
- Per share
- $0.25
- ▲Insiders net buying $481K over the last 3 months (2 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Sibanye Stillwater Limited (SBSW) is a Basic Materials company listed on NYSE. The stock is up 42% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4). Drillr has 1 published research article covering SBSW.
Sibanye Stillwater Limited (SBSW) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SBSW earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Sep 1, 2026 | $1.26 | $1.34 | +6.3% | $5.6B | +7.1% |
| Feb 20, 2026 | $0.55 | $-0.13 | -123.2% | $4.3B | +10.5% |
| Aug 28, 2025 | $0.13 | $-0.29 | -320.8% | $3.1B | +1.7% |
| Feb 21, 2025 | $-0.01 | $0.00 | +137.4% | $3.0B | +9.8% |
| Sep 12, 2024 | $-0.11 | $-0.15 | -32.0% | $3.0B | +19.8% |
| Mar 5, 2024 | $-0.08 | $-0.87 | -989.9% | $2.9B | +11.6% |
| Aug 29, 2023 | $0.00 | $0.14 | +5187.9% | $3.2B | -24.8% |
| Feb 28, 2023 | $0.01 | $0.13 | +1429.2% | $4.0B | -5.7% |
| Aug 25, 2022 | $0.02 | $0.06 | +225.0% | $2.2B | -48.2% |
| Mar 3, 2022 | $0.03 | $0.35 | +1224.4% | $5.4B | +12.0% |
| Aug 26, 2021 | $0.04 | $0.39 | +859.9% | $6.0B | +77.5% |
| Feb 18, 2021 | $1.72 | $0.36 | -79.2% | $4.3B | +24.3% |
SBSW insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Menell Richard Peterdirector | Buy | 15,000 | $2.19 |
| Jun 30, 2026 | Keyter Charldirector, officer: Chief Financial Officer | Buy | 200,000 | $2.24 |
| Mar 31, 2026 | Carter Charles Edwardofficer: Chief Regional Officer: Amer. | Buy | 10,000 | $11.40 |
| Mar 25, 2026 | Keyter Charldirector, officer: Chief Financial Officer | Buy | 35,000 | $2.70 |
| Mar 25, 2026 | Menell Richard Peterdirector | Buy | 2,500 | $11.43 |
| Mar 20, 2026 | Keyter Charldirector, officer: Chief Financial Officer | Buy | 148,819 | $11.63 |
| Mar 19, 2026 | Maphai Thabane Vincentdirector | Buy | 12,000 | $13.34 |
| Mar 5, 2007 | POLANEN HUMPHREY Pdirector | Buy | 40,000 | $5.00 |
| Mar 5, 2007 | POLANEN HUMPHREY Pdirector | Buy | 10,000 | $5.00 |
| Sep 11, 2006 | POLANEN HUMPHREY Pdirector | Grant | 50,000 | $3.71 |
| Sep 11, 2006 | LAVITT MEL Sdirector | Grant | 50,000 | $3.71 |
Source: SBSW SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full SBSW insider & 13F page →Sibanye Stillwater Limited company profile
Overview
Sibanye Stillwater Limited (NYSE:SBSW) is a South African-based precious metals mining company founded in 2013 through a spin-off from Gold Fields Limited. The company has evolved from a pure-play gold miner into a diversified precious metals producer with operations spanning South Africa, the United States, Zimbabwe, Canada, and Argentina. Sibanye Stillwater is one of the world's largest producers of platinum group metals (PGMs) and maintains significant gold mining operations, while also expanding into battery metals including lithium and zinc to position itself within the green metals ecosystem.
Business
Sibanye Stillwater operates as a diversified precious metals mining company with three primary business segments. The company's core business revolves around extracting and processing precious metals from underground and surface mining operations. South African PGM Operations represent the company's largest revenue segment, accounting for approximately 50-60% of total revenue. These operations include the Kroondal, Rustenburg, Marikana, and Platinum Mile mines located in South Africa's Bushveld Complex, one of the world's richest PGM deposits. The company produces platinum, palladium, and rhodium - metals essential for automotive catalytic converters that reduce vehicle emissions. Additionally, these operations generate chrome as a by-product, contributing around 7-8% of total company revenue. US PGM Operations contribute roughly 15-20% of revenue and include the East Boulder and Stillwater mines in Montana, along with the Columbus metallurgical complex. These are among the only significant PGM mines outside of South Africa and Russia. The Stillwater operations have faced challenging market conditions, with production reduced from 450,000 to 250,000 ounces, and the Stillwater West mine placed on care and maintenance. Gold Operations account for approximately 20-25% of revenue and include the Driefontein, Kloof, and Cooke surface operations on the West Rand, plus the Beatrix mine in the Free State. These operations extract gold from both underground mining and surface tailings retreatment facilities, where previously mined material is reprocessed to extract remaining gold. The company also operates recycling facilities that process PGM-containing materials like spent automotive catalysts, and has expanded into battery metals through the Keliber lithium project in Finland (scheduled for commissioning in H2 2025) and the Century zinc operation in Australia. These newer segments represent the company's strategic pivot toward green metals essential for electric vehicle batteries and renewable energy storage.
Revenue model
Sibanye Stillwater generates revenue primarily through the sale of precious metals and base metals extracted from its mining operations. The company operates on a traditional mining business model where it extracts raw materials from the earth, processes them into sellable products, and sells them to industrial customers, refiners, and metal traders. The company's revenue streams include direct metal sales of platinum, palladium, rhodium, gold, chrome, lithium, and zinc. Customers include automotive manufacturers (who use PGMs in catalytic converters), jewelry manufacturers, industrial users, and battery manufacturers. The recycling operations generate additional revenue by processing spent catalytic converters and other PGM-containing materials for metal recovery. Several factors significantly impact the company's profitability margins. Commodity price volatility represents the most critical factor - PGM prices have experienced substantial declines, with the company facing challenging market conditions that have compressed margins across operations. Energy costs in South Africa, particularly load curtailment and power supply disruptions, directly impact production costs and operational efficiency. Labor costs and availability affect margins, especially in the US operations where skilled labor shortages have driven up wages. Currency fluctuations between the South African rand, US dollar, and other currencies create both opportunities and risks, as the company has implemented hedging strategies to manage this exposure. Regulatory changes in environmental standards, mining regulations, and safety requirements can increase operational costs. Infrastructure challenges including transportation, power supply reliability, and maintenance of aging mining equipment influence production costs and operational efficiency. The company has responded to margin pressures through aggressive cost-cutting measures, reducing its workforce by 15% (from 82,000 to 70,000 employees) and targeting operational savings of ZAR5 billion annually. Management estimates the company can potentially operate for 3-5 years at current metal prices without consuming balance sheet strength, assuming continued restructuring efforts.
Competitive moat
Sibanye Stillwater's competitive moat is moderate and primarily derived from its strategic asset base and operational scale, though it faces significant challenges that limit the strength of this moat. The company's strongest moat element is its irreplaceable mineral reserves in geologically advantaged locations. The South African operations sit within the Bushveld Complex, which contains the world's largest known PGM reserves, while the US Stillwater operations represent one of the only significant PGM deposits outside of South Africa and Russia. These assets cannot be easily replicated by competitors, providing geographic diversification that is particularly valuable given geopolitical tensions affecting Russian PGM supplies. Operational scale and integration provide additional competitive advantages. The company's size allows for economies of scale in procurement, processing, and marketing. The integrated metallurgical facilities, particularly the Columbus complex, enable the company to process raw materials into higher-value finished products rather than selling unprocessed ore. However, the company's moat faces several significant limitations. Commodity price exposure means the company has limited pricing power - it must accept prevailing market prices for its products. The recent PGM price downturn has demonstrated how external market forces can quickly erode profitability regardless of operational efficiency. High capital intensity and operational complexity create both barriers to entry and ongoing challenges. While difficult for new entrants to replicate, these same factors make the business vulnerable to operational disruptions, equipment failures, and require continuous capital investment for maintenance and development. Regulatory and political risks in South Africa, including potential changes to mining laws, labor regulations, and infrastructure challenges, create ongoing uncertainties. The company's dependence on South African operations for the majority of its revenue exposes it to country-specific risks that competitors with more geographically diversified operations may avoid. Competition comes from other major mining companies like Anglo American Platinum, Impala Platinum, and Northam Platinum in South Africa, as well as potential substitution threats as automotive manufacturers explore alternative technologies that could reduce PGM demand in catalytic converters.
Risks & safety
The company presents a moderate margin of safety with mixed financial health indicators requiring careful monitoring. **Overall Assessment**: Sibanye Stillwater maintains adequate liquidity but faces earnings volatility and elevated debt levels that create some financial stress. **Liquidity and Solvency**: - Current ratio of 2.32x indicates strong short-term liquidity coverage - Cash and short-term investments of $813 million provide operational buffer - Debt-to-equity ratio of 0.96x represents elevated but manageable leverage - Positive operating cash flow of $321 million demonstrates operational cash generation capability **Valuation Metrics**: - Price-to-book ratio of 1.03x suggests trading near book value - Negative EBITDA of -$232 million in Q4 2024 indicates operational challenges - High earnings volatility with swings from profits to significant losses - Enterprise value metrics distorted by negative EBITDA **Other Considerations**: - Free cash flow remains negative at -$206 million, indicating capital intensity exceeds cash generation - Company has implemented aggressive cost-cutting measures targeting ZAR5 billion in annual savings - Management estimates 3-5 years of operational runway at current commodity prices - Recent balance sheet strengthening initiatives including debt refinancing and hedging strategies
Recent development
Over the past two years, Sibanye Stillwater has undergone significant strategic restructuring in response to challenging market conditions, particularly the severe downturn in PGM prices. The company has implemented comprehensive cost-cutting measures, reducing its workforce by 15% from 82,000 to 70,000 employees and targeting operational savings of ZAR5 billion annually. Operational Restructuring has been extensive, with several mines placed on care and maintenance including the Stillwater West mine in the US and the Burnstone gold project in South Africa. US PGM production has been deliberately reduced from 450,000 to 250,000 ounces to preserve cash during the price downturn while maintaining optionality for future recovery. Balance Sheet Strengthening initiatives have been a major focus, with management reporting increased balance sheet strength by ZAR25 billion ($1.4 billion). The company completed a ZAR6 billion revolving credit facility refinancing, implemented currency hedging strategies, and secured a ZAR1.8 billion gold prepay facility. Debt covenants have been uplifted to provide additional financial flexibility. Green Metals Strategy represents the company's most significant strategic pivot, with the Keliber lithium project in Finland on track for commissioning in H2 2025, fully funded with a EUR500 million green loan. The company has also been developing renewable energy projects totaling 267-600 megawatts to reduce energy costs and support its carbon neutrality goals by 2042. Portfolio Optimization efforts include exploring monetization of non-core assets, particularly uranium holdings, and evaluating partnerships for copper opportunities including the Mopani and Mt Lyell projects. The recycling operations have been impacted by market conditions, with PGM recycling volumes declining significantly due to reduced availability of spent catalytic converters. The company has maintained its commitment to ESG initiatives despite financial pressures, achieving record safety performance in some metrics while working to address fatality rates. The establishment of the Sibanye Stillwater Foundation demonstrates continued focus on social upliftment and community development in operating regions.
SBSW company profile · for informational purposes only — not investment advice.
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