Sasol Limited
- Open
- 11.89
- Day high
- 12.48
- Day low
- 11.85
- Prev close
- 12.01
- Volume
- 2.0M
- Mkt cap
- $8.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.9
- P/S
- 0.3
- Yield
- —
- Per share
- —
Sasol Limited (SSL) is a Basic Materials company listed on NYSE. The stock is up 78% over the past year. Drillr has 1 published research article covering SSL.
Sasol Limited (SSL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SSL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Sep 1, 2026 | $1.53 | $2.06 | +34.6% | $9.3B | +9.0% |
| Aug 24, 2025 | $1.15 | $1.41 | +22.6% | $7.2B | +1.4% |
| Aug 20, 2024 | $1.01 | $-4.67 | -561.9% | $7.6B | +0.1% |
| Aug 22, 2023 | $0.83 | $-0.45 | -153.8% | $7.3B | +4.3% |
| Aug 15, 2022 | $2.13 | $2.30 | +8.0% | $9.4B | +19.9% |
| Aug 16, 2021 | $1.36 | $-0.60 | -144.0% | $7.6B | -1.5% |
| Dec 31, 2020 | $-0.09 | $1.58 | +1916.7% | $6.2B | +5.3% |
| Jun 30, 2020 | $-0.19 | $-9.04 | -4652.9% | $5.3B | +13.8% |
| Dec 31, 2019 | $0.50 | $0.46 | -7.4% | $7.0B | +4.0% |
| Dec 31, 2018 | — | $1.88 | — | $8.1B | — |
| Jun 30, 2018 | — | $0.21 | — | $6.7B | — |
| Jun 30, 2014 | — | $2.47 | — | $9.7B | — |
SSL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 15, 2026 | Pillay Sarushen Dhanapalanofficer: EVP, Business Building | Grant | 2,318 | — |
| May 15, 2026 | Pillay Sarushen Dhanapalanofficer: EVP, Business Building | Sell | 2,182 | $13.14 |
Source: SSL SEC Form 4 filings, latest May 15, 2026. For informational purposes only — not investment advice.
See the full SSL insider & 13F page →Sasol Limited company profile
Overview
Sasol Limited (JSE:SSL) is a South African integrated chemical and energy company founded in 1950 and headquartered in Johannesburg. The company has evolved from its origins as a state-owned enterprise focused on converting coal to liquid fuels into a diversified global chemicals and energy business. Sasol operates through six main segments across mining, gas, fuels, and chemicals operations in Africa, America, and Eurasia. The company is known for its proprietary Fischer-Tropsch technology that converts coal and gas into synthetic fuels and chemicals, making it one of the world's largest producers of synthetic fuels and a significant player in specialty chemicals manufacturing.
Business
Sasol operates as an integrated chemical and energy company with operations spanning the entire value chain from raw material extraction to finished chemical products. The company's business is built around Fischer-Tropsch technology, a chemical process that converts carbon monoxide and hydrogen (derived from coal or natural gas) into liquid hydrocarbons, which can then be refined into fuels and chemical products. The company operates through six primary business segments: 1. Mining (approximately 15-20% of EBITDA): Sasol operates coal mines in South Africa that supply feedstock for its synthetic fuel production. The mining operations extract coal that is then gasified to produce syngas (synthetic gas) for the Fischer-Tropsch process. 2. Gas (approximately 10-15% of EBITDA): This segment includes natural gas exploration, production, and marketing operations, primarily in Mozambique. The gas is used both as feedstock for chemical production and sold to external customers through pipeline networks. 3. Fuels (approximately 25-30% of EBITDA): The fuels business produces synthetic liquid fuels including gasoline, diesel, and jet fuel from coal and gas feedstocks. This segment also includes fuel marketing and distribution operations primarily in South Africa. 4. Chemicals Africa (approximately 20-25% of EBITDA): This segment produces a wide range of chemical products including solvents, polymers, waxes, explosives, and fertilizers primarily for the African market. Products serve industries ranging from mining and agriculture to consumer goods. 5. Chemicals America (approximately 15-20% of EBITDA): Based in the United States, this segment focuses on specialty chemicals including high-purity alumina, performance chemicals, and ethylene-based products for North American markets. 6. Chemicals Eurasia (approximately 5-10% of EBITDA): The smallest segment, operating chemical production facilities in Europe and Asia, though several underperforming assets have been mothballed as part of restructuring efforts. The company's integrated model allows it to convert basic raw materials (coal and gas) into higher-value chemical products, with the ability to optimize production across the value chain based on market conditions and pricing differentials between feedstocks and end products.
Revenue model
Sasol generates revenue through multiple channels across its integrated value chain. The primary revenue model is product sales of manufactured chemicals, fuels, and related products to industrial customers, distributors, and end consumers. The company's revenue streams include: 1. Chemical Product Sales: Sasol sells specialty and commodity chemicals to industries including automotive, construction, pharmaceuticals, agriculture, and consumer goods. These products command varying margins depending on their specialty nature and market positioning. 2. Fuel Sales: The company produces and markets synthetic liquid fuels including gasoline, diesel, and jet fuel, primarily in South Africa where it holds a significant market position in the domestic fuel market. 3. Gas Sales: Natural gas is sold to industrial customers and utilities through long-term contracts and spot market sales, primarily from Mozambique operations. 4. Coal Sales: Export coal sales to international markets, though most coal production is consumed internally for synthetic fuel production. Key factors that influence Sasol's profitability and margins include: Positive margin drivers: Higher oil and gas prices generally benefit the company as they increase the value of synthetic fuel products. Stronger chemical market demand and pricing, particularly in specialty chemicals, improve margins. A weaker South African rand against the US dollar benefits export revenues and reduces the rand-denominated cost base relative to dollar-denominated revenues. Negative margin drivers: Lower commodity prices for oil, gas, and chemicals reduce product pricing power. Higher coal costs or quality issues impact the cost base for synthetic fuel production. Infrastructure constraints in South Africa, particularly rail and port logistics, increase transportation costs. Regulatory changes including carbon taxes and environmental compliance costs add to the operational cost base. Competition from conventional petroleum products and alternative energy sources pressure fuel margins. The company's integrated model provides some natural hedging, as higher oil prices that benefit fuel margins may also increase feedstock costs for chemical operations. However, the business remains cyclical and sensitive to global commodity price movements and macroeconomic conditions.
Competitive moat
Sasol's competitive moat is moderate but narrowing due to several factors. The company's primary competitive advantage lies in its proprietary Fischer-Tropsch technology and decades of operational expertise in coal-to-liquids and gas-to-liquids conversion. This technology knowledge, combined with integrated operations from mining through chemicals production, creates operational synergies that are difficult for competitors to replicate quickly. The company benefits from its dominant position in the South African fuel market, where it supplies approximately 30% of the country's liquid fuel needs through its Secunda synthetic fuels facility. This domestic market position provides some protection from international competition due to logistical advantages and established distribution networks. However, Sasol's moat faces significant challenges. The company's coal-intensive operations are increasingly disadvantaged by environmental regulations and carbon pricing, making its cost structure less competitive over time. The technology advantage is diminishing as renewable energy and electric vehicle adoption reduce demand for synthetic fuels, while alternative chemical production methods become more cost-effective. Competitive threats include conventional oil refiners with lower-cost feedstocks, renewable energy providers displacing synthetic fuels, and chemical companies with more modern, efficient production facilities. The company's high carbon footprint and reliance on coal feedstock create regulatory and reputational risks that may limit future market access. The company is attempting to strengthen its moat through investments in renewable energy, green hydrogen, and sustainable aviation fuels, but these initiatives are still in early stages and face significant capital requirements and technological uncertainties. The international chemicals operations provide some diversification but have struggled with low margins and operational challenges. Overall, while Sasol maintains some competitive advantages through its integrated operations and technological expertise, the structural shift away from carbon-intensive energy sources poses long-term challenges to the sustainability of its current business model.
Risks & safety
Sasol presents a moderate margin of safety with mixed financial health indicators: • Liquidity Position: Strong with $1.9 billion in cash and short-term investments, current ratio of 1.84, and adequate working capital buffer • Debt Burden: Concerning with debt-to-equity ratio of 0.91 and net debt around $4 billion, though the company targets reducing net debt below $4 billion • Cash Flow: Mixed picture with positive operating cash flow of $734 million but negative free cash flow of -$60 million in recent quarter, indicating capital intensity challenges • Valuation Metrics: Appears undervalued with P/E ratio of 3.0, P/B ratio of 0.37, and EV/EBITDA of 1.75, suggesting potential value opportunity or fundamental concerns • Profitability: Low return on equity of 3.1% indicates weak profitability relative to shareholder capital • Other Considerations: Recent volatility in earnings with significant losses in FY2024 (-$2.5 billion net income) followed by recovery, exposure to commodity price cycles, and regulatory risks from carbon taxation create additional uncertainty
Recent development
Over the past few years, Sasol has undergone significant strategic transformation through its "Sasol 2.0" program aimed at improving operational efficiency and preparing for energy transition. The company has focused on cost reduction and operational optimization, achieving substantial improvements in mining productivity and implementing destoning projects to improve coal quality for its Secunda operations. A major strategic pivot involves resetting the international chemicals business, including mothballing three underperforming assets in Germany, Italy, and the United States while targeting $100-200 million in EBITDA improvements through operational efficiency and market focus. The company has also been extending its gas operations in Mozambique with continued drilling campaigns and plateau extension projects to potentially reach fiscal year 2030. Sasol has made significant commitments to environmental sustainability and energy transition. The company has established a 30% greenhouse gas reduction target by 2030 and is actively procuring renewable energy, having signed agreements for over 600 megawatts of renewable capacity. New growth initiatives include green hydrogen production, which began in June 2023, and partnerships for sustainable aviation fuel development through a joint venture with Topsoe. The company has also focused on capital discipline and debt reduction, successfully reducing net debt from higher levels and implementing a new dividend policy linked to free cash flow generation rather than fixed payouts. Leadership transition has been managed with Simon Baloyi succeeding Fleetwood Grobler as CEO, bringing continuity to the transformation strategy. Recent operational improvements include enhanced safety performance (remaining fatality-free since August 2024), improved production volumes at Secunda operations, and progress on alternative feedstock exploration to reduce reliance on coal. The company is also exploring LNG import options and carbon capture technologies as part of its long-term sustainability strategy.
SSL company profile · for informational purposes only — not investment advice.
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