One-glance verdict
Overvalued
$1.18 our estimate vs market $11.13
Wall Street consensus: $12.67 (974.3% higher than our fair-value estimate)
844% above our estimate, beyond the bull case
Fundamentals snapshot
Sibanye Stillwater Limited
SBSW · NYQ · Basic Materials · Other Precious Metals & Mining
Current price
$11.13
52-week range
$7.87 - $21.29
Market cap
$8.05B
Balance sheet
Watch
6.75x Adequate
Net debt $916.93M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 15.6% last year.
- Reward Returns 34.7% on equity, ahead of 16% of its peers.
- Reward Free cash flow was positive in 1/10 years.
- Risk Stock trades 2531.7% above its 5-year average P/E.
What this company does
Sibanye Stillwater Limited
Sibanye Stillwater is a mining company that pulls valuable metals like platinum, gold, and palladium out of the earth in countries including South Africa and the United States. It makes its money by selling these metals, which are essential for things like car parts that reduce pollution and also for new battery technologies. Because the company's success is tied directly to the prices of these metals, its profits can rise and fall with the global market for raw materials.
How the company got here
Sibanye Stillwater started in 2013 when the mining giant Gold Fields spun off three of its older South African gold mines into a new, separate company. Initially focused only on gold, the company quickly began to grow by buying other mining operations. A major turning point was in 2017, when it bought the Stillwater Mining Company in the United States, which is a major producer of platinum and palladium, and changed its name to Sibanye-Stillwater. This, along with other purchases, transformed it from a South African gold miner into a global company with a wide variety of precious metals.
What it actually does
Sibanye Stillwater is a mining company that digs valuable metals out of the ground and processes them to be sold. Think of them as a global supplier of the raw ingredients for many products you see every day. They produce gold and silver for jewelry and investments, but more importantly, they are a top producer of Platinum Group Metals (PGMs), which are key components in the catalytic converters that reduce harmful emissions from gasoline and diesel cars. The company is also moving into mining "battery metals" like lithium, which are essential for electric vehicle batteries and clean energy storage.
South Africa PGM Operations
This is the company's largest business segment, focused on mining Platinum Group Metals (PGMs) in South Africa. These metals, which include platinum, palladium, and rhodium, are primarily sold to car manufacturers who use them to make catalytic converters that clean exhaust fumes. This part of the business is a huge contributor to the company's overall revenue (the total money it brings in from sales). The mines here are some of the largest in the world for these specific metals.
United States PGM Operations
This segment consists of the mining operations in Montana that the company acquired in 2017. These mines are unique because they are a very rare source of Platinum Group Metals outside of Southern Africa and Russia. They primarily extract palladium and platinum, which, like the South African operations, are sold for use in vehicle emission control systems. This American business provides important geographic diversification (a strategy to reduce risk by operating in different parts of the world).
South Africa Gold Operations
This is the original business the company started with, operating several gold mines in South Africa. This segment digs up and processes gold ore to produce pure gold bars. The gold is then sold on the global market to be used in jewelry, as a financial investment, or in small amounts in high-end electronics. This segment also includes operations that re-process old mining waste to extract remaining gold, which is a lower-cost way to produce the metal.
Battery Metals
This is a newer, forward-looking part of the company focused on metals needed for the green energy transition. The main project is a lithium mine in Finland, which will produce lithium hydroxide, a key ingredient for the batteries in electric cars. They also produce other metals like nickel and cobalt as by-products from their other mines. This segment represents a small but growing slice of the business, positioning the company to profit from the global shift to clean energy.
Recycling
Instead of only mining new metals from the earth, this part of the business gets them by recycling old products. A major focus is recycling spent catalytic converters from old cars to recover the valuable platinum, palladium, and rhodium inside. They also recycle electronic waste like old cell phones and industrial scrap to extract precious metals. This business is growing and provides an environmentally friendly source of metals, often called the "circular economy."
What management is betting on now
Management is focused on what they call "green metals," which are essential for a cleaner environment and new technology. This means strengthening their position in Platinum Group Metals that reduce car emissions while also investing heavily in battery metals like lithium for the growing electric vehicle market. They are also expanding their recycling business, which they see as a low-cost and sustainable way to source metals for the future. The company's strategy is to be a key supplier for both the traditional auto industry and the emerging green economy.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $1.18 vs current price $11.13
Wall Street consensus is the average analyst price target: $12.67 (974.3% higher than our fair-value estimate).
Our most-likely fair value is $1.18 a share — about 89.4% below today's price of $11.13, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Watch
Net debt $916.9M. Interest coverage 6.8x.
Net debt
$916.93M
Interest coverage
6.75x
Sibanye Stillwater Limited's profit covers its interest bill about 6.8 times over. which is weaker than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
SBSW
BASELINE
Sibanye Stillwater Limited
Total debt $2.30B Interest coverage 6.75x This is the baseline the peer rows are being compared against.
Total debt $1.79B Interest coverage 19.86x +194% vs SBSW Carries about 2.9x more debt cushion than SBSW.
Total debt $2.63B Interest coverage 36.50x +441% vs SBSW Carries about 5.4x more debt cushion than SBSW.
Total debt $582.84M Interest coverage 14.49x +115% vs SBSW Carries about 2.1x more debt cushion than SBSW.
Total debt $147.27M Interest coverage 30.26x +348% vs SBSW Carries about 4.5x more debt cushion than SBSW.
Total debt $204.47M Interest coverage 22.37x +231% vs SBSW Carries about 3.3x more debt cushion than SBSW.
What you should know
The case for and against SBSW
3 Rewards
1 Risk
Rewards
-
Revenue grew 15.6% last year.
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Returns 34.7% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 1/10 years.
Risks
-
Stock trades 2531.7% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
9.05x
Forward P/E
3.26x
P/B
4.71x
P/S
0.05x
EV/EBITDA
0.59x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
29.8%
Operating margin
29.9%
Net margin
9.8%
ROE
34.7%
ROA
15.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.63x
Current ratio
2.72x
Quick ratio
1.35x
Total debt
$2.30B
Total cash
$1.38B
Growth
How the business has been compounding
Revenue TTM
$10.14B
Revenue 5Y CAGR
-2.1%
EPS TTM
1.23
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$1.32B
Free CF TTM
$67.66M
FCF margin
0.7%
Dividend
Shareholder payout
Yield
6.9%
Payout ratio
26.5%
Last ex-div date
2026-09-18