| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 83 | — | 17.8x | Top tier | |
Growth | 64 | 15.6% | 7.1% | Around median | |
Quality | 26 | — | 4.5% | Bottom tier | |
Safety | 74 | 0.3x | 2.6x | Top tier | |
Capital Return | 96 | — | 2.12% | Top tier | |
Momentum | 42 | 46.4% | 2.9% | Around median | |
Sentiment | 77 | 1 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Sibanye Stillwater Limited is a diversified metals mining, processing, and recycling company; it generates revenue from platinum group metals and gold in South Africa, platinum and palladium in the United States, zinc in Australia, and the recovery of precious metals from recycled materials. It is also building an organic growth pipeline that includes the Keliber lithium project in Finland, the Burnstone gold mine, and the Mount Lyell copper-gold mine, while the profitability of existing operations depends heavily on commodity prices, production volumes, and extraction and processing costs.
In the results presented on September 1, 2026, during the Q2 FY2026 earnings call, revenue for the first six months rose 64% to just under ZAR 90 billion, with about three-quarters coming from the South African portfolio. Adjusted earnings before interest, taxes, depreciation, and amortization reached ZAR 31.8 billion, up 111%, with a 35% margin, while basic earnings per share rose 216% from ZAR 1.90 to ZAR 6.01. Cash generated from operations increased 531% to just under ZAR 21 billion, representing a 65% conversion of adjusted earnings into cash.
The earnings mix in the first six months of FY2026 was driven particularly by the South African operations: platinum group metals there generated adjusted earnings of ZAR 19.2 billion and an all-in sustaining cost margin of 44%, while gold recorded adjusted earnings of ZAR 9 billion and a 39% margin. Recycling generated adjusted earnings of USD 164 million and a 13% margin, while the U.S. platinum group metals operations recorded USD 66 million at a 28% margin, and Century Zinc generated adjusted earnings of USD 55 million. On a full-year basis, FY2024 revenue declined to USD 112.1 billion from USD 113.7 billion in FY2023, with a net loss of USD 7.3 billion versus a loss of USD 37.8 billion.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average target of USD 14.25 within a relatively wide range of USD 12 to USD 16.5; the average is about 33% below the 52-week range high of USD 21.29, while even the highest target remains about 22% below that high. The price-to-earnings multiple does not provide a useful anchor given the net loss of USD 7.3 billion and negative earnings per share of 2.58 in FY2024, so the valuation depends more on the sustainability of the cash and earnings recovery in FY2026 and on successful debt reduction and project execution, while recognizing that the lowest target of USD 12 reflects meaningful divergence in analyst estimates.
Figures in the text are as of 2026-09-03; the live price is shown at the top of the page.
The largest driver in the first six months of FY2026 was higher metal prices alongside relatively stable production. The platinum group metals basket in South Africa and the United States rose about 70%, while gold rose 35% and zinc 25%. As a result, revenue increased 64% to just under ZAR 90 billion, and adjusted earnings before interest, taxes, depreciation, and amortization jumped 111% to ZAR 31.8 billion.
Gross debt declined from ZAR 39.3 billion at the end of H2 FY2025 to ZAR 32.1 billion by the end of the first six months of FY2026, a reduction of 18%. Net leverage stood at 0.18x, while available liquidity reached about ZAR 48 billion. Management aims to reduce gross debt by 50% over a period of two to three years, with the possibility of achieving the target sooner if supportive market conditions continue.
The board approved both projects during the results announced on September 1, 2026. Burnstone targets about 4 tonnes of gold annually at steady state and a 25-year reserve life, with a base-case net present value of ZAR 19.2 billion and an internal rate of return of 36%. Mount Lyell is a copper-gold mine in Tasmania with a life of about 23 years, required investment of about USD 340 million, and a net present value of about USD 550 million under the base-case assumptions.
The U.S. Stillwater operations produced 138 thousand ounces of palladium and platinum in the first six months of FY2026, down 2%, and all-in sustaining costs reached USD 1,347 per ounce after the 45X credit. The company aims to approach USD 1,000 per ounce by 2028 through mechanization and changes to the work and incentive systems. However, the labor agreements at Stillwater and East Boulder were still under negotiation as of September 1, 2026, and management describes the success of this transformation as critical to continued long-term investment in the orebody.
Mining at Keliber began during February of FY2026, with extracted ore reaching 218 thousand tonnes and the strategic stockpile reaching 186 thousand tonnes by the September 1, 2026 results. Capital expenditure reached EUR 719 million within a total budget of EUR 783 million, and commissioning of the concentrator was underway, with a focus on improving grade and quality. The decision to commission the refinery and later transition to a battery-grade product will depend on ore specifications and lithium market conditions, with hot commissioning of the refinery expected in FY2027 if the required conditions are met.
