Sibanye Stillwater (NYSE:SBSW) Operating Income

: $1,308 Mil (TTM As of Jun. 2023)

View and export this data going back to 2013. Start your Free Trial

Sibanye Stillwater's Operating Income for the six months ended in Jun. 2023 was $528 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2023 was $1,308 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Sibanye Stillwater's Operating Income for the six months ended in Jun. 2023 was $528 Mil. Sibanye Stillwater's Revenue for the six months ended in Jun. 2023 was $3,231 Mil. Therefore, Sibanye Stillwater's Operating Margin % for the quarter that ended in Jun. 2023 was 16.34%.

Good Sign:

Sibanye Stillwater Ltd operating margin is expanding. Margin expansion is usually a good sign.

Sibanye Stillwater's 5-Year average Growth Rate for Operating Margin % was 75.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Sibanye Stillwater's annualized ROC % for the quarter that ended in Jun. 2023 was 10.56%. Sibanye Stillwater's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2023 was 22.72%.

Sibanye Stillwater Operating Income Historical Data

The historical data trend for Sibanye Stillwater's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Sibanye Stillwater Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Operating Income

55.62

476.17

2,648.87

3,586.74

1,866.55

Sibanye Stillwater Semi-Annual Data
	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23
Operating Income																2,544.22	1,461.02	1,187.65	779.63	528.09

Sibanye Stillwater Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Jun. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was $1,308 Mil.

Sibanye Stillwater (NYSE:SBSW) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Sibanye Stillwater's annualized ROC % for the quarter that ended in Jun. 2023 is calculated as:

	ROC % (Q: Jun. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2022 )	+	Invested Capital (Q: Jun. 2023 ))	/ count )
=	1056.186 * ( 1 - 26.48% )	/	( (7142.014	+	7561.564)	/ 2 )
=	776.5079472	/	7351.789
=	10.56 %

where

	Invested Capital		(Q: Dec. 2022 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	9642.998	-	991.956	-	( 1509.028	-	max(0, 1170.081	-	3516.435	+	1509.028	))
=	7142.014

	Invested Capital		(Q: Jun. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	9625.283	-	881.578	-	( 1182.141	-	max(0, 961.44	-	3022.278	+	1182.141	))
=	7561.564

Note: The Operating Income data used here is two times the semi-annual (Jun. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Sibanye Stillwater's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Jun. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2022		Q: Jun. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1254.322	/	( ( (4466.898 + max(732.581, 0))	+	(4984.529 + max(855.651, 0)) )	/	2 )
=	1254.322	/	( ( 5199.479	+	5840.18 )	/	2 )
=	1254.322	/	5519.8295
=	22.72 %

where Working Capital is:

	Working Capital		(Q: Dec. 2022 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(337.269	+	1526.852	+	25.057)	-	(991.956	+	1.215	+	163.426)
=	732.581

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(427.639	+	1371.58	+	-4.5474735088646E-13)	-	(881.578	+	17.285	+	44.705)
=	855.651

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Jun. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Sibanye Stillwater's Operating Margin % for the quarter that ended in Jun. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Jun. 2023 )	/	Revenue (Q: Jun. 2023 )
	=	528.093	/	3231.189
	=	16.34 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Sibanye Stillwater Operating Income Related Terms

Thank you for viewing the detailed overview of Sibanye Stillwater's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Sibanye Stillwater (NYSE:SBSW) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Sibanye Stillwater Ltd (NYSE:SBSW) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

SSW:South Africa SBYSF:USA SBSW:Mexico S1BS34:Brazil

Address

Cnr 14th Avenue and Hendrik Potgieter Road, Bridgeview House, Building 11, Ground Floor, Lakeview Avenue, Constantia Office Park, Weltevreden Park, Roodepoort, GT, ZAF, 1709

Website

https://www.sibanyestillwater.com

Sibanye Stillwater Ltd is a South Africa-focused mining company. The Group currently owns and operates five underground and surface gold operations in South Africa: the Cooke, DRDGOLD, Driefontein, and Kloof operations in the West Witwatersrand region, and the Beatrix Operation in the southern Free State province. In addition to mining, the company owns and manages extraction and processing facilities at its operations, where gold-bearing ore is treated and beneficiated to produce gold dore. The gold dore is further refined at Rand Refinery into gold bars with a purity of at least 99.5% and is then sold on international markets. Sibanye holds a 44% interest in Rand Refinery, global refiners of gold, and the largest in Africa. Rand Refinery markets gold to customers around the world.