SASOL LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SASOL LTD files with the SEC in its annual reports.

In ZAR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	172,942	172,407	181,461	203,576	190,367	201,910	272,746	289,996	275,111	249,096
Research and development						1,246	1,160	1,388	1,513	1,548
Operating income	24,239	31,705	17,747	8,434	-111,926	16,619	61,417	21,520	-27,305	18,819
Interest expense	2,340	3,265	3,759	1,253	7,303	6,758	6,896	9,259	10,427	9,462
Interest income	1,819	1,568	1,716	787	922	856	1,020	2,253	3,226	2,925
Pre-tax income	23,718	30,008	15,704	7,968	-118,307	10,717	55,541	14,514	-34,506	12,282
Income tax	8,691	8,495	5,558	2,803	-26,390	185	13,869	5,181	9,739	4,556
Net income to minority interests	1,802	1,139	1,417	1,776	-163	1,500	2,716	534	26	959
Net income	13,225	20,374	8,729	3,389	-91,754	9,032	38,956	8,799	-44,271	6,767
EBITDA	40,606	47,909	34,172	26,248	-89,599	34,263	75,490	38,011	-11,661	32,821
EPS, basic	17.07	26.28	11.24	5.50	-148.49	14.57	62.34	14.00	-69.94	10.60
EPS, diluted	17.07	26.21	11.17	5.46	-148.49	14.39	61.36	13.02	-69.94	10.54

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		29,446	17,128	15,877	34,739	31,231	43,140	53,926	45,383	41,050
Short-term investments			85
Receivables		27,641	29,729	28,578	25,097	30,933	46,671	35,905	36,533	40,086
Inventory		25,374	29,364	29,646	27,801	29,742	41,110	42,205	40,719	41,793
Total current assets		87,954	81,257	78,015	177,969
Property, plant and equipment	155,054	158,773	167,457	357,582	227,645	198,021	221,308	225,472	163,589	158,041
Lease right-of-use assets					13,816	12,903	12,629	11,685	12,351	11,834
Total assets		398,939	439,235	466,237	474,535	360,743	419,548	433,838	364,980	359,555
Accounts payable		36,400	37,150	39,466	35,757	36,670	53,555	48,518	44,198	47,411
Short-term debt			1,946	1,239	21,888	60	82	79	566	666
Total current liabilities		52,173	59,956	49,098	93,118
Lease liabilities				7,445	15,825	13,906	14,266	14,382	15,173	15,177
Total liabilities		181,705	212,404	243,128	318,618	208,272	226,351	232,314	217,553	201,944
Total debt			111,489	138,636	189,730	102,946	105,089	125,608	117,777	103,319
Retained earnings				178,730	87,559
Shareholders' equity		211,711	222,985	217,224	150,976	146,489	188,623	196,904	143,005	152,427
Minority interests		5,523	5,623	5,885	4,941	5,982	4,574	4,620	4,422	5,184
Total equity	212,418	217,234	226,831	223,109	155,917	152,471	193,197	201,524	147,427	157,611
Total liabilities and equity		398,939	439,235	466,237	474,535	360,743	419,548	433,838	364,980	359,555

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	15,027	21,513	10,146	5,165	-91,917	10,532	41,672	9,333	-44,245	7,726
Depreciation and amortization	16,367	16,204	16,425	17,814	22,327	17,644	14,073	16,491	15,644	14,002
Cash from operations	33,935	27,491	25,629	31,943	29,730	34,043	40,250	35,422	29,751	38,308
Capital expenditures	-4,304	-390	-714	-55,781	-35,145	-15,945	-22,593	-30,726	-30,074	-25,345
Cash from investing	-71,034	-56,677	-53,979	-56,412	-38,550	25,093	-15,077	-28,234	-30,657	-25,886
Dividends paid	-11,976	-9,617	-8,677	-10,103	-841	-492	-908	-14,187	-7,850	-233
Cash from financing	29,178	9,536	15,112	23,131	25,112	-58,265	-14,953	1,188	-6,966	-16,609
Exchange rate effect	7,069	-3,207	954	162	3,607	-2,916	1,759	2,424	-633	-26
Net change in cash	-852	-22,857	-12,284	-1,176	19,899	-2,045	11,979	10,800	-8,505	-4,213
Free cash flow	29,631	27,101	24,915	-23,838	-5,415	18,098	17,657	4,696	-323	12,963
Income taxes paid	9,329	6,352	7,041	3,946	5,659	5,280	13,531	13,952	10,932	7,293

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Operating margin	7.6%	Operating income / revenue.
EBITDA margin	13.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.9%	Pre-tax income / revenue.
Net margin	2.7%	Net income / revenue.
FCF margin	5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.4%	Cash from operations / revenue.
Effective tax rate	37.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.9%	Net income / average total assets.
Return on invested capital (ROIC)	5.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.6%	Research and development expense / revenue.
Capex / revenue	10.2%	Capital expenditures / revenue.
D&A / revenue	5.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-9.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-32.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-24.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 3y	-44.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y	-44.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	28.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-9.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	6.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-5.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.68x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.7%	Total debt / total assets.
Liabilities / assets	56.2%	Total liabilities / total assets.
Net debt	ZAR 62.27B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.90x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.99x	Operating income / interest expense.
Tangible book value	ZAR 152.43B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	1.55x	Revenue / average property, plant and equipment.
Receivables turnover	6.50x	Revenue / average receivables.
Days sales outstanding	56 days	365 x average receivables / revenue.
FCF conversion	191.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	66.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	ZAR 10.54	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	ZAR 10.60	Net income per basic share, as reported (split-adjusted).
Payout ratio	3.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	1.8%	Dividends paid / free cash flow, when free cash flow is positive.

What was SASOL LTD's revenue in fiscal 2025?

SASOL LTD reported revenue of ZAR 249.10B for fiscal 2025, 9.5% lower than the year before.

Was SASOL LTD profitable in fiscal 2025?

Yes. Net income was ZAR 6.77B, a net margin of 2.7%.

How much free cash flow did SASOL LTD generate in fiscal 2025?

Cash from operations of ZAR 38.31B minus capital expenditures of ZAR 25.35B left free cash flow of ZAR 12.96B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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