Sasol Ltd (SSL) stock analysis
Close on Nov 11, 2026Market cap $9.21BP/E 12.4Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed10 of 30 checks passed
Sasol passes 10 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 3/6
- Past performance
- 5/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 14.5%, above the 10% that usually covers the cost of capital.
Low debt
Debt is 16.8% of shareholders' equity, under the 40% we consider low.
Earnings grew over 5 years
Net income grew 6.1% a year on average over the last five fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 12.9% a year over the last three fiscal years.
What to watch
Return on equity under 15%
Return on equity was 7.7% over the last twelve months and averaged 2.8% over five years; we look for 15% on both.
Revenue growing under 10% a year
Revenue grew -2.1% a year over the last three fiscal years, short of the 10% we look for.
Interest not well covered
Operating income covers interest expense 2.7 times; we look for at least 5.
Debt rising against equity
Debt to equity rose from 5.0% five years ago to 16.8%.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth3/6
Revenue growing under 10% a year
Revenue grew -2.1% a year over the last three fiscal years, short of the 10% we look for.
EPS growing 10%+ a year
Diluted EPS grew 12.9% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 79.5% over the last twelve months, against a 5-year average of 6.1% a year.
Growing faster than the industry
Revenue grew 9.2% over the last twelve months; the Crude Petroleum and Natural Gas median is 8.7%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance5/6
Return on equity under 15%
Return on equity was 7.7% over the last twelve months and averaged 2.8% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 14.5%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Sasol's return on equity of 7.7% is above the Crude Petroleum and Natural Gas median of 5.5%.
Earnings grew over 5 years
Net income grew 6.1% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 4.5% over the last twelve months, against a 5-year average of 1.7%.
Net margin above the industry
Sasol's net margin of 4.5% is above the Crude Petroleum and Natural Gas median of 3.8%.
Financial health2/6
Low debt
Debt is 16.8% of shareholders' equity, under the 40% we consider low.
Debt rising against equity
Debt to equity rose from 5.0% five years ago to 16.8%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 119% of total debt.
Interest not well covered
Operating income covers interest expense 2.7 times; we look for at least 5.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Sasol has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for Sasol. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $27.87M
- Value traded per 1% price move
- $10.25M
Downside
Medium risk
- Typical loss in a bad month
- 24.0%
- Volatility (annualized)
- 55%
- Sharpe ratio, 1 year
- 1.84
- Beta to the S&P 500 (5Y)
- 0.53
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2016 to 2026
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.2% | -2.1% | +6.1% | +4.6% | |
| Operating income | +36.5% | +6.1% | +9.1% | +0.6% | |
| Net income | +79.5% | +11.4% | +6.1% | -0.8% | |
| EPS, diluted | +77.7% | +12.9% | +5.4% | -1.4% | |
| Free cash flow | -9.5% | +35.7% | -8.3% | -8.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | – | 6.1% | 7.7% | |
| Return on assets | – | 2.2% | 3.4% | |
| Current ratio | 1.69 | – | – | |
| Debt to equity | 0.40 | – | – | |
| Net debt to EBITDA | 1.14× | – | – | |
| Interest coverage | 9.7× | 2.5× | 2.7× | |
| Capex to revenue | 0.2% | 7.9% | 7.6% | |
| Diluted shares | 612M | 628M | 649M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Sasol generated 176.21B ZAR from operations and spent 153.18B ZAR on capital expenditure, dividends and share buybacks. 85% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 4.5% | 0.75× | 2.29× | 7.7% |
| FY2025 | 2.7% | 0.69× | 2.45× | 4.6% |
| FY2024 | -16.1% | 0.69× | 2.35× | -26.0% |
| FY2023 | 3.0% | 0.68× | 2.21× | 4.6% |
| FY2022 | 14.3% | 0.70× | 2.33× | 23.2% |
| FY2021 | 4.5% | 0.48× | 2.81× | 6.1% |
| FY2020 | -48.2% | 0.40× | 2.56× | -49.8% |
| FY2019 | 1.7% | 0.45× | 2.06× | 1.5% |
| FY2018 | 4.8% | 0.43× | 1.93× | 4.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
- ProfitableNet income above zero12.15B ZAR
- Cash generatingOperating cash flow above zero32.48B ZAR
- Return on assets improvedROA up on the prior year1.9% → 3.4%
- Earnings backed by cashOperating cash flow above net income32.48B ZAR vs 12.15B ZAR
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise642M → 649M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.68 → 0.76
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