Sibanye Gold Limited
SBSW Basic Materials Other Precious Metals & Mining
Sibanye Gold Limited’s revenue for fiscal 2025 (year ended December 2025) was $7.3 billion, up 18.6% from fiscal 2024. Insiders bought in the last twelve months.
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Sibanye Gold Limited (SBSW) Beneish M-score
Sibanye Gold Limited's Beneish M-score for fiscal 2025 is −4.11; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −4.11 | (1.19) |
| FY2024 | −2.92 | 0.52 |
| FY2023 | −3.44 | (1.25) |
| FY2022 | −2.19 | (0.23) |
| FY2021 | −1.96 | 0.32 |
| FY2020 | −2.28 | 1.13 |
| FY2019 | −3.41 | (0.61) |
| FY2018 | −2.80 | (1.09) |
| FY2017 | −1.71 | (0.58) |
| FY2016 | −1.12 | 1.06 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.55 | — | 1.42 | |
| Gross margin index | 0.25 | — | 0.13 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 1.19 | — | 1.06 | |
| Depreciation index | 0.92 | — | 0.11 | |
| SG&A index | 7.28 | — | −1.25 | |
| Total accruals to total assets | (0.17) | — | −0.82 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −4.11 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SBSW Sibanye Gold Limited | −4.1× |
| MUX McEwen Inc. compare | −2.6× |
| TFPM Triple Flag Precious Metals Corp. compare | −2.4× |
| MTA Metalla Royalty & Streaming Ltd. compare | −2.2× |
| BVN Buenaventura Mining Company Inc. compare | −1.6× |
| ASM Avino Silver compare | −1.1× |
| HL Hecla Mining Company compare | −1.0× |
| PPTA Perpetua Resources Corp. compare | — |
| SLSR Solaris Resources Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI