Sasol Ltd.
SSL Basic Materials Specialty Chemicals
Sasol Ltd.’s revenue for fiscal 2026 (year ended June 2026) was $16.1 billion, up 17.4% from fiscal 2025.
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Sasol Ltd. (SSL) Beneish M-score
Sasol Ltd.'s Beneish M-score for fiscal 2026 is −2.54; 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) |
|---|---|---|
| FY2026 | −2.54 | 0.16 |
| FY2025 | −2.70 | 0.78 |
| FY2024 | −3.47 | (0.46) |
| FY2023 | −3.02 | (1.10) |
| FY2022 | −1.92 | 0.76 |
| FY2021 | −2.68 | 0.68 |
| FY2020 | −3.36 | (0.49) |
| FY2019 | −2.87 | (0.36) |
| FY2018 | −2.51 | 0.06 |
| FY2017 | −2.57 | 0.20 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.01 | — | 0.93 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 1.17 | — | 1.05 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 0.93 | — | −0.16 | |
| Total accruals to total assets | (0.05) | — | −0.23 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.54 | ||
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 |
|---|---|
| ALB Albemarle Corporation compare | −3.7× |
| SOLS Solstice Advanced Materials Inc. compare | −3.2× |
| EMN Eastman Chemical Company compare | −2.7× |
| NEU NewMarket Corporation compare | −2.5× |
| SSL Sasol Ltd. | −2.5× |
| RPM RPM International Inc. compare | −2.5× |
| WLK Westlake Corporation compare | −2.4× |
| ESI Element Solutions Inc. compare | −2.4× |
| SQM Sociedad Quimica y Minera S.A. compare | −2.1× |
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