SASOL LTD

SSL
About the company

Sasol Limited operates as a chemical and energy company. It offers bitumen, industrial heating fuels, naphtha, lubricants and lubricant base oils, liquefied petroleum gas, automotive and industrial lubricants, greases, cleansers and degreasers, automotive fuels, and burner fuels or domestic, as well as illuminating paraffin transport fuels, such as petrol, diesel, and jet fuels.

Country: South AfricaPrice: $14.30Market Cap: $9.2B

Investment snapshot

12%positive consensus
Scored 1d ago

Positive

2

BUY / PASS

Neutral / negative

3 / 11

NEUTRAL / FAIL

Median fair value

$10.55

-26.2% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

7 of 10 pass — Buffett, Pabrai and Oshaughnessy object

Key risk

All 8 investors flag SSL's efficiency

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedPASSFAILPASSFAILFAILFAILNEUTRALNEUTRALFAILNEUTRALFAILFAILFAIL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety-7.7%N/AN/A-386.4%N/AN/A-0.9%N/A-21.1%N/A-53.9%-185.4%N/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2024

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-08-29

Score computed: 2026-11-14

Where It Passes

  • Cash Flow70% pass✓ 9✗ 3▾

    7 of 10 pass — Buffett, Pabrai and Oshaughnessy object

    Free Cash Flow Proxy$-257.5M
    ✗BuffettPositive and growing
    FCF Positive and Growing$729.5M
    ✓LynchPositive and growing
    Operating Cash Flow$2.2B
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=10.65%, ROA=1.88%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)4.3x
    ✓Dreman< 8x
    P/E or FCF YieldP/E=24.1x, FCF Yield=8.0%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive7/10 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap7.9%
    ✓Ackman>= 4%
    Price / FCF per Share12.7x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency10/10 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$729.5M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+7.96%; #1012/4519 (top 22.4%)
    ✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Efficiency0% pass✗ 11▾

    All 8 investors flag SSL's efficiency

    Current Ratio
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)5.7%
    ✗Buffett> 10%
    ROIC - WACC-4.3%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    Current Ratio Change YoY
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.75x -> 0.69x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5
    Return on Invested Capital5.8%
    ✗Munger> 15%
    ROIC (high and growing)FY2022: ROIC=5.3%; FY2023: ROIC=-8.3%; FY2024: ROIC=5.8%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC5.6% (RR=97% x ROIC=5.8%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)1/5 years above 12% (latest 5.8%)
    ✗SleepROIC > 12% in a majority of years
  • Valuation models0% pass✗ 6▾

    SSL overvalued: all 6 models price fair value below $14.30 (median $10.55)

    Graham fair value$13.28
    ✗Graham-7.7% margin vs $14.30
    Greenblatt fair value$2.94
    ✗Greenblatt-386.4% margin vs $14.30
    Munger fair value$14.17
    ✗Munger-0.9% margin vs $14.30
    Akre fair value$11.81
    ✗Akre-21.1% margin vs $14.30
    Ackman fair value$9.29
    ✗Ackman-53.9% margin vs $14.30
    Templeton fair value$5.01
    ✗Templeton-185.4% margin vs $14.30
  • Profitability13% pass✓ 8✗ 27▾

    14 of 16 flag SSL's profitability — Graham, Buffett, Lynch +11 more

    Positive EPS (10 years)8/11 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)-141.5%
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)8/11 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)1.0%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)7.6% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-257.5M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)P/E 24.1x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR-12.3%
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE4.4%
    ✗Lynch> 15%
    EBIT / Enterprise Value8.4%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=8.4%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets1.88%
    ✓PiotroskiROA > 0
    ROA Change YoY-12.13% -> 1.88% (delta: +14.01%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=10.65%, ROA=1.88%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue4.9%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity4.4%
    ✗Dreman> 12%
    Margin of SafetyP/E=24.1x, P/B=1.1x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-7.3% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency8/10 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue7.6%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity4.4%
    ✗Ackman>= 15%
    5-Year EPS CAGR-12.3% CAGR over 4 years
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend7.4% (2022) -> 7.6% (2024)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin 7.4% -> 7.6%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+4.15%; #1961/6340 (top 30.9%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+4.44%; #2520/5226 (top 48.2%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0700; #3021/5884 (top 51.3%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR-12.3% over 4 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years8/10 years positive
    ✓Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth13% pass✓ 2✗ 11▾

    7 of 8 flag SSL's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)-141.5%
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)P/E 24.1x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR-12.3%
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 6.5% vs Rev: -6.1%
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction$1.47 (2015) -> $0.59 (2024)
    ✗DremanPositive over recent years
    EPS CAGR-9.6% CAGR over 9 years
    ✗Dreman> 5% annualized
    Positive Net Income Frequency8/10 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-6.1%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency3/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR-12.3% CAGR over 4 years
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin 7.4% -> 7.6%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR4.9%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR-12.3% over 4 years
    ✗Neff7%-20% annualized
  • Valuation15% pass✓ 8✗ 20▾

    11 of 13 flag SSL's valuation — Graham, Lynch, Greenblatt +8 more

    Price / Book Value per Share1.1x
    ✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio1.1x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)P/E 24.1x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value8.4%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=8.4%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS24.1x
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)4.3x
    ✓Dreman< 8x
    Valuation ReasonablenessP/E=24.1x, OE Yield=-2.8%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=24.1x, FCF Yield=8.0%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=24.1x, P/B=1.1x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share12.7x
    ✓Ackman<= 25
    Price vs. Trailing Low411% of trailing low ($3.48)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+4.15%; #1961/6340 (top 30.9%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.9357; #1609/6449 (top 24.9%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS24.1x
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E-0.50
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share1.08x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-4.7%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+1.5291; #1306/5247 (top 24.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+7.96%; #1012/4519 (top 22.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+15.60%; #1565/6202 (top 25.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts15% pass✓ 2✗ 11▾

    Split decision: 11 FAIL · 3 NEUTRAL · 2 PASS

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✗DremanFAIL (4/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (0/6)✗MarksFAIL (3/5)•AckmanNEUTRAL (6/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (3/6)✗SchlossFAIL (3/7)✗OshaughnessyFAIL (Rank #438/963 (Top 45.5%))
  • Debt & Leverage25% pass✓ 5✗ 10▾

    9 of 12 flag SSL's debt & leverage — Graham, Buffett, Lynch +6 more

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.68, IC: 2.0x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.68
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.68
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.68
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=2.0x, D/EBITDA=3.1x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.68
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.6778; #2793/4210 (top 66.3%)
    ✗AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Petroleum and Natural Gas
SIC Sector: Oil & Gas Extraction
Size: Mid Cap($9.2B)
Revenue: $14.0B-6.1% YoY
Net Income: $380.8M+115.9% YoY

Financial Snapshot

Operating Margin7.6%
Return on Equity4.4%
Debt / Equity0.68
Current Ratio--
EPS (Diluted)$0.59−81.7% 1y
Shares Retired−0.1% / −1.4% 2y

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COPCONOCOPHILLIPS
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BPBP PLC
$117.7B
SUSUNCOR ENERGY INC
$80.5B

Shareholder Return

Fiscal 2024

Issued 0.1% of shares last year, 1.4% issued over two.

Buybacks
—
Dividends
$13.1M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY21
277.3% = 281.6% + −1.1%
FY22
−81.7% = −80.5% + −6.1%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2024
Sources
  • 20-F · 2025-08-29
FY 2023
Sources
  • 20-F · 2024-09-06
FY 2022
Sources
  • 20-F · 2023-09-01
FY 2021
Sources
  • 20-F · 2022-08-31
FY 2020
Sources
  • 20-F · 2021-09-22
Market Cap$9.2Bcurrent$5.5Best.$10.8Best.$12.4Best.$5.8Best.
Revenue$14.0B↓6%$14.9B↓3%$15.5B↓8%$16.8B↑20%$14.1B
Operating Income$1.1B↑171%-$1.5B↓229%$1.1B↓70%$3.8B↑227%$1.2B
Net Income$380.8M↑116%-$2.4B↓612%$469.3M↓80%$2.4B↑282%$629.7M
EPS (Diluted)$0.59↑116%$-3.79↓646%$0.69↓82%$3.79↑277%$1.00
Gross Margin—————
Operating Margin7.6%↑176%-9.9%↓234%7.4%↓67%22.5%↑174%8.2%
ROE4.4%↑114%-31.0%↓793%4.5%↓78%20.7%↑235%6.2%
Total Debt$5.8B↓9%$6.4B↓5%$6.7B↑3%$6.5B↓10%$7.2B
Shareholders' Equity$8.6B↑11%$7.8B↓26%$10.5B↓10%$11.6B↑14%$10.2B
Current Ratio—————
Debt / Equity0.68↓18%0.82↑29%0.64↑14%0.56↓21%0.70
Operating Cash Flow$2.2B↑34%$1.6B↓15%$1.9B↓24%$2.5B↑5%$2.4B
Free Cash Flow$729.5M↑4263%-$17.5M↓107%$250.5M↓77%$1.1B↓14%$1.3B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Petroleum and Natural Gas

SSL vs Peers — Financial Grading

Revenue$14.0BBottom 25%
Net Income$380.8MBottom 25%
ROE4.4%Bottom 25%
D/E0.68Bottom 25%
Op. Margin7.6%Bottom 25%
Curr. Ratio—
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
TotalEnergies SETTE$199.0B$90.74$201.2B$13.1B11.4%0.49—0.974/94/91/70/3F-Score 46/11
CONOCOPHILLIPSCOP$168.2B$142.28$58.9B$8.0B12.4%0.36—1.302/93/93/70/3F-Score 76/11
BP PLCBP$117.7B$45.70$192.5B$55.0M0.1%1.096.6%1.261/93/91/70/3F-Score 52/11
SUNCOR ENERGY INCSU$80.5B$69.92$38.2B$4.3B13.1%0.22—1.392/92/92/70/3F-Score 46/11
CENOVUS ENERGY INC.CVE$52.6B$29.08$36.3B$2.9B12.4%0.35—1.571/91/93/70/3F-Score 55/11
WOODSIDE ENERGY GROUP LTDWDS$40.1B$21.08$13.0B$2.7B7.6%0.3330.0%1.593/94/90/70/3F-Score 47/11
EXPAND ENERGY CorpEXE$20.4B$88.53$12.1B$1.8B9.8%0.2720.4%1.012/95/93/71/3F-Score 77/11
YPF SOCIEDAD ANONIMAYPF$14.9B$37.90$18.4B$826.0M-7.6%0.989.4%0.872/91/91/70/3F-Score 43/11