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Anglo American Platinum's financial profile is highly cyclical: revenue, operating margins, and earnings expand sharply with PGM prices and contract when the basket weakens. It generates substantial operating cash but requires heavy sustaining and project capital, leaving cash returns and balance-sheet capacity sensitive to the commodity cycle.
The 2024 results show a development rather than a new model: revenue and annual operating income declined from 2023, while operating cash flow recovered and free cash flow remained positive. Price pressure and substantial capital needs were partly absorbed by cost reductions and working-capital release, but earnings remained more fragile than cash generation.
Whether operating cash flow continues to cover total capital expenditure without relying on inventory drawdowns or customer prepayments.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 62B | 65.7B | 74.6B | 99.6B | 137.8B | 214.6B | 164.1B | 124.6B | 116.3B | ||
| (56.1B) | (56.6B) | (63.3B) | (72.7B) | (98.1B) | (109.5B) | (93.6B) | (103.6B) | (90.8B) | (87.8B) | |
| 5.9B | 9.1B | 11.3B | 26.8B | 39.7B | 105.1B | 70.5B | 21B | 18.2B | 28.6B | |
| (918m) | (394m) | (388m) | (976m) | 514m | 894m | (1.7B) | (2.4B) | (2.2B) | (3.2B) | |
| (683m) | (813m) | (796m) | (788m) | (871m) | (966m) | (1.3B) | (1.8B) | (1.3B) | (1.2B) | |
| (235m) | 419m | 408m | (188m) | 1.4B | 1.9B | (320m) | (580m) | (814m) | (2B) | |
| 4.9B | 8.7B | 10.9B | 25.8B | 40.2B | 106B | 68.9B | 18.6B | 25.3B | ||
| (1B) | (1.5B) | 936m | 7m | 2B | 3.3B | (1.9B) | 1B | (2.1B) | (1.7B) | |
| 1.1B | 1B | 615m | 378m | 247m | 224m | 301m | 512m | 964m | 1.1B | |
| (2.5B) | (4.5B) | (2B) | (346m) | (1.2B) | (745m) | (256m) | (1.4B) | (4.1B) | (672m) | |
| — | 1.1B | — | — | — | — | — | — | — | — | |
| (387m) | (215m) | (123m) | (194m) | (244m) | (258m) | 114m | (150m) | (208m) | (689m) | |
| 1.1B | 3.5B | 9.7B | 25.3B | 40.9B | 108.3B | 66.8B | 18.1B | 9.7B | 22.3B | |
| (364m) | (1.6B) | (2.6B) | (6.7B) | (10.5B) | (29.3B) | (17.5B) | (4.7B) | (2.3B) | (6.5B) | |
| 696m | 1.9B | 7.1B | 18.6B | 30.4B | 79B | 49.3B | 13.4B | 7.4B | 15.8B | |
| (64m) | 20m | (176m) | (72m) | (61m) | (43m) | (143m) | (406m) | (334m) | (393m) | |
| 632m | 1.9B | 6.9B | 18.5B | 30.3B | 79B | 49.2B | 13B | 15.4B | ||
| 2.40 | 7.39 | 26.22 | 70.21 | 115.19 | 299.76 | 186.49 | 49.47 | 58.44 |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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