Northam Platinum Holdings Ltd

Northam Platinum Holdings Ltd maintains a conservative capital structure with a debt-to-equity ratio of 0.38 and a current ratio of 2.41, indicating strong short-term liquidity coverage. The balance sheet shows total assets of 58.1 billion ZAR against total liabilities of 25.9 billion ZAR, resulting in total equity of 32.1 billion ZAR. Long-term debt stands at 12.2 billion ZAR, while cash and equivalents total 6.1 billion ZAR, leading to a net cash position that is negative after subtracting total debt, as flagged in the risk assessment. Operating cash flow is positive at 4.7 billion ZAR, but free cash flow is negative at -2.3 billion ZAR due to significant capital expenditures of 4.97 billion ZAR.

Profitability metrics indicate modest returns, with a return on equity (ROE) of 4.63% and a return on assets (ROA) of 2.56%. The company reported net income of 1.49 billion ZAR on revenue of 32.9 billion ZAR, with gross profit and operating income both recorded at 3.59 billion ZAR. Without cohort median data provided for comparison, these returns are assessed in isolation, showing a net margin of approximately 4.5%. The alignment of gross profit and operating income suggests minimal operating expenses beyond cost of goods sold or specific accounting treatments in the provided snapshot.

Cash conversion ratio of 3.18 places the company in the top quartile, outperforming the cohort median of 1.2.

Debt-to-equity ratio of 0.38 is below the cohort median of 0.4, suggesting a relatively conservative leverage position.

Free cash flow improved by 44.7% year-over-year in FY2025, demonstrating a recovery in cash generation capabilities.

Revenue grew by 6.9% year-over-year in FY2025, showing top-line expansion despite broader margin pressures.

The company generated negative free cash flow of ZAR 2.3 billion in FY2025, indicating ongoing cash burn.

Return on equity of 4.6% falls well below the cohort median of 7.9%, reflecting poor capital efficiency.

Revenue ZAR 32.90B, +6,9% YoY; Operating income −25,5% YoY.

• ▍Revenue ZAR 32.90B, +6,9% YoY
• ▍Operating income −25,5% YoY
• ▍Net income −17,2% YoY
• ▍Free cash flow +44,7% YoY
• ▍Net margin 4.5%

Revenue ZAR 30.77B, −22,2% YoY; Operating income −44,1% YoY.

• ▍Revenue ZAR 30.77B, −22,2% YoY
• ▍Operating income −44,1% YoY
• ▍Net income −29,6% YoY
• ▍Free cash flow −127,1% YoY
• ▍Net margin 5.8%

Revenue ZAR 39.55B, +16,1% YoY; Operating income −40,9% YoY.

• ▍Revenue ZAR 39.55B, +16,1% YoY
• ▍Operating income −40,9% YoY
• ▍Net income −74,1% YoY
• ▍Free cash flow −129,8% YoY
• ▍Net margin 6.5%

Revenue ZAR 34.06B, +4,4% YoY; Operating income −3,2% YoY.

• ▍Revenue ZAR 34.06B, +4,4% YoY
• ▍Operating income −3,2% YoY
• ▍Net income +4,9% YoY
• ▍Free cash flow −10,1% YoY
• ▍Net margin 28.9%

Revenue ZAR 32.63B; Operating income ZAR 15.08B.

• ▍Revenue ZAR 32.63B
• ▍Operating income ZAR 15.08B
• ▍Net margin 28.8%