LYNAS RARE EARTHS LIMITED (LYC)
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LYC

LYC - LYNAS RARE EARTHS LIMITED

FNArena Sector : Rare Earth Minerals
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 1.71
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Lynas is the world's largest independent rare-earths mining company with operations in Western Australia and Malaysia. Founded as a gold company in 1983, it listed in 1986. It sold off its gold division in 2001.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$19.56

24 Mar
2026

0.610

OPEN

$19.40

3.22%

HIGH

$20.04

4,174,959

LOW

$19.11

TARGET
$17.233 -11.9% downside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
ARU . ASM . BRE . HAS . LIN . MEI . MTM . NTU . SGQ . SVM . VHM . VML .
FNARENA'S MARKET CONSENSUS FORECASTS
LYC: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 0.9 35.4 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx - 90.6% 100.0% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 56.5 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx0.9
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx556.5 M
Book Value Per Share xxxxxxxxxxxxxxx251.5
Net Operating Cash Flow xxxxxxxxxxxxxxx117.1 M
Net Profit Margin xxxxxxxxxxxxxxx1.44 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx0.35 %
Return on Invested Capital xxxxxxxxxxxxxxx0.33 %
Return on Assets xxxxxxxxxxxxxxx0.28 %
Return on Equity xxxxxxxxxxxxxxx0.35 %
Return on Total Capital xxxxxxxxxxxxxxx0.48 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-313.8 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx34 M
Long Term Debt xxxxxxxxxxxxxxx168 M
Total Debt xxxxxxxxxxxxxxx202 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx166 M
Price To Book Value xxxxxxxxxxxxxxx3.42

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx430.8 M
Capex % of Sales xxxxxxxxxxxxxxx77.41 %
Cost of Goods Sold xxxxxxxxxxxxxxx470 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx75 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.2

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Bell Potter

12/03/2026

3

Upgrade to Hold from Sell

$19.00

-2.86%

Lynas Rare Earths has extended the Japan Australia Rare Earths agreement to 2038. The extended agreement allows for deliveries of up to 7200tpa of niobium Pr with firm commitments of 5000tpa.

While welcoming the announcement, Bell Potter continues to envisage risks around the valuation premium and multiple for the stock which is "pricing in perfection in an imperfect world".

The announcement safeguards a substantial portion of revenue and earnings and reduces the impact of adverse price swings should additional supply enter the market in coming years. The broker upgrades to Hold from Sell and raises the target to $19.00 from $11.60.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 41.70 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 73.90 cents.

Citi

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

17/03/2026

1

Buy

$22.00

12.47%

Lynas Rare Earths and Japan Australia Rare Earths have revised terms for the existing offtake arrangement.

The latter has provided a firm commitment to purchase 5000tpa for supply to Japanese industry with an agreed market-linked floor of US$110/kg and a 30% profit share at prices over US$150/kg.

Canaccord Genuity considers the revised supply arrangement a major positive for Lynas while the revised offtake is providing insulation from any influence China will have on rare earth pricing.

Modelling is updated and EBITDA estimates lifted by around 50%. Target rises to $22.00 from $18.60 and a Buy rating is unchanged.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents.
Access Extra Coverage Research History >

LYC STOCK CHART

FNArena News on LYC

1
Material Matters: Rare Earths, Aluminium, Coal, Gold, Copper & Lithium

Mar 19 2026 - Commodities
2
Lynas Ready To Rock ‘n’ Roll For Longer

Mar 17 2026 - Technicals
3
Australian Broker Call *Extra* Edition – Mar 17, 2026

Mar 17 2026 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 13-03-26

Mar 16 2026 - Weekly Reports
5
Material Matters: Rare Earths, Coal & Contractors

Mar 12 2026 - Commodities

Latest Rare Earth Minerals News

1
Lynas Ready To Rock ‘n’ Roll For Longer

Mar 17 2026 - Technicals
2
Lynas’ Valuation Key Point Of Contention

Jul 30 2025 - Australia
3
Lynas Rare Earths Shares Bounce Off Support

May 27 2025 - Technicals
4
Lynas Rare Earths: High Chance Of Upside

May 23 2023 - Technicals
5
Rare Earth Elements: A Critical Challenge

May 03 2023 - Commodities
6
Security Blanket For Lynas

Nov 02 2022 - Australia
7
Consolidation Over For Lynas Rare Earths

Nov 16 2021 - Technicals
8
RESEARCH: Greenland Minerals, Major Capital Cost Reductions

Aug 05 2019 - FYI
9
Trade War Will Hasten Bull Market For Rare Earths

May 27 2019 - Commodities
10
CORRECTION: Trade Impasse Threatens US Lithium, Rare Earth Imports

May 24 2019 - Commodities