PILBARA MINERALS LIMITED (PLS)
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PLS

PLS - PILBARA MINERALS LIMITED

FNArena Sector : New Battery Elements
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 8.8
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.13

03 Nov
2025

-0.170

OPEN

$3.28

-5.15%

HIGH

$3.38

28,488,489

LOW

$3.10

TARGET
$2.614 -16.5% downside
Franking for last dividend paid out: 100%
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FNARENA'S MARKET CONSENSUS FORECASTS
PLS: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 6.3 0.9 xxx
DPS (cps) xxx 0.0 0.3 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 362.4 xxx
Dividend Yield xxx N/A 0.1% xxx
Div Pay Ratio(%) xxx N/A 39.2% 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

Last ex-div: 05/09 - ex-div 14c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-6.3
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx768.9 M
Book Value Per Share xxxxxxxxxxxxxxx109.7
Net Operating Cash Flow xxxxxxxxxxxxxxx110.6 M
Net Profit Margin xxxxxxxxxxxxxxx-25.46 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-5.78 %
Return on Invested Capital xxxxxxxxxxxxxxx-4.99 %
Return on Assets xxxxxxxxxxxxxxx-4.36 %
Return on Equity xxxxxxxxxxxxxxx-5.78 %
Return on Total Capital xxxxxxxxxxxxxxx-3.65 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-524.2 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 xxxxxxxxxxxxxxx39 M
Long Term Debt xxxxxxxxxxxxxxx644 M
Total Debt xxxxxxxxxxxxxxx682 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx980 M
Price To Book Value xxxxxxxxxxxxxxx1.22

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx654.3 M
Capex % of Sales xxxxxxxxxxxxxxx85.11 %
Cost of Goods Sold xxxxxxxxxxxxxxx840 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx75 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx80 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

-0.4

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

xx/xx/xxxx

5

xxxxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

5

xxxxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

27/10/2025

3

Neutral

$3.25

3.83%

Pilbara Minerals reported what Citi describes as another robust quarterly update, with production of 225koz, 6% better than consensus due to record recoveries of 78%, a rise of 9% on the prior quarter.

Unit operating cost fell -13% to FOB $540/t, beating consensus by 6%, with realised pricing of US$742/t. Cash stood at $852m, down -$122m on the June quarter, with a loss of -$40m still generated after working capital adjustments.

The analyst brought Ngungaju back into forecasts for base case earnings estimates in FY29 when price forecasts are sustained for three quarters above US$1,200 SC6 (spodumene concentrate with a lithium oxide (Li2O) content of approximately 6%).

Citi lifts its earnings forecast by 3cps in FY28 and around 2cps into perpetuity, leading to a rise in the target price to $3.25 from $2.20. No change to Neutral rating.

FORECAST
Citi forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.30 cents.
Citi forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.90 cents.

UBS

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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Ord Minnett

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

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

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

16/09/2025

2

Overweight

$2.20

-29.71%

Pilbara Minerals’ shares are up 46% in three months, with Jarden pointing to strong demand from chemical convertors and supportive Chinese policy. This demand is seen as positive for longer-term lithium pricing.

September quarter output is forecast at around 223kt at -$587/t, above FY26 production guidance and within cost guidance. Realised prices remain volatile, with the broker assuming US$695/t CIF, equal to about US$800/t SC6.

The broker expects FY26 to be smoother operationally for Pilbara Minerals, with optimisation of throughput at 5mtpa and 72-73% recoveries, while FY27 capex should hold near -$300m.

Jarden raises its FY26 earnings (EBITDA) forecast by 2% but keeps valuation at $2.20 and retains an Overweight rating.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 1.30 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.10 cents.
Access Extra Coverage Research History >

PLS STOCK CHART

FNArena News on PLS

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