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

$2.28

03 Sep
2025

-0.050

OPEN

$2.26

-2.15%

HIGH

$2.29

34,265,956

LOW

$2.23

TARGET
$2.086 -8.5% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
A11 . A4N . AGY . ASN . AZL . BKT . BSX . CXO . DLI . EMN . GL1 . GLN . GT1 . INR . LEL . LKE . LLL . LTR . NMT . NVX . PLL . PSC . RNU . SRL . SYA . SYR . TLG . VR8 . VUL . WC8 . WIN . WR1 .
FNARENA'S MARKET CONSENSUS FORECASTS
PLS: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 6.3 0.6 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 401.7 xxx
Dividend Yield xxx N/A 0.1% xxx
Div Pay Ratio(%) xxx N/A 43.5% 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

0.3

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx xx xxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

26/08/2025

3

Downgrade to Hold from Buy

$2.30

0.88%

No major surprises from Pilbara Minerals' FY25 headline results, although Morgans points to higher D&A than forecast and the accounting treatment of some expenditure as resulting in a lower than anticipated net profit after tax, versus forecast and consensus.

Pilbara will continue to concentrate on improving operational excellence with its expanded Pilgangoora operation, including cost management and further exploration and studies at Colina.

Interest from major chemical converters and enquiries for higher volumes in FY26 was highlighted by management, and the analyst sees it as a positive signal that underlying demand for spodumene remains strong, despite the apparent oversupply market conditions.

The stock is downgraded to Hold from Buy, as the share price has rallied due to a rise in the spodumene price, but Morgans continues to view the lithium market as in an oversupplied state. Target remains at $2.30.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.00 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of 3.00 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$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

Jarden

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Canaccord Genuity

28/08/2025

1

Buy

$2.70

18.42%

Pilbara Minerals' FY25 underlying EBITDA of $97m missed Canaccord Genuity's $105m forecast but was higher than the consensus. Operating cash flow beat the broker's forecast and net cash position was in line.

The broker notes the company has a stronger balance sheet than the majority of its peers and it still regards the stock as a key pick in the lithium producer space.

FY26 guidance was pre-reported with SC5.2 production of 820-870kt, and the broker is forecasting 841kt. 

Buy. Target unchanged at $2.70.
Access Extra Coverage Research History >

PLS STOCK CHART

FNArena News on PLS

1
August In Review: Banks & Golds Drive Rally

Sep 03 2025 - Australia
2
Australian Broker Call *Extra* Edition – Sep 02, 2025

Sep 02 2025 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 29-08-25

Sep 01 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Aug 28, 2025

Aug 28 2025 - Daily Market Reports
5
FNArena Corporate Results Monitor – 26-08-2025

Aug 26 2025 - Australia

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