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: 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

$13.83

12 Nov
2025

-0.390

OPEN

$14.31

-2.74%

HIGH

$14.41

6,267,012

LOW

$13.73

TARGET
$13.608 -1.6% downside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
ARU . ASM . BRE . HAS . LIN . MEI . MTM . NTU . SVM . VHM . VML .
FNARENA'S MARKET CONSENSUS FORECASTS
LYC: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 0.9 36.3 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 39.3 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 © 2025 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

-0.5

No. Of Recommendations

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

Bell Potter

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Ord Minnett

31/10/2025

5

Sell

$11.00

-20.46%

Ord Minnett notes Lynas Rare Earths' September quarter (1Q26) update missed consensus, showing its REO prices remain weak despite market optimism, as they track the China index.

The pricing mechanism remains unchanged due to resistance from clients to alter the structure.

The broker updated its model for the planned HREO separation plant in Malaysia, lowering cost estimates and lifting earnings forecasts.

Target price raised to $11 from $10 based on a 12x forward EBITDA multiple. Sell maintained.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of 29.60 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 43.50 cents.

Citi

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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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

13/11/2025

1

Upgrade to Buy from Hold

$15.55

12.44%

Canaccord Genuity retains a constructive outlook on rare earth equities, citing China’s 12-month pause on rare earth export controls as positive for supply certainty and magnet demand. Global dependence on China remains unresolved, note the analysts.

Prices and sentiment have improved, highlights the broker, yet export restrictions persist for strategic uses, with new non-Chinese supply unlikely before 2028.

It's believed China will still hold around 75% of NdPr refining and 85% of magnet capacity by then, maintaining market dominance.

Canaccord lifts its NdPr price forecasts by an average 16% for 2026-30, with the long-term at US$130/kg, and raises Dy and Tb oxide price estimates by 10-50%.

The broker raises its target for Lynas Rare Earths to $15.55 from $14.15 and upgrades to Buy from Hold.
Access Extra Coverage Research History >

LYC STOCK CHART

FNArena News on LYC

1
Rudi’s View: Antipa, Computershare, IPH, Lynas, Macquarie, Rio Tinto & More

5:15 PM - Rudi's View
2
Australian Broker Call *Extra* Edition – Nov 13, 2025

2:19 PM - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Nov 05, 2025

Nov 05 2025 - Daily Market Reports
4
In Brief: Rare Earths, Hub24 & Sigma Healthcare

Oct 24 2025 - Weekly Reports
5
Rudi’s View: In Corporate Earnings We Must Trust

Oct 22 2025 - Rudi's View

Latest Rare Earth Minerals News

1
Lynas’ Valuation Key Point Of Contention

Jul 30 2025 - Australia
2
Lynas Rare Earths Shares Bounce Off Support

May 27 2025 - Technicals
3
Lynas Rare Earths: High Chance Of Upside

May 23 2023 - Technicals
4
Rare Earth Elements: A Critical Challenge

May 03 2023 - Commodities
5
Security Blanket For Lynas

Nov 02 2022 - Australia
6
Consolidation Over For Lynas Rare Earths

Nov 16 2021 - Technicals
7
RESEARCH: Greenland Minerals, Major Capital Cost Reductions

Aug 05 2019 - FYI
8
Trade War Will Hasten Bull Market For Rare Earths

May 27 2019 - Commodities
9
CORRECTION: Trade Impasse Threatens US Lithium, Rare Earth Imports

May 24 2019 - Commodities
10
RESEARCH: Greenland Minerals Lowering Costs At Kvanefjeld

Feb 05 2019 - FYI