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

$14.39

17 Sep
2025

0.130

OPEN

$14.26

0.91%

HIGH

$14.60

3,242,848

LOW

$14.26

TARGET
$12.20 -15.2% downside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
ARU . ASM . BRE . HAS . LIN . MEI . MTM . NTU . PEK . SVM . VHM . VML .
FNARENA'S MARKET CONSENSUS FORECASTS
LYC: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 0.9 33.1 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 44.2 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

-0.3

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

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

29/08/2025

5

Downgrade to Sell from Hold

$10.00

-30.51%

Ord Minnett describes a "miserable" FY25 profit of $8m for Lynas Rare Earths, contrasting badly against the company's $14bn market capitalisation.

Further, the result was eclipsed, in the analysts' view, by an opportunistic $750m equity raising under management's “Towards 2030” plan. Proceeds are earmarked for unspecified opportunities.

Operating costs worsened by -$83m year-on-year, driven by elevated fixed costs and weaker production from the Kalgoorlie plant, explain the analysts.

Ord Minnett lowers its target for Lynas Rare Earths to $10.00 from $10.80 and downgrades to Sell from Hold.

Management concedes the proposed Seadrift plant in the US is unlikely to proceed, which reinforces the broker's view a Malaysian rare earths producer will struggle to secure US government funding.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of 27.00 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 47.50 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%

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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

09/09/2025

3

Hold

$13.70

-4.79%

Lynas Rare Earths has unveiled its growth strategy to 2030. The plan centres on expanding Mt Weld’s resource and mine plan, lifting Malaysian separation capacity, and pursuing partnerships for ex-China metal and magnet production, explains Canaccord Genuity.

The broker notes expansion includes boosting NdPr oxide output to 12ktpa and adding heavy rare earth capacity, alongside potential samarium and yttrium production.

The company has raised $750m via placement and is completing a $75m SPP, taking pro forma liquidity to around $990m. Planned allocations include -$150m for Mt Weld, -$310m for Malaysian separation and -$200m for magnet and metallisation initiatives.

FY25 earnings of US$101m exceeded the broker’s forecast of $85m and matched consensus. Net income of $8m also exceeded the analysts' estimate but fell short of consensus.

No dividend declared. Net cash of $9m was reported at June.

The broker raises production forecasts. Stronger NdPr prices, up 35% since June to US$84/kg, also support higher pricing assumptions of US$115/kg from FY27.

Canaccord Genuity raises its target price to $13.70 from $9.65 and retains a Hold rating.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 25.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 68.00 cents.
Access Extra Coverage Research History >

LYC STOCK CHART

FNArena News on LYC

1
Rudi’s View: Coles, GemLife, Harvey Norman, Lynas, Orica, Reece, Seek & More

Sep 18 2025 - Rudi's View
2
Australian Broker Call *Extra* Edition – Sep 11, 2025

Sep 11 2025 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Sep 09, 2025

Sep 09 2025 - Daily Market Reports
4
August In Review: Banks & Golds Drive Rally

Sep 03 2025 - Australia
5
Weekly Ratings, Targets, Forecast Changes – 29-08-25

Sep 01 2025 - Weekly Reports

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