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: 0.86
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

$14.39

24 Sep
2026

-0.280

OPEN

$14.20

-1.91%

HIGH

$14.44

2,670,962

LOW

$13.93

TARGET
$16.992 18.1% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
ARU . BRE . HAS . LIN . MEI . MTM . NTU . SGQ . SVM . VHM . VML . VMM .
FNARENA'S MARKET CONSENSUS FORECASTS
LYC: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 22.2 57.4 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx 100.0% 100.0% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 24.8 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 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx22.2
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx977.9 M
Book Value Per Share xxxxxxxxxxxxxxx346.8
Net Operating Cash Flow xxxxxxxxxxxxxxx346.2 M
Net Profit Margin xxxxxxxxxxxxxxx22.74 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx7.61 %
Return on Invested Capital xxxxxxxxxxxxxxx7.04 %
Return on Assets xxxxxxxxxxxxxxx6.11 %
Return on Equity xxxxxxxxxxxxxxx7.61 %
Return on Total Capital xxxxxxxxxxxxxxx7.56 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx167.9 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx33 M
Long Term Debt xxxxxxxxxxxxxxx306 M
Total Debt xxxxxxxxxxxxxxx338 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,209 M
Price To Book Value xxxxxxxxxxxxxxx5.21

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx178.3 M
Capex % of Sales xxxxxxxxxxxxxxx18.23 %
Cost of Goods Sold xxxxxxxxxxxxxxx637 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx100 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

0.1

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

4

xxxxxxx

$xx.xx

xx.xx%

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UBS

27/08/2026

1

Buy

$22.50

56.36%

Lynas Rare Earths' FY26 EBITDA was in line with UBS but below consensus, while NPAT missed both forecasts, largely due to higher D&A.

UBS trims FY27 forecasts on a higher cost base but views the increase as temporary, with the Mt Weld expansion largely complete and Kalgoorlie process improvements expected to support design capacity and better MREC quality.

The analyst believes the constraint on higher FY27 volumes relates to Lynas optimising its own operations rather than difficulty finding customers.

The broker sees the longer-term investment case increasingly centred on heavy rare earths, where customer demand for these higher-value products is particularly strong, and remains above consensus on earnings from FY28.

The broker retains Buy and lowers the target price by 1% to $22.50.

FORECAST
UBS forecasts a full year FY27 dividend of 0.00 cents and EPS of 60.00 cents.
UBS forecasts a full year FY28 dividend of 0.00 cents and EPS of 118.00 cents.

Citi

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxx

$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

01/09/2026

1

Buy

$20.00

38.99%

Canaccord Genuity maintains a Buy rating for Lynas Rare Earths with its target price decreased to $20.00 from $21.00 following an FY26 result featuring adjusted EBITDA of $402m and net profit of $222m.

The company finished the period with a net cash position of $1.1bn and reported previous quality issues at Kalgoorlie are largely resolved.

The analyst expects the company to continue attracting pricing premiums over China indices despite noting higher acid and energy costs may impact FY27 margins.

EBITDA estimates for FY27 through FY29 are lowered by -4% to reflect the increased unit cost inputs for reagents and energy.
Access Extra Coverage Research History >

LYC STOCK CHART

FNArena News on LYC

1
Rudi’s View: Ampol, BlueScope, Evolution, Infratil, Ramelius & More

Sep 24 2026 - Rudi's View
2
Lynas Poised To Revisit Recent High

Sep 22 2026 - Technicals
3
Rudi’s View: Resources, Healthcare & Best Buys

Sep 03 2026 - Rudi's View
4
Australian Broker Call *Extra* Edition – Sep 01, 2026

Sep 01 2026 - Daily Market Reports
5
FNArena Corporate Results Monitor – 27-08-2026

Aug 27 2026 - Australia

Latest Rare Earth Minerals News

1
Lynas Poised To Revisit Recent High

Sep 22 2026 - Technicals
2
Momentum Building For Brazilian Rare Earths

May 19 2026 - Technicals
3
Fresh Momentum For Arafura Rare Earths

Apr 28 2026 - Technicals
4
The Critical State Of Critical Minerals

Apr 07 2026 - Feature Stories
5
Lynas Ready To Rock ‘n’ Roll For Longer

Mar 17 2026 - Technicals
6
Lynas’ Valuation Key Point Of Contention

Jul 30 2025 - Australia
7
Lynas Rare Earths Shares Bounce Off Support

May 27 2025 - Technicals
8
Lynas Rare Earths: High Chance Of Upside

May 23 2023 - Technicals
9
Rare Earth Elements: A Critical Challenge

May 03 2023 - Commodities
10
Security Blanket For Lynas

Nov 02 2022 - Australia