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: 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

$18.22

24 Apr
2026

-0.170

OPEN

$18.20

-0.92%

HIGH

$18.62

3,057,103

LOW

$18.19

TARGET
$17.767 -2.5% downside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
ARU . ASM . BRE . HAS . LIN . MEI . MTM . NTU . SGQ . SVM . VHM . VML .
FNARENA'S MARKET CONSENSUS FORECASTS
LYC: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 0.9 32.1 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 56.3 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 © 2026 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

-0.2

No. Of Recommendations

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

UBS

xx/xx/xxxx

1

xxx

$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

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Macquarie

22/04/2026

3

Neutral

$20.00

9.77%

Following yesterday's quarterly activities report by Lynas Rare Earths, Macquarie lowers its near-term earnings outlook, resulting in a -2% reduction in target price to $20.00. The Neutral rating is maintained.

The broker moderates its near-term rare earth oxide (REO) growth forecast and assumes an 8.8ktpa NdPr run- rate in 4QFY26.

A summary of the broker's initial research yesterday follows.

Macquarie's initial response is Lynas Rare Earths' 3QFY26 performance was "weak", with both REO production and sales missing expectations by -19%.

Not making matters any rosier, management has also flagged rising cost pressures.

NdPr production also missed, -8% below consensus, the broker believes, adding realised prices were largely flat QoQ despite a strengthening NdPr market, which company management has attributed to adverse product mix changes.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 30.10 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 64.00 cents.

Bell Potter

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Citi

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

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

23/04/2026

1

Buy

$22.00

20.75%

Canaccord Genuity maintains a Buy rating and $22.00 price target for Lynas Rare Earths following a softer March quarter production update.

The broker observes NdPr production missed expectations due to lower output from the Kalgoorlie facility during process improvements.

Higher average selling prices from an optimised product mix and rising Chinese prices helped offset the lower sales volumes.

FY26 earnings estimates are downgraded to reflect reduced near-term production and higher operating costs for fuel and acid.

Despite short-term operational challenges, the longer-term market outlook remains positive and firming up downstream magnet plans could provide a material valuation catalyst, the report suggests.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 29.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of 93.00 cents.
Access Extra Coverage Research History >

LYC STOCK CHART

FNArena News on LYC

1
AI’s Power Demand Is Rewiring Global Markets

Apr 27 2026 - Commodities
2
Australian Broker Call *Extra* Edition – Apr 23, 2026

Apr 23 2026 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 17-04-26

Apr 20 2026 - Weekly Reports
4
The Critical State Of Critical Minerals

Apr 07 2026 - Feature Stories
5
Material Matters: Rare Earths, Aluminium, Coal, Gold, Copper & Lithium

Mar 19 2026 - Commodities

Latest Rare Earth Minerals News

1
The Critical State Of Critical Minerals

Apr 07 2026 - Feature Stories
2
Lynas Ready To Rock ‘n’ Roll For Longer

Mar 17 2026 - Technicals
3
Lynas’ Valuation Key Point Of Contention

Jul 30 2025 - Australia
4
Lynas Rare Earths Shares Bounce Off Support

May 27 2025 - Technicals
5
Lynas Rare Earths: High Chance Of Upside

May 23 2023 - Technicals
6
Rare Earth Elements: A Critical Challenge

May 03 2023 - Commodities
7
Security Blanket For Lynas

Nov 02 2022 - Australia
8
Consolidation Over For Lynas Rare Earths

Nov 16 2021 - Technicals
9
RESEARCH: Greenland Minerals, Major Capital Cost Reductions

Aug 05 2019 - FYI
10
Trade War Will Hasten Bull Market For Rare Earths

May 27 2019 - Commodities