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Iluka Resources Limited
(Sydney:ILU)
Iluka Resources Limited (ILU) vs. iShares MSCI Australia ETF (EWA)
Iluka Resources Limited Business Overview & Revenue Model
Iluka Resources Limited Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.02B | 1.17B | 1.29B | 1.61B | 1.32B |
| Gross Profit | 82.70M | 478.30M | 643.80M | 968.80M | 920.20M |
| EBITDA | 144.80M | 503.50M | 647.10M | 867.00M | 682.40M |
| Net Income | -288.40M | 231.30M | 342.60M | 584.50M | 365.80M |
Balance Sheet | |||||
| Total Assets | 4.23B | 3.74B | 3.33B | 3.20B | 2.80B |
| Cash, Cash Equivalents and Short-Term Investments | 45.70M | 136.00M | 364.90M | 521.70M | 294.80M |
| Total Debt | 1.16B | 291.30M | 163.70M | 62.50M | 35.90M |
| Total Liabilities | 2.16B | 1.38B | 1.17B | 1.30B | 1.21B |
| Stockholders Equity | 2.07B | 2.36B | 2.16B | 1.89B | 1.59B |
Cash Flow | |||||
| Free Cash Flow | -896.30M | -310.60M | -191.80M | 484.60M | 316.10M |
| Operating Cash Flow | -34.20M | 123.30M | 89.60M | 637.20M | 369.70M |
| Investing Cash Flow | -842.10M | -402.90M | -240.80M | -172.50M | -51.70M |
| Financing Cash Flow | 785.10M | 52.60M | -5.40M | -134.10M | -112.90M |
Iluka Resources Limited Technical Analysis
Iluka Resources Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | AU$2.37B | -37.70 | -50.19% | ― | ― | -20.85% | |
51 Neutral | AU$212.98M | -22.86 | -8.25% | ― | ― | -55.56% | |
48 Neutral | AU$611.57M | -29.41 | -7.50% | ― | ― | 51.47% | |
43 Neutral | AU$2.83B | -9.82 | 7.84% | 1.04% | -4.84% | -30.61% | |
40 Underperform | AU$723.46M | -16.23 | -13.97% | ― | 620.73% | -21.19% |
Iluka Resources Limited Corporate Events
Iluka Resources Limited has applied to the ASX for quotation of 1,450,000 ordinary fully paid shares, to be issued on 25 February 2026. The new securities are being issued under an employee incentive scheme, signalling ongoing use of equity-based remuneration and a modest expansion of the company’s listed share capital, which may slightly dilute existing holdings while supporting staff retention and alignment with shareholder interests.
The most recent analyst rating on (AU:ILU) stock is a Sell with a A$5.00 price target. To see the full list of analyst forecasts on Iluka Resources Limited stock, see the AU:ILU Stock Forecast page.
Perpetual Limited and its related entities have notified Iluka Resources that they have ceased to be a substantial holder in the company as of 23 February 2026. The change, lodged under Australia’s Corporations Act disclosure rules, indicates that Perpetual’s voting power in Iluka has fallen below the substantial holding threshold, signaling a reduction in institutional ownership that may slightly alter the company’s shareholder mix but does not directly affect day-to-day operations.
The notice, signed by Iluka’s company secretary, confirms that details of the changes in Perpetual’s relevant interest are contained in accompanying schedule information. While the filing is largely procedural, it highlights ongoing adjustments in the investor base of Iluka Resources and may be of interest to market participants tracking movements among major institutional shareholders in the Australian resources sector.
The most recent analyst rating on (AU:ILU) stock is a Sell with a A$5.00 price target. To see the full list of analyst forecasts on Iluka Resources Limited stock, see the AU:ILU Stock Forecast page.
JPMorgan Chase & Co. and its affiliates have notified Iluka Resources that they have ceased to be a substantial holder in the company as of 3 February 2026, following a series of transactions including securities lending, investment management activities and principal trading across various JPMorgan entities. The change reflects a reduction in JPMorgan’s voting power below the substantial holding threshold in Iluka, signaling a shift in the ownership profile of the mineral sands producer that may marginally alter its institutional investor base but does not, on its own, indicate any direct change to Iluka’s operational strategy or day-to-day activities.
The most recent analyst rating on (AU:ILU) stock is a Hold with a A$5.50 price target. To see the full list of analyst forecasts on Iluka Resources Limited stock, see the AU:ILU Stock Forecast page.
Iluka Resources has reported a significant upgrade to the Mineral Resource estimate for its WIM100 heavy mineral deposit in western Victoria, the initial focus of its Wimmera project. The updated estimate now stands at 540 million tonnes grading 4.6% heavy minerals for 25 million tonnes of contained heavy minerals, representing a 19% increase in total heavy mineral tonnage, along with notable rises in Measured and Indicated categories that improve confidence in the resource. WIM100 hosts fine-grained heavy minerals, including zircon and rare earth-bearing minerals such as monazite and xenotime, and is expected to be an important future feedstock source for Iluka’s Eneabba rare earth refinery, currently under construction and scheduled to become one of the few rare earths refineries operating outside China. The enlarged and higher-confidence resource underpins the definitive feasibility study for the Wimmera project and reinforces Iluka’s strategic position in securing long-term, diversified supplies of critical minerals for global markets.
The most recent analyst rating on (AU:ILU) stock is a Hold with a A$7.50 price target. To see the full list of analyst forecasts on Iluka Resources Limited stock, see the AU:ILU Stock Forecast page.
Iluka Resources will book around A$565 million in pre-tax exceptional charges in its 2025 financial year, driven by a roughly A$350 million non-cash impairment to its Mineral Sands business and a A$215 million net realisable value write-down on inventory amid subdued demand, particularly from the pigment sector. The impairment largely affects the Cataby mine and synthetic rutile kilns in Western Australia and coincides with a 35% reduction in Cataby’s Ore Reserve, cutting group reserves by about 7% and shortening Cataby’s mine life to four years from any restart, while the inventory write-down reduces the carrying value of work-in-progress and ore stocks but leaves total inventory at about A$1.1 billion; despite the hit to earnings, Iluka expects underlying mineral sands EBITDA of around A$300 million and says it will manage inventory drawdown carefully while remaining positioned to benefit from any market recovery.
The most recent analyst rating on (AU:ILU) stock is a Hold with a A$7.50 price target. To see the full list of analyst forecasts on Iluka Resources Limited stock, see the AU:ILU Stock Forecast page.
Iluka Resources reported full-year 2025 zircon, rutile and synthetic rutile production of 559,000 tonnes, above guidance, driven by strong zircon-in-concentrate output from optimised processing across its separation facilities. While mineral sands revenue fell 13.5% to $976 million amid softer zircon pricing and lower ilmenite and synthetic rutile sales, unit cash production costs declined 18.8% to $1,054/t, and mining commenced at the Balranald project, which is ramping up through the first half of 2026. The company continued its significant capital program, spending $862 million in 2025, largely on the Balranald development and the Eneabba rare earths refinery, which has reached $865 million in cumulative spend and advanced key construction works. Iluka ended the year with group net debt of $1.06 billion split between its mineral sands and rare earths businesses, and has successfully tested the zircon flowsheet for its Wimmera project, confirming a substantial portion of extracted zircon is suitable for ceramics and identifying markets for most of the expected output. For 2026, Iluka plans lower Z/R/SR production of 265,000 tonnes with SR2 and Cataby to remain idle unless markets improve, lower total cash costs of production, higher idle costs, and reduced mineral sands capital expenditure alongside continued heavy investment in rare earths, underpinning its transition towards a dual mineral sands–rare earths portfolio.
The most recent analyst rating on (AU:ILU) stock is a Hold with a A$7.50 price target. To see the full list of analyst forecasts on Iluka Resources Limited stock, see the AU:ILU Stock Forecast page.
Iluka Resources has notified the market that 19,461 conditional rights (ILUAA) have lapsed as of 8 December 2025 because the conditions attached to those rights were not met or have become incapable of being satisfied. The cessation of these securities slightly reduces the pool of potential future equity, providing a minor adjustment to Iluka’s issued capital structure but does not signal any change to its core operations or strategic direction.
The most recent analyst rating on (AU:ILU) stock is a Hold with a A$5.45 price target. To see the full list of analyst forecasts on Iluka Resources Limited stock, see the AU:ILU Stock Forecast page.
Iluka Resources Limited has notified the market of the issue of additional unquoted equity securities under its employee incentive scheme, comprising a total of 194,035 rights (ILUAA) granted on 11 November 2025 and 29 December 2025. The move reflects Iluka’s ongoing use of equity-based remuneration to incentivise and retain staff, which may incrementally increase its pool of unquoted rights on issue and further align employee interests with those of shareholders without immediately affecting the company’s quoted share capital.
The most recent analyst rating on (AU:ILU) stock is a Hold with a A$5.45 price target. To see the full list of analyst forecasts on Iluka Resources Limited stock, see the AU:ILU Stock Forecast page.
Iluka Resources has notified the market of the conversion of unquoted securities into a total of 468,457 fully paid ordinary shares, to be issued on two dates in October 2025. The move modestly increases Iluka’s share capital base and reflects the exercise or conversion of previously granted unquoted equity instruments, aligning with typical capital management and incentive practices that can have incremental dilution effects for existing shareholders while further integrating recipients’ interests with the company’s equity performance.
The most recent analyst rating on (AU:ILU) stock is a Hold with a A$5.45 price target. To see the full list of analyst forecasts on Iluka Resources Limited stock, see the AU:ILU Stock Forecast page.
Yarra Capital Management Limited and a group of related entities have notified Iluka Resources that they have ceased to be substantial shareholders in the company as at 18 December 2025. Between 21 November and 18 December, the group recorded both acquisitions and significant disposals of Iluka shares, with net selling sufficient to reduce their holding below the substantial shareholder threshold, signalling a shift in the company’s institutional investor base and potentially altering the balance of influence among Iluka’s major shareholders.
The most recent analyst rating on (AU:ILU) stock is a Hold with a A$5.45 price target. To see the full list of analyst forecasts on Iluka Resources Limited stock, see the AU:ILU Stock Forecast page.
Van Eck Associates Corporation and its related entities have filed a notice that they have ceased to be substantial holders in Iluka Resources Limited as of 17 December 2025, reflecting changes in their relevant interests and in-kind securities transactions involving Iluka shares. The move signals a reduction of a major institutional investor’s stake in Iluka, potentially altering the company’s share register dynamics and reducing the presence of a notable offshore asset manager in its investor base, though no broader strategic or operational implications for Iluka were disclosed in the filing.
The most recent analyst rating on (AU:ILU) stock is a Hold with a A$5.45 price target. To see the full list of analyst forecasts on Iluka Resources Limited stock, see the AU:ILU Stock Forecast page.