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Pilbara Minerals
(Sydney:PLS)
Pilbara Minerals (PLS) vs. iShares MSCI Australia ETF (EWA)
Pilbara Minerals Business Overview & Revenue Model
Pilbara Minerals Earnings Call Summary
Pilbara Minerals Financial Statement Overview
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 967.38M | 890.21M | 1.25B | 4.06B | 1.19B | 175.82M |
| Gross Profit | 452.38M | 331.56M | 477.81M | 3.27B | 794.07M | 12.58M |
| EBITDA | 297.36M | 75.31M | 593.86M | 3.51B | 783.52M | 21.28M |
| Net Income | -93.58M | -195.77M | 256.88M | 2.39B | 561.83M | -51.45M |
Balance Sheet | ||||||
| Total Assets | 4.70B | 4.67B | 4.31B | 5.20B | 1.98B | 949.72M |
| Cash, Cash Equivalents and Short-Term Investments | 954.39M | 974.54M | 1.63B | 3.34B | 591.74M | 99.71M |
| Total Debt | 931.23M | 682.21M | 555.74M | 471.95M | 291.96M | 166.97M |
| Total Liabilities | 1.13B | 1.14B | 1.07B | 1.81B | 686.36M | 375.48M |
| Stockholders Equity | 3.57B | 3.53B | 3.24B | 3.39B | 1.29B | 574.25M |
Cash Flow | ||||||
| Free Cash Flow | -90.36M | -508.13M | -1.25B | 3.04B | 506.40M | -20.36M |
| Operating Cash Flow | 243.79M | 146.22M | -440.22M | 3.43B | 634.72M | 130.00K |
| Investing Cash Flow | -416.85M | -698.11M | -827.51M | -407.96M | -204.53M | -230.79M |
| Financing Cash Flow | -47.06M | -98.06M | -392.74M | -284.19M | 58.42M | 251.33M |
Pilbara Minerals Technical Analysis
Pilbara Minerals Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$2.29B | 12.77 | 151.89% | 5.18% | 6.54% | 0.48% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | AU$11.96B | 29.98 | -26.55% | ― | -15.27% | -817.26% | |
56 Neutral | AU$4.39B | -50.75 | -7.26% | 5.03% | -2.30% | -234.27% | |
54 Neutral | AU$16.72B | -173.00 | -5.63% | ― | -38.69% | -174.12% | |
49 Neutral | $6.52B | -31.54 | -35.65% | ― | -37.23% | -32433.33% |
Pilbara Minerals Corporate Events
Pilbara Minerals has outlined its strategic vision at the BMO Global Metals, Mining and Critical Minerals Conference, emphasizing its role in supplying materials for the global energy transition. The company is pursuing a multi-pillar strategy focused on operational performance, unlocking the full potential of its global assets, expanding into chemicals to capture more value in the battery materials supply chain, and diversifying revenue beyond its flagship Pilgangoora project.
This agenda is framed around a mission of powering a sustainable energy future and a goal of value creation through the cycle in critical minerals markets. The strategy signals an intention to move further downstream into battery-related chemicals and reduce concentration risk, which could strengthen Pilbara Minerals’ industry positioning and resilience amid volatile lithium markets.
The most recent analyst rating on (AU:PLS) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Morgan Stanley and certain subsidiaries have ceased to be substantial holders in Pilbara Minerals after a series of transactions in the company’s ordinary shares dated February 18, 2026. The notice details numerous on‑market trades, predominantly purchases with some sales, that collectively reduced Morgan Stanley’s relevant interest below the substantial holding threshold.
The change in Morgan Stanley’s status alters the mix of major institutional investors on Pilbara Minerals’ share register and may influence perceptions of market support for the stock. While the filing is largely administrative, it signals a repositioning by a major global financial institution that could be relevant for stakeholders tracking liquidity, ownership concentration and potential future capital‑markets activity around the company.
The most recent analyst rating on (AU:PLS) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has notified the market of the issue of 2,432,322 unquoted performance rights under its employee incentive scheme, all dated 10 February 2026. These rights include existing class performance rights expiring in 2029 and new classes vesting in 2028, signalling an ongoing focus on long-term incentives linked to employee performance.
The issuance of unquoted securities that are not intended to be listed on the ASX highlights the company’s preference for non-cash, equity-based compensation to align employees with shareholder interests. This move may strengthen staff retention and align management incentives with the company’s strategic objectives, though it will also expand the pool of potential future equity once vesting conditions are met.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$5.25 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has applied for quotation on the ASX of 130,540 ordinary fully paid shares, following the exercise or conversion of existing options or other convertible securities. The new shares, issued on 5 February 2026, modestly increase the company’s quoted capital base and reflect ongoing equity issuance activity that may slightly dilute existing shareholders while supporting capital structure flexibility.
The application, lodged as a new announcement on 20 February 2026 under Appendix 2A of the ASX Listing Rules, formalises the admission of these additional securities to trading. While the volume is relatively small, the move underscores routine capital management practices and ensures the newly issued shares can be traded on-market in line with ASX requirements.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$5.25 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals has signed a multi-year offtake agreement with Canmax Technologies for 150,000 tonnes per year of spodumene concentrate starting in calendar 2026, with an option to supply additional volumes and extend the deal by 12 months. Pricing will track prevailing market levels but includes a floor of US$1,000 per tonne on an SC6 basis, giving Pilbara downside protection while retaining full exposure to any upside.
The agreement is tied to a US$100 million unsecured, interest-free prepayment from Canmax, to be repaid via product deliveries, bolstering Pilbara’s near-term liquidity without adding covenant-heavy debt. Pilbara retains flexibility to supply volumes from its Pilgan or Ngungaju plants at the Pilgangoora Operation, and management says the deal strengthens its customer diversification and supports disciplined production and sales decisions as lithium market conditions evolve.
The most recent analyst rating on (AU:PLS) stock is a Buy with a A$5.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has disclosed a change in managing director Dale Henderson’s interests, with the issue of 200,759 fully paid ordinary shares under the company’s Loan Share Plan, as approved by shareholders at the November 2025 AGM. The new shares, funded via a $1 million limited recourse loan and subject to a four-year service-based vesting period ending in January 2030, increase Henderson’s indirect holding and further align executive incentives with long-term shareholder value through performance- and time-based equity awards.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.60 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
The company notified the ASX of issuing 1,003,795 restricted ordinary shares on 29 January under its employee incentive scheme, reflecting continued use of equity-based rewards to retain and motivate staff amid ongoing growth in lithium markets. The new unquoted securities signal Pilbara Minerals’ emphasis on aligning employees with long-term performance, though the restricted status limits immediate dilution for existing shareholders.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.60 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has notified the market that 24,105 performance rights, which were due to expire on 31 December 2026, have lapsed after the conditions attached to those rights were not met or became incapable of being satisfied, effective 8 January 2026. The cessation of these securities slightly reduces the company’s potential future share issuance, marginally tightening its capital structure and indicating that certain performance hurdles tied to these rights were not achieved, which may be relevant for investors assessing management incentives and equity-based compensation outcomes.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.60 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has notified the market of the issue of unquoted performance rights under its employee incentive scheme, with a total of 281,205 performance rights expiring on 31 December 2029 being granted across two issue dates in late December 2025 and early January 2026. These unquoted securities, which are not intended to be listed on the ASX, form part of the company’s broader remuneration and retention strategy, signalling an ongoing focus on aligning staff incentives with long‑term company performance and potentially impacting future dilution for existing shareholders.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.60 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has announced that its FY26 interim results will be released on 19 February 2026, accompanied by an investor webcast and teleconference aimed at both retail and professional investors, including brokers, analysts and fund managers. The company is providing separate online access for retail shareholders via a live webcast with slides and a dedicated teleconference registration for institutional investors and media, with a recording of the event to be made available on its website, underscoring its focus on investor engagement and transparent communication with stakeholders around its financial performance.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$5.25 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals has released its December quarter FY26 activities presentation, outlining a strategy anchored on four key pillars: operating excellence, asset growth, chemicals integration and revenue diversification. The company aims to meet its operational performance commitments while realising the full potential of its global asset base, extracting greater value along the battery materials supply chain and reducing dependence on Pilgangoora, positioning itself to capture more of the lithium value chain as demand for sustainable energy solutions continues to grow.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
GFL International Co., Limited has ceased to be a substantial shareholder in PLS Group Limited after divesting its stake via an on‑market block trade. On 27 January 2026, GFL sold 32.19 million ordinary shares in PLS at A$5.00 per share, removing its substantial holder status and signalling a notable shift in the company’s share register that may alter the balance of its institutional investor base and potentially increase the free float available to other market participants.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has applied to the ASX for quotation of 14,463 additional ordinary fully paid shares, issued on 8 January 2026 as a result of options being exercised or other convertible securities being converted. The modest increase in quoted securities marginally expands the company’s share base and reflects ongoing conversion of existing equity instruments, with limited immediate impact on overall capital structure but maintaining active alignment of securities on issue with the official market quotation.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.55 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has applied to the ASX for quotation of 1,269 new fully paid ordinary shares, issued on 22 December 2025. The small issue, arising from the exercise or conversion of existing securities, marginally increases the company’s quoted share capital and reflects routine capital management rather than a material shift in its funding or strategic position.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has announced the appointment of Robert Nicholson as a director effective 1 January 2026, in line with its disclosure obligations under ASX listing rules and the Corporations Act. At the time of his appointment, Nicholson holds no direct or indirect interests in the company’s securities and has no disclosed interests in any related contracts, signalling a starting position free of equity-based conflicts of interest for the new board member.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has announced that non-executive director Stephen John Scudamore ceased to be a director of the company effective 31 December 2025, as disclosed in a final director’s interest notice lodged with the ASX. The filing confirms that upon his departure, Scudamore held a direct interest of 83,785 ordinary PLS shares, with no additional indirect holdings or contract-related interests reported, providing investors with clarity on director-level equity exposure and governance changes at the company.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has notified the market of the issue of several tranches of unquoted securities under its employee incentive schemes, including performance rights expiring in 2026 and 2029 and a new class of vested share rights. In total, millions of performance rights and a smaller number of vested share rights are being granted across multiple dates in December 2025, signalling the company’s continued reliance on equity-based remuneration to align staff with long-term value creation and potentially diluting existing shareholders over time as these rights vest and convert.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has scheduled the release of its December 2025 Quarterly Activities Report for 30 January 2026 and will brief the market via an investor webcast and teleconference on the same day. Retail shareholders will be able to access a live webcast with a synchronised slide presentation, while professional investors and media can join a dedicated teleconference, with a recording of the session to be made available on the company’s website, underscoring PLS’s focus on transparent engagement with its investor base and broader stakeholders.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals has announced a change in the director’s interest notice for Dale Robert Henderson. This update reflects the issuance of 264,496 Share Rights and 1,741,217 Performance Rights to Mr. Henderson as part of the company’s Employee Award Plan and remuneration framework, which were approved at the annual general meeting. This adjustment impacts the director’s securities holdings, aligning his compensation structure with the company’s long-term operational and strategic goals.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals, through its entity PLS Group Limited, has announced a change in the director’s interest notice involving Sally-Anne Layman. The change involves the issuance of 40,124 share rights to Ms. Layman as part of the company’s Employee Award Plan and the Non-Executive Director Fee Sacrifice Scheme, which was approved by shareholders. This move reflects the company’s strategy to align director compensation with company performance and shareholder interests.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals, operating under the entity name PLS Group Limited, announced a change in the director’s interest notice. Nicholas Luigi Cernotta, a director, has been issued 40,124 share rights as part of the company’s Employee Award Plan and Non-Executive Director Fee Sacrifice Scheme. This change reflects a strategic move to align director compensation with company performance, potentially impacting shareholder value and director engagement.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals has announced a change in the interests of its director, Miriam Stanborough, involving the acquisition of 37,065 share rights. This change is part of the company’s Employee Award Plan and the Non-Executive Director Fee Sacrifice Scheme, reflecting the company’s ongoing efforts to align director compensation with company performance and shareholder interests.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals, operating under PLS Group Limited, announced a change in the director’s interest notice involving Kathleen Conlon. Ms. Conlon acquired 76,470 share rights as part of the company’s Non-Executive Director Fee Sacrifice Scheme, approved at the AGM. This move reflects the company’s strategic approach to compensating its directors, potentially impacting its governance and shareholder relations.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals, operating under the name PLS Group Limited, has announced the issuance of several unquoted equity securities. These include performance rights and share rights, which are part of an employee incentive scheme and are not intended to be quoted on the ASX. The issuance of these securities is aimed at rewarding and retaining key personnel, potentially enhancing the company’s operational efficiency and aligning employee interests with long-term shareholder value.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals, under its entity name PLS Group Limited, has announced the quotation of 1,193,817 ordinary fully paid securities on the Australian Securities Exchange (ASX). This move indicates the company’s ongoing efforts to enhance its market presence and liquidity. The issuance of these securities, resulting from options being exercised or convertible securities being converted, is a strategic step that could potentially impact the company’s financial flexibility and stakeholder engagement.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals, operating under PLS Group Limited, has announced the cessation of several performance rights due to unmet conditions. This development involves the lapse of conditional rights to securities, impacting a total of 239,758 performance rights across various expiration dates. The cessation could affect the company’s financial strategies and stakeholder interests, as these rights were not fulfilled or became incapable of being satisfied.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
JPMorgan Chase & Co. and its affiliates have ceased to be substantial holders in Pilbara Minerals, a company involved in the mining industry. The change in substantial holding involves various subsidiaries of JPMorgan, including JPMorgan Chase Bank, N.A., and J.P. Morgan Securities PLC, which have altered their interests in the voting securities of Pilbara Minerals. This development could impact the company’s market dynamics and shareholder structure.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
JPMorgan Chase & Co. and its affiliates have ceased to be substantial holders in Pilbara Minerals Ltd as of December 2, 2025. This change in holdings may impact Pilbara Minerals’ stock market dynamics and investor relations, as substantial holders often influence company decisions and market perceptions.
The most recent analyst rating on (AU:PLS) stock is a Sell with a A$2.10 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has announced the appointment of Robert Nicholson as a Non-Executive Director, effective January 1, 2026. Nicholson brings extensive experience in energy, infrastructure, and industrial sectors, enhancing the board’s capabilities as PLS continues its strategy as the world’s largest independent hard rock lithium producer. Concurrently, Steve Scudamore will retire from the board on December 31, 2025, after contributing significantly to PLS’s financial stability and strategic growth. The board committee memberships will be updated to reflect these changes, aiming to maintain operational excellence and sustainable shareholder returns.
The most recent analyst rating on (AU:PLS) stock is a Sell with a A$2.10 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has appointed Ms. Alex Willcocks as its new Chief Financial Officer, effective May 2026. Ms. Willcocks brings over 20 years of experience in finance, including senior roles within Wesfarmers Group, and has significant expertise in capital allocation, portfolio optimization, and financial management. Her appointment comes as PLS continues its evolution into a global, multi-asset lithium business with operations and partnerships across Australia, Brazil, and South Korea. This strategic hire is expected to support PLS’s growth and transformation agenda, enhancing its position in the lithium sector.
The most recent analyst rating on (AU:PLS) stock is a Sell with a A$2.10 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
PLS Group Limited has officially changed its name from Pilbara Minerals Limited following shareholder approval at the 2025 Annual General Meeting. This change, effective from 27 November 2025, is being implemented by the ASX and is expected to take effect from 3 December 2025. The rebranding reflects the company’s strategic focus and commitment to advancing its position in the global energy transition, enhancing its market presence and stakeholder engagement.
The most recent analyst rating on (AU:PLS) stock is a Sell with a A$2.10 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals Limited has announced the issuance of 55,819 fully paid ordinary securities, which are set to be quoted on the Australian Securities Exchange (ASX). This move is part of the company’s strategy to enhance its financial flexibility and support its ongoing growth initiatives in the lithium mining sector, potentially impacting its market position and offering new opportunities for stakeholders.
The most recent analyst rating on (AU:PLS) stock is a Sell with a A$2.10 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals Limited announced that all resolutions proposed at its 2025 Annual General Meeting were passed without amendment. The resolutions, which included various corporate governance and operational matters, were supported by a significant majority of shareholders, reflecting strong confidence in the company’s strategic direction. This outcome reinforces Pilbara Minerals’ robust position in the lithium market and its commitment to advancing the global energy transition, potentially benefiting stakeholders and enhancing its industry standing.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$3.25 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals held its 2025 Annual General Meeting, acknowledging the Traditional Owners of the lands associated with its operations, including the Whadjuk Noongar, Nyamal, and Kariyarra people. The meeting emphasized the company’s commitment to respecting Indigenous communities and highlighted the importance of these relationships in its operational regions.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$3.25 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals’ 2025 AGM highlighted its strategic advancements, including major expansion projects at Pilgangoora and international growth through acquisitions in Brazil. The company emphasized its commitment to sustainability, community engagement, and maintaining a strong financial position to navigate market volatility and capitalize on future growth opportunities.
The most recent analyst rating on (AU:PLS) stock is a Hold with a A$3.25 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.
Pilbara Minerals Limited has announced a change in the director’s interest notice, specifically involving Stephen John Scudamore. On November 17, 2025, Scudamore disposed of 101,647 ordinary shares of the company through an on-market trade, valued at $379,143.31. This transaction reflects a strategic decision by the director, potentially impacting the company’s stock dynamics and signaling a shift in personal investment strategy.
The most recent analyst rating on (AU:PLS) stock is a Buy with a A$2.85 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.