Pilbara Minerals Limited (AU:PLS)
ASX:PLS
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Pilbara Minerals
(Sydney:PLS)
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Rating:45Neutral
Price Target:
AU$4.00
▼(-11.89% Downside)
Action:ReiteratedDate:03/20/26
The score is weighed down primarily by deteriorating financial performance (loss-making margins and sharply weaker free cash flow) and weak technical momentum (RSI below 40 and price below key short-term moving averages). Valuation further pressures the score due to an elevated P/E with no dividend yield provided.
Positive Factors
Low leverage / strong capital structure
Pilbara's low debt-to-equity (0.19) and strong equity ratio provide durable financial flexibility for a capital‑intensive miner. Lower leverage reduces refinancing risk across commodity cycles, enabling funding for operations, maintenance and selective growth without immediate equity raises.
Negative Factors
Loss-making operations / negative margins
Material negative net and EBIT margins indicate the business is currently loss‑making. Persistent margin deficits erode reserves and limit capacity to self‑fund capital and operating needs, requiring sustained operational improvements to restore durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong capital structure
Pilbara's low debt-to-equity (0.19) and strong equity ratio provide durable financial flexibility for a capital‑intensive miner. Lower leverage reduces refinancing risk across commodity cycles, enabling funding for operations, maintenance and selective growth without immediate equity raises.
Read all positive factors
Pilbara Minerals (PLS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$13.73B
Dividend YieldN/A
Average Volume (3M)31.07M
Price to Earnings (P/E)103.5
Beta (1Y)1.85
Revenue Growth-38.69%
EPS Growth-174.12%
CountryAU
Employees917
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)0.01
Shares Outstanding3,222,003,400
10 Day Avg. Volume28,886,744
30 Day Avg. Volume31,065,302
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)1.17
Price to Sales (P/S)4.66
P/FCF Ratio-8.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$4.73Price Target Upside4.19% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)0.16
Revenue Forecast (FY)AU$1.78B
Pilbara Minerals Business Overview & Revenue Model
Company Description
Pilbara Minerals Limited explores for, develops, and operates mineral resources in Australia. The company primarily holds a 100% interest in the Pilgangoora lithium-tantalum project located in the Pilbara region of Western Australia. The company w...
How the Company Makes Money
Pilbara Minerals makes money primarily by selling spodumene concentrate produced from its Pilgangoora operations in Western Australia. Revenue is generated from (1) long-term and medium-term offtake contracts and other customer sales where pricing...
Pilbara Minerals Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 31, 2026
Earnings Call Sentiment Positive
The call emphasized a strong quarter driven by a marked recovery in pricing, substantial improvement in cash margins and reinforced balance sheet strength, enabling optionality on growth and capital returns. Operational performance largely tracked plan with robust ore sorting and recovery, while management acknowledged near-term operational issues (crusher wear), safety setbacks, and the idling of the POSCO JV due to external policy impacts. Timing and sequencing of larger greenfield/expansion projects remain under review and contingent on sustained market conditions.Positive Updates
Material Pricing Recovery
Realized pricing increased substantially quarter-on-quarter (management cited a ~57% increase; Slide 4 referenced ~50%), and spodumene spot pricing (SC6) rose ~80% through the quarter, reflecting a meaningful market rebound from prior troughs.
Negative Updates
Safety Deterioration
Two injuries recorded in the quarter and TRIFR increased from 3.08% to 3.79%. Management described the outcome as unacceptable and initiated targeted safety campaigns and stronger frontline leadership engagement.
Read all updates
Q2-2026 Updates
Positive
Negative
Material Pricing Recovery
Realized pricing increased substantially quarter-on-quarter (management cited a ~57% increase; Slide 4 referenced ~50%), and spodumene spot pricing (SC6) rose ~80% through the quarter, reflecting a meaningful market rebound from prior troughs.
Read all positive updates
Company Guidance
Management reaffirmed FY‑26 guidance across all metrics and emphasized sequencing growth with capital discipline: the Board will consider a possible Ngungaju restart (~200,000 tpa) in the March quarter, P2000 and Colina study timing is under review with updates expected in the March quarter, the midstream demonstration plant was completed in December with commissioning plans to be announced in coming months, and no further FY‑26 equity contributions to the P‑PLS JV are expected after the $38m made this quarter. Financially, closing cash rose $102m to $954m (total liquidity ~$1.6bn), cash capex was $45m, and ~$85m of provisional pricing adjustments are expected in the March quarter. The December quarter that underpins this guidance delivered sales of 232,000t, production of 208,000t, realized pricing up ~50–57% QoQ, revenue $373m (+49% QoQ), cash margin from operations $166m (from $8m prior quarter) and FOB unit operating costs of $585/t (H1 FOB $563/t, down 8% YoY); dividend decisions remain gated by the capital management framework and could be considered next month if pricing persists.Pilbara Minerals Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
65
Positive
Cash Flow
40
Negative
| 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
Neutral
4.54
Price Trends
4.61
Negative
4.24
Positive
3.14
Positive
Market Momentum
-0.06
Positive
41.78
Neutral
19.94
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PLS, the sentiment is Neutral. The current price of 4.54 is below the 20-day moving average (MA) of 4.73, below the 50-day MA of 4.61, and above the 200-day MA of 3.14, indicating a neutral trend. The MACD of -0.06 indicates Positive momentum. The RSI at 41.78 is Neutral, neither overbought nor oversold. The STOCH value of 19.94 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:PLS.
Pilbara Minerals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$1.98B | 6.18 | 135.85% | 5.18% | 6.54% | 0.48% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | AU$10.38B | 5.40 | 11.50% | ― | -15.27% | -817.26% | |
47 Neutral | AU$3.69B | -61.30 | -7.26% | 5.03% | -2.30% | -234.27% | |
45 Neutral | AU$13.73B | 103.52 | -2.64% | ― | -38.69% | -174.12% | |
40 Underperform | AU$5.22B | -45.43 | -35.65% | ― | -37.23% | -32433.33% |
* Basic Materials Sector Average
AU:PLS
Pilbara Minerals
4.54
2.71
147.41%
AU:IGO
IGO
7.32
3.19
77.24%
AU:MIN
Mineral Resources Limited
52.93
28.85
119.81%
AU:NIC
Nickel Mines Ltd.
0.89
0.27
42.74%
AU:DRR
Deterra Royalties Ltd
3.82
0.35
10.12%
Pilbara Minerals Corporate Events
Mitsubishi UFJ Exits Substantial Holder Position in PLS Group
Mar 13, 2026
Mitsubishi UFJ Financial Group, Inc. has notified PLS Group Limited that it has ceased to be a substantial holder in the company, following a series of share transactions and securities borrow returns conducted through entities controlled by Morga...
Mitsubishi UFJ’s First Sentier Group Drops Below Substantial Holding in Pilbara Minerals
Mar 12, 2026
Mitsubishi UFJ Financial Group and its affiliated First Sentier Investors entities have lodged a notice stating they have ceased to be substantial holders in Pilbara Minerals, indicating their collective voting interest has fallen below the releva...
Resources Stocks Drive Major Shifts in March S&P/ASX Index Rebalance
Mar 6, 2026
SP Dow Jones Indices has announced its March 2026 quarterly rebalance of the SP/ASX indices, with several notable inclusions and exclusions across the 20, 50, 100, 200 and 300 benchmarks. The reshuffle elevates Northern Star Resources into the SP/...
Morgan Stanley Ceases to Be Substantial Holder in PLS Group
Feb 25, 2026
Morgan Stanley and certain subsidiaries have ceased to be substantial holders in PLS Group Limited, notifying the company that their relevant interest fell below the substantial holding threshold as of 20 February 2026. The change follows a series...
Pilbara Minerals Maps Growth and Diversification Strategy in Lithium Value Chain
Feb 23, 2026
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 foc...
Morgan Stanley Drops Below Substantial Holder Threshold in Pilbara Minerals
Feb 23, 2026
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, pr...
PLS Group Issues 2.4 Million Unquoted Performance Rights Under Incentive Plan
Feb 20, 2026
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 classe...
PLS Group Seeks ASX Quotation for Newly Issued Shares
Feb 20, 2026
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 th...
Pilbara Minerals seals Canmax offtake deal with price floor and US$100m prepayment
Feb 9, 2026
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. Prici...
PLS Group Increases CEO Equity Holding Under Loan Share Plan
Feb 4, 2026
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. T...
Pilbara Minerals issues restricted incentive shares to staff
Feb 4, 2026
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. T...
PLS Group Cancels 24,105 Lapsed Performance Rights
Feb 3, 2026
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 Janu...
PLS Group Issues New Unquoted Performance Rights Under Incentive Scheme
Feb 3, 2026
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 Decembe...
PLS Group Sets 19 February Date for FY26 Interim Results Webcast and Investor Call
Feb 2, 2026
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 manager...
Pilbara Minerals Maps FY26 Strategy Around Operations, Growth and Diversification
Jan 29, 2026
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...
GFL International Exits Substantial Holding in PLS Group via A$161m Block Trade
Jan 29, 2026
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, rem...
PLS Group Seeks ASX Quotation for Additional Ordinary Shares
Jan 14, 2026
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 ...
PLS Group Seeks ASX Quotation for Additional Ordinary Shares
Jan 6, 2026
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 q...
PLS Group Appoints New Director With No Initial Equity Stake
Jan 6, 2026
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 n...
PLS Group Discloses Final Director Interest as Stephen Scudamore Steps Down
Jan 6, 2026
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...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.