PLS Group (AU:PLS)
ASX:PLS
Want to see AU:PLS full AI Analyst Report?
Top Page
PLS Group
(Sydney:PLS)
Select Model
Select Model
Rating:53Neutral
Price Target:
AU$7.00
▲(15.89% Upside)
Action:Reiterated
Date:04/17/26
The score is held back primarily by weak financial performance, with losses and deteriorating cash flow outweighing the benefit of low leverage. Technicals are supportive, with clear upward trend and positive momentum, but valuation is a meaningful headwind given the very high P/E and no dividend yield provided.
Positive Factors
Low leverage / strong capital structure
A low debt-to-equity ratio (0.19) and a strong equity base give Pilbara financial flexibility to fund working capital, sustain operations through commodity cycles and pursue incremental capex without immediate refinancing pressure, supporting resilience over months.
Negative Factors
Negative profitability margins
Sustained negative EBIT and net margins reflect that operating costs and/or pricing are not covering expenses. Persistently weak margins erode retained earnings, limit reinvestment capacity, and make it harder to build durable shareholder value absent cost or price improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong capital structure
A low debt-to-equity ratio (0.19) and a strong equity base give Pilbara financial flexibility to fund working capital, sustain operations through commodity cycles and pursue incremental capex without immediate refinancing pressure, supporting resilience over months.
Read all positive factors
PLS Group (PLS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$19.88B
Dividend YieldN/A
Average Volume (3M)31.07M
Price to Earnings (P/E)―
Beta (1Y)1.96
Revenue Growth4.86%
EPS Growth-177.78%
CountryAU
Employees917
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.03
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$5.98Price Target Upside-1.01% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)0.17
Revenue Forecast (FY)AU$1.89B
PLS Group Business Overview & Revenue Model
Company Description
Based in West Perth, Australia, Pilbara Minerals Limited is an Australian enterprise focused on the exploration, development, and operation of mineral resources. Its key asset is the Pilgangoora lithium-tantalum project, located in Western Austral...
How the Company Makes Money
null...
PLS Group 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.PLS Group 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 |
PLS Group Technical Analysis
Positive
6.04
Price Trends
6.08
Positive
5.37
Positive
4.39
Positive
Market Momentum
0.04
Positive
49.80
Neutral
57.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PLS, the sentiment is Positive. The current price of 6.04 is below the 20-day moving average (MA) of 6.27, below the 50-day MA of 6.08, and above the 200-day MA of 4.39, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 49.80 is Neutral, neither overbought nor oversold. The STOCH value of 57.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:PLS.
PLS Group Peers Comparison
UnderperformOutperform
Sector (61)
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% | |
55 Neutral | AU$6.49B | -15.55 | -53.88% | ― | 303.04% | -586.21% | |
55 Neutral | AU$13.88B | 33.74 | 11.50% | ― | 3.58% | ― | |
53 Neutral | AU$19.88B | -205.80 | -2.64% | ― | 4.86% | -177.78% | |
49 Neutral | AU$6.53B | -30.51 | -9.95% | ― | -36.60% | 80.62% | |
47 Neutral | AU$938.67M | -27.45 | -10.17% | ― | -100.00% | 59.85% | |
47 Neutral | AU$4.19B | -50.04 | -2.79% | 5.03% | -3.26% | 66.55% |
* Basic Materials Sector Average
AU:PLS
PLS Group
6.17
4.88
376.45%
AU:CXO
Core Lithium Ltd
0.29
0.20
229.55%
AU:IGO
IGO
8.64
4.59
113.33%
AU:LTR
Liontown Resources Limited
2.04
1.39
213.85%
AU:MIN
Mineral Resources Limited
70.77
48.72
220.95%
AU:NIC
Nickel Mines Ltd.
0.97
0.26
35.92%
PLS Group Corporate Events
BlackRock Ceases to Be Substantial Holder in PLS Group
Jun 1, 2026
BlackRock Group, comprising BlackRock Inc. and certain subsidiaries, has lodged a notice that it has ceased to be a substantial holder in PLS Group Ltd as of 28 May 2026. The change reflects a reduction in BlackRock’s relevant voting interes...
PLS Group Director Trims Shareholding in Tax-Driven On-Market Sale
May 29, 2026
PLS Group Limited has disclosed a change in the holdings of director Dale Henderson, who conducted an on-market sale of 627,500 ordinary shares for about $4.03 million to meet tax obligations and rebalance his portfolio. Following the transaction,...
PLS Group Issues New Unquoted Performance Rights Under Incentive Scheme
May 27, 2026
PLS Group Limited has notified the market of the issuance of new unquoted performance rights under its employee incentive scheme, including 357,903 rights expiring on 31 December 2029 and a further 490,691 rights expiring on 31 December 2027. The ...
PLS Group Issues New Tranche of Long-Dated Performance Rights
May 8, 2026
PLS Group Limited has notified the market of the issue of 117,447 unquoted performance rights under its employee incentive scheme. The performance rights, which are not intended to be quoted on the ASX and expire on 31 December 2029, were issued o...
PLS Group outlines risks and limitations in new investor information
May 4, 2026
PLS Group has released an information document dated 5 May 2026 outlining general details about its operations and associated risks, stressing that the material is summary in nature and not a prospectus or financial product advice. The company und...
PLS Group Sets Strategic Pillars for Lithium Growth and Diversification
Apr 23, 2026
PLS Group outlined its March quarter FY26 activities, framing them within a broader strategy to power a sustainable energy future through lithium and battery materials. The company highlighted four strategic pillars: operating performance, growth ...
PLS Group lifts lithium output, margins and cash as prices rebound
Apr 23, 2026
Lithium producer PLS Group reported a strong March quarter at its Pilgangoora Operation, achieving record quarterly production of 232.4 kilotonnes of spodumene concentrate on the back of improved plant reliability and higher mining activity. While...
PLS Begins Commissioning Mid-Stream Lithium Plant After ARENA Grant and Offtake Deal
Apr 23, 2026
PLS Group has begun commissioning its Mid-Stream Demonstration Plant at Pilgangoora after securing up to $38.1 million in ARENA grant funding, completing a restructuring to take full ownership and signing a lithium phosphate offtake agreement with...
Pilbara Minerals Plans Up to US$500m Senior Notes to Refinance Debt and Fund Growth
Apr 13, 2026
Pilbara Minerals plans to issue up to US$500 million in senior unsecured notes due 2031, targeting qualified institutional buyers under Rule 144A in the U.S. and eligible investors offshore under Regulation S. The notes will be guaranteed by certa...
PLS Group Trims Potential Dilution as Performance Rights Lapse
Apr 2, 2026
PLS Group Limited has reported the lapse of a series of performance rights, each expiring on 31 July 2026, following the non-satisfaction of their vesting conditions. The announcement details the cessation of 5,802 rights on 16 January 2026, 1,934...
PLS Group sets 24 April release and briefing for March quarter results
Apr 2, 2026
PLS Group Limited will release its March 2026 quarterly activities report on 24 April 2026 and will brief the market via an investor webcast and teleconference the same day. Retail investors can access a live webcast with a synchronised slide pres...
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/...
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.