PILBARA MINERALS LIMITED (PLS)
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PLS

PLS - PILBARA MINERALS LIMITED

FNArena Sector : New Battery Elements
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 8.8
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.16

25 Aug
2025

0.050

OPEN

$2.18

2.37%

HIGH

$2.21

39,508,543

LOW

$2.12

TARGET
$1.943

+0.11 change from previous day

 -10.1% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
A11 . A4N . AGY . ASN . AZL . BKT . BSX . CXO . DLI . EMN . GL1 . GLN . GT1 . INR . LEL . LKE . LLL . LPD . LTR . MNS . NMT . NVX . PLL . PSC . RNU . SRL . SYA . SYR . TLG . VR8 . VUL . WC8 . WIN . WR1 .
FNARENA'S MARKET CONSENSUS FORECASTS
PLS: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 6.3 - 0.3 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A 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

Last ex-div: 05/09 - ex-div 14c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-6.3
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx768.9 M
Book Value Per Share xxxxxxxxxxxxxxx109.7
Net Operating Cash Flow xxxxxxxxxxxxxxx110.6 M
Net Profit Margin xxxxxxxxxxxxxxx-25.46 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-5.78 %
Return on Invested Capital xxxxxxxxxxxxxxx-4.99 %
Return on Assets xxxxxxxxxxxxxxx-4.36 %
Return on Equity xxxxxxxxxxxxxxx-5.78 %
Return on Total Capital xxxxxxxxxxxxxxx-3.65 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-524.2 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 xxxxxxxxxxxxxxx39 M
Long Term Debt xxxxxxxxxxxxxxx644 M
Total Debt xxxxxxxxxxxxxxx682 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx980 M
Price To Book Value xxxxxxxxxxxxxxx1.22

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx654.3 M
Capex % of Sales xxxxxxxxxxxxxxx85.11 %
Cost of Goods Sold xxxxxxxxxxxxxxx840 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx75 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx80 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

0.1

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

26/08/2025

1

Overweight

$2.00

-7.41%

FY25 earnings (EBITDA) of $78m and free cash flow (FCF) for Pilbara Minerals were broadly in line with Morgan Stanley's forecasts.

A loss of -$88m was well below expectations, down -79% versus Morgan Stanley and -33% versus consensus, impacted by higher depreciation from the P1000 ramp-up. 

Net cash, including leases, was -$292m, missing the consensus estimate by -14% due to higher lease liabilities of -$226m compared with Morgan Stanley’s -$179m estimate.

No dividend was declared, as anticipated.

Management guided to FY26 Colina capex of -$40-45m, focused on exploration, studies and overheads. Colina is the company's major upstream lithium deposit located within the broader Pilgangoora Project.

Overweight. Target price $2. Industry View: Attractive.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.00 cents.
Morgan Stanley forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.00 cents.

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Ord Minnett

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

2

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

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

04/08/2025

1

Buy

$2.20

1.85%

Jarden continues to describe Pilbara Minerals' balance sheet as a "fortress" even after it dipped marginally below $1bn for the first time since the September quarter of 2023.

In the June quarter, production, sales, revenue, and realised price all beat the broker's forecasts.

The FY26 production guidance came at 820-870kt, but the broker retained its 876kt forecast. Cost guidance was 1.6% higher and capex was 11% higher, prompting the broker to lift its capex assumption.

Buy. Target cut to $2.20 from $2.40 as the broker incorporated lower SC6 price of US$888/t over FY26-27. Higher capex and operating costs also marginally contributed to lowering the target price.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 2.70 cents.
Access Extra Coverage Research History >

PLS STOCK CHART

FNArena News on PLS

1
FNArena Corporate Results Monitor – 26-08-2025

3:55 PM - Australia
2
Australian Broker Call *Extra* Edition – Aug 18, 2025

Aug 18 2025 - Daily Market Reports
3
Rudi’s View: BlueScope Steel, IGO, GrainCorp, Pilbara Minerals, Santos & More

Aug 14 2025 - Rudi's View
4
Roaring Twenties 2.0: AI & Clean-Energy Transformations Shaping Global Markets

Aug 11 2025 - International
5
July In Review: Rotation Into A New All-Time High

Aug 06 2025 - Australia

Latest New Battery Elements News

1
Roaring Twenties 2.0: AI & Clean-Energy Transformations Shaping Global Markets

Aug 11 2025 - International
2
Lithium’s Bringing Excitement Back

Jul 24 2025 - Technicals
3
Liontown Resources: Going Underground

Mar 20 2025 - Commodities
4
Material Matters: Lithium’s Debate Continues

Jan 17 2025 - Commodities
5
The Lithium Transition – A Recap Of 2024 & Thoughts On 2025

Jan 13 2025 - Commodities
6
In Brief: Lithium, Brazilian Rare Earths & Fineos

Oct 18 2024 - Weekly Reports
7
Patriot Battery Minerals: The Long Game

Jul 22 2024 - Commodities
8
Awaiting The Next Lithium Upswing

Jul 17 2024 - Feature Stories
9
Australian Broker Call *Extra* Edition – Jul 01, 2024

Jul 01 2024 - Daily Market Reports
10
Treasure Chest: A Bottom For Lithium?

Feb 05 2024 - Treasure Chest