Lynas Rare Earths Limited is a mining and processing company that extracts rare earth minerals in Australia and refines them into light and heavy rare earth products at facilities in Australia and Malaysia.
Sector: Rare earths
AU_LYC
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: connector/market_inputs
Monetary columns are in M AUD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueM AUD | Operating profitM AUD | D&AM AUD | EBITDAM AUD | Net profitM AUD | Operating CFM AUD | Capex + M&AM AUD | AssetsM AUD | EquityM AUD | ROE (annualized) | Net debtM AUD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | H2 2026 (6M) | OK | 564.3 y/y 95.7% | 158.8 y/y 2792.8% | 31.7 y/y -66.1% | 190.5 y/y 117.5% | 142.1 y/y 6545.2% | 244.5 | -67.3 | 4328.4 y/y 47.0% | 3490.4 y/y 48.4% | 6.5% | -384.4 | stockanalysis.com |
| 2025-12-31 | H1 2026 (6M) | OK | 413.7 y/y 62.7% | 80.8 y/y 509.9% | 20.1 y/y 1208.3% | 100.9 y/y 582.5% | 80.2 y/y 1270.9% | 74.3 | -110.9 | 3994.9 y/y 37.0% | 3364.3 y/y 43.4% | 5.6% | -610.3 | stockanalysis.com |
| 2025-06-30 | H2 2025 (6M) | OK | 288.4 y/y 25.6% | -5.9 y/y -115.0% | 93.5 y/y 79.0% | 87.6 y/y -4.5% | 2.1 y/y -95.2% | 54.6 | -163.8 | 2944.2 y/y 5.0% | 2352.7 y/y 4.9% | 0.3% | -15.2 | Yahoo Finance |
| 2024-12-31 | H1 2025 (6M) | OK | 254.3 y/y 8.3% | 13.2 y/y -58.6% | 1.5 y/y -67.2% | 14.8 y/y -59.7% | 5.9 y/y -85.2% | 49.5 | -267.0 | 2916.5 y/y 7.0% | 2345.6 y/y 6.6% | 0.5% | -136.5 | stockanalysis.com |
| 2024-06-30 | H2 2024 (6M) | OK | 229.7 y/y — | 39.4 y/y — | 52.2 y/y — | 91.7 y/y — | 45.0 y/y — | 29.5 | -232.5 | 2804.9 y/y 6.3% | 2242.8 y/y 3.7% | 3.8% | -352.0 | Yahoo Finance |
| 2023-12-31 | H1 2024 (6M) | OK | 234.8 y/y — | 32.0 y/y — | 4.7 y/y — | 36.6 y/y — | 39.5 y/y — | 5.5 | -346.9 | 2724.8 y/y — | 2201.1 y/y — | 3.6% | -513.5 | stockanalysis.com |
| 2023-06-30 | FY 2023 (12M) | OK | 787.1 y/y — | 331.2 y/y — | 62.2 y/y — | 393.3 y/y — | 310.7 y/y — | 386.8 | -595.5 | 2638.7 y/y — | 2163.4 y/y — | — | -833.6 | Yahoo Finance |
Quarterly values (AUD mln)
Year-over-year change
FCF (AUD mln)
Net debt / cash (AUD mln)
| year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| cash flow / profit | 0.85x | 1.25x | 0.41x | 13.04x | 1.43x |
| accruals, % of assets | 3.9% | -2.9% | 1.8% | -3.3% | -2.2% |
Our earnings breakdowns and investment notes on this issuer.
Value the company creates per year, as a % of market cap
Value created per year: +27.1%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30) = (190 − 88) × 1.53 | 157 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (12 712 + -384) ÷ 291 | 30.0x — capped at 30x |
| 3. Target multiple (Current EV/EBITDA + 9) ÷ 2 = (30.0 + 9) ÷ 2 | 19.5x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = 369 + 0 + 0 − 0 | 369 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (157 × 19.5 + 369) ÷ 12 712 | +27.1% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
Group: materials (Australia). Every peer trades on the same market, so no adjustment is needed.
| Company | Market | Cap, $bn | EV/EBITDA |
|---|---|---|---|
| Regis Resources | Australia | 3.8 | 3.3x |
| Fortescue | Australia | 34.6 | 4.4x |
| Mineral Resources | Australia | 6.9 | 5.5x |
| Northern Star Resources | Australia | 23.6 | 8.1x |
| Sandfire Resources | Australia | 7.2 | 8.1x |
| Evolution Mining | Australia | 18.3 | 8.4x |
| Genesis Minerals | Australia | 5.8 | 8.5x |
| South32 | Australia | 15.4 | 10.9x |
| Pilbara Minerals | Australia | 8.3 | 14.8x |
| Group median | 8.1x | ||
| Group average | 8.0x | ||
| This company | Australia | 8.8 | 42.3x |
Group median 8.1x; this company 42.3x — a 421% premium.
Group average 8.0x; against the average this company is at a 429% premium.
At the adjusted group median the market cap would be -78% versus today.
The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.
No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Lynas Rare Earths (LYC) — from primary filings.
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