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Pilbara Minerals (PLS) AUD

At a glance: strengths & risks
✓Net cash balance sheet✗Revenue declining (-50%)✗Profit falling (-176%)✗Loss-making last FY✗Margins compressing (61%→22%)✗Pricier than own history (EV/EBITDA 39.3 vs avg 5.3)

Sector: Lithium

AU_PLS

Price chart

5.07 AUDDay 4.97%

Key metrics

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.

Market

Price
5.07 AUD · 4.97%
Market cap
15.7 bn AUD

Growth

Δ revenue y/y
46.6%
Δ EBITDA y/y
399.7%

Multiples

P/E (LTM)
—
3y avg: 20.8x
P/B (FY)
4.4x
P/E (ann.)
239.0x
EV/EBITDA (LTM)
39.3x
3y avg: 5.3x
EV/EBITDA (ann.)
32.3x

Cash return

Dividend yield
—
FCF yield (LTM)
-1.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+37.0%
↓ details

Liquidity

Daily turnover (listing)
172.3 mln AUD

Shares: yahoo_fundamentals_timeseries/PLS.AX

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

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.

DatePeriodStatusRevenueM AUDOperating profitM AUDD&AM AUDEBITDAM AUDNet profitM AUDOperating CFM AUDCapex + M&AM AUDAssetsM AUDEquityM AUDROE (annualized)Net debtM AUDSource
2025-12-31H1 2026 (6M)OK624.2
y/y 46.6%
112.1
y/y —
122.8
y/y 39.6%
234.9
y/y 399.7%
32.8
y/y —
179.7-123.34698.4
y/y 12.3%
3569.8
y/y 12.3%
1.8%-494.3Link
2025-06-30H2 2025 (6M)OK464.5
y/y -55.2%
18.6
y/y -96.8%
133.3
y/y 56.8%
151.9
y/y -77.1%
-126.4
y/y -444.1%
105.8-230.54667.4
y/y 8.3%
3531.4
y/y 8.9%
-5.8%-518.4—
2024-12-31H1 2025 (6M)OK425.7
y/y -43.8%
-41.0
y/y -111.5%
88.0
y/y 34.7%
47.0
y/y -88.9%
-69.4
y/y -131.5%
40.4-423.84184.9
y/y -4.8%
3178.9
y/y -0.8%
-4.3%-716.0Link
2024-06-30H2 2024 (6M)OK1035.7
y/y —
578.8
y/y —
85.0
y/y —
663.8
y/y —
36.7
y/y —
-121.4-411.74309.2
y/y -17.1%
3244.2
y/y -4.3%
8.0%-1179.6—
2023-12-31H1 2024 (6M)OK757.2
y/y —
357.8
y/y —
65.3
y/y —
423.1
y/y —
220.2
y/y —
-318.8-398.34397.3
y/y —
3205.2
y/y —
13.4%-1691.7Link
2023-06-30FY 2023 (12M)OK4315.5
y/y —
3463.5
y/y —
105.8
y/y —
3569.4
y/y —
2391.1
y/y —
3456.7-385.55198.8
y/y —
3390.0
y/y —
—-3005.7—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (AUD mln)

05001 0001 5002 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-100%-75%-50%-25%0%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (AUD mln)

-1 000-50005001 0001 5002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (AUD mln)

-4 000-3 000-2 000-1 00002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.15x of reported net profit; after capex, 0.92x. Loss years (2025) are left out of the ratio.
year2022202320242025
cash flow / profit1.15x1.45x-1.71x—
accruals, % of assets-4.3%-20.5%16.2%-7.3%
net debt / EBITDA -2.6x · capex 3.8x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -2.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31)
= (235 − 238) × 1.65
-5
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (15 687 + -494) ÷ 387
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
= -222 + 0 + 0 − 0
-222
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-5 × 19.5 + -222) ÷ 15 687
-2.0%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • base 2024-12-31 normalized for growth: margin 11.0% << typical 55.9% -> base EBITDA 47->238 (vs normal-margin base, not the trough)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -50% vs -58% the year before — a +8.1 pp move. 3-year CAGR -8%.
revenue growth by year: 2023 +271% · 2024 -58% · 2025 -50%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2023-09-050.14 AUDEx-dividend: 0.14 AUD per sharePaidYahoo Finance (ex-div)
2023-03-010.11 AUDEx-dividend: 0.11 AUD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily 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 Pilbara Minerals (PLS) — from primary filings.

Pilbara Minerals, now PLS Group Limited, explores, develops, and operates mineral resources in Australia, primarily focusing on lithium. Its main asset is the wholly owned Pilgangoora lithium project in Western Australia.

Frequently asked questions

What is Pilbara Minerals (PLS)'s EV/EBITDA?
Pilbara Minerals (PLS) trades at 39.3x EV/EBITDA.
What is Pilbara Minerals (PLS)'s P/B ratio?
Pilbara Minerals (PLS) trades at a P/B of 4.4x.
What is Pilbara Minerals (PLS)'s return on equity (ROE)?
Pilbara Minerals (PLS)'s ROE is 1.8%.
What is Pilbara Minerals (PLS)'s market capitalization?
Pilbara Minerals (PLS)'s market cap is 15.7 bn AUD.

See also: Australian Stocks (2026): Iron Ore, Lithium, Gold and LNG on the ASX by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map