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Australian lithium miner developing and now ramping up the Kathleen Valley spodumene mine in Western Australia.
Australian lithium miner developing and now ramping up the Kathleen Valley spodumene mine in Western Australia.
Sells spodumene concentrate, a lithium-bearing mineral, under offtake agreements with battery and carmaker customers such as Tesla, Ford and LG Energy Solution, with prices linked to the lithium market. As a single-asset miner it is paid for what Kathleen Valley ships. Hancock Prospecting, Gina Rinehart's group, is its largest shareholder.
In one line: An early-stage Australian lithium miner.
Moat: none. Single-asset lithium producer ramping up, without cost or scale advantage yet over larger peers.
Headquarters: Perth, Australia · Founded: 2006 · Employees: 318
Size Liontown (LTR.AX) is an Australia Materials company (Other Metals/Minerals) with a market value of $1.43B, the 148th largest of 316 Australia companies the cockpit tracks. Shares closed at A$0.65 on 6 Nov 2026.
Performance Over six months the shares fell 74.9%, against -25.8% for the median peer and +4.1% for the Australia market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 114.8% over the last twelve months (peer median +18.8%); the operating margin is 7.5% (peer median 4.2%).
Valuation It trades at 18.9× forward earnings against a peer median of 18.6× (5th most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 39% a year for seven years (Req g). Recent delivered growth is +303%, so the hurdle is -264 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.1 points below its cost of capital (13.4% WACC).
Next results Next results expected around 15 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$639M | A$639M | A$298M | A$0 | A$0 |
| Revenue growth | — | +115% | — | — | — |
| Gross profit | A$85.2M | A$85.2M | -A$152M | -A$1.38M | -A$322,000 |
| EBITDA | A$179M | A$179M | -A$26.8M | -A$59.1M | -A$33.8M |
| Net income | A$92.6M | A$92.6M | -A$193M | -A$64.9M | -A$22.2M |
| Free cash flow | A$36.2M | A$36.2M | -A$342M | -A$713M | -A$249M |
| Capital expenditure | A$134M | A$134M | A$331M | A$666M | A$233M |
| Total debt | n/a | A$505M | A$831M | A$461M | A$121M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Liontown LTR.AX | $1.43B | -75% | +115% | 8% | 18.9× | 38.7% |
| PLS PLS.AX | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% |
| Mineral Resources MIN.AX | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% |
| IGO IGO.AX | $2.60B | -45% | -12% | -31% | 8.9× | 17.2% |
| Albemarle ALB | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LTR.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.4% | -8.4% | 6th lowest of 21 |
| 6-month return | -74.9% | -25.8% | 2nd lowest of 21 |
| Distance from 52-week high | -75.7% | -47.1% | 2nd lowest of 21 |
| Revenue growth (TTM) | +114.8% | +18.8% | 3rd highest of 16 |
| Operating margin | 7.5% | 4.2% | 8th highest of 17 |
| Forward P/E | 18.9× | 18.6× | 5th most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 38.7% | 9.6% | most demanding of 7 |
| Growth delivered (Del g) | +303.2% | +11.0% | highest of 7 |
| Hurdle (Req g minus delivered) | -264.5 pp | -5.5 pp | least demanding of 7 |
| ROIC minus cost of capital | -11.1 pp | -6.5 pp | 5th lowest of 19 |
| EV / EBITDA | 11.2× | 9.8× | 4th cheapest of 7 |
| Net debt / EBITDA | -0.3× | 2.0× | 2nd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Liontown LTR.AX | Australia | $1.43B | -75% | +115% | 8% | 18.9× | 38.7% | +303.2% |
| Innuovo Technology 000795.SZ | China | $1.42B | -8% | +21% | 5% | n/a | n/a | n/a |
| Tibet Mineral Development 000762.SZ | China | $1.50B | -50% | +270% | 20% | n/a | 33.1% | -1.3% |
| Nexa Resources NEXA | United States | $1.51B | -20% | +27% | 22% | 3.0× | -17.4% | +8.9% |
| Baowu Magnesium Technology 002182.SZ | China | $1.54B | -34% | +4% | 0% | 74.0× | n/a | n/a |
| China Kings Resources 603505.SS | China | $1.55B | -33% | -11% | -1% | 46.2× | n/a | n/a |
| Tibet Summit Resources 600338.SS | China | $1.56B | -59% | +54% | 30% | n/a | 12.8% | +16.5% |
| Nanjing Hanrui Cobalt 300618.SZ | China | $1.27B | -49% | +11% | 4% | 20.6× | n/a | n/a |
| Evolution Metals & Technologies EMAT | United States | $1.23B | -79% | n/a | -548% | n/a | n/a | n/a |
| North Long Dragon New Materials Tech 301357.SZ | China | $1.23B | -20% | -9% | -23% | n/a | n/a | n/a |
| Ivanhoe Electric IE | United States | $1.21B | -45% | -21% | -3,916% | n/a | n/a | n/a |
| Faraday Copper FDY.TO | Canada | $1.21B | -18% | n/a | n/a | n/a | n/a | n/a |
| Solaris Resources SLS.TO | Canada | $1.19B | -28% | n/a | n/a | n/a | n/a | n/a |
| Eramet ERA.PA | France | $1.19B | -38% | 0% | -1% | n/a | n/a | n/a |
| Atalaya Mining Copper ATYM.L | United Kingdom | $1.71B | -2% | +20% | 29% | 7.8× | 6.5% | +13.0% |
| RHI Magnesita RHIM.L | United Kingdom | $1.74B | +2% | -1% | 11% | 6.9× | 3.0% | +7.5% |
| Yellow Cake YCA.L | United Kingdom | $1.74B | -12% | n/a | n/a | 10.6× | n/a | n/a |
| Gravita India GRAVITA.NS | India | $1.17B | -17% | +24% | 8% | 24.7× | n/a | n/a |
| Collective Mining CNL.TO | Canada | $1.17B | -22% | n/a | n/a | n/a | n/a | n/a |
| Jiangxi Jiangnan New Material Technology 603124.SS | China | $1.16B | -37% | +19% | 3% | 18.6× | n/a | n/a |
| Uranium Royalty UROY | United States | $1.16B | -24% | +1,570% | 27% | n/a | 17.4% | +161.8% |