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The largest rare-earths producer outside China, mining and processing neodymium-praseodymium and other rare earths in Australia and Malaysia.
The largest rare-earths producer outside China, mining and processing neodymium-praseodymium and other rare earths in Australia and Malaysia.
Earns from selling rare-earth products at market-linked prices, with NdPr oxide, the key magnet input, carrying the company. It mines in Western Australia and refines in Malaysia, where its operating licence is a recurring regulatory matter. Japanese backers helped fund construction, and it has won US government support for processing capacity.
In one line: The West's answer to China's rare-earth dominance (no direct US peer).
Moat: narrow (scale, regulatory licence, installed base). Only scaled non-Chinese rare-earth producer with an integrated mine-to-oxide supply chain.
Headquarters: Perth, Australia · Founded: 1983 · Employees: 1,156
Size Lynas Rare Earths (LYC.AX) is an Australia Materials company (Other Metals/Minerals) with a market value of $8.58B, the 40th largest of 316 Australia companies the cockpit tracks. Shares closed at A$12.31 on 6 Nov 2026.
Performance Over six months the shares fell 38.1%, against -17.7% for the median peer and +4.1% for the Australia market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 75.7% over the last twelve months (peer median +42.2%); the operating margin is 24.7% (peer median 29.5%).
Valuation It trades at 26.7× forward earnings against a peer median of 13.2× (4th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +19 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.5 points below its cost of capital (10.0% WACC).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$978M | A$978M | A$557M | A$463M | A$739M |
| Revenue growth | — | +76% | +20% | -37% | — |
| Gross profit | A$341M | A$341M | A$86.9M | A$118M | A$326M |
| EBITDA | A$391M | A$391M | A$118M | A$128M | A$347M |
| Net income | A$222M | A$222M | A$7.99M | A$84.5M | A$311M |
| Free cash flow | A$168M | A$168M | -A$314M | -A$511M | -A$184M |
| Capital expenditure | A$178M | A$178M | A$431M | A$579M | A$596M |
| Total debt | n/a | A$338M | A$202M | A$184M | A$190M |
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 |
|---|---|---|---|---|---|---|
| Lynas Rare Earths LYC.AX | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% |
| China Northern Rare Earth (Group) High-Tech 600111.SS | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% |
| MP Materials MP | $6.31B | -47% | +72% | -17% | 248.7× | n/a |
| Iluka Resources ILU.AX | $1.77B | -30% | -20% | -29% | n/a | n/a |
| Arafura Rare Earths ARU.AX | $610M | -56% | n/a | n/a | n/a | n/a |
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 | LYC.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.7% | -15.2% | 2nd highest of 21 |
| 6-month return | -38.1% | -17.7% | 5th lowest of 21 |
| Distance from 52-week high | -45.0% | -41.0% | 10th lowest of 21 |
| Revenue growth (TTM) | +75.7% | +42.2% | 6th highest of 21 |
| Operating margin | 24.7% | 29.5% | 10th lowest of 21 |
| Forward P/E | 26.7× | 13.2× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 34.3% | 5.2% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +14.9% | +16.7% | 3rd lowest of 13 |
| Hurdle (Req g minus delivered) | +19.4 pp | -19.3 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | -3.5 pp | +5.8 pp | 5th lowest of 21 |
| EV / EBITDA | 29.4× | 7.3× | 2nd most expensive of 12 |
| Net debt / EBITDA | -2.2× | -0.2× | 2nd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lynas Rare Earths LYC.AX | Australia | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% | +14.9% |
| Xiamen Tungsten 600549.SS | China | $8.55B | -37% | +67% | 10% | 13.2× | n/a | n/a |
| Ivanhoe Mines IVN.TO | Canada | $8.43B | -26% | +109% | 7% | 18.9× | n/a | n/a |
| Jinduicheng Molybdenum 601958.SS | China | $8.06B | -15% | +7% | 32% | 13.6× | 4.2% | +13.7% |
| Zhejiang Huayou Cobalt 603799.SS | China | $9.30B | -50% | +38% | 12% | 9.3× | n/a | n/a |
| Hudbay Minerals HBM.TO | Canada | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% | +15.8% |
| China Rare Earth Resources And Technology 000831.SZ | China | $7.57B | -7% | -2% | 15% | 103.1× | 53.1% | +14.0% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 13% | 230.8× | n/a | n/a |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 6% | 15.1× | n/a | n/a |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| NMDC NMDC.NS | India | $6.55B | -22% | +27% | 27% | 7.4× | 5.2% | +15.8% |
| Aura Minerals AUGO | United States | $6.52B | -5% | +89% | 53% | 10.6× | -6.0% | +25.2% |
| Discovery Mining DSV.TO | Canada | $6.44B | +19% | +684% | 38% | 17.6× | 19.9% | n/a |
| PLS PLS.AX | Australia | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% | +61.6% |
| MP Materials MP | United States | $6.31B | -47% | +72% | -17% | 248.7× | n/a | n/a |
| Inner Mongolia Xingye Silver and Tin Mining 000426.SZ | China | $6.23B | -42% | +38% | 49% | 13.1× | 7.8% | +42.6% |
| Sandfire Resources SFR.AX | Australia | $6.20B | -4% | +32% | 32% | 13.3× | 9.2% | +25.8% |
| Capstone Copper CS.TO | Canada | $6.01B | -8% | +30% | 32% | 9.4× | 9.8% | +40.2% |