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One of the world's largest hard-rock lithium miners, producing spodumene concentrate from its Pilgangoora mine in Western Australia.
One of the world's largest hard-rock lithium miners, producing spodumene concentrate from its Pilgangoora mine in Western Australia.
Sells spodumene, the lithium-bearing ore concentrate, to converters under supply agreements, with prices tied to the lithium market, so price swings reach profit directly. It has a joint venture with POSCO to convert concentrate to lithium hydroxide in Korea.
In one line: Australia's Albemarle (mining-only).
Moat: none (scale). Large low-cost resource but lithium concentrate is a commodity with no pricing power.
Headquarters: Perth, Australia · Founded: 2005 · Employees: 1,175
Size PLS (PLS.AX) is an Australia Materials company (Other Metals/Minerals) with a market value of $6.33B, the 56th largest of 316 Australia companies the cockpit tracks. Shares closed at A$2.83 on 6 Nov 2026.
Performance Over six months the shares fell 56.1%, against -19.8% for the median peer and +4.1% for the Australia market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 152.0% over the last twelve months (peer median +30.5%); the operating margin is 43.0% (peer median 17.3%).
Valuation It trades at 10.6× forward earnings against a peer median of 13.3× (5th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +62%, so the hurdle is -59 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.3 points above its cost of capital (11.0% WACC).
Credit PLS has 1 bond outstanding ($700M), rated BB- by the agencies and trading like B+ at a weighted spread of 343 bp.
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$1.94B | A$1.94B | A$769M | A$1.25B | A$4.06B |
| Revenue growth | — | +152% | -39% | -69% | — |
| Gross profit | A$933M | A$912M | -A$71.3M | A$478M | A$3.27B |
| EBITDA | A$1.11B | A$1.11B | A$77.5M | A$548M | A$3.32B |
| Net income | A$526M | A$526M | -A$196M | A$257M | A$2.39B |
| Free cash flow | A$991M | A$991M | -A$524M | -A$1.29B | A$3.04B |
| Capital expenditure | A$344M | A$344M | A$654M | A$810M | A$386M |
| Total debt | n/a | A$1.23B | A$682M | A$556M | A$472M |
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 |
|---|---|---|---|---|---|---|
| PLS PLS.AX | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% |
| Albemarle ALB | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% |
| 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% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% |
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 | PLS.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.5% | -12.4% | 3rd lowest of 21 |
| 6-month return | -56.1% | -19.8% | lowest of 21 |
| Distance from 52-week high | -58.4% | -41.5% | 4th lowest of 21 |
| Revenue growth (TTM) | +152.0% | +30.5% | 2nd highest of 20 |
| Operating margin | 43.0% | 17.3% | 4th highest of 20 |
| Forward P/E | 10.6× | 13.3× | 5th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 2.5% | 4.8% | 6th least demanding of 13 |
| Growth delivered (Del g) | +61.6% | +17.0% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -59.1 pp | -16.6 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | +8.3 pp | +5.0 pp | 7th highest of 21 |
| EV / EBITDA | 7.3× | 6.7× | 4th most expensive of 9 |
| Net debt / EBITDA | -0.9× | -0.5× | 3rd least indebted of 10 |
| Bond spread | 343 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Discovery Mining DSV.TO | Canada | $6.44B | +19% | +684% | 38% | 17.6× | 19.9% | n/a |
| Sandfire Resources SFR.AX | Australia | $6.20B | -4% | +32% | 32% | 13.3× | 9.2% | +25.8% |
| Aura Minerals AUGO | United States | $6.52B | -5% | +89% | 53% | 10.6× | -6.0% | +25.2% |
| NMDC NMDC.NS | India | $6.55B | -22% | +27% | 27% | 7.4× | 5.2% | +15.8% |
| Capstone Copper CS.TO | Canada | $6.01B | -8% | +30% | 32% | 9.4× | 9.8% | +40.2% |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 6% | 15.1× | n/a | n/a |
| Nanya New Material Technology 688519.SS | China | $5.90B | -5% | +104% | 17% | 55.2× | n/a | n/a |
| Yunnan Chihong Zinc & Germanium 600497.SS | China | $5.76B | -15% | +29% | 10% | 13.8× | 4.4% | +4.6% |
| China Nonferrous Mining 1258.HK | Hong Kong | $5.73B | -19% | +11% | 28% | 7.4× | -14.6% | +5.8% |
| Xinjiang Daqo New Energy 688303.SS | China | $5.69B | -20% | -23% | -62% | n/a | n/a | n/a |
| Yunnan Tin 000960.SZ | China | $5.66B | -34% | +19% | 8% | 10.8× | 1.9% | -0.5% |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 13% | 230.8× | n/a | n/a |
| NexGen Energy NXE.TO | Canada | $5.57B | -31% | n/a | n/a | n/a | n/a | n/a |
| Baiyin Nonferrous 601212.SS | China | $5.49B | -35% | 0% | 5% | n/a | n/a | n/a |
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
| China Rare Earth Resources And Technology 000831.SZ | China | $7.57B | -7% | -2% | 15% | 103.1× | 53.1% | +14.0% |
| Asia-Potash International Investment (Guangzhou) 000893.SZ | China | $5.08B | -32% | +40% | 36% | 11.6× | -3.3% | +72.1% |
| Yunnan Copper 000878.SZ | China | $5.01B | -28% | +10% | 2% | 11.9× | n/a | n/a |
PLS has 1 bond outstanding with $700M face value. The agencies rate it BB-; its bonds trade like B+. Weighted yield 8.12%, a spread of 343 bp over government bonds.