Pilbara Minerals (PLS) AI Stock Analysis

• Market Cap: AU$7.44B
• Dividend Yield: N/A
• Average Volume (3M): 46.84M
• Price to Earnings (P/E): 23.4
• Beta (1Y): 1.91
• Revenue Growth: -38.69%
• EPS Growth: -174.12%
• Country: AU
• Employees: 917
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.03
• Shares Outstanding: 3,219,139,600
• 10 Day Avg. Volume: 43,622,448
• 30 Day Avg. Volume: 46,836,490
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$2.05
• Price Target Upside: -11.39% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 13

• Rating: 57 Neutral
• Price Target: AU$2.00 ▼(-13.42% Downside)

Pilbara Minerals' overall stock score reflects significant financial challenges, particularly in revenue and cash flow, despite a strong balance sheet. The earnings call provided positive guidance and operational achievements, which are offset by valuation concerns and market volatility.

Pilbara Minerals Business Overview & Revenue Model

Company Description

Pilbara Minerals Limited explores for, develops, and operates mineral resources in Australia. The company primarily holds a 100% interest in the Pilgangoora lithium-tantalum project located in the Pilbara region of Western Australia. The company was incorporated in 2005 and is based in West Perth, Australia.

How the Company Makes Money

Pilbara Minerals generates revenue primarily through the mining and sale of lithium concentrate and, to a lesser extent, tantalum concentrate. The company's key revenue streams include contracts with major global lithium converters and battery manufacturers who purchase lithium spodumene concentrate for processing into lithium hydroxide or lithium carbonate. Strategic partnerships and off-take agreements with these industry leaders ensure steady demand for its products. Additionally, Pilbara Minerals' involvement in joint ventures and collaborations to expand its processing capabilities and enhance its product offerings contributes to its earnings. The company benefits from the increasing global demand for electric vehicles and renewable energy storage, which drives the need for lithium-ion batteries and, consequently, lithium supply.

Pilbara Minerals Financial Statement Overview

Summary

Pilbara Minerals Limited exhibits mixed financial health. The company shows profitability with a positive net profit margin and gross profit margin. However, there are significant concerns due to a drastic revenue decline and a negative cash flow position in 2024, highlighting challenges in financial resilience and cash flow management.

Income Statement

Pilbara Minerals Limited has shown a volatile revenue trend with significant fluctuations over the years. The recent decline in total revenue from $4.06 billion in 2023 to $1.25 billion in 2024 is concerning. Despite this, the company has maintained a positive gross profit margin of 38.1% in 2024. The net profit margin also remains positive at 20.5%, indicating profitability, but the sharp revenue drop poses a risk to stability.

Balance Sheet

The company maintains a strong equity base with a debt-to-equity ratio of 0.17, signaling low leverage risk. The equity ratio stands at 75.3%, reflecting financial stability and significant shareholder equity compared to total assets. However, the decrease in total assets from the previous year suggests a contraction that should be monitored.

Cash Flow

Pilbara Minerals Limited experienced a substantial decline in free cash flow, from $3.04 billion in 2023 to negative $1.25 billion in 2024. The operating cash flow to net income ratio is negative, highlighting cash flow challenges despite reported profits. This raises concerns about cash flow sustainability and operational efficiency.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	922.57M	890.21M	1.25B	4.06B	1.19B	175.82M
Gross Profit	147.42M	331.56M	477.81M	3.27B	794.07M	12.58M
EBITDA	98.43M	75.31M	593.86M	3.51B	783.52M	21.28M
Net Income	-32.64M	-195.77M	256.88M	2.39B	561.83M	-51.45M
Balance Sheet
Total Assets	4.18B	4.67B	4.31B	5.20B	1.98B	949.72M
Cash, Cash Equivalents and Short-Term Investments	1.17B	974.54M	1.63B	3.34B	591.74M	99.71M
Total Debt	634.42M	682.21M	555.74M	471.95M	291.96M	166.97M
Total Liabilities	1.01B	1.14B	1.07B	1.81B	686.36M	375.48M
Stockholders Equity	3.18B	3.53B	3.24B	3.39B	1.29B	574.25M
Cash Flow
Free Cash Flow	-916.52M	-508.13M	-1.25B	3.04B	506.40M	-20.36M
Operating Cash Flow	-80.98M	146.22M	-440.22M	3.43B	634.72M	130.00K
Investing Cash Flow	-774.22M	-698.11M	-827.51M	-407.96M	-204.53M	-230.79M
Financing Cash Flow	-136.35M	-98.06M	-392.74M	-284.19M	58.42M	251.33M

Pilbara Minerals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.31
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PLS, the sentiment is Positive. The current price of 2.31 is above the 20-day moving average (MA) of 2.26, above the 50-day MA of 2.03, and above the 200-day MA of 1.85, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 56.44 is Neutral, neither overbought nor oversold. The STOCH value of 62.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:PLS.

Pilbara Minerals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DRR	77 Outperform	2.18B	14.06	124.90%	5.33%	6.54%	0.48%
MIN	58 Neutral	7.62B	-8.40	0.00%	―	-15.27%	-817.26%
PLS	57 Neutral	AU$7.44B	23.42	-5.63%	―	-38.69%	-174.12%
NIC	52 Neutral	3.04B	-12.24	-7.97%	5.71%	-2.30%	-234.27%
IGO	47 Neutral	3.69B	-3.86	-45.62%	5.42%	-37.23%	-32433.33%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Pilbara Minerals Corporate Events

Pilbara Minerals Announces Cessation of Performance Rights

Pilbara Minerals Limited announced the cessation of several performance rights due to unmet conditions, impacting a total of 285,581 securities. This development may affect the company’s operational strategies and stakeholder interests, as it reflects challenges in meeting performance targets or changing market conditions.

The most recent analyst rating on (AU:PLS) stock is a Buy with a A$2.30 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.

Pilbara Minerals Expands Capital with New ASX Securities Quotation

Pilbara Minerals Limited has announced the quotation of new securities on the Australian Securities Exchange (ASX), with a total of 65,120 ordinary fully paid shares being issued on two separate dates in September 2025. This move is part of the company’s ongoing efforts to enhance its capital structure, potentially strengthening its financial position and market presence in the lithium mining sector.

The most recent analyst rating on (AU:PLS) stock is a Buy with a A$2.30 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.

Pilbara Minerals Announces 2025 AGM Date

Pilbara Minerals Limited has announced that its Annual General Meeting will be held on November 25, 2025, with the deadline for director nominations set for September 22, 2025. This meeting is a significant event for stakeholders as it may influence the company’s strategic direction and leadership, impacting its operations and market positioning in the lithium industry.

The most recent analyst rating on (AU:PLS) stock is a Buy with a A$2.30 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.

Pilbara Minerals Expands Capital with New Securities Quotation

Pilbara Minerals Limited announced the quotation of new securities on the Australian Securities Exchange (ASX), with a total of 580,275 ordinary fully paid securities issued on September 3 and 4, 2025. This move is part of the company’s ongoing efforts to enhance its capital structure, potentially strengthening its market position and providing additional resources for future growth initiatives.

The most recent analyst rating on (AU:PLS) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.

Pilbara Minerals Issues New Performance Rights Under Employee Incentive Scheme

Pilbara Minerals Limited has announced the issuance of 947,254 performance rights set to expire on July 31, 2026, as part of an employee incentive scheme. This move is likely aimed at retaining talent and aligning employee interests with company performance, potentially impacting the company’s operational efficiency and market positioning.

The most recent analyst rating on (AU:PLS) stock is a Buy with a A$2.30 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.

Pilbara Minerals Announces Quotation of New Securities on ASX

Pilbara Minerals Limited has announced the quotation of 456,696 ordinary fully paid securities on the Australian Securities Exchange (ASX), effective from August 26, 2025. This move is part of previously announced transactions and is likely to impact the company’s financial standing and market presence, potentially influencing stakeholder interests and the broader lithium market.

The most recent analyst rating on (AU:PLS) stock is a Hold with a A$2.30 price target. To see the full list of analyst forecasts on Pilbara Minerals stock, see the AU:PLS Stock Forecast page.