Lynas Rare Earths - Public Comps and Valuation Multiples

Lynas Rare Earths Overview

About Lynas Rare Earths

Lynas is the largest rare-earth producer outside China. It owns the high-grade Mount Weld deposit in Western Australia and rare-earth processing facilities in Kalgoorlie and Malaysia. We estimate that Mount Weld is the world’s lowest-cost producer of separated neodymium and praseodymium, light rare-earth materials, which are sold to customers in the form of neodymium-praseodymium oxide with a mine life exceeding 20 years. As of December 2025, Lynas is also the only producer of separated heavy rare-earth dysprosium and terbium outside China. The company is further expanding NdPr capacity while diversifying into producing additional separated rare-earth materials, including samarium. It also intends to move downstream into rare-earth metal and magnet production.

Founded

1983

HQ

Employees

1.1K+

Website

lynascorp.com

Sectors

Metals & Mining

Financials

LTM Revenue $542M

LTM EBITDA $198M

EV

$11.0B

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Lynas Rare Earths Financials

As of December 2025, Lynas Rare Earths reported last 12-month revenue of $542M and EBITDA of $198M.

In the same period, Lynas Rare Earths generated $261M in LTM gross profit and $110M in net income.

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Lynas Rare Earths P&L

In the most recent fiscal year, Lynas Rare Earths reported revenue of $363M and EBITDA of $77.7M.

Lynas Rare Earths expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$542M	XXX	$363M	XXX	XXX	XXX
Gross Profit	$261M	XXX	$120M	XXX	XXX	XXX
Gross Margin	48%	XXX	33%	XXX	XXX	XXX
EBITDA	$198M	XXX	$77.7M	XXX	XXX	XXX
EBITDA Margin	37%	XXX	21%	XXX	XXX	XXX
EBIT	$134M	XXX	$4.9M	XXX	XXX	XXX
EBIT Margin	25%	XXX	1%	XXX	XXX	XXX
Net Profit	$110M	XXX	$5.3M	XXX	XXX	XXX
Net Margin	20%	XXX	1%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Lynas Rare Earths including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $542M. EBITDA for the last twelve months was $198M. In the most recent fiscal year, Lynas Rare Earths achieved $363M in revenue and $77.7M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$542M	Analyst estimates available to subscribers	$363M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$261M	Analyst estimates available to subscribers	$120M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	48.2% gross margin	Analyst estimates available to subscribers	33.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$198M	Analyst estimates available to subscribers	$77.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	36.6% EBITDA margin	Analyst estimates available to subscribers	21.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$134M	Analyst estimates available to subscribers	$4.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	24.7% EBIT margin	Analyst estimates available to subscribers	1.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$110M	Analyst estimates available to subscribers	$5.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	20.3% net profit margin	Analyst estimates available to subscribers	1.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Lynas Rare Earths

This financial data table provides comprehensive performance metrics for Lynas Rare Earths, a company based in Australia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Lynas Rare Earths generated $542M in revenue over the last twelve months.
The company achieved $198M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $261M.
Net income over the last twelve months reached $110M.

Fiscal Year Performance

In the most recent fiscal year, Lynas Rare Earths reported $363M in total revenue.
Fiscal year EBITDA was $77.7M.
The company maintained a gross profit margin of 33.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 21.4%.
Net profit margin reached 1.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Lynas Rare Earths. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Lynas Rare Earths Stock Performance

Lynas Rare Earths has current market cap of AUD 16.4B (or $10.9B), and EV of AUD 16.4B (or $11.0B).

Market Cap Evolution

Lynas Rare Earths Stock Data

As of January 19, 2026, Lynas Rare Earths's stock price is AUD 16 (or $11).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$11.0B	$10.9B	XXX	XXX	XXX	XXX	$0.11

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Lynas Rare Earths Valuation Multiples

Lynas Rare Earths's trades at 20.5x EV/Revenue multiple, and 54.9x EV/EBITDA.

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Lynas Rare Earths Financial Valuation Multiples

As of January 19, 2026, Lynas Rare Earths has market cap of $10.9B and EV of $11.0B.

Equity research analysts estimate Lynas Rare Earths's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Lynas Rare Earths has a P/E ratio of 99.6x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$10.9B	XXX	$10.9B	XXX	XXX	XXX
EV (current)	$11.0B	XXX	$11.0B	XXX	XXX	XXX
EV/Revenue	20.2x	XXX	20.5x	XXX	XXX	XXX
EV/EBITDA	55.3x	XXX	54.9x	XXX	XXX	XXX
EV/EBIT	81.9x	XXX	82.8x	XXX	XXX	XXX
EV/Gross Profit	42.0x	XXX	n/a	XXX	XXX	XXX
P/E	99.6x	XXX	100.4x	XXX	XXX	XXX
EV/FCF	-437.4x	XXX	-232.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Lynas Rare Earths Margins & Growth Rates

Lynas Rare Earths's last 12 month revenue growth is 59%

Lynas Rare Earths's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Lynas Rare Earths's rule of 40 is 88% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Lynas Rare Earths's rule of X is 184% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Lynas Rare Earths Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	59%	XXX	47%	XXX	XXX	XXX
EBITDA Margin	37%	XXX	37%	XXX	XXX	XXX
EBITDA Growth	123%	XXX	114%	XXX	XXX	XXX
Rule of 40	88%	XXX	96%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	184%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	32%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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