Pilbara Minerals - Public Comps and Valuation Multiples

Pilbara Minerals Overview

About Pilbara Minerals

Pilbara Minerals is a mining and exploration company with operations in the Pilbara region of Western Australia. Its primary asset is its Pilgangoora lithium spodumene mine and concentrator. Smaller operations produce tantalite, a byproduct of lithium processing. Pilgangoora lithium mine has approximately 20 years of mine life remaining.

Founded

2005

HQ

Employees

950

Website

pls.com

Sectors

Metals & Mining

Financials

LTM Revenue $608M

LTM EBITDA $148M

EV

$7.7B

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Pilbara Minerals Financials

As of November 2025, Pilbara Minerals reported last 12-month revenue of $608M and EBITDA of $148M.

In the same period, Pilbara Minerals generated $174M in LTM gross profit and -$2.3M in net income.

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Pilbara Minerals P&L

In the most recent fiscal year, Pilbara Minerals reported revenue of $585M and EBITDA of $49.5M.

Pilbara Minerals expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$608M	XXX	$585M	XXX	XXX	XXX
Gross Profit	$174M	XXX	$218M	XXX	XXX	XXX
Gross Margin	29%	XXX	37%	XXX	XXX	XXX
EBITDA	$148M	XXX	$49.5M	XXX	XXX	XXX
EBITDA Margin	24%	XXX	8%	XXX	XXX	XXX
EBIT	-$5.8M	XXX	-$14.7M	XXX	XXX	XXX
EBIT Margin	-1%	XXX	-3%	XXX	XXX	XXX
Net Profit	-$2.3M	XXX	-$129M	XXX	XXX	XXX
Net Margin	0%	XXX	-22%	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 Pilbara Minerals including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $608M. EBITDA for the last twelve months was $148M. In the most recent fiscal year, Pilbara Minerals achieved $585M in revenue and $49.5M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$608M	Analyst estimates available to subscribers	$585M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$174M	Analyst estimates available to subscribers	$218M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	28.6% gross margin	Analyst estimates available to subscribers	37.2% 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)	$148M	Analyst estimates available to subscribers	$49.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	24.3% EBITDA margin	Analyst estimates available to subscribers	8.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$5.8M	Analyst estimates available to subscribers	-$14.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-1.0% EBIT margin	Analyst estimates available to subscribers	-2.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$2.3M	Analyst estimates available to subscribers	-$129M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-0.4% net profit margin	Analyst estimates available to subscribers	-22.0% 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 Pilbara Minerals

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

Recent Performance Highlights

Pilbara Minerals generated $608M in revenue over the last twelve months.
The company achieved $148M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $174M.
Net income over the last twelve months reached -$2.3M.

Fiscal Year Performance

In the most recent fiscal year, Pilbara Minerals reported $585M in total revenue.
Fiscal year EBITDA was $49.5M.
The company maintained a gross profit margin of 37.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 8.5%.
Net profit margin reached -22.0% in the most recent fiscal year.

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

Pilbara Minerals Stock Performance

Pilbara Minerals has current market cap of AUD 12.0B (or $7.9B), and EV of AUD 11.7B (or $7.7B).

Market Cap Evolution

Pilbara Minerals Stock Data

As of December 5, 2025, Pilbara Minerals's stock price is AUD 4 (or $2).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$7.7B	$7.9B	XXX	XXX	XXX	XXX	$-0.00

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Pilbara Minerals Valuation Multiples

Pilbara Minerals's trades at 8.7x EV/Revenue multiple, and 32.5x EV/EBITDA.

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Pilbara Minerals Financial Valuation Multiples

As of December 5, 2025, Pilbara Minerals has market cap of $7.9B and EV of $7.7B.

Equity research analysts estimate Pilbara Minerals's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Pilbara Minerals has a P/E ratio of -3502.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$7.9B	XXX	$7.9B	XXX	XXX	XXX
EV (current)	$7.7B	XXX	$7.7B	XXX	XXX	XXX
EV/Revenue	12.7x	XXX	8.7x	XXX	XXX	XXX
EV/EBITDA	52.2x	XXX	32.5x	XXX	XXX	XXX
EV/EBIT	-1332.0x	XXX	25.6x	XXX	XXX	XXX
EV/Gross Profit	44.3x	XXX	n/a	XXX	XXX	XXX
P/E	-3502.0x	XXX	393.0x	XXX	XXX	XXX
EV/FCF	-40.4x	XXX	-13.3x	XXX	XXX	XXX

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

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Pilbara Minerals Margins & Growth Rates

Pilbara Minerals's last 12 month revenue growth is 46%

Pilbara Minerals's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.2M for the same period.

Pilbara Minerals's rule of 40 is 73% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Pilbara Minerals's rule of X is 139% (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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Pilbara Minerals Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	46%	XXX	2%	XXX	XXX	XXX
EBITDA Margin	24%	XXX	27%	XXX	XXX	XXX
EBITDA Growth	160%	XXX	30%	XXX	XXX	XXX
Rule of 40	73%	XXX	73%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	139%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	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	40%	XXX	XXX	XXX

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

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