PLS Group Limited

PLS.AX

Industrial Materials · Basic Materials

Also trades as: PILBF

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Pilbara Minerals is an Australian mining company that digs lithium out of the ground in Western Australia. Its main product is spodumene concentrate, a rocky material that gets processed into lithium chemicals used to make batteries for electric vehicles and energy storage systems. It owns and operates the Pilgangoora mine, one of the largest hard-rock lithium deposits in the world.

The company makes money by selling spodumene concentrate to customers, mostly in Asia, particularly China, South Korea, and Japan, where battery and chemical manufacturers convert it into usable lithium products. Pilbara Minerals is a pure-play lithium miner, meaning its entire business depends on the price of lithium, which has fallen sharply from its 2022 highs — explaining why operating margins are nearly zero despite solid gross margins. The key risk going forward is continued weakness in lithium prices, driven by oversupply and slower-than-expected electric vehicle demand growth globally.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-30.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-429.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

3.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

A$1.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

A$1.0B cash & investments at current burn rate

Revenue declining

PLS Group Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

25.2%

Modest — 25.2% gross margin

Profit after running costs

Operating Margin

18.0%

Healthy — 18.0% operating margin

Return on the money invested

ROCE

0.1%

Weak — 0.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+4.9%

Slow sales growth (+4.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-9.3%

Burning cash (-9.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.20

Conservative — low debt load (0.20)

Covers its interest

Interest Cover

0.11x

Dangerous — barely covers interest (0.1x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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