Lynas Rare Earths
ConvictionContext
Vertically integrated: mines rare-earth ore at Mt Weld (Western Australia), concentrates it, and separates it into oxides (NdPr for magnets, plus heavy REEs) at owned refineries in Malaysia (Kuantan) and Kalgoorlie (Australia), with a US separation plant at Seadrift, Texas that management has flagged as uncertain. Sells oxides to magnet makers and trading houses under a mix of spot and contracted offtake.
Revenue
A$556.5M FY25yr ended 30 Jun 2025); A$413.7M in H1 FY26 (6 mo to 31 Dec 2025); Q3 FY26 gross sales A$265.0MRev growth
+20% FY25 YoYA$463.3M->A$556.5M); Q3 FY26 gross sales +115% YoY on NdPr price recovery + volumeGross margin
Recovering sharply as NdPr price reboundsH1 FY26 NPAT A$80.2M on A$413.7M sales = ~19% net margin (vs razor-thin FY25Op margin
Depressedin FY25 by Kalgoorlie commissioning + depreciation; materially positive again in H1 FY26 (not separately broken outCapex intensity
Very high — multi-plant build-out under the 'Towards 2030' growth plancapital-cycle name, not a cash-return nameMarket cap
~US$12.0BASX: LYC; A$17.08/sh, ~A$18.2B, 7 Jul 2026). Also OTC ADR LYSDY / LYSCF; no US primary listingThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence