PLS Group Limited

PILBF

Industrial Materials · Basic Materials

Price

$3.10

-0.02 (-0.64%)

Market Cap

$9.99B

Exchange

Other OTC

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+17.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.57B (2021) → 3.02B (2025)

Pilbara Minerals (ticker: PILBF) is an Australian mining company that digs up and sells spodumene concentrate, a hard rock mineral that contains lithium. Lithium is a key ingredient in the batteries used in electric vehicles and energy storage systems. The company owns and operates the Pilgangoora lithium-tantalum project in Western Australia, one of the largest hard-rock lithium deposits in the world.

Pilbara Minerals makes money by selling spodumene concentrate directly to lithium chemical processors, mostly in Asia, particularly China and South Korea. The company operates entirely in Australia but sells into global markets, giving it exposure to international lithium prices. Its large, long-life deposit and low-cost operations provide some competitive advantage, but the business is heavily tied to lithium spot prices, which have fallen sharply in recent years — squeezing margins and pushing operating profit near zero. A recovery in lithium demand from the electric vehicle industry is the main factor that would improve its financial performance.

Winston Score History

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

-6.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-437.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

3.2%ownership

Relatively low insider ownership

Cash Runway

~3 years

$1.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

63.6%

Premium pricing power — 63.6% gross margin

Operating Margin

3.7%

Thin — 3.7% operating margin

ROCE

0.4%

Weak — 0.4% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

-64.8%

Shrinking sales (-64.8% YoY)

EPS YoY

-104.0%

Earnings shrinking (-104.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-49.1%

Burning cash (-49.1%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

0.13

Conservative — low debt load (0.13)

Interest Cover

1.79x

Dangerous — barely covers interest (1.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial