The PLS Group Ltd (ASX: PLS) share price has been one of the best performers in the S&P/ASX 200 Index (ASX: XJO) over the past year.
As the above chart shows, it has been a rocket since the start of FY26. At the time of writing, it has risen just over 313% in the last 12 months.
The ASX lithium share has significantly benefited from a recovery of the lithium price after a period of weakness during the last couple of years.
Let's look at how big the capital gains have been for a shareholder.
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How much a $10,000 investment has grown
A year ago, the PLS Group share price was $1.47 – it has come a long way since then, more than quadrupling in value.
If someone owned $10,000 of PLS Group shares a year ago, it would now (at the time of writing) be worth approximately $43,000. I think almost every investor in the world would be happy with that level of return.
However, when it comes to huge gains like that, it's very important to remember that past performance is not a guarantee of future performance.
Is the PLS Group share price a buy right now?
According to CMC Invest, there have been 12 recent buy ratings on the ASX lithium share, with six of those being a buy, four being a hold and two being a buy.
While analysts are mixed on their view on the business, the average view on the share price is fairly negative.
Of those 12 ratings on the ASX lithium share, the average price target is $5.57. That means, at the current PLS Group share price, it could fall by more than 12%.
The most optimistic analyst has a price target on the business of $6.78, suggesting a single-digit rise for the company, in percentage terms, over the next year.
Its financials are certainly in a much better place.
In the FY26 third-quarter update for the three months to March 2026, the company reported that compared to the three months to December 2025 – just three months prior – revenue jumped 52% thanks to a 61% increase in the realised price for its lithium to US$1,867 per tonne.
Thanks to this jump, its cash margin (profit) from operations increased 178% to A$461 million, underpinned by stronger pricing and lower production costs. The cash balance increased 52% to A$1.45 billion.
It's clear to see why the PLS Group share price has risen so much – its ability to make profit is significantly higher now. The lithium price will determine what happens next – there are good reasons why it could rise or fall amid the Middle East uncertainty.
But, I think there are other ASX shares that could be a better value buy, considering how far the ASX lithium share has risen.
