PLS Group Ltd (ASX: PLS) shares have been on fire over the past year.
In afternoon trade on Tuesday, shares in the S&P/ASX 200 Index (ASX: XJO) lithium stock– formerly known as Pilbara Minerals – were trading for $6.54 each.
While shares lost ground on Tuesday, that sees the PLS share price up a blistering 473.3% over the past 12 months, smashing the 3.4% one-year gains posted by the benchmark index.
To put this performance in some perspective, if you'd bought $10,000 worth of the ASX lithium stock on 2 June 2025, you'd be sitting on $57,325 today.
Atop its own operational successes above and below the ground, the Aussie miner has enjoyed strong tailwinds from the ongoing global resurgence in lithium demand.
With only limited new supplies coming into play over the past year, this has sent spodumene (a lithium bearing ore) prices up around 196% in 12 months.
Which brings us back to our headline question.
With the stock having surged so much in the past year…
Image source: Getty Images
Should I buy PLS shares now?
Catapult Wealth's Dylan Evans recently analysed the growth outlook for the Aussie lithium miner (courtesy of The Bull).
"PLS is an Australian lithium producer, with its primary operation in Western Australia," he noted.
Commenting on the company's recent performance, Evans said:
PLS has a solid balance sheet. Revenue of $624 million in the first half of 2026 was up 47% on the prior corresponding period. Driving growth is a combination of increasing demand for lithium and near-term supply constraints.
As for that solid balance sheet, as at 31 March PLS reported a cash balance of $1.45 billion. That was up 52% from 31 December.
Connecting the dots, Evans issued a hold recommendation on PLS shares following their huge run higher.
He concluded:
Demand is fuelled by growing battery and electric vehicle adoption, which has been boosted by the conflict in Iran and crude oil disruptions. The strong balance sheet and free cash flow should enable PLS to fund its expansion plans.
What's the latest from the ASX 200 lithium stock?
PLS released its third quarter update on 24 April.
Highlights for the three months included an impressive 52% quarter on quarter increase in revenue to $567 million.
That revenue boost was driven by a 61% increase in the average realised spodumene price PLS received over the quarter.
The ASX 200 lithium miner also increased its quarterly spodumene production by 12% to 232,400 tonnes, and it sold 195,700 tonnes over the three months.
PLS shares closed up 1.6% on the day of the results release.
