A Business at a Glance
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MP Materials Corp. / DE
MP
$7.1B
Mkt Cap
$41.30
-7.50%
MP Materials Corp. / DE (MP) has a 5-year average return on invested capital (ROIC) of 6.7%. This is below average and may indicate limited pricing power.
MP Materials Corp. / DE (MP) has a market capitalization of $7.3B. It is classified as a mid-cap stock.
MP Materials Corp. / DE (MP) does not currently pay a regular dividend.
MP Materials Corp. / DE (MP) operates in the Metal Mining industry, within the Materials sector.
MP Materials Corp. / DE (MP) reported annual revenue of $224 million in its most recent fiscal year, based on SEC EDGAR filings.
MP Materials Corp. / DE (MP) has a net profit margin of -38.3%. The company is currently unprofitable.
MP Materials Corp. / DE (MP) generated $-328 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
MP Materials Corp. is the largest rare earth materials producer in the Western Hemisphere, operating the Mountain Pass Rare Earth Mine and Processing Facility in California—the only scaled rare earth mining and processing site in North America—and the Independence magnet manufacturing facility in Fort Worth, Texas. The company's Materials segment produces refined rare earth oxides and related products, primarily neodymium-praseodymium (NdPr) oxide and metal sold to customers in Japan, South Korea, and broader Asia, with historically significant sales of rare earth concentrate to distributors and refiners. The Magnetics segment manufactures magnetic precursor products and neodymium-iron-boron (NdFeB) permanent magnets at Independence, with commercial magnet production commencing in the second half of 2026 and serving marquee customers including General Motors, Apple, and the U.S. Department of War. The company operates a vertically integrated business model combining low-cost upstream mining with midstream refining and downstream magnet manufacturing, supported by firm, long-term contracts including a transformational public-private partnership with the Department of War that guarantees minimum EBITDA of $140 million annually from the planned 10X magnet facility and provides price floor protection for NdPr products. MP Materials' competitive moat derives from its integrated North American supply chain, proprietary technical achievements such as grain boundary diffusion capabilities reducing heavy rare earth content by approximately 60%, and strategic partnerships addressing critical supply chain security for advanced technologies including electric vehicles, aerospace, defense, and robotics.
【Accelerating domestic magnet production】 Management expects the second quarter 2026 to show a single-digit quarter-over-quarter decline in NdPr oxide production due to planned maintenance, followed by significant sequential growth in Q3 as commissioning benefits are fully realized, with continued progress toward the 500 tons per month run rate by year-end. Initial magnet revenue is expected in the second half of 2026 beginning with modest deliveries that will scale over subsequent quarters, while the company advances construction of the 10X facility with Department of War support and expects the heavy rare earth separation circuit to begin commissioning in the second quarter 2026. The company expects full-year 2026 capital expenditures of $500 million to $600 million, with the vast majority directed toward accelerated 10X investment and other growth initiatives including recycling and magnet capacity expansion. Management anticipates that NdPr will remain the binding constraint on magnet production over the next one to two years, positioning the company to benefit from NdPr pricing strength, while the company continues to execute on contracted cash flows with significant upside potential from recycling initiatives, magnet syndication, and other growth opportunities.
| Metric | Target | Period |
|---|---|---|
| Capital Expenditures | $500 million–$600 million | FY2026 |
| NdPr Oxide Production Run Rate | 500 tons per month (6,000 metric tons annualized) | End of FY2026 |
| Initial Magnet Revenue | Second half of 2026 | FY2026 |
| Heavy Rare Earth Separation Circuit Commissioning | Second quarter 2026 | FY2026 |
| 10X Facility Minimum Annual EBITDA | $140 million (subject to annual escalation) | Upon 10X Facility operation |
Capital Expenditures (FY2026): “We continue to expect full-year CapEx of $500 million-$600 million.”
NdPr Oxide Production Run Rate (End of FY2026): “exiting 2026, approaching our target of 500 tons per month of NdPr oxide production or a 6,000 metric ton annualized run rate.”
Initial Magnet Revenue (FY2026): “We continue to expect initial magnet revenue in the second half of 2026, beginning with modest deliveries as capacity ramps over the following several quarters.”
Heavy Rare Earth Separation Circuit Commissioning (FY2026): “we expect to begin commissioning here in the second quarter.”
10X Facility Minimum Annual EBITDA (Upon 10X Facility operation): “the DoW has guaranteed that the 10X Facility will generate at least $140 million of EBITDA (as defined in the DoW Offtake Agreement, and subject to annual escalation)”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 254M | 224M | 204M | 253M | 528M | 332M |
| Net Income | -71M | -86M | -65M | 24M | 289M | 135M |
| EPS | $-0.42 | $-0.50 | $-0.57 | $0.14 | $1.52 | $0.73 |
| Free Cash Flow | -314M | -328M | -173M | -199M | 17M | -22M |
| ROIC | -32.0% | -3.5% | -3.3% | 1.2% | 23.9% | 15.0% |
| Gross Margin | - | 14.1% | 5.5% | 63.4% | 82.5% | 76.9% |
| Debt/Equity | 0.51 | 0.51 | 0.87 | 0.51 | 0.52 | 0.67 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -139M | -149M | -169M | -18M | 327M | 165M |
| Operating Margin | -54.6% | -66.6% | -83.1% | -7.0% | 62.1% | 49.8% |
| ROE | -3.6% | -5.7% | -5.4% | 1.8% | 24.9% | 14.5% |
| Shares Outstanding | 178M | 172M | 115M | 174M | 190M | 185M |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 73M | 134M | 332M | 528M | 253M | 204M | 224M | 254M |
| Gross Margin | 16.6% | 52.5% | 76.9% | 82.5% | 63.4% | 5.5% | 14.1% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 11M | 27M | 57M | 76M | 79M | 83M | 112M | 122M |
| EBIT | -7.6M | -35M | 165M | 327M | -18M | -169M | -149M | -139M |
| Op. Margin | -10.4% | -25.8% | 49.8% | 62.1% | -7.0% | -83.1% | -66.6% | -54.6% |
| Net Income | -6.8M | -22M | 135M | 289M | 24M | -65M | -86M | -71M |
| Net Margin | -9.2% | -16.2% | 40.7% | 54.8% | 9.6% | -32.1% | -38.3% | -28.0% |
| Non-Recurring | 3.8M | -101K | -569K | -391K | -6.3M | -1.4M | -466K | -466K |
| Returns on Capital | ||||||||
| ROIC | -7.5% | -5.2% | 15.0% | 23.9% | 1.2% | -3.3% | -3.5% | -32.0% |
| ROE | 46.1% | -5.2% | 14.5% | 24.9% | 1.8% | -5.4% | -5.7% | -3.6% |
| ROA | -6.6% | -3.7% | 9.1% | 14.0% | 1.1% | -2.8% | -2.8% | -1.9% |
| Cash Flow | ||||||||
| Op. Cash Flow | -437K | 3.3M | 102M | 344M | 63M | 13M | -156M | -94M |
| Free Cash Flow | -2.7M | -19M | -22M | 17M | -199M | -173M | -328M | -314M |
| Owner Earnings | -5.1M | -8.7M | 55M | 293M | -18M | -88M | -275M | -230M |
| CapEx | 2.3M | 22M | 124M | 327M | 262M | 186M | 172M | 219M |
| Maint. CapEx | 4.7M | 6.9M | 24M | 18M | 56M | 78M | 89M | 100M |
| Growth CapEx | 0 | 15M | 99M | 308M | 206M | 108M | 83M | 119M |
| D&A | 4.7M | 6.9M | 24M | 18M | 56M | 78M | 89M | 100M |
| CapEx/OCF | N/A | 682.6% | 121.5% | 95.1% | 417.7% | 1396.5% | N/A | 0.0% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 225M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 11.9% | N/A | 0.0% |
| Stock-Based Comp | 0 | 5.0M | 23M | 32M | 25M | 23M | 30M | 36M |
| Debt Repayment | 11M | 20M | 2.4M | 5.8M | 2.7M | 429M | 3.8M | 3.8M |
| Balance Sheet | ||||||||
| Net Debt | 5.2M | -515M | -1.7B | -640M | -571M | -218M | -2.0B | -1.6B |
| Cash & Equiv. | 2.8M | 520M | 1.2B | 137M | 263M | 282M | 1.2B | 2.6B |
| Long-Term Debt | 7.2M | 961K | 675M | 678M | 682M | 909M | 931M | 933M |
| Debt/Equity | -0.44 | 0.01 | 0.67 | 0.52 | 0.51 | 0.87 | 0.51 | 0.51 |
| Interest Coverage | -2.2 | -6.9 | 18.6 | 56.6 | -3.4 | -7.2 | -4.7 | -4.7 |
| Equity | -18M | 854M | 1.0B | 1.3B | 1.4B | 1.1B | 2.0B | 2.0B |
| Total Assets | 102M | 1.1B | 1.9B | 2.2B | 2.3B | 2.3B | 3.9B | 3.8B |
| Total Liabilities | 120M | 220M | 881M | 925M | 971M | 1.3B | 1.5B | 1.5B |
| Intangibles | N/A | N/A | N/A | 89K | 8.9M | 7.4M | 6.2M | 6.2M |
| Retained Earnings | -41M | -63M | 72M | 361M | 386M | 320M | 234M | 226M |
| Working Capital | -3.9M | 518M | 1.2B | 1.2B | 1.0B | 867M | 1.9B | 1.8B |
| Current Assets | 27M | 561M | 1.3B | 1.3B | 1.1B | 1.0B | 2.2B | 2.0B |
| Current Liabilities | 31M | 43M | 60M | 97M | 109M | 164M | 299M | 285M |
| Per Share Data | ||||||||
| EPS | -0.10 | -0.13 | 0.73 | 1.52 | 0.14 | -0.57 | -0.50 | -0.42 |
| Owner EPS | -0.08 | -0.05 | 0.30 | 1.54 | -0.11 | -0.77 | -1.60 | -1.30 |
| Book Value | -0.27 | 5.00 | 5.45 | 6.90 | 7.87 | 9.19 | 11.52 | 11.07 |
| Cash Flow/Share | -0.01 | 0.02 | 0.55 | 1.81 | 0.36 | 0.12 | -0.91 | 0.16 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 67.5M | 170.7M | 185.0M | 190.1M | 173.6M | 114.8M | 171.7M | 177.7M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | 61.5 | 15.6 | 146.2 | N/A | N/A | -99.2 |
| P/FCF | N/A | N/A | N/A | 266.0 | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | 40.1 | 11.8 | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 7.1 | 8.2 | 3.4 | 2.6 | 1.8 | 4.6 | 3.7 |
| Price/Sales | N/A | 20.2 | 19.7 | 13.3 | 15.8 | 9.0 | 33.6 | 28.9 |
| FCF Yield | N/A | -0.3% | -0.3% | 0.4% | -5.6% | -9.2% | -3.6% | -4.3% |
| Market Cap | N/A | 6.1B | 8.3B | 4.5B | 3.6B | 1.9B | 9.2B | 7.3B |
| Avg. Price | N/A | 15.31 | 35.40 | 37.01 | 23.10 | 15.93 | 43.94 | 41.30 |
| Year-End Price | N/A | 34.11 | 44.90 | 23.67 | 20.47 | 16.46 | 53.38 | 41.30 |
MP Materials Corp. / DE passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 6.7% with a gross margin of 48.5%. At current prices, the estimated annualized return to fair value is +14.3%.
MP Materials Corp. / DE (MP) has a debt-to-equity ratio of 0.51. This indicates moderate leverage.
MP Materials Corp. / DE (MP) reported earnings per share (EPS) of $-0.50 in its most recent fiscal year.
MP Materials Corp. / DE (MP) has a return on equity (ROE) of -5.7%. A negative ROE may indicate losses or negative equity.
MP Materials Corp. / DE (MP) has a 5-year average gross margin of 48.5%. This indicates decent pricing power.
The Ledger Terminal provides 7 years of financial data for MP Materials Corp. / DE (MP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MP Materials Corp. / DE (MP) has a book value per share of $11.52, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the second quarter 2026 to show a single-digit quarter-over-quarter decline in NdPr oxide production due to planned maintenance, followed by significant sequential growth in Q3 as commissioning benefits are fully realized, with continued progress toward the 500 tons per month run rate by year-end. Initial magnet revenue is expected in the second half of 2026 beginning with modest deliveries that will scale over subsequent quarters, while the company advances construction of the 10X facility with Department of War support and expects the heavy rare earth separation circuit to begin commissioning in the second quarter 2026. The company expects full-year 2026 capital expenditures of $500 million to $600 million, with the vast majority directed toward accelerated 10X investment and other growth initiatives including recycling and magnet capacity expansion. Management anticipates that NdPr will remain the binding constraint on magnet production over the next one to two years, positioning the company to benefit from NdPr pricing strength, while the company continues to execute on contracted cash flows with significant upside potential from recycling initiatives, magnet syndication, and other growth opportunities.
Based on recent SEC filings and earnings calls, MP Materials Corp. / DE (MP) has provided the following forward guidance: Capital Expenditures: $500 million–$600 million (FY2026); NdPr Oxide Production Run Rate: 500 tons per month (6,000 metric tons annualized) (End of FY2026); Initial Magnet Revenue: Second half of 2026 (FY2026); Heavy Rare Earth Separation Circuit Commissioning: Second quarter 2026 (FY2026); 10X Facility Minimum Annual EBITDA: $140 million (subject to annual escalation) (Upon 10X Facility operation).
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