A Business at a Glance
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MP Materials Corp., including its subsidiaries (the “Company,” “MP Materials,” “we,” “our,” and “us”), is the largest producer of rare earth materials in the Western Hemisphere. Headquartered in Las Vegas, Nevada, the Company owns and operates the Mountain Pass Rare Earth Mine and Processing Facility (“Mountain Pass”) located near Mountain Pass, San Bernardino County, California, the only rare earth mining and processing site of scale in North America. Additionally, the Company owns and operates a rare earth metal, alloy and magnet manufacturing facility in Fort Worth, Texas (“Independence” or the “Independence Facility”), where the Company produces and sells magnetic precursor products and commenced the manufacturing of neodymium-iron-boron (“NdFeB”) permanent magnets in December 2025. The Company’s operations are organized into two reportable segments: Materials and Magnetics.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 224M | 224M | 204M | 253M | 528M | 332M |
| Net Income | -86M | -86M | -65M | 24M | 289M | 135M |
| EPS | $-0.50 | $-0.50 | $-0.57 | $0.14 | $1.52 | $0.73 |
| Free Cash Flow | -328M | -328M | -173M | -199M | 17M | -22M |
| ROIC | -6.5% | -3.5% | -3.3% | 1.2% | 23.9% | 15.0% |
| Gross Margin | 14.1% | 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 | -149M | -149M | -169M | -18M | 327M | 165M |
| Operating Margin | -66.6% | -66.6% | -83.1% | -7.0% | 62.1% | 49.8% |
| ROE | -4.3% | -5.7% | -5.4% | 1.8% | 24.9% | 14.5% |
| Shares Outstanding | 172M | 172M | 115M | 174M | 190M | 185M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 73M | 134M | 332M | 528M | 253M | 204M | 224M | 224M |
| Gross Margin | 16.6% | 52.5% | 76.9% | 82.5% | 63.4% | 5.5% | 14.1% | 14.1% |
| 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 | 112M |
| EBIT | -7.6M | -35M | 165M | 327M | -18M | -169M | -149M | -149M |
| Op. Margin | -10.4% | -25.8% | 49.8% | 62.1% | -7.0% | -83.1% | -66.6% | -66.6% |
| Net Income | -6.8M | -22M | 135M | 289M | 24M | -65M | -86M | -86M |
| Net Margin | -9.2% | -16.2% | 40.7% | 54.8% | 9.6% | -32.1% | -38.3% | -38.3% |
| 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% | -6.5% |
| ROE | 46.1% | -5.2% | 14.5% | 24.9% | 1.8% | -5.4% | -5.7% | -4.3% |
| ROA | -6.6% | -3.7% | 9.1% | 14.0% | 1.1% | -2.8% | -2.8% | -2.2% |
| Cash Flow | ||||||||
| Op. Cash Flow | -437K | 3.3M | 102M | 344M | 63M | 13M | -156M | -156M |
| Free Cash Flow | -2.7M | -19M | -22M | 17M | -199M | -173M | -328M | -328M |
| Owner Earnings | -5.1M | -8.7M | 55M | 293M | -18M | -88M | -275M | -275M |
| CapEx | 2.3M | 22M | 124M | 327M | 262M | 186M | 172M | 172M |
| Maint. CapEx | 4.7M | 6.9M | 24M | 18M | 56M | 78M | 89M | 89M |
| Growth CapEx | 0 | 15M | 99M | 308M | 206M | 108M | 83M | 83M |
| D&A | 4.7M | 6.9M | 24M | 18M | 56M | 78M | 89M | 89M |
| 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 | 30M |
| 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 | -217M | -2.0B | -156M |
| Cash & Equiv. | 2.8M | 520M | 1.2B | 137M | 263M | 282M | 1.2B | 1.2B |
| Long-Term Debt | 7.2M | 961K | 675M | 678M | 682M | 909M | 931M | 931M |
| 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 | 3.9B |
| 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 | 234M |
| Working Capital | -3.9M | 518M | 1.2B | 1.2B | 1.0B | 867M | 1.9B | 1.9B |
| Current Assets | 27M | 561M | 1.3B | 1.3B | 1.1B | 1.0B | 2.2B | 2.2B |
| Current Liabilities | 31M | 43M | 60M | 97M | 109M | 164M | 299M | 299M |
| Per Share Data | ||||||||
| EPS | -0.10 | -0.27 | 0.73 | 1.52 | 0.14 | -0.57 | -0.50 | -0.50 |
| Owner EPS | -0.08 | -0.05 | 0.30 | 1.54 | -0.11 | -0.77 | -1.60 | -1.60 |
| Book Value | -0.27 | 5.00 | 5.45 | 6.90 | 7.87 | 9.19 | 11.52 | 11.52 |
| Cash Flow/Share | -0.01 | 0.02 | 0.55 | 1.81 | 0.36 | 0.12 | -0.91 | 0.02 |
| 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 | 171.7M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | 61.5 | 15.6 | 146.2 | N/A | N/A | -113.6 |
| 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 | 4.9 |
| Price/Sales | N/A | 20.2 | 19.7 | 13.3 | 15.8 | 9.0 | 33.6 | 43.5 |
| FCF Yield | N/A | -0.3% | -0.3% | 0.4% | -5.6% | -9.2% | -3.6% | -3.4% |
| Market Cap | N/A | 6.1B | 8.3B | 4.5B | 3.6B | 1.9B | 9.2B | 9.8B |
| Avg. Price | N/A | 15.31 | 35.40 | 37.01 | 23.10 | 15.93 | 43.94 | 56.80 |
| Year-End Price | N/A | 34.11 | 44.90 | 23.67 | 20.47 | 16.46 | 53.38 | 56.80 |
MP Materials Corp. / DE passes 2 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 +15.3%.
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 $9.8B. 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. / 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.
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