MP

MP Materials Corp.

Cyclical demand Physical products Sells to businesses Commodity producerTags from an AI model reading the company description.

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Key Metrics

Previous Close: $46.09
52-Week Range: $37.81 – $100.25
Market Cap: $8.37B
P/E (TTM): —
EPS (TTM): -0.33
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 4.27
PEG Ratio: —
Return on Equity: -3.58%
Return on Assets: -1.52%
Gross Margin: 42.33%
Operating Margin: -14.72%
Profit Margin: -14.56%
Current Ratio: 9.51
Debt/Equity: 0.41
Total Debt: $981.62M
Free Cash Flow: $-432.95M
Revenue Growth: 119.70%
Earnings Growth: —
Enterprise Value: $8.31B

MP Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$527.51M	$253.44M	$203.85M	$224.44M
Cost of Revenue	$110.57M	$148.42M	$270.64M	$282.06M
Gross Profit	$416.94M	$105.02M	-$66.79M	-$57.62M
Research & Development	$4.25M	$14.93M	$9.31M	$24.21M
Selling, General & Admin	$75.86M	$79.25M	$83.30M	$112.07M
Operating Expenses	$81.97M	$101.41M	$96.95M	$87.47M
Operating Income	$334.96M	$3.61M	-$163.74M	-$145.09M
EBITDA	$365.29M	$94.04M	$7.72M	$2.97M
Pretax Income	$341.15M	$33.08M	-$93.35M	-$117.77M
Income Tax	$52.15M	$8.77M	-$27.92M	-$31.90M
Net Income	$289.00M	$24.31M	-$65.42M	-$85.87M
Diluted EPS	1.52	0.14	-0.57	-0.50
Diluted Shares	193.45M	178.15M	169.88M	170.13M

MP Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$136.63M	$263.35M	$282.44M	$1.17B
Receivables	$32.86M	$30.16M	$62.92M	$146.68M
Inventory	$57.55M	$95.18M	$107.91M	$171.56M
Current Assets	$1.29B	$1.13B	$1.03B	$2.17B
Total Assets	$2.24B	$2.34B	$2.33B	$3.86B
Current Liabilities	$97.48M	$108.55M	$164.02M	$299.05M
Long-Term Debt	$678.44M	$681.98M	$908.73M	$931.33M
Total Debt	$678.46M	$688.81M	$914.53M	$1.01B
Total Liabilities	$925.15M	$970.67M	$1.28B	$1.89B
Retained Earnings	$361.42M	$385.73M	$320.30M	$234.43M
Shareholders' Equity	$1.31B	$1.37B	$1.05B	$1.98B
Working Capital	$1.20B	$1.02B	$867.30M	$1.87B
Net Debt	$541.82M	$418.63M	$626.29M	—

MP Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$343.51M	$62.70M	$13.35M	-$155.75M
Capital Expenditure	-$326.60M	-$261.90M	-$186.42M	-$172.38M
Free Cash Flow	$16.92M	-$199.20M	-$173.07M	-$328.13M
Stock-Based Compensation	$31.78M	$25.24M	$23.18M	$30.16M
Investing Cash Flow	-$1.36B	$68.70M	$10.06M	-$206.05M
Financing Cash Flow	-$24.19M	-$9.92M	-$4.79M	$1.25B
Share Repurchases	$0.00	$0.00	-$225.07M	-$31.10M
Net Change in Cash	-$1.04B	$121.48M	$18.61M	$883.76M

MP Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$60.81M	$57.39M	$53.55M	$52.69M	$90.65M	$108.49M
Cost of Revenue	$70.22M	$71.21M	$70.97M	$69.66M	$106.38M	$107.67M
Gross Profit	-$9.40M	-$13.81M	-$17.42M	-$16.97M	-$15.73M	$819.00K
Research & Development	$474.00K	$2.50M	$19.03M	$2.21M	$1.91M	$1.28M
Selling, General & Admin	$24.17M	$27.43M	$28.41M	$32.07M	$33.64M	$35.16M
Operating Expenses	$24.40M	$29.31M	$48.19M	-$14.42M	$2.50M	$18.42M
Operating Income	-$33.80M	-$43.12M	-$65.61M	-$2.56M	-$18.23M	-$17.60M
EBITDA	$1.82M	-$16.53M	-$27.37M	$45.05M	$28.34M	$15.75M
Pretax Income	-$27.18M	-$42.72M	-$58.43M	$10.56M	-$13.64M	-$29.34M
Income Tax	-$4.53M	-$11.85M	-$16.65M	$1.13M	-$5.67M	-$9.04M
Net Income	-$22.65M	-$30.87M	-$41.78M	$9.43M	-$7.97M	-$20.30M
Diluted EPS	-0.14	-0.19	-0.24	0.05	-0.04	-0.11
Diluted Shares	163.76M	163.83M	175.03M	199.23M	178.02M	178.41M

MP Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$198.34M	$261.54M	$1.15B	$1.17B	$886.28M	$429.07M
Receivables	$112.73M	$64.90M	$74.45M	$146.68M	$119.27M	$96.72M
Inventory	$133.08M	$128.05M	$144.37M	$171.56M	$169.19M	$173.43M
Current Assets	$1.02B	$960.39M	$2.17B	$2.17B	$2.05B	$1.75B
Total Assets	$2.37B	$2.34B	$3.80B	$3.86B	$3.84B	$3.73B
Current Liabilities	$248.21M	$266.87M	$270.18M	$299.05M	$285.25M	$183.54M
Long-Term Debt	$842.41M	$843.37M	$929.75M	$931.33M	$932.94M	$934.58M
Total Debt	$916.15M	$916.82M	$997.27M	$1.01B	$1.00B	$934.58M
Total Liabilities	$1.33B	$1.33B	$1.83B	$1.89B	$1.87B	$1.77B
Retained Earnings	$297.65M	$266.78M	$225.00M	$234.43M	$226.46M	$206.16M
Shareholders' Equity	$1.04B	$1.01B	$1.96B	$1.98B	$1.97B	$1.96B
Working Capital	$774.67M	$693.53M	$1.90B	$1.87B	$1.76B	$1.56B
Net Debt	$711.42M	$649.27M	—	—	$114.16M	$505.51M

MP Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	-$63.20M	-$3.65M	-$42.05M	-$46.85M	-$1.91M	$6.85M
Capital Expenditure	-$30.47M	-$29.01M	-$50.50M	-$62.41M	-$77.38M	-$230.34M
Free Cash Flow	-$93.67M	-$32.66M	-$92.54M	-$109.26M	-$79.28M	-$223.49M
Stock-Based Compensation	$7.35M	$5.55M	$7.69M	$9.57M	$12.93M	$11.29M
Investing Cash Flow	-$15.70M	$69.68M	-$333.05M	$73.03M	-$259.81M	-$394.95M
Financing Cash Flow	-$5.00M	-$2.73M	$1.26B	-$7.30M	-$18.55M	-$69.38M
Share Repurchases	$0.00	$0.00	$0.00	-$31.10M	—	—
Net Change in Cash	-$83.91M	$63.30M	$885.50M	$18.87M	-$280.27M	-$457.48M

Market Snapshot

About

MP Materials operates the Mountain Pass rare earth mining and processing facility in California. The company produces rare earth materials essential for electric vehicles, wind turbines, defense systems, and consumer electronics.