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MP Materials Corp.

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Key Metrics

Previous Close: $56.68
52-Week Range: $37.81 – $100.25
Market Cap: $9.80B
P/E (TTM): —
EPS (TTM): -0.32
Dividend Yield: —

Advanced Metrics

Price/Book: 5.01
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: $9.75B

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
Revenue	$60.81M	$57.39M	$53.55M	$52.69M	$90.65M
Cost of Revenue	$70.22M	$71.21M	$70.97M	$69.66M	$106.38M
Gross Profit	-$9.40M	-$13.81M	-$17.42M	-$16.97M	-$15.73M
Research & Development	$474.00K	$2.50M	$19.03M	$2.21M	$1.91M
Selling, General & Admin	$24.17M	$27.43M	$28.41M	$32.07M	$33.64M
Operating Expenses	$24.40M	$29.31M	$48.19M	-$14.42M	$2.50M
Operating Income	-$33.80M	-$43.12M	-$65.61M	-$2.56M	-$18.23M
EBITDA	$1.82M	-$16.53M	-$27.37M	$45.05M	$28.34M
Pretax Income	-$27.18M	-$42.72M	-$58.43M	$10.56M	-$13.64M
Income Tax	-$4.53M	-$11.85M	-$16.65M	$1.13M	-$5.67M
Net Income	-$22.65M	-$30.87M	-$41.78M	$9.43M	-$7.97M
Diluted EPS	-0.14	-0.19	-0.24	0.05	-0.04
Diluted Shares	163.76M	163.83M	175.03M	199.23M	178.02M

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

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

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.