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MP Materials

MP NYSE Diversified Metals & Mining Financials FY2019–FY2025

MP Materials' revenue rose 10.1% to $224 million in fiscal 2025. Its operating margin was −66.5%, up from −83.1% a year earlier. Free cash flow was −$328 million. The diluted share count rose 0.1%.

Last close · Oct 23, 2026

$38.30

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$224M
10.1% vs prior year
Operating margin Operating income as a share of revenue.
−66.6%
16.6 pts
Net income Profit after all expenses, interest and tax.
−$85.9M
Free cash flow Cash from operations minus capital spending.
−$328M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−10.4%
1.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What MP Materials does

No business description yet.

Legal name
MP Materials Corp. / DE
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001801368-26-000008
0001801368

Revenue and margins

MP Materials had $224M of revenue in fiscal 2025, up 10.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$328M in fiscal 2025, −146.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

MP Materials returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value MP Materials yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of $832M and divides by 170.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably MP Materials can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.2B$1.2B$998M$851M$1.8B
Debt incl. finance leases $676M$679M$683M$910M$999M
Net debt / EBITDA −2.7x−1.5x−8.3x——
Debt / equity 0.7x0.5x0.5x0.9x0.5x
Interest coverage 18.6x56.6x−3.4x−7.4x−4.7x
Current ratio 21.4x13.3x10.4x6.3x7.2x
Quick ratio 20.8x12.7x9.5x5.6x6.7x
Total assets $1.9B$2.2B$2.3B$2.3B$3.9B
Total liabilities $881M$925M$971M$1.3B$1.5B
Shareholders' equity $1.0B$1.3B$1.4B$1.1B$2.0B
Net debt (− = net cash) −$504M−$503M−$315M$58.6M−$832M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.5M

1 insider

Sold, 12 months

$79.9M

3 insiders

Of sales under plans

27%

$21.2M

DateInsiderTradeSharesPriceValueFiling
Jun 9, 2026 Michael Stuart RosenthalChief Operating Officer Bought 10,000 $54.30 $0.5M Form 4
Jun 3, 2026 James H. LitinskyChairman and CEO, Director Sold 185,167 $69.14 $12.8M Form 4
May 29, 2026 James H. LitinskyChairman and CEO, Director Sold 50,000 $64.58 $3.2M Form 4
May 28, 2026 James H. LitinskyChairman and CEO, Director Sold 234,651 $65.87 $15.5M Form 4
May 27, 2026 James H. LitinskyChairman and CEO, Director Sold 115,349 $65.37 $7.5M Form 4
May 20, 2026 Michael Stuart RosenthalChief Operating Officer Bought 17,000 $56.62 $1.0M Form 4
May 13, 2026 James H. LitinskyChairman and CEO, Director Sold 177,188 $65.13 $11.5M Form 4
May 12, 2026 James H. LitinskyChairman and CEO, Director Sold 122,812 $65.90 $8.1M Form 4
May 8, 2026 Elliot Dean HoopsGeneral Counsel and Secretary Sold plan 6,958 $75.00 $0.5M Form 4
May 8, 2026 Ryan CorbettChief Financial Officer Sold plan 20,000 $75.00 $1.5M Form 4
Apr 20, 2026 James H. LitinskyChairman and CEO, Director Sold plan 259,179 $64.03 $16.6M Form 4
Apr 17, 2026 James H. LitinskyChairman and CEO, Director Sold plan 40,821 $64.05 $2.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✕
Cash from operations is positive ✓ ✓ ✕
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 83 / 83 / 8
Accruals ratio −1.7%−3.4%2.3%
Altman Z'' 4.843.264.52

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
MP Materials MP $6.8B 10.1% −66.6% −146.2% −10.4% — 3
Materion MTRN $4.7B 6.0% 6.2% 2.8% 7.3% 51.5x 7 Compare →
Rio Tinto RIO $136.6B 7.4% 25.9% 7.8% 14.9% — 4 Compare →
United States Lime & Minerals USLM $3.2B 17.3% 42.4% 27.4% 51.7% 23.9x 5 Compare →
Lindsay LNN $1.1B −6.0% 10.5% 5.5% 11.9% 19.8x 5 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $73.4M $134M $332M $528M $253M $204M $224M
Operating income −$7.6M −$34.7M $165M $327M −$17.7M −$169M −$149M
Interest expense $3.4M $5.0M $8.9M $5.8M $5.3M $23.0M $31.5M
Pretax income −$6.8M −$39.5M $160M $341M $33.1M −$93.3M −$118M
Income tax $0.0M −$17.6M $25.2M $52.1M $8.8M −$27.9M −$31.9M
Net income −$6.8M −$21.8M $135M $289M $24.3M −$65.4M −$85.9M
Diluted EPS −$0.10 −$0.27 $0.73 $1.52 $0.14 −$0.57 −$0.50
Diluted shares 0.07B 0.08B 0.19B 0.19B 0.18B 0.17B 0.17B
Cash flow
Cash from operations −$0.4M $3.3M $102M $344M $62.7M $13.3M −$156M
Capital expenditure $2.3M $22.4M $124M $327M $262M $186M $172M
Free cash flow −$2.7M −$19.1M −$21.9M $16.9M −$199M −$173M −$328M
Depreciation and amortization $4.7M $6.9M $24.4M $18.4M $55.7M $78.1M $89.3M
Stock-based compensation $0.0M $5.0M $22.9M $31.8M $25.2M $23.2M $30.2M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $225M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $225M $0.0M
Balance sheet
Cash and short-term investments $2.8M $520M $1.2B $1.2B $998M $851M $1.8B
Total debt — $3.4M $675M $678M $682M $909M $999M
Finance lease liabilities $0.6M $1.0M $0.8M $0.6M $0.6M $0.7M $0.0M
Current assets $27.4M $561M $1.3B $1.3B $1.1B $1.0B $2.2B
Current liabilities $31.3M $43.1M $59.5M $97.5M $109M $164M $299M
Inventory $23.0M $32.3M $38.7M $57.6M $95.2M $108M $172M
Property and equipment, net $46.4M $502M $611M $936M $1.2B $1.3B $1.4B
Total assets $102M $1.1B $1.9B $2.2B $2.3B $2.3B $3.9B
Total liabilities $120M $220M $881M $925M $971M $1.3B $1.5B
Shareholders' equity −$18.0M $854M $1.0B $1.3B $1.4B $1.1B $2.0B
Margins
Operating margin −10.4% −25.8% 49.8% 62.1% −7.0% −83.1% −66.6%
EBITDA margin −4.0% −20.7% 57.2% 65.6% 15.0% −44.8% −26.8%
Net margin −9.2% −16.3% 40.7% 54.8% 9.6% −32.1% −38.3%
FCF margin −3.7% −14.2% −6.6% 3.2% −78.6% −84.9% −146.2%
Returns
Return on capital — — 33.0% 42.2% −1.4% −12.4% −10.4%
Return on capital employed — −6.3% 11.6% 16.5% −0.8% −7.7% −5.2%
Return on equity — −5.2% 14.5% 24.9% 1.8% −5.4% −5.7%
Return on assets — −3.7% 9.1% 14.0% 1.1% −2.8% −2.8%
Growth
Revenue growth — 83.0% 147.2% 58.9% −52.0% −19.6% 10.1%
Net income growth — — — 114.0% −91.6% −369.2% —
EPS growth — — — 108.2% −90.8% −507.1% —
FCF growth — — — — −1,277.4% — —
Share count change — 19.7% 138.2% 1.9% −7.9% −4.6% 0.1%
Financial health
Net debt / EBITDA — — −2.7x −1.5x −8.3x — —
Debt / equity — 0.0x 0.7x 0.5x 0.5x 0.9x 0.5x
Interest coverage −2.2x −6.9x 18.6x 56.6x −3.4x −7.4x −4.7x
Current ratio 0.9x 13.0x 21.4x 13.3x 10.4x 6.3x 7.2x
Quick ratio 0.1x 12.3x 20.8x 12.7x 9.5x 5.6x 6.7x
Capital allocation
Capex / revenue 3.1% 16.7% 37.3% 61.9% 103.3% 91.5% 76.8%
Stock comp / revenue 0.0% 3.7% 6.9% 6.0% 10.0% 11.4% 13.4%
Payouts / FCF — — — 0.0% — — —
Quality scores
Piotroski F-score — — 4.0 5.0 5.0 3.0 3.0
Altman Z'' −2.2 6.8 6.1 6.5 4.8 3.3 4.5
Accruals ratio — −4.3% 2.2% −2.6% −1.7% −3.4% 2.3%

Source: SEC EDGAR XBRL filings (CIK 0001801368). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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