MP Materials vs United States Lime & Minerals
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The short version
- United States Lime & Minerals is the larger business, with $373M of revenue in fiscal 2025 against $224M for MP Materials, about 1.7 times as much.
- United States Lime & Minerals grew revenue faster (17.3%, against 10.1%).
- United States Lime & Minerals kept more of each dollar of sales as operating profit (42.4% operating margin, against −66.6%).
- United States Lime & Minerals turned more of its sales into free cash flow (27.4% FCF margin, against −146.2%).
- United States Lime & Minerals earned a higher return on the capital invested in it (51.7%, against −10.4%).
| Latest fiscal year | MP · FY25 | USLM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.8B | $3.2B |
| Revenue | $224M | $373M |
| Free cash flow | −$328M | $102M |
| Net income | −$85.9M | $134M |
| Growth | ||
| Revenue growth | 10.1% | 17.3% |
| 5-year growth | 10.8% | 18.3% |
| Share count change | 0.1% | 0.2% |
| Profitability | ||
| Gross margin | — | 48.9% |
| Operating margin | −66.6% | 42.4% |
| Net margin | −38.3% | 36.0% |
| FCF margin | −146.2% | 27.4% |
| Return on capital | −10.4% | 51.7% |
| Return on equity | −5.7% | 23.8% |
| Balance sheet | ||
| Net debt | −$832M | −$371M |
| Net debt / EBITDA | — | −2.0x |
| Dividends and buybacks | $0.0M | $9.6M |
| Valuation & quality | ||
| P/E | — | 23.9x |
| Piotroski F-score | 3 | 5 |
Revenue
FY16
MP —
USLM $139M
FY17
MP —
USLM $145M
FY18
MP —
USLM $144M
FY19
MP $73.4M
USLM $158M
FY20
MP $134M
USLM $161M
FY21
MP $332M
USLM $189M
FY22
MP $528M
USLM $236M
FY23
MP $253M
USLM $281M
FY24
MP $204M
USLM $318M
FY25
MP $224M
USLM $373M
MP
USLM
Operating margin
FY16
MP —
USLM 16.9%
FY17
MP —
USLM 16.7%
FY18
MP —
USLM 13.9%
FY19
MP −10.4%
USLM 18.5%
FY20
MP −25.8%
USLM 21.1%
FY21
MP 49.8%
USLM 24.5%
FY22
MP 62.1%
USLM 23.2%
FY23
MP −7.0%
USLM 30.4%
FY24
MP −83.1%
USLM 39.3%
FY25
MP −66.6%
USLM 42.4%
MP
USLM
Free cash flow
FY16
MP —
USLM $20.2M
FY17
MP —
USLM $12.9M
FY18
MP —
USLM −$15.0M
FY19
MP −$2.7M
USLM $19.9M
FY20
MP −$19.1M
USLM $41.4M
FY21
MP −$21.9M
USLM $25.8M
FY22
MP $16.9M
USLM $37.6M
FY23
MP −$199M
USLM $58.0M
FY24
MP −$173M
USLM $98.6M
FY25
MP −$328M
USLM $102M
MP
USLM
Return on capital
FY16
MP —
USLM 16.7%
FY17
MP —
USLM 21.5%
FY18
MP —
USLM 13.2%
FY19
MP —
USLM 15.5%
FY20
MP —
USLM 17.4%
FY21
MP 33.0%
USLM 22.2%
FY22
MP 42.2%
USLM 24.4%
FY23
MP −1.4%
USLM 34.7%
FY24
MP −12.4%
USLM 46.9%
FY25
MP −10.4%
USLM 51.7%
MP
USLM
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.