Lindsay vs MP Materials
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The short version
- Lindsay is the larger business, with $636M of revenue in fiscal 2026 against $224M for MP Materials, about 2.8 times as much.
- MP Materials grew revenue faster (10.1%, against −6.0%).
- Lindsay kept more of each dollar of sales as operating profit (10.5% operating margin, against −66.6%).
- Lindsay turned more of its sales into free cash flow (5.5% FCF margin, against −146.2%).
- Lindsay earned a higher return on the capital invested in it (11.9%, against −10.4%).
| Latest fiscal year | LNN · FY26 | MP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.1B | $6.8B |
| Revenue | $636M | $224M |
| Free cash flow | $34.8M | −$328M |
| Net income | $55.7M | −$85.9M |
| Growth | ||
| Revenue growth | −6.0% | 10.1% |
| 5-year growth | 2.3% | 10.8% |
| Share count change | −4.4% | 0.1% |
| Profitability | ||
| Gross margin | 28.9% | — |
| Operating margin | 10.5% | −66.6% |
| Net margin | 8.8% | −38.3% |
| FCF margin | 5.5% | −146.2% |
| Return on capital | 11.9% | −10.4% |
| Return on equity | 10.7% | −5.7% |
| Balance sheet | ||
| Net debt | −$74.8M | −$832M |
| Net debt / EBITDA | −0.8x | — |
| Dividends and buybacks | $96.1M | $0.0M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | 3 |
Revenue
FY17
LNN $518M
MP —
FY18
LNN $548M
MP —
FY19
LNN $444M
MP $73.4M
FY20
LNN $475M
MP $134M
FY21
LNN $568M
MP $332M
FY22
LNN $771M
MP $528M
FY23
LNN $674M
MP $253M
FY24
LNN $607M
MP $204M
FY25
LNN $676M
MP $224M
FY26
LNN $636M
MP —
LNN
MP
Operating margin
FY17
LNN 7.9%
MP —
FY18
LNN 7.1%
MP —
FY19
LNN 1.4%
MP −10.4%
FY20
LNN 11.4%
MP −25.8%
FY21
LNN 9.5%
MP 49.8%
FY22
LNN 12.3%
MP 62.1%
FY23
LNN 15.2%
MP −7.0%
FY24
LNN 12.6%
MP −83.1%
FY25
LNN 13.0%
MP −66.6%
FY26
LNN 10.5%
MP —
LNN
MP
Free cash flow
FY17
LNN $30.6M
MP —
FY18
LNN $22.9M
MP —
FY19
LNN −$19.4M
MP −$2.7M
FY20
LNN $24.6M
MP −$19.1M
FY21
LNN $17.5M
MP −$21.9M
FY22
LNN −$12.6M
MP $16.9M
FY23
LNN $101M
MP −$199M
FY24
LNN $66.8M
MP −$173M
FY25
LNN $90.4M
MP −$328M
FY26
LNN $34.8M
MP —
LNN
MP
Return on capital
FY17
LNN 9.9%
MP —
FY18
LNN 9.4%
MP —
FY19
LNN 2.5%
MP —
FY20
LNN 16.1%
MP —
FY21
LNN 15.7%
MP 33.0%
FY22
LNN 20.1%
MP 42.2%
FY23
LNN 18.5%
MP −1.4%
FY24
LNN 15.8%
MP −12.4%
FY25
LNN 17.2%
MP −10.4%
FY26
LNN 11.9%
MP —
LNN
MP
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.