NYSE : MP
MP Materials Corp. — Financial statements
Materials · Other Industrial Metals & Mining · United States
Last price 39.57 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.05B
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Financial statements
MP Materials Corp. (MP) reported revenue of 416.25M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 305.38M | 224.44M | 203.85M | 253.44M | 527.51M | 331.95M |
| Other Revenue | 110.87M | 51.02M | ||||
| Revenue | 416.25M | 275.46M | 203.85M | 253.44M | 527.51M | 331.95M |
| Cost of Revenue | 240.06M | 192.79M | 192.59M | 92.71M | 92.22M | 76.25M |
| Gross Profit | 176.18M | 82.67M | 11.27M | 160.73M | 435.29M | 255.70M |
| Selling, General & Admin | 129.28M | 112.07M | 83.30M | 79.25M | 75.86M | 56.65M |
| Other Operating Expenses | 3.55M | 5.68M | 11.82M | 10.27M | 5.47M | 7.99M |
| Operating Expenses | 250.13M | 208.14M | 173.97M | 146.02M | 99.94M | 89.41M |
| Operating Income | -73.95M | -125.47M | -162.70M | 14.71M | 335.35M | 166.29M |
| Interest Expense | -38.00M | -31.48M | -23.01M | -5.25M | -5.79M | -8.90M |
| Interest & Investment Income | 64.62M | 52.02M | 47.11M | 55.64M | 19.77M | |
| Other Non Operating Income (Expenses) | 8.09M | 9.77M | -936.00K | 411.00K | 68.00K | 353.00K |
| EBT Excluding Unusual Items | -39.23M | -95.17M | -139.53M | 65.51M | 349.41M | 157.74M |
| Gain (Loss) on Sale of Investments | 1.30M | 1.30M | -315.00K | |||
| Gain (Loss) on Sale of Assets | -2.24M | -466.00K | -1.42M | -6.33M | -391.00K | -569.00K |
| Legal Settlements | -8.80M | |||||
| Other Unusual Items | -41.88M | -23.44M | 47.61M | -26.11M | -7.55M | 3.02M |
| Pretax Income | -90.85M | -117.77M | -93.35M | 33.08M | 341.15M | 160.19M |
| Income Tax Expense | -30.23M | -31.90M | -27.92M | 8.77M | 52.15M | 25.16M |
| Net Income | -60.62M | -85.87M | -65.42M | 24.31M | 289.00M | 135.04M |
| Net Income to Common | -60.62M | -85.87M | -65.42M | 24.31M | 289.00M | 135.04M |
| Shares Outstanding (Basic) | 177.33M | 170.13M | 166.84M | 177.18M | 176.52M | 173.47M |
| Shares Outstanding (Diluted) | 177.33M | 170.13M | 169.88M | 178.15M | 193.45M | 189.84M |
| EPS (Basic) | -0.34 | -0.50 | -0.39 | 0.14 | 1.64 | 0.78 |
| EPS (Diluted) | -0.34 | -0.50 | -0.57 | 0.14 | 1.52 | 0.73 |
| Free Cash Flow | -504.58M | -328.13M | -173.07M | -199.20M | 16.92M | -21.90M |
| Free Cash Flow Per Share | -2.85 | -1.93 | -1.02 | -1.12 | 0.09 | -0.12 |
| Gross Margin | 42.33% | 30.01% | 5.53% | 63.42% | 82.52% | 77.03% |
| Operating Margin | -17.77% | -45.55% | -79.81% | 5.81% | 63.57% | 50.09% |
| Profit Margin | -14.56% | -31.18% | -32.09% | 9.59% | 54.79% | 40.68% |
| Free Cash Flow Margin | -121.22% | -119.12% | -84.90% | -78.60% | 3.21% | -6.60% |
| EBITDA | 40.68M | -36.20M | -84.64M | 70.42M | 353.71M | 193.05M |
| EBITDA Margin | 9.77% | -13.14% | -41.52% | 27.79% | 67.05% | 58.16% |
| D&A For EBITDA | 114.62M | 89.27M | 78.06M | 55.71M | 18.36M | 26.76M |
| EBIT | -73.95M | -125.47M | -162.70M | 14.71M | 335.35M | 166.29M |
| EBIT Margin | -17.77% | -45.55% | -79.81% | 5.81% | 63.57% | 50.09% |
| Effective Tax Rate | 26.51% | 15.29% | 15.71% | |||
| Revenue as Reported | 331.95M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 429.07M | 1.17B | 282.44M | 263.35M | 136.63M | 1.18B |
| Short-Term Investments | 1.02B | 664.27M | 568.43M | 734.49M | 1.05B | |
| Cash & Short-Term Investments | 1.45B | 1.83B | 850.87M | 997.84M | 1.18B | 1.18B |
| Accounts Receivable | 40.44M | 14.64M | 18.64M | 10.03M | 32.86M | 51.01M |
| Other Receivables | 56.28M | 132.04M | 44.27M | 21.03M | 2.50M | |
| Receivables | 96.72M | 146.68M | 62.92M | 31.06M | 35.36M | 51.01M |
| Inventory | 173.43M | 171.56M | 107.91M | 95.18M | 57.55M | 38.69M |
| Prepaid Expenses | 22.62M | 17.27M | 9.63M | 5.80M | 12.29M | 6.46M |
| Restricted Cash | 1.29M | 6.29M | 1.34M | |||
| Total Current Assets | 1.75B | 2.17B | 1.03B | 1.13B | 1.29B | 1.28B |
| Property, Plant & Equipment | 1.63B | 1.38B | 1.26B | 1.17B | 936.29M | 610.61M |
| Long-Term Investments | 9.10M | 9.70M | ||||
| Other Intangible Assets | 6.17M | 7.37M | 8.88M | 89.00K | ||
| Long-Term Deferred Charges | 6.00M | 2.30M | ||||
| Other Long-Term Assets | 347.63M | 306.85M | 25.59M | 17.98M | 7.58M | 2.25M |
| Total Assets | 3.73B | 3.86B | 2.33B | 2.34B | 2.24B | 1.89B |
| Accounts Payable | 46.02M | 36.66M | 23.56M | 28.00M | 15.33M | 35.73M |
| Accrued Expenses | 38.47M | 41.39M | 33.37M | 27.86M | 18.21M | |
| Current Portion of Long-Term Debt | 5.13M | 71.31M | 2.10M | 2.11M | 2.39M | 18.65M |
| Current Portion of Leases | 3.73M | 3.22M | 1.07M | 1.15M | 438.00K | |
| Current Income Taxes Payable | 1.87M | 2.10M | 4.04M | 21.16M | 3.46M | |
| Current Unearned Revenue | 45.55M | 76.70M | 58.88M | 1.70M | ||
| Other Current Liabilities | 42.76M | 65.27M | 38.90M | 47.73M | 39.95M | 1.70M |
| Total Current Liabilities | 183.54M | 296.65M | 161.92M | 108.55M | 97.48M | 59.54M |
| Long-Term Debt | 958.55M | 951.70M | 909.27M | 684.62M | 683.19M | 682.02M |
| Long-Term Leases | 14.20M | 8.43M | 5.80M | 7.22M | 257.00K | |
| Long-Term Unearned Revenue | 107.00M | 105.99M | 63.21M | 17.43M | ||
| Long-Term Deferred Tax Liabilities | 62.31M | 80.82M | 112.91M | 130.79M | 122.35M | 104.50M |
| Other Long-Term Liabilities | 30.21M | 28.21M | 25.57M | 22.06M | 21.88M | 34.87M |
| Total Liabilities | 1.36B | 1.47B | 1.28B | 970.67M | 925.15M | 880.93M |
| Common Stock | 19.00K | 19.00K | 18.00K | 17.00K | 18.00K | 18.00K |
| Additional Paid-In Capital | 1.98B | 1.97B | 961.43M | 979.89M | 951.01M | 936.30M |
| Retained Earnings | 206.16M | 234.43M | 320.30M | 385.73M | 361.42M | 72.42M |
| Treasury Stock | -227.05M | -227.05M | -227.05M | |||
| Comprehensive Income & Other | -258.00K | 387.00K | 173.00K | 145.00K | 189.00K | |
| Total Common Equity | 1.96B | 1.98B | 1.05B | 1.37B | 1.31B | 1.01B |
| Shareholders' Equity | 2.37B | 2.39B | 1.05B | 1.37B | 1.31B | 1.01B |
| Total Liabilities & Equity | 3.73B | 3.86B | 2.33B | 2.34B | 2.24B | 1.89B |
| Total Debt | 981.62M | 1.03B | 918.23M | 695.09M | 686.27M | 700.67M |
| Net Cash (Debt) | 471.02M | 795.63M | -67.36M | 302.75M | 496.07M | 478.63M |
| Net Cash Per Share | 2.66 | 4.68 | -0.40 | 1.70 | 2.56 | 2.52 |
| Filing Date Shares Outstanding | 178.10M | 177.67M | 163.44M | 178.08M | 177.62M | 177.52M |
| Total Common Shares Outstanding | 178.05M | 177.36M | 163.20M | 178.08M | 177.71M | 177.82M |
| Working Capital | 1.56B | 1.87B | 869.40M | 1.02B | 1.20B | 1.22B |
| Book Value Per Share | 10.99 | 11.16 | 6.46 | 7.67 | 7.39 | 5.67 |
| Tangible Book Value | 1.96B | 1.97B | 1.05B | 1.36B | 1.31B | 1.01B |
| Tangible Book Value Per Share | 10.99 | 11.12 | 6.42 | 7.62 | 7.39 | 5.67 |
| Land | 134.81M | 43.42M | 42.79M | 27.09M | 16.10M | 7.92M |
| Buildings | 101.90M | 101.56M | 96.96M | 92.20M | 15.11M | 8.79M |
| Machinery | 884.92M | 756.20M | 662.33M | 503.14M | 186.39M | 61.82M |
| Construction In Progress | 372.88M | 302.94M | 202.54M | 211.85M | 338.48M | 134.33M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -60.62M | -85.87M | -65.42M | 24.31M | 289.00M | 135.04M |
| Depreciation & Amortization | 114.62M | 89.27M | 78.06M | 55.71M | 18.36M | 26.76M |
| Other Amortization | 6.96M | 5.41M | 3.90M | 3.54M | 4.03M | 7.38M |
| Loss (Gain) From Sale of Assets | 569.00K | |||||
| Loss (Gain) From Sale of Investments | -25.58M | -24.09M | -30.25M | -26.32M | -9.96M | |
| Stock-Based Compensation | 41.48M | 30.16M | 23.18M | 25.24M | 31.78M | 22.93M |
| Other Operating Activities | -30.61M | -34.44M | -54.32M | 12.46M | 6.09M | -38.99M |
| Change in Accounts Receivable | -19.11M | 4.00M | -8.93M | 23.13M | 18.15M | -47.42M |
| Change in Inventory | -83.39M | -115.02M | -41.54M | -47.10M | -24.31M | -8.23M |
| Change in Accounts Payable | 4.08M | 9.39M | 1.33M | 11.30M | 1.96M | 5.53M |
| Change in Unearned Revenue | 6.74M | 63.02M | 104.91M | 19.12M | ||
| Change in Income Taxes | 23.03M | 23.03M | -22.84M | -19.79M | 15.50M | 3.46M |
| Change in Other Net Operating Assets | -61.57M | -120.62M | 25.28M | -18.90M | -7.09M | -5.06M |
| Operating Cash Flow | -83.96M | -155.75M | 13.35M | 62.70M | 343.51M | 101.97M |
| Capital Expenditures | -420.61M | -172.38M | -186.42M | -261.90M | -326.60M | -123.87M |
| Sale of Property, Plant & Equipment | 4.06M | 18.00K | 125.00K | |||
| Investment in Securities | -506.17M | -61.94M | 196.38M | 327.78M | -1.04B | |
| Other Investing Activities | 12.00M | 24.20M | 96.00K | 2.80M | 5.13M | 4.38M |
| Investing Cash Flow | -914.79M | -206.05M | 10.06M | 68.70M | -1.36B | -119.36M |
| Long-Term Debt Issued | 61.54M | 747.50M | 690.00M | |||
| Long-Term Debt Repaid | -6.14M | -431.13M | -2.73M | -5.83M | -2.44M | |
| Net Debt Issued (Repaid) | -10.42M | 55.40M | 316.37M | -2.73M | -5.83M | 687.57M |
| Issuance of Common Stock | 747.50M | 747.50M | ||||
| Repurchase of Common Stock | -25.29M | -10.92M | -235.18M | -7.18M | -18.36M | -3.33M |
| Other Financing Activities | 154.17M | 154.17M | -85.98M | -18.13M | ||
| Financing Cash Flow | 1.17B | 1.25B | -4.79M | -9.92M | -24.19M | 666.11M |
| Net Cash Flow | 166.62M | 883.76M | 18.61M | 121.48M | -1.04B | 648.72M |
| Free Cash Flow | -504.58M | -328.13M | -173.07M | -199.20M | 16.92M | -21.90M |
| Free Cash Flow Margin | -121.22% | -119.12% | -84.90% | -78.60% | 3.21% | -6.60% |
| Free Cash Flow Per Share | -2.85 | -1.93 | -1.02 | -1.12 | 0.09 | -0.12 |
| Levered Free Cash Flow | -432.95M | -237.32M | -191.00M | -182.71M | -26.66M | -376.50K |
| Unlevered Free Cash Flow | -416.16M | -223.06M | -180.52M | -182.97M | -27.08M | -2.20M |
| Cash Interest Paid | 24.52M | 23.10M | 12.13M | 2.06M | 2.10M | 1.20M |
| Cash Income Tax Paid | -23.32M | 870.00K | 20.11M | 18.86M | 4.17M | |
| Change in Working Capital | -130.21M | -136.20M | 58.21M | -32.23M | 4.21M | -51.71M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.21B | 8.95B | 2.55B | 3.53B | 4.31B | 8.08B |
| Enterprise Value | 6.73B | 8.46B | 2.63B | 3.14B | 3.73B | 7.62B |
| Last Close Price | 39.57 | 50.52 | 15.60 | 19.85 | 24.28 | 45.42 |
| PE Ratio | 145.21 | 14.92 | 59.83 | |||
| Forward PE | 151.22 | 98.63 | 293.95 | 59.70 | 25.19 | 53.09 |
| PS Ratio | 16.93 | 32.51 | 12.49 | 13.93 | 8.17 | 24.34 |
| PB Ratio | 3.60 | 3.74 | 2.41 | 2.58 | 3.28 | 8.01 |
| P/TBV Ratio | 3.60 | 4.54 | 2.43 | 2.60 | 3.28 | 8.01 |
| P/FCF Ratio | 254.79 | |||||
| P/OCF Ratio | 190.73 | 56.30 | 12.55 | 79.23 | ||
| PEG Ratio | 13.39 | 13.39 | 1.71 | 1.01 | 0.81 | |
| EV/Sales Ratio | 15.80 | 30.72 | 12.89 | 12.39 | 7.07 | 22.94 |
| EV/EBITDA Ratio | 161.68 | 44.58 | 10.55 | 39.45 | ||
| EV/EBIT Ratio | 213.39 | 11.13 | 45.80 | |||
| EV/FCF Ratio | 220.57 | |||||
| Debt / Equity Ratio | 0.41 | 0.43 | 0.87 | 0.51 | 0.52 | 0.69 |
| Debt / EBITDA Ratio | 20.37 | 9.41 | 1.93 | 3.63 | ||
| Debt / FCF Ratio | 40.56 | |||||
| Net Debt / Equity Ratio | -0.20 | -0.33 | 0.06 | -0.22 | -0.38 | -0.47 |
| Net Debt / EBITDA Ratio | -11.58 | 21.98 | -0.80 | -4.30 | -1.40 | -2.48 |
| Net Debt / FCF Ratio | 0.93 | 2.42 | -0.39 | 1.52 | -29.32 | 21.86 |
| Asset Turnover | 0.14 | 0.09 | 0.09 | 0.11 | 0.26 | 0.22 |
| Inventory Turnover | 1.59 | 1.38 | 1.90 | 1.21 | 1.92 | 2.15 |
| Quick Ratio | 8.44 | 6.66 | 5.64 | 9.48 | 12.49 | 20.66 |
| Current Ratio | 9.51 | 7.30 | 6.37 | 10.42 | 13.27 | 21.44 |
| Return on Equity (ROE) | -3.58% | -4.98% | -5.41% | 1.81% | 24.90% | 14.50% |
| Return on Assets (ROA) | -1.52% | -2.53% | -4.35% | 0.40% | 10.16% | 7.01% |
| Return on Invested Capital (ROIC) | -4.12% | -9.23% | -14.89% | 1.15% | 42.19% | 29.88% |
| Return on Capital Employed (ROCE) | -2.10% | -3.50% | -7.50% | 0.70% | 15.70% | 9.10% |
| Earnings Yield | -0.84% | -0.96% | -2.57% | 0.69% | 6.70% | 1.67% |
| FCF Yield | -7.16% | -3.67% | -6.80% | -5.64% | 0.39% | -0.27% |
| Buyback Yield / Dilution | -8.29% | -0.14% | 4.64% | 7.91% | -1.90% | -138.23% |