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Friday 6 November 2026
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MP Materials Corp.
MP Basic Materials Other Industrial Metals & Mining
MP Materials Corp.’s revenue for fiscal 2025 (year ended December 2025) was $224.4 million, up 10.1% from fiscal 2024.
- Revenue
- +89.0%
- EPS
- +42.1%
- Free cash flow
- −638.5%
- Total debt
- +2.61%
Quarter to June 2026, against a year earlier
34.00
1.91
−5.32%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | 73 | 134 | 332 | 528 | 253 | 204 | 224 | 305 | +20.5% | 451 | 786 | 985 | +63.7% | |
| Gross margin, % | — | — | — | 16.55 | 52.50 | 77.03 | 82.52 | 63.42 | 5.53 | 36.83 | 57.69 | +20.3 pt | ||||||
| EBT | — | — | — | (7) | (39) | 160 | 341 | 33 | (93) | (118) | (91) | +61.0% | ||||||
| EBT margin, % | — | — | — | (9.20) | (29.38) | 48.26 | 64.67 | 13.05 | (45.79) | (52.47) | (29.75) | (43.3) pt | ||||||
| Net income | — | 0 | — | (7) | (22) | 135 | 289 | 24 | (65) | (86) | (61) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | 1.10 | 1.69 | 1.91 | 2.99 | 1.43 | 1.22 | 1.32 | 1.71 | +3.0% | |||||
| Earnings | — | — | — | (0.10) | (0.27) | 0.78 | 1.64 | 0.14 | (0.39) | (0.50) | (0.34) | +30.4% | ||||||
| Cash flow | — | — | — | (0.01) | 0.04 | 0.59 | 1.95 | 0.35 | 0.08 | (0.92) | (0.47) | +127.5% | ||||||
| Capex | — | — | — | 0.08 | (0.28) | (0.71) | (1.85) | (1.48) | (1.12) | (0.99) | (2.36) | n/m | ||||||
| Free cash flow | — | — | — | 0.08 | (0.24) | (0.13) | 0.10 | (1.12) | (1.04) | (1.90) | (2.83) | n/m | ||||||
| Book value | — | — | — | (0.27) | 10.71 | 5.82 | 7.44 | 7.71 | 6.32 | 14.06 | 13.29 | n/m | ||||||
| Shares, m | — | — | — | 67 | 80 | 173 | 177 | 177 | 167 | 170 | 175 | +16.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | 0.00 | 0.00 | 58.23 | 14.63 | 140.43 | 0.00 | 0.00 | 0.00 | 30.5 | |||||
| P/S | — | — | — | 0.00 | 19.09 | 23.74 | 8.08 | 13.74 | 12.77 | 38.29 | 19.86 | 16.5 | ||||||
| P/B | — | — | — | 34,131.79 | 3.00 | 7.81 | 3.25 | 2.55 | 2.47 | 4.34 | 3.10 | 4,879.3 | ||||||
| EV/Sales | — | — | — | 0.00 | 15.74 | 22.26 | 7.13 | 12.51 | 13.07 | 34.59 | 18.39 | 15.0 | ||||||
| EV/FCF | — | — | — | 0.00 | (110.75) | (339.43) | 222.19 | (15.92) | (15.39) | (23.96) | (11.13) | (40.5) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | 0 | 3 | 102 | 344 | 63 | 13 | (156) | (84) | +166.3% | |||||
| Capex | — | — | — | 6 | (22) | (124) | (327) | (262) | (186) | (168) | (421) | n/m | ||||||
| Free cash flow | — | — | — | 5 | (19) | (22) | 17 | (199) | (173) | (324) | (505) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | (4) | 518 | 1,217 | 1,196 | 1,023 | 867 | 1,867 | 1,562 | n/m | |||||
| Net debt | — | — | — | 16 | (449) | (488) | (502) | (316) | 58 | (832) | (518) | n/m | ||||||
| Shareholders’ equity | — | — | — | (18) | 854 | 1,009 | 1,313 | 1,366 | 1,055 | 2,392 | 2,371 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | (13.27) | (3.71) | 9.11 | 14.00 | 1.06 | (2.80) | (2.77) | (2.00) | +10.5 pt | |||||
| ROIC | — | — | — | 0.00 | (5.36) | 19.86 | 25.24 | (1.05) | (9.52) | (5.98) | (4.28) | (6.0) pt | ||||||
| ROE | — | — | — | (1.62) | (5.22) | 14.50 | 24.90 | 1.82 | (5.41) | (5.66) | (4.08) | (4.0) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 277 | 365 | 486 | 681 | 804 | 998 | — | +29.2% | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.48 | 0.91 | 1.09 | 0.37 | 0.25 | 0.22 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Business profile
MP Materials Corp. vs peers in Other Industrial Metals & Mining (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| MP MP Materials Corp. | $6.0B | — (loss-making) | — (loss-making) | +89.03% (above 0%: growing) | n/m | −638.46% (below 0%: shrinking) | 49.57% | (29.52%) | |
| MTRN Materion Corporation | $3.7B | 35.8× | 33.7× | +27.54% (above 0%: growing) | +49.48% (above 0%: growing) | +1,007.75% (above 0%: growing) | 18.28% | 8.89% | Compare |
| SKE Skeena Resources Limited | $3.7B | — (loss-making) | — | — | n/m | −112.35% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| USAR USA Rare Earth Inc. | $2.8B | — (loss-making) | — (loss-making) | — | n/m | −1,034.95% (below 0%: shrinking) | (27.19%) | (795.64%) | Compare |
| ALM Almonty Industries Inc. | $2.3B | 40.7× | — | +497.16% (above 0%: growing) | n/m | +133.36% (above 0%: growing) | 62.18% | 37.51% | Compare |
| SSMR Sunshine Silver Mining & Refining Company | $1.8B | — | — | — | n/m | — | 43.63% | 0.00% | Compare |
| NEXA Nexa Resources S.A. | $1.5B | 9.4× | 4.4× | +22.74% (above 0%: growing) | n/m | −3.80% (below 0%: shrinking) | 26.09% | 2.10% | Compare |
| EMAT Evolution Metals & Technologies Corp. | $1.2B | — (loss-making) | — | — | n/m | −607.00% (below 0%: shrinking) | (7.03%) | (744.93%) | Compare |
| VZLA Vizsla Silver Corp. | $1.1B | — (loss-making) | — | — | n/m | +10.03% (above 0%: growing) | 0.00% | 0.00% | Compare |
| Median of peers | $2.0B | 35.8× | — | +27.54% | — | −3.80% | 9.14% | 0.00% |
From the latest earnings call
- CEO James Litinsky said customer demand continued to outpace NdPr production growth, while MP Materials advanced heavy rare earth separation and magnet manufacturing.
- CFO Ryan Corbett said MP Materials expected initial commercial magnet deliveries in the fourth quarter, followed by a production ramp over subsequent quarters.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
82.68%
Held by the ten largest
44.52%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 14.89m | 8.36% | +139.03k |
| Hancock Prospecting Pty Ltd | 14.86m | 8.35% | 0.00 |
| BlackRock | 14.74m | 8.28% | −9.54k |
| State Street | 7.77m | 4.37% | +376.52k |
| D. E. Shaw | 5.83m | 3.27% | +2.68m |
| UBS | 4.89m | 2.75% | +856.37k |
| Morgan Stanley | 4.77m | 2.68% | −779.70k |
| VanEck | 4.57m | 2.56% | −23.21k |
| Invesco | 3.54m | 1.99% | −257.67k |
| Bank of America | 3.42m | 1.92% | +1.40m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 24 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 28.01m | 50.81m | 157.04 |
| 2024 | 6.04m | 3.77m | 48.49 |
| 2023 | 4.22m | 129.91k | 61.70 |
| 2022 | 1.60m | (13.63m) | 75.47 |
| 2021 | 34.83m | 36.34m | 141.19 |
Ownership
Directors and executive officers, together
8.20%
Hancock Prospecting Pty Limited
7.80%
The Vanguard Group
7.70%
James H. Litinsky
7.20%
BlackRock, Inc.
6.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
MP Materials Corp. (MP) Latest News
6 Nov
28 Oct
13 Oct
5 Oct
1 Oct
30 Sep
28 Sep
MP metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
MP Materials mines and refines rare earth materials and manufactures materials used to make permanent magnets. These magnets are components in electric motors and other equipment used in vehicles, electronics, robotics, wind power and defense systems. The company is headquartered in Las Vegas, Nevada, and its founder, James H. Litinsky, is chairman and chief executive officer.
Its Mountain Pass operation in California mines ore and processes it into rare earth concentrate and separated products. The main products sold by its Materials segment are neodymium-praseodymium, or NdPr, oxide and metal. NdPr is used to make neodymium-iron-boron permanent magnets, which retain their magnetism without a continuous electricity supply.