MP Materials Corp.
MP Basic Materials Other Industrial Metals & Mining
In the quarter to June 2026, revenue grew 119.7%, EPS grew 42.1%, free cash flow fell 638.5% and total debt rose 2.61%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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MP Materials Corp. (MP) Beneish M-score
MP Materials Corp.'s Beneish M-score for fiscal 2025 is −0.57; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.57 | (4.59) |
| FY2024 | 4.02 | 4.47 |
| FY2023 | −0.45 | 1.22 |
| FY2022 | −1.67 | (3.18) |
| FY2021 | 1.50 | (0.73) |
| FY2020 | 2.23 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.73 | — | 1.59 | |
| Gross margin index | 0.18 | — | 0.10 | |
| Asset quality index | 3.91 | — | 1.58 | |
| Sales growth index | 1.35 | — | 1.21 | |
| Depreciation index | 0.96 | — | 0.11 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | 0.02 | — | 0.08 | |
| Leverage index | 0.69 | — | −0.23 | |
| Beneish M-score | Flagged by the model | −0.57 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ALM Almonty Industries Inc. compare | −3.6× |
| USAS Americas Gold and Silver Corporation compare | −3.5× |
| MTRN Materion Corporation compare | −2.4× |
| NEXA Nexa Resources S.A. compare | −2.1× |
| MP MP Materials Corp. | −0.6× |
| VZLA Vizsla Silver Corp. compare | — |
| TMC TMC the metals company Inc. compare | — |
| USAR USA Rare Earth Inc. compare | — |
| SKE Skeena Resources Limited compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI