This page shows Mp Materials Corporation (MP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Mp Materials Corporation has an operating margin of -66.5%, meaning the company retains $-67 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -83.1% the prior year.
Mp Materials Corporation's revenue grew 10.1% year-over-year to $224.4M, a solid pace of expansion. This earns a growth score of 50/100.
Mp Materials Corporation carries a low D/E ratio of 0.47, meaning only $0.47 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 7.24, Mp Materials Corporation holds $7.24 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Mp Materials Corporation generated -$155.8M in operating cash flow, capex of $172.4M consumed most of it, leaving -$328.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Mp Materials Corporation generates a -4.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 1/100. This is up from -6.2% the prior year.
Mp Materials Corporation passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Mp Materials Corporation generates $1.81 in operating cash flow (-$155.8M OCF vs -$85.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Mp Materials Corporation earns $-4.7 in operating income for every $1 of interest expense (-$149.4M vs $31.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Mp Materials Corporation generated $224.4M in revenue in fiscal year 2025. This represents an increase of 10.1% from the prior year.
Mp Materials Corporation's EBITDA was -$60.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 34.2% from the prior year.
Mp Materials Corporation reported -$85.9M in net income in fiscal year 2025. This represents a decrease of 31.3% from the prior year.
Mp Materials Corporation earned $-0.50 per diluted share (EPS) in fiscal year 2025. This represents an increase of 12.3% from the prior year.
Cash & Balance Sheet
Mp Materials Corporation generated -$328.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 89.6% from the prior year.
Mp Materials Corporation held $1.2B in cash against $931.3M in long-term debt as of fiscal year 2025.
Mp Materials Corporation had 177M shares outstanding in fiscal year 2025. This represents an increase of 8.7% from the prior year.
Margins & Returns
Mp Materials Corporation's gross margin was 14.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 8.6 percentage points from the prior year.
Mp Materials Corporation's operating margin was -66.5% in fiscal year 2025, reflecting core business profitability. This is up 16.6 percentage points from the prior year.
Mp Materials Corporation's net profit margin was -38.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.2 percentage points from the prior year.
Mp Materials Corporation's ROE was -4.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.9 percentage points from the prior year.
Capital Allocation
Mp Materials Corporation spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Mp Materials Corporation invested $172.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 7.5% from the prior year.
MP Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $52.7M-1.6% | $53.6M-6.7% | $57.4M-5.6% | $60.8M-0.3% | $61.0M-3.1% | $62.9M+101.3% | $31.3M-35.8% | $48.7M |
| Cost of Revenue | $45.0M-7.1% | $48.5M-3.9% | $50.4M+3.3% | $48.8M-16.2% | $58.3M+1.7% | $57.3M+38.1% | $41.5M+16.5% | $35.6M |
| Gross Profit | $7.6M+50.4% | $5.1M-27.1% | $7.0M-41.9% | $12.0M+339.9% | $2.7M-51.9% | $5.7M+155.5% | -$10.2M-178.0% | $13.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $32.1M+12.9% | $28.4M+3.6% | $27.4M+13.5% | $24.2M+26.7% | $19.1M-11.4% | $21.5M+0.4% | $21.4M+0.8% | $21.3M |
| Operating Income | -$3.7M+94.5% | -$67.0M-52.7% | -$43.9M-26.2% | -$34.8M+20.9% | -$44.0M-11.2% | -$39.5M+26.1% | -$53.5M-64.9% | -$32.4M |
| Interest Expense | $9.9M+15.4% | $8.6M+58.2% | $5.4M-28.9% | $7.6M+6.5% | $7.2M+7.6% | $6.6M-1.5% | $6.7M+136.1% | $2.9M |
| Income Tax | $1.1M+106.8% | -$16.7M-40.5% | -$11.9M-161.8% | -$4.5M+61.0% | -$11.6M-24.3% | -$9.3M+33.7% | -$14.1M-297.3% | $7.1M |
| Net Income | $9.4M+122.6% | -$41.8M-35.3% | -$30.9M-36.3% | -$22.6M-1.4% | -$22.3M+12.4% | -$25.5M+25.1% | -$34.1M-306.5% | $16.5M |
| EPS (Diluted) | N/A | $-0.24-26.3% | $-0.19-35.7% | $-0.14 | N/A | $-0.16+23.8% | $-0.21-162.5% | $-0.08 |
MP Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.9B+1.7% | $3.8B+62.6% | $2.3B-1.3% | $2.4B+1.5% | $2.3B+1.4% | $2.3B-2.7% | $2.4B+0.4% | $2.4B |
| Current Assets | $2.2B-0.4% | $2.2B+126.4% | $960.4M-6.1% | $1.0B-0.8% | $1.0B+1.4% | $1.0B-6.7% | $1.1B-1.4% | $1.1B |
| Cash & Equivalents | $1.2B+1.6% | $1.1B+338.6% | $261.5M+31.9% | $198.3M-29.8% | $282.4M-0.7% | $284.4M-3.8% | $295.6M-0.3% | $296.5M |
| Inventory | $171.6M+18.8% | $144.4M+12.7% | $128.0M-3.8% | $133.1M+23.3% | $107.9M-7.5% | $116.7M+1.1% | $115.4M+6.3% | $108.5M |
| Accounts Receivable | $14.6M-1.0% | $14.8M-32.2% | $21.8M-68.7% | $69.7M+273.9% | $18.6M+28.2% | $14.5M+72.0% | $8.5M-60.8% | $21.6M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.5B+3.7% | $1.4B+7.1% | $1.3B-0.5% | $1.3B+4.2% | $1.3B+3.5% | $1.2B-1.6% | $1.3B+3.2% | $1.2B |
| Current Liabilities | $299.0M+10.7% | $270.2M+1.2% | $266.9M+7.5% | $248.2M+51.3% | $164.0M+11.7% | $146.8M-7.1% | $158.1M+47.0% | $107.5M |
| Long-Term Debt | $931.3M+0.2% | $929.7M+10.2% | $843.4M+0.1% | $842.4M-7.3% | $908.7M-3.1% | $937.6M+0.1% | $936.6M+0.1% | $935.6M |
| Total Equity | $2.0B+0.7% | $2.0B+94.4% | $1.0B-2.5% | $1.0B-1.8% | $1.1B-0.9% | $1.1B-4.0% | $1.1B-2.5% | $1.1B |
| Retained Earnings | $234.4M+4.2% | $225.0M-15.7% | $266.8M-10.4% | $297.7M-7.1% | $320.3M-6.5% | $342.6M-6.9% | $368.2M-8.5% | $402.2M |
MP Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$46.9M-11.4% | -$42.0M-1050.4% | -$3.7M+94.2% | -$63.2M-307.4% | $30.5M+545.3% | -$6.8M-122.2% | $30.8M+175.0% | -$41.1M |
| Capital Expenditures | $62.4M+23.6% | $50.5M+74.1% | $29.0M-4.8% | $30.5M-26.8% | $41.6M-10.3% | $46.4M-0.1% | $46.5M-10.3% | $51.8M |
| Free Cash Flow | -$109.3M-18.1% | -$92.5M-183.3% | -$32.7M+65.1% | -$93.7M-738.3% | -$11.2M+79.0% | -$53.3M-240.6% | -$15.6M+83.2% | -$93.0M |
| Investing Cash Flow | $73.0M+121.9% | -$333.1M-578.0% | $69.7M+543.7% | -$15.7M+27.4% | -$21.6M-204.4% | $20.7M+169.7% | -$29.7M-173.1% | $40.7M |
| Financing Cash Flow | -$7.3M-100.6% | $1.3B+46258.9% | -$2.7M+45.4% | -$5.0M+53.8% | -$10.8M+57.3% | -$25.3M-1529.9% | -$1.6M-104.7% | $32.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0 | $0 | $0 | $0-100.0% | $24.3M | $0-100.0% | $200.8M |
MP Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.5%+5.0pp | 9.5%-2.7pp | 12.1%-7.6pp | 19.7%+15.2pp | 4.5%-4.5pp | 9.0%+41.6pp | -32.6%-59.5pp | 26.9% |
| Operating Margin | -7.0%+118.1pp | -125.2%-48.7pp | -76.5%-19.3pp | -57.2%+14.9pp | -72.1%-9.3pp | -62.8%+108.3pp | -171.1%-104.5pp | -66.6% |
| Net Margin | 17.9%+95.9pp | -78.0%-24.2pp | -53.8%-16.6pp | -37.2%-0.6pp | -36.6%+3.9pp | -40.6%+68.4pp | -108.9%-142.8pp | 33.9% |
| Return on Equity | 0.5%+2.6pp | -2.1%+0.9pp | -3.1%-0.9pp | -2.2%-0.1pp | -2.1%+0.3pp | -2.4%+0.7pp | -3.1%-4.5pp | 1.5% |
| Return on Assets | 0.2%+1.3pp | -1.1%+0.2pp | -1.3%-0.4pp | -1.0%0.0pp | -1.0%+0.2pp | -1.1%+0.3pp | -1.4%-2.1pp | 0.7% |
| Current Ratio | 7.24-0.8 | 8.05+4.4 | 3.60-0.5 | 4.12-2.2 | 6.29-0.6 | 6.93+0.0 | 6.90-3.4 | 10.29 |
| Debt-to-Equity | 0.470.0 | 0.47-0.4 | 0.83+0.0 | 0.81-0.0 | 0.86-0.0 | 0.88+0.0 | 0.84+0.0 | 0.82 |
| FCF Margin | -207.4%-34.6pp | -172.8%-115.9pp | -56.9%+97.1pp | -154.0%-135.7pp | -18.3%+66.4pp | -84.7%-34.6pp | -50.0%+140.9pp | -190.9% |
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Frequently Asked Questions
What is Mp Materials Corporation's annual revenue?
Mp Materials Corporation (MP) reported $224.4M in total revenue for fiscal year 2025. This represents a 10.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Mp Materials Corporation's revenue growing?
Mp Materials Corporation (MP) revenue grew by 10.1% year-over-year, from $203.9M to $224.4M in fiscal year 2025.
Is Mp Materials Corporation profitable?
No, Mp Materials Corporation (MP) reported a net income of -$85.9M in fiscal year 2025, with a net profit margin of -38.3%.
What is Mp Materials Corporation's EBITDA?
Mp Materials Corporation (MP) had EBITDA of -$60.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Mp Materials Corporation have?
As of fiscal year 2025, Mp Materials Corporation (MP) had $1.2B in cash and equivalents against $931.3M in long-term debt.
What is Mp Materials Corporation's gross margin?
Mp Materials Corporation (MP) had a gross margin of 14.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Mp Materials Corporation's operating margin?
Mp Materials Corporation (MP) had an operating margin of -66.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Mp Materials Corporation's net profit margin?
Mp Materials Corporation (MP) had a net profit margin of -38.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Mp Materials Corporation's return on equity (ROE)?
Mp Materials Corporation (MP) has a return on equity of -4.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Mp Materials Corporation's free cash flow?
Mp Materials Corporation (MP) generated -$328.1M in free cash flow during fiscal year 2025. This represents a -89.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Mp Materials Corporation's operating cash flow?
Mp Materials Corporation (MP) generated -$155.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Mp Materials Corporation's total assets?
Mp Materials Corporation (MP) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Mp Materials Corporation's capital expenditures?
Mp Materials Corporation (MP) invested $172.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Mp Materials Corporation's current ratio?
Mp Materials Corporation (MP) had a current ratio of 7.24 as of fiscal year 2025, which is generally considered healthy.
What is Mp Materials Corporation's debt-to-equity ratio?
Mp Materials Corporation (MP) had a debt-to-equity ratio of 0.47 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Mp Materials Corporation's return on assets (ROA)?
Mp Materials Corporation (MP) had a return on assets of -2.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Mp Materials Corporation's cash runway?
Based on fiscal year 2025 data, Mp Materials Corporation (MP) had $1.2B in cash against an annual operating cash burn of $155.8M. This gives an estimated cash runway of approximately 90 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Mp Materials Corporation's Piotroski F-Score?
Mp Materials Corporation (MP) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Mp Materials Corporation's earnings high quality?
Mp Materials Corporation (MP) has an earnings quality ratio of 1.81x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Mp Materials Corporation cover its interest payments?
Mp Materials Corporation (MP) has an interest coverage ratio of -4.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Mp Materials Corporation?
Mp Materials Corporation (MP) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.