Mp Materials Corporation Financials

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 36/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Mp Materials Corporation has an operating margin of -83.1%, meaning the company retains $-83 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 down from -7.0% the prior year.

Growth

Mp Materials Corporation's revenue declined 19.6% year-over-year, from $253.4M to $203.9M. This contraction results in a growth score of 0/100.

Leverage

Mp Materials Corporation carries a low D/E ratio of 0.86, meaning only $0.86 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 79/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 6.29, Mp Materials Corporation holds $6.29 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Mp Materials Corporation generated $13.3M in operating cash flow, capex of $186.4M consumed most of it, leaving -$173.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

Mp Materials Corporation passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-0.20x

For every $1 of reported earnings, Mp Materials Corporation generates $-0.20 in operating cash flow ($13.3M OCF vs -$65.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-7.2x

Mp Materials Corporation earns $-7.2 in operating income for every $1 of interest expense (-$169.4M vs $23.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Mp Materials Corporation (MP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).

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Key Financial Metrics

Revenue

$203.9M

YoY-19.6%

5Y CAGR+22.7%

Mp Materials Corporation generated $203.9M in revenue in fiscal year 2024. This represents a decrease of 19.6% from the prior year.

EBITDA

-$91.4M

YoY-340.5%

Mp Materials Corporation's EBITDA was -$91.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 340.5% from the prior year.

Free Cash Flow

-$173.1M

YoY+13.1%

Mp Materials Corporation generated -$173.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 13.1% from the prior year.

Net Income

-$65.4M

YoY-369.2%

Mp Materials Corporation reported -$65.4M in net income in fiscal year 2024. This represents a decrease of 369.2% from the prior year.

EPS (Diluted)

$-0.57

YoY-507.1%

Mp Materials Corporation earned $-0.57 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 507.1% from the prior year.

Cash & Debt

$282.4M

YoY+7.2%

5Y CAGR+152.4%

Mp Materials Corporation held $282.4M in cash against $908.7M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

163M

YoY-8.4%

5Y CAGR+19.6%

Mp Materials Corporation had 163M shares outstanding in fiscal year 2024. This represents a decrease of 8.4% from the prior year.

Gross Margin

5.5%

YoY-57.9pp

5Y CAGR-11.0pp

Mp Materials Corporation's gross margin was 5.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 57.9 percentage points from the prior year.

Operating Margin

-83.1%

YoY-76.1pp

5Y CAGR-72.7pp

Mp Materials Corporation's operating margin was -83.1% in fiscal year 2024, reflecting core business profitability. This is down 76.1 percentage points from the prior year.

Net Margin

-32.1%

YoY-41.7pp

5Y CAGR-22.9pp

Mp Materials Corporation's net profit margin was -32.1% in fiscal year 2024, showing the share of revenue converted to profit. This is down 41.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$225.1M

Mp Materials Corporation spent $225.1M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$186.4M

YoY-28.8%

5Y CAGR+141.4%

Mp Materials Corporation invested $186.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 28.8% from the prior year.

MP Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$203.9M-19.6%	$253.4M-52.0%	$527.5M+58.9%	$332.0M+147.2%	$134.3M+83.0%	$73.4M
Cost of Revenue	$192.6M+107.7%	$92.7M+0.5%	$92.2M	N/A	$63.8M+4.1%	$61.3M
Gross Profit	$11.3M-93.0%	$160.7M-63.1%	$435.3M	N/A	$70.5M+480.3%	$12.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$83.3M+5.1%	$79.2M+4.5%	$75.9M+33.9%	$56.6M+111.6%	$26.8M+141.1%	$11.1M
Operating Income	-$169.4M-856.2%	-$17.7M-105.4%	$327.4M+98.0%	$165.3M+576.5%	-$34.7M-355.4%	-$7.6M
Interest Expense	$23.4M+345.4%	$5.3M-9.2%	$5.8M-35.0%	$8.9M+77.8%	$5.0M+46.8%	$3.4M
Income Tax	-$27.9M-418.5%	$8.8M-83.2%	$52.1M+107.3%	$25.2M+242.7%	-$17.6M-1763700.0%	$1K
Net Income	-$65.4M-369.2%	$24.3M-91.6%	$289.0M+114.0%	$135.0M+718.7%	-$21.8M-223.1%	-$6.8M
EPS (Diluted)	$-0.57-507.1%	$0.14-90.8%	$1.52+108.2%	$0.73+370.4%	$-0.27-170.0%	$-0.10

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$53.6M-6.7%	$57.4M-5.6%	$60.8M-0.3%	$61.0M+95.1%	$31.3M-35.8%	$48.7M+18.2%	$41.2M-21.5%	$52.5M
Cost of Revenue	$48.5M-3.9%	$50.4M+3.3%	$48.8M-16.2%	$58.3M+40.5%	$41.5M+16.5%	$35.6M	N/A	N/A
Gross Profit	$5.1M-27.1%	$7.0M-41.9%	$12.0M+339.9%	$2.7M+126.7%	-$10.2M-178.0%	$13.1M	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$28.4M+3.6%	$27.4M+13.5%	$24.2M+26.7%	$19.1M-11.0%	$21.4M+0.8%	$21.3M-0.7%	$21.4M+9.5%	$19.6M
Operating Income	-$67.0M-52.7%	-$43.9M-26.2%	-$34.8M+20.9%	-$44.0M+17.8%	-$53.5M-64.9%	-$32.4M+3.6%	-$33.6M-91.8%	-$17.5M
Interest Expense	$8.6M+58.2%	$5.4M-28.9%	$7.6M+6.5%	$7.2M+6.0%	$6.7M+136.1%	$2.9M+158.1%	$1.1M-20.7%	$1.4M
Income Tax	-$16.7M-40.5%	-$11.9M-161.8%	-$4.5M+61.0%	-$11.6M+17.6%	-$14.1M-297.3%	$7.1M+262.4%	-$4.4M-2099.0%	-$200K
Net Income	-$41.8M-35.3%	-$30.9M-36.3%	-$22.6M-1.4%	-$22.3M+34.4%	-$34.1M-306.5%	$16.5M+201.4%	-$16.3M-280.2%	-$4.3M
EPS (Diluted)	$-0.24-26.3%	$-0.19-35.7%	$-0.14-16.7%	$-0.12+42.9%	$-0.21-162.5%	$-0.080.0%	$-0.08-300.0%	$-0.02

MP Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$2.3B-0.1%	$2.3B+4.4%	$2.2B+18.4%	$1.9B+75.9%	$1.1B+955.4%	$101.8M
Current Assets	$1.0B-8.8%	$1.1B-12.6%	$1.3B+1.3%	$1.3B+127.6%	$561.0M+1946.9%	$27.4M
Cash & Equivalents	$282.4M+7.2%	$263.4M+92.8%	$136.6M-88.4%	$1.2B+126.9%	$519.7M+18748.5%	$2.8M
Inventory	$107.9M+13.4%	$95.2M+65.4%	$57.6M+48.7%	$38.7M+19.9%	$32.3M+40.0%	$23.0M
Accounts Receivable	$18.9M+88.2%	$10.0M-69.5%	$32.9M-35.6%	$51.0M+1321.3%	$3.6M+870.0%	$370K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.3B+31.7%	$970.7M+4.9%	$925.2M+5.0%	$880.9M+299.7%	$220.4M+84.0%	$119.8M
Current Liabilities	$164.0M+51.1%	$108.5M+11.4%	$97.5M+63.7%	$59.5M+38.3%	$43.1M+37.5%	$31.3M
Long-Term Debt	$908.7M+33.2%	$682.0M+0.5%	$678.4M+0.5%	$674.9M+70131.7%	$961K	N/A
Total Equity	$1.1B-22.8%	$1.4B+4.0%	$1.3B+30.1%	$1.0B+18.1%	$853.9M+4838.0%	-$18.0M
Retained Earnings	$320.3M-17.0%	$385.7M+6.7%	$361.4M+399.1%	$72.4M+215.6%	-$62.6M-53.5%	-$40.8M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$3.8B+62.6%	$2.3B-1.3%	$2.4B+1.5%	$2.3B-1.3%	$2.4B+0.4%	$2.4B+0.8%	$2.3B+0.6%	$2.3B
Current Assets	$2.2B+126.4%	$960.4M-6.1%	$1.0B-0.8%	$1.0B-5.4%	$1.1B-1.4%	$1.1B-2.2%	$1.1B-4.8%	$1.2B
Cash & Equivalents	$1.1B+338.6%	$261.5M+31.9%	$198.3M-29.8%	$282.4M-4.5%	$295.6M-0.3%	$296.5M+12.6%	$263.4M-51.9%	$547.7M
Inventory	$144.4M+12.7%	$128.0M-3.8%	$133.1M+23.3%	$107.9M-6.5%	$115.4M+6.3%	$108.5M+14.0%	$95.2M+23.3%	$77.2M
Accounts Receivable	$14.8M-32.2%	$21.8M-68.7%	$69.7M+269.4%	$18.9M+123.1%	$8.5M-60.8%	$21.6M+115.4%	$10.0M-23.9%	$13.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.4B+7.1%	$1.3B-0.5%	$1.3B+4.2%	$1.3B+1.9%	$1.3B+3.2%	$1.2B+25.3%	$970.7M+2.6%	$946.1M
Current Liabilities	$270.2M+1.2%	$266.9M+7.5%	$248.2M+51.3%	$164.0M+3.8%	$158.1M+47.0%	$107.5M-0.9%	$108.5M+11.9%	$97.0M
Long-Term Debt	$929.7M+10.2%	$843.4M+0.1%	$842.4M-7.3%	$908.7M-3.0%	$936.6M+0.1%	$935.6M+37.2%	$682.0M+0.1%	$681.1M
Total Equity	$2.0B+94.4%	$1.0B-2.5%	$1.0B-1.8%	$1.1B-4.9%	$1.1B-2.5%	$1.1B-16.7%	$1.4B-0.7%	$1.4B
Retained Earnings	$225.0M-15.7%	$266.8M-10.4%	$297.7M-7.1%	$320.3M-13.0%	$368.2M-8.5%	$402.2M+4.3%	$385.7M-4.0%	$402.0M

MP Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$13.3M-78.7%	$62.7M-81.7%	$343.5M+236.9%	$102.0M+3011.7%	$3.3M+849.9%	-$437K
Capital Expenditures	$186.4M-28.8%	$261.9M-19.8%	$326.6M+163.7%	$123.9M+453.7%	$22.4M+883.7%	$2.3M
Free Cash Flow	-$173.1M+13.1%	-$199.2M-1277.4%	$16.9M+177.3%	-$21.9M-14.7%	-$19.1M-604.3%	-$2.7M
Investing Cash Flow	$10.1M-85.4%	$68.7M+105.1%	-$1.4B-1036.8%	-$119.4M-433.6%	-$22.4M-497.8%	$5.6M
Financing Cash Flow	-$4.8M+51.7%	-$9.9M+59.0%	-$24.2M-103.6%	$666.1M+27.6%	$522.0M+12843.2%	-$4.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$225.1M	$0	$0	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$42.0M-1050.4%	-$3.7M+94.2%	-$63.2M-307.4%	$30.5M-1.2%	$30.8M+175.0%	-$41.1M-198.4%	-$13.8M-225.0%	$11.0M
Capital Expenditures	$50.5M+74.1%	$29.0M-4.8%	$30.5M-26.8%	$41.6M-10.4%	$46.5M-10.3%	$51.8M-29.0%	$73.0M+24.3%	$58.7M
Free Cash Flow	-$92.5M-183.3%	-$32.7M+65.1%	-$93.7M-738.3%	-$11.2M+28.6%	-$15.6M+83.2%	-$93.0M-7.2%	-$86.8M-82.0%	-$47.7M
Investing Cash Flow	-$333.1M-578.0%	$69.7M+543.7%	-$15.7M+27.4%	-$21.6M+27.2%	-$29.7M-173.1%	$40.7M+115.1%	-$269.1M+31.0%	-$390.3M
Financing Cash Flow	$1.3B+46258.9%	-$2.7M+45.4%	-$5.0M+53.8%	-$10.8M-596.8%	-$1.6M-104.7%	$32.9M+2556.7%	-$1.3M-37.0%	-$978K
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%	$200.8M	$0	$0

MP Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	5.5%-57.9pp	63.4%-19.1pp	82.5%	N/A	52.5%+36.0pp	16.6%
Operating Margin	-83.1%-76.1pp	-7.0%-69.1pp	62.1%+12.3pp	49.8%+75.6pp	-25.8%-15.5pp	-10.4%
Net Margin	-32.1%-41.7pp	9.6%-45.2pp	54.8%+14.1pp	40.7%+56.9pp	-16.3%-7.1pp	-9.2%
Return on Equity	N/A	1.8%-20.2pp	22.0%+8.6pp	13.4%	N/A	N/A
Return on Assets	-2.8%-3.8pp	1.0%-11.9pp	12.9%+5.8pp	7.1%+9.2pp	-2.0%+4.6pp	-6.6%
Current Ratio	6.29-4.1	10.42-2.9	13.27-8.2	21.44+8.4	13.03+12.2	0.88
Debt-to-Equity	0.86+0.4	0.50-0.0	0.52-0.2	0.67+0.7	0.00+6.6	-6.65
FCF Margin	-84.9%-6.3pp	-78.6%-81.8pp	3.2%+9.8pp	-6.6%+7.6pp	-14.2%-10.5pp	-3.7%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	9.5%-2.7pp	12.1%-7.6pp	19.7%+15.2pp	4.5%+37.1pp	-32.6%-59.5pp	26.9%	N/A	N/A
Operating Margin	-125.2%-48.7pp	-76.5%-19.3pp	-57.2%+14.9pp	-72.1%+99.0pp	-171.1%-104.5pp	-66.6%+15.0pp	-81.6%-48.2pp	-33.4%
Net Margin	-78.0%-24.2pp	-53.8%-16.6pp	-37.2%-0.6pp	-36.6%+72.3pp	-108.9%-142.8pp	33.9%+73.3pp	-39.5%-31.3pp	-8.1%
Return on Equity	N/A	N/A	N/A	N/A	N/A	1.5%	N/A	N/A
Return on Assets	-1.1%+0.2pp	-1.3%-0.4pp	-1.0%0.0pp	-1.0%+0.5pp	-1.4%-2.1pp	0.7%+1.4pp	-0.7%-0.5pp	-0.2%
Current Ratio	8.05+4.4	3.60-0.5	4.12-2.2	6.29-0.6	6.90-3.4	10.29-0.1	10.42-1.8	12.25
Debt-to-Equity	0.47-0.4	0.83+0.0	0.81-0.0	0.86+0.0	0.84+0.0	0.82+0.3	0.500.0	0.49
FCF Margin	-172.8%-115.9pp	-56.9%+97.1pp	-154.0%-135.7pp	-18.3%+31.7pp	-50.0%+140.9pp	-190.9%+19.6pp	-210.5%-119.8pp	-90.8%

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Frequently Asked Questions

What is Mp Materials Corporation's annual revenue?

Mp Materials Corporation (MP) reported $203.9M in total revenue for fiscal year 2024. This represents a -19.6% 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 declined by 19.6% year-over-year, from $253.4M to $203.9M in fiscal year 2024.

Is Mp Materials Corporation profitable?

No, Mp Materials Corporation (MP) reported a net income of -$65.4M in fiscal year 2024, with a net profit margin of -32.1%.

What is Mp Materials Corporation's earnings per share (EPS)?

Mp Materials Corporation (MP) reported diluted earnings per share of $-0.57 for fiscal year 2024. This represents a -507.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Mp Materials Corporation's EBITDA?

Mp Materials Corporation (MP) had EBITDA of -$91.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Mp Materials Corporation have?

As of fiscal year 2024, Mp Materials Corporation (MP) had $282.4M in cash and equivalents against $908.7M in long-term debt.

What is Mp Materials Corporation's gross margin?

Mp Materials Corporation (MP) had a gross margin of 5.5% in fiscal year 2024, 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 -83.1% in fiscal year 2024, 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 -32.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Mp Materials Corporation's free cash flow?

Mp Materials Corporation (MP) generated -$173.1M in free cash flow during fiscal year 2024. This represents a 13.1% 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 $13.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Mp Materials Corporation's total assets?

Mp Materials Corporation (MP) had $2.3B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Mp Materials Corporation's capital expenditures?

Mp Materials Corporation (MP) invested $186.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Mp Materials Corporation buy back shares?

Yes, Mp Materials Corporation (MP) spent $225.1M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Mp Materials Corporation have outstanding?

Mp Materials Corporation (MP) had 163M shares outstanding as of fiscal year 2024.

What is Mp Materials Corporation's current ratio?

Mp Materials Corporation (MP) had a current ratio of 6.29 as of fiscal year 2024, 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 0.86 as of fiscal year 2024, 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 -2.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Mp Materials Corporation's Piotroski F-Score?

Mp Materials Corporation (MP) has a Piotroski F-Score of 3 out of 9, indicating weak 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 -0.20x, considered mixed quality. 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 -7.2x, 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 36 out of 100 on our Financial Profile, indicating weak 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.