MP Materials Corp. (MP) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MP SEC filings page.
MP Materials Corp. (MP) reported $305.4M in revenue over the twelve months to Jun 30, 2026, up 26.1% from the prior twelve months. This page shows its 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).
MP’s dominant mechanic is capital-intensive expansion layered onto a compressed margin structure, leaving growth disconnected from internally generated cash.
The margin collapse from FY2022’s82.5% to FY2025’s14.1% coincided with a shift from operating cash generation to operating cash consumption, indicating that the revenue base became far less profitable before the latest recovery. Operating cash flow moved from$343.5M to-$155.8M while reinvestment pushed free cash flow further negative, so capital spending amplified the cash effect beyond the income statement.
FY2025 revenue recovered
Assets expanded to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of MP Materials Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
MP Materials Corp. has an operating margin of -66.5%, meaning the company loses $67 on every $100 of revenue. This results in a profitability score of 6/100. This is up from -83.1% the prior year.
MP Materials Corp.'s revenue grew 10.1% year-over-year to $224.4M, a solid pace of expansion. This earns a growth score of 14/100.
MP Materials Corp. has a moderate D/E ratio of 0.47. This balance of debt and equity financing earns a leverage score of 62/100.
With a current ratio of 7.24, MP Materials Corp. holds $7.24 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 96/100.
MP Materials Corp.'s reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 3/100.
MP Materials Corp. posts a -4.3% return on equity (ROE), meaning it loses $4 for every $100 of shareholders' equity. This results in a returns score of 19/100. This is up from -6.2% the prior year.
MP Materials Corp. scores 4.26, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($9.0B) relative to total liabilities ($1.5B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
MP Materials Corp. 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.
MP Materials Corp. reported a net loss of $85.9M while operations used $155.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
MP Materials Corp. reported an operating loss of $149.4M against $31.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
MP Materials Corp. generated $108.5M in revenue in Q2 2026. This represents an increase of 89.0% from the same quarter a year earlier. Against the prior quarter it is up 19.7%.
MP Materials Corp.'s EBITDA was $3.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 114.5% from the same quarter a year earlier. Against the prior quarter it is down 58.2%.
MP Materials Corp. reported -$20.3M in net income in Q2 2026. This represents an increase of 34.3% from the same quarter a year earlier. Against the prior quarter it is down 154.7%.
MP Materials Corp. earned -$0.11 per diluted share (EPS) in Q2 2026. This represents an increase of 42.1% from the same quarter a year earlier. Against the prior quarter it is down 175.0%.
Cash & Balance Sheet
MP Materials Corp. recorded an outflow of $223.5M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 584.3% from the same quarter a year earlier. Against the prior quarter it is down 181.9%.
MP Materials Corp. held $429.1M in cash against $934.6M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
MP Materials Corp.'s gross margin was 33.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 21.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 15.3 percentage points.
MP Materials Corp.'s operating margin was -29.5% in Q2 2026, reflecting core business profitability. This is up 46.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.9 percentage points.
MP Materials Corp.'s net profit margin was -18.7% in Q2 2026, showing the share of revenue converted to profit. This is up 35.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 9.9 percentage points.
MP Materials Corp.'s ROE was -1.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 2.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.6 percentage points.
Capital Allocation
MP Materials Corp. invested $230.3M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 694.1% from the same quarter a year earlier. Against the prior quarter it is up 197.7%.
Not reported for Q2 2026.
Not reported for Q2 2026.
MP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $108.5M+89.0% | $90.6M+49.1% | $52.7M-13.6% | $53.6M-14.9% | $57.4M+83.6% | $60.8M+24.9% | $61.0M+48.0% | $62.9M+19.8% |
| Cost of Revenue | $72.3M+43.3% | $74.2M+52.0% | $45.0M-22.7% | $48.5M-15.3% | $50.4M+21.6% | $48.8M+37.2% | $58.3M | $57.3M |
| Gross Profit | $36.2M+419.9% | $16.4M+36.9% | $7.6M+180.4% | $5.1M-10.3% | $7.0M+168.2% | $12.0M-8.5% | $2.7M | $5.7M |
| SG&A Expenses | $35.2M+28.2% | $33.6M+39.2% | $32.1M+68.1% | $28.4M+32.0% | $27.4M+28.0% | $24.2M+13.6% | $19.1M-10.9% | $21.5M+10.0% |
| Operating Income | -$32.0M+27.0% | -$24.1M+30.6% | -$3.7M+91.6% | -$67.0M-69.5% | -$43.9M+18.0% | -$34.8M-7.2% | -$44.0M-30.7% | -$39.5M-125.5% |
| EBITDA | $3.4M+114.5% | $8.0M+159.8% | $20.9M+195.8% | -$44.5M-120.5% | -$23.1M+34.5% | -$13.4M+4.6% | -$21.8M-45.7% | -$20.2M-2472.7% |
| Interest Expense | $9.7M+79.2% | $9.8M+29.3% | $9.9M+38.2% | $8.6M+28.9% | $5.4M-19.7% | $7.6M+166.5% | $7.2M+546.2% | $6.6M+376.1% |
| Income Tax | -$9.0M+23.7% | -$5.7M-25.3% | $1.1M+109.7% | -$16.7M-78.1% | -$11.9M+15.9% | -$4.5M-163.4% | -$11.6M-164.2% | -$9.3M-4575.0% |
| Net Income | -$20.3M+34.3% | -$8.0M+64.8% | $9.4M+142.2% | -$41.8M-63.7% | -$30.9M+9.3% | -$22.6M-237.4% | -$22.3M-37.4% | -$25.5M-496.7% |
| EPS (Basic) | -$0.11+42.1% | -$0.04+71.4% | $0.07+153.8% | -$0.24-50.0% | -$0.19+9.5% | -$0.14-255.6% | -$0.13-44.4% | -$0.16-700.0% |
| EPS (Diluted) | -$0.11+42.1% | -$0.04+71.4% | $0.07+153.8% | -$0.24-50.0% | -$0.19+9.5% | -$0.14-75.0% | -$0.13-62.5% | -$0.16-700.0% |
| Diluted Shares (Avg) | 178M+8.9% | 178M+8.7% | N/A | 175M+6.6% | 164M-0.9% | 164M-12.3% | N/A | 164M-7.4% |
Not reported in any period shown, so not listed: R&D Expenses.
MP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.7B+59.5% | $3.8B+62.2% | $3.9B+65.6% | $3.8B+65.1% | $2.3B-1.2% | $2.4B+0.6% | $2.3B-0.1% | $2.3B-0.9% |
| Current Assets | $1.7B+81.7% | $2.0B+100.1% | $2.2B+110.0% | $2.2B+113.8% | $960.4M-11.9% | $1.0B-7.5% | $1.0B-8.8% | $1.0B-14.4% |
| Cash & Equivalents | $429.1M+64.1% | $886.3M+346.8% | $1.2B+312.8% | $1.1B+303.3% | $261.5M-11.5% | $198.3M-33.1% | $282.4M+7.2% | $284.4M-48.1% |
| Short-Term Investments | $1.0B+108.0% | $852.1M+51.9% | $664.3M+16.9% | $793.2M+36.3% | $492.1M-23.3% | $560.8M-13.8% | $568.4M-22.6% | $582.1M+8.4% |
| Inventory | $173.4M+35.4% | $169.2M+27.1% | $171.6M+59.0% | $144.4M+23.7% | $128.0M+11.0% | $133.1M+22.6% | $107.9M+13.4% | $116.7M+51.2% |
| Accounts Receivable | $40.4M+85.3% | $47.3M-32.2% | $14.6M-21.5% | $14.8M+1.7% | $21.8M+158.0% | $69.7M+222.8% | $18.6M+85.9% | $14.5M+10.4% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.4B+2.3% | $1.5B+9.6% | $1.5B+15.1% | $1.4B+14.9% | $1.3B+5.6% | $1.3B+9.5% | $1.3B+31.7% | $1.2B+30.6% |
| Current Liabilities | $183.5M-31.2% | $285.3M+14.9% | $299.0M+82.3% | $270.2M+84.1% | $266.9M+68.8% | $248.2M+130.8% | $164.0M+51.1% | $146.8M+51.3% |
| Non-Current Liabilities | $1.2B+10.7% | $1.2B+8.3% | $1.2B+5.2% | $1.1B+5.6% | $1.1B-3.5% | $1.1B-2.2% | $1.1B+29.3% | $1.1B+28.2% |
| Long-Term Debt | $934.6M+10.8% | $932.9M+10.7% | $931.3M+2.5% | $929.7M-0.8% | $843.4M-10.0% | $842.4M-10.0% | $908.7M+33.2% | $937.6M+37.7% |
| Total Equity | $2.0B+93.7% | $2.0B+89.9% | $2.0B+87.6% | $2.0B+84.6% | $1.0B-8.9% | $1.0B-8.9% | $1.1B-22.8% | $1.1B-22.6% |
| Retained Earnings | $206.2M-22.7% | $226.5M-23.9% | $234.4M-26.8% | $225.0M-34.3% | $266.8M-27.5% | $297.7M-26.0% | $320.3M-17.0% | $342.6M-14.8% |
Not reported in any period shown, so not listed: Goodwill.
MP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.8M+287.4% | -$1.9M+97.0% | -$46.9M-253.7% | -$42.0M-514.4% | -$3.7M-111.9% | -$63.2M-53.7% | $30.5M+321.2% | -$6.8M-162.1% |
| Depreciation & Amortization | $35.4M+70.3% | $32.1M+50.3% | $24.6M+11.3% | $22.5M+16.3% | $20.8M+14.1% | $21.4M+16.3% | $22.1M+18.7% | $19.3M+15.5% |
| Stock-Based Compensation | $11.3M+103.3% | $12.9M+75.8% | N/A | $7.7M+40.9% | $5.6M-2.6% | $7.4M-1.5% | N/A | $5.5M-13.4% |
| Capital Expenditures | $230.3M+694.1% | $77.4M+154.0% | $62.4M+49.8% | $50.5M+8.7% | $29.0M-37.6% | $30.5M-41.2% | $41.6M-42.9% | $46.4M-20.9% |
| Free Cash Flow | -$223.5M-584.3% | -$79.3M+15.4% | -$109.3M-877.9% | -$92.5M-73.7% | -$32.7M-108.7% | -$93.7M-0.8% | -$11.2M+87.1% | -$53.3M-11.8% |
| Investing Cash Flow | -$394.9M-666.8% | -$259.8M-1554.4% | $73.0M+437.5% | -$333.1M-1706.9% | $69.7M+334.3% | -$15.7M-138.6% | -$21.6M+92.0% | $20.7M+105.3% |
| Financing Cash Flow | -$69.4M-2440.3% | -$18.5M-270.7% | -$7.3M+32.5% | $1.3B+5076.9% | -$2.7M-75.7% | -$5.0M-115.2% | -$10.8M-708.1% | -$25.3M-2489.9% |
| Share Buybacks | N/A | N/A | $0 | $0-100.0% | $0 | $0-100.0% | $0 | $24.3M |
Not reported in any period shown, so not listed: Dividends Paid.
MP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.4%+21.2pp | 18.1%-1.6pp | 14.5%+10.0pp | 9.5%+0.5pp | 12.1%+44.8pp | 19.7%-7.2pp | 4.5% | 9.0% |
| Operating Margin | -29.5%+46.9pp | -26.6%+30.6pp | -7.0%+65.1pp | -125.2% | -76.5% | -57.2%+9.4pp | -72.1%+9.5pp | -62.8%-29.4pp |
| Net Margin | -18.7%+35.1pp | -8.8%+28.4pp | 17.9%+54.5pp | -78.0%-37.5pp | -53.8% | -37.2%-71.1pp | -36.6%+2.8pp | -40.6%-32.4pp |
| Return on Equity | -1.0%+2.0pp | -0.4%+1.8pp | 0.5%+2.6pp | -2.1%+0.3pp | -3.0%0.0pp | -2.2%-3.6pp | -2.1%-0.9pp | -2.4%-2.1pp |
| Return on Assets | -0.5%+0.8pp | -0.2%+0.8pp | 0.2%+1.2pp | -1.1%0.0pp | -1.3%+0.1pp | -1.0%-1.7pp | -1.0%-0.3pp | -1.1%-0.9pp |
| Current Ratio | 9.51+5.9x | 7.18+3.1x | 7.24+1.0x | 8.05+1.1x | 3.60-3.3x | 4.12-6.2x | 6.29-4.1x | 6.93-5.3x |
| Debt-to-Equity | 0.48-0.4x | 0.47-0.3x | 0.47-0.4x | 0.47-0.4x | 0.830.0x | 0.810.0x | 0.86+0.4x | 0.88+0.4x |
| Asset Turnover | 0.030.0x | 0.020.0x | 0.010.0x | 0.010.0x | 0.020.0x | 0.030.0x | 0.030.0x | 0.030.0x |
| FCF Margin | -206.0% | -87.5% | -207.4% | -172.8% | -56.9%-6.9pp | -154.0% | -18.3% | -84.7%+6.1pp |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| MP Materials Corp. MP | FY2025 | $224.4M | -$85.9M | -38.3% | $9.0B | 33/100 |
| Vale S.A. VALE | FY2025 | $38.4B | $2.0B | 5.2% | $64.8B | 17/100 |
| Rio Tinto plc RIO | FY2025 | $57.6B | $10.2B | 17.8% | $162.6B | 28/100 |
| BHP Group Limited BHP | FY2025 | $51.3B | $11.1B | 21.7% | $221.5B | 39/100 |
| Materion Corporation MTRN | FY2025 | $1.8B | $74.8M | 4.2% | $5.4B | 50/100 |
Where MP Materials Corp. Ranks
Frequently Asked Questions
What is MP Materials Corp.'s annual revenue?
MP Materials Corp. (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 Corp.'s revenue growing?
MP Materials Corp. (MP) revenue grew by 10.1% year-over-year, from $203.9M to $224.4M in fiscal year 2025.
Is MP Materials Corp. profitable?
No, MP Materials Corp. (MP) reported a net income of -$85.9M in fiscal year 2025, with a net profit margin of -38.3%.
What is MP Materials Corp.'s EBITDA?
MP Materials Corp. (MP) had EBITDA of -$60.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does MP Materials Corp. have?
As of fiscal year 2025, MP Materials Corp. (MP) had $1.2B in cash and equivalents against $931.3M in long-term debt.
What is MP Materials Corp.'s gross margin?
MP Materials Corp. (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 Corp.'s operating margin?
MP Materials Corp. (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 Corp.'s net profit margin?
MP Materials Corp. (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 Corp.'s return on equity (ROE)?
MP Materials Corp. (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 Corp.'s free cash flow?
MP Materials Corp. (MP) recorded an outflow of $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 Corp.'s operating cash flow?
MP Materials Corp. (MP) recorded an outflow of $155.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are MP Materials Corp.'s total assets?
MP Materials Corp. (MP) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are MP Materials Corp.'s capital expenditures?
MP Materials Corp. (MP) invested $172.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is MP Materials Corp.'s current ratio?
MP Materials Corp. (MP) had a current ratio of 7.24 as of fiscal year 2025, which is generally considered healthy.
What is MP Materials Corp.'s debt-to-equity ratio?
MP Materials Corp. (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 Corp.'s return on assets (ROA)?
MP Materials Corp. (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 Corp.'s P/E ratio?
MP Materials Corp. (MP) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $9.0B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is MP Materials Corp.'s price-to-sales ratio?
MP Materials Corp. (MP) trades at 29.5x sales, its market capitalization divided by revenue of $305.4M revenue, trailing 12 months to June 30, 2026. The market capitalization is $9.0B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is MP Materials Corp.'s Altman Z-Score?
MP Materials Corp. (MP) has an Altman Z-Score of 4.26, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is MP Materials Corp.'s Piotroski F-Score?
MP Materials Corp. (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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are MP Materials Corp.'s earnings high quality?
MP Materials Corp. (MP) reported a net loss of $85.9M while operations used $155.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Corp. cover its interest payments?
MP Materials Corp. (MP) reported an operating loss of $149.4M against $31.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 Corp.?
MP Materials Corp. (MP) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.