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MP Materials

MP

MP Materials Corp. is the largest producer of rare earth materials in the Western Hemisphere, operating the only scaled rare earth mining and processing site in North America.

Market cap
$7.68B-28.7%
Revenue$254.3M+17.7%
Net income-$103.3M-57.8%
Free cash flow-$313.8M-80.6%
EPS (diluted)-$0.61-5.2%
Trailing twelve months · change vs. prior year

Earnings

Next report

Aug 6, 2026 (In 1 week)
Revenue estimate$97.1M
EPS estimate$0.02

Financials

Q1 2026

Income statement

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Revenue$90.6M+49.1%
Gross profit$16.4M+36.9%
Operating income-$24.1M+30.6%
Net income-$8.0M+64.8%
EPS (diluted)-$0.04+71.4%

Balance sheet

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Cash & equivalents$887.1M+344%
Total debt$1.0B+10.8%
Total equity$2.0B+89.9%
Total assets$3.8B+62.2%

Cash flow

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Operating cash flow-$1.9M+97.0%
CapEx$77.4M+154%
Free cash flow-$79.3M+15.4%

Valuation & ratios

Valuation

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Market cap$7.68B-28.7%
Enterprise value$7.81B-35.0%
P/S30.2×-16.7×

Profitability

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Gross margin14.2%+9.5pp
Operating margin-54.6%-13.0pp
FCF margin-123.4%+141pp

Returns & leverage

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Debt / equity0.5×-0.4×
Current ratio7.2×+3.1×

Segments

By product

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NdPr Oxide And Metal$71.1M+708%
Magnetic precursor products$21.1M+306%
Other Revenue$1.0M-12.0%
Rare Earth Concentrate--100%

By segment

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Materials Segment$72.2M+29.8%
Magnetics Segment$21.1M+306%

Competitors

Profile

MP Materials Corp. is the largest producer of rare earth materials in the Western Hemisphere, operating the only scaled rare earth mining and processing site in North America. The company provides a vertically integrated domestic supply chain for critical materials used in electric vehicle motors, clean energy, and national defense. Its core value proposition centers on restoring American leadership in the rare earth magnetics industry through sustainable, low-cost production.

Competitive position

The company is the only scaled and vertically integrated source of rare earths in North America, benefiting from a low-cost structure and strategic government support.

GeographiesUnited States, Japan, South Korea, China
Customer segmentsAutomotive manufacturers, Defense and aerospace contractors, Renewable energy developers, Consumer electronics companies
Business modelVertically integrated manufacturing, Commodity production, Public-private partnership
SuppliersMining equipment, Chemical reagents, Energy and electricity, Water rights
CustomersElectric vehicle manufacturers, Wind turbine producers, Robotics and AI hardware firms, Defense systems integrators
Listed2020
Employees681.0
CEOJames Henry Litinsky
FilingsSEC EDGAR

Questions, answered.

What is MP Materials's market cap?
MP Materials (MP) has a market capitalization of $7.7B and trades on NYSE.
What is MP Materials's revenue and profitability?
MP Materials generated $254.3M in trailing twelve-month revenue with a net loss of $103.3M, representing a net margin of -50.5%. Gross margin stands at 14.2%, with free cash flow of -$313.8M. These figures are based on the Q1 2026 filing.
Who are MP Materials's competitors?
MP Materials's key competitors include Evolution Metals & Technologies Corp. Common Stock, TMC the metals company Inc. Common Stock, Materion Corporation, and others. These companies compete in similar markets and product categories.
Who does MP Materials partner with?
MP Materials's notable partners include General Motors Company, United States Department of War.
What subsidiaries does MP Materials have?
MP Materials's subsidiaries include Mountain Pass Rare Earth Mine and Processing Facility, Independence Facility.
Where is MP Materials headquartered?
MP Materials is headquartered in United States of America and employs approximately 681 people. It has been publicly traded since 2020.