What is MP Materials's work in process?

MP Materials (MP) reported work in process of $51.87M in Q1 2026.

How has MP Materials's work in process changed year-over-year?

MP Materials's work in process increased by 130.2% year-over-year, from $22.53M to $51.87M.

What is the long-term trend for MP Materials's work in process?

Over 5 years (2020 to 2025), MP Materials's work in process has grown at a 16.1% compound annual growth rate (CAGR), from $24.52M to $51.65M.

MP Materials MP Work in process

Work in process at other companies

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$191.67M+0.9%

Element SolutionsESI

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EntegrisENTG

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CRHCRH

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NewmontNEM

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Commercial MetalsCMC

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Other financials

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

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Market cap$10.84B+115%

Enterprise value$10.97B+84.9%

P/S42.6×+19.3×

Profitability

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Gross margin14.2%+9.5pp

Operating margin-54.6%-13.0pp

Net margin-50.5%—

FCF margin-123.4%+141pp

Returns & leverage

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Return on equity-7.8%—

Debt / equity0.5×-0.4×

Current ratio7.2×+3.1×

Where this comes from

Reported directly by MP Materials in its filing.

Tagged under the XBRL concept us-gaap:InventoryWorkInProcessNetOfReserves.

The official record: MP Materials’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is MP Materials's work in process?: MP Materials (MP) reported work in process of $51.87M in Q1 2026.
How has MP Materials's work in process changed year-over-year?: MP Materials's work in process increased by 130.2% year-over-year, from $22.53M to $51.87M.
What is the long-term trend for MP Materials's work in process?: Over 5 years (2020 to 2025), MP Materials's work in process has grown at a 16.1% compound annual growth rate (CAGR), from $24.52M to $51.65M.