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MP Materials MP Materials Segment — Segment Adjusted EBITDA

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Other financials

Income statement

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Revenue$108.5M+89.0%
Gross profit$36.2M+420%
Operating income-$32.0M+27.0%
Net income-$20.3M+34.3%
EPS (diluted)-$0.11+42.1%

Balance sheet

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Cash & equivalents$429.1M+63.2%
Total debt$934.6M+1.7%
Total equity$2.0B+93.7%
Total assets$3.7B+59.5%

Cash flow

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Operating cash flow-$6.8M-87.4%
CapEx$230.3M+694%
Free cash flow-$237.2M-626%

Valuation

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Market cap$8.53B-28.7%
Enterprise value$9.03B-28.4%
P/S27.9×-21.4×

Profitability

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Gross margin21.4%+10.1pp
Operating margin-41.5%-11.4pp
Net margin-50.5%
FCF margin-169.7%-1,273pp

Returns & leverage

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Return on equity-7.8%
Debt / equity0.5×-0.4×
Current ratio9.5×+5.9×

Where this comes from

Reported directly by MP Materials in its filing.

Tagged under the XBRL concept mp:AdjustedEBITDAEarningsBeforeInterestTaxesDepreciationAndAmortization.

The source filing: MP Materials’s 10-Q, filed May 8, 2026.

Filed
May 7, 2026, 8:00 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001801368-26-000029
(in thousands)MaterialsMagneticsTotal
Cost of sales (excluding depreciation, depletion and amortization and stock-based compensation expense)(2)66,7807,528
Selling, general and administrative (excluding stock-based compensation expense)(3)10,1023,473
Other segment items(4)836485
Segment Adjusted EBITDA$36,732$9,59246,324
Reconciling items to consolidated loss before income taxes
Corporate expenses and other(5)(9,587)
Elimination of intersegment Adjusted EBITDA(1)(127)
Depreciation, depletion and amortization(32,137)

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is MP Materials's materials segment — segment adjusted EBITDA?
MP Materials (MP) reported materials segment — segment adjusted EBITDA of $36.73M in Q1 2026.
How has MP Materials's materials segment — segment adjusted EBITDA changed year-over-year?
MP Materials's materials segment — segment adjusted EBITDA increased by 877.4% year-over-year, from $3.76M to $36.73M.
What is the long-term trend for MP Materials's materials segment — segment adjusted EBITDA?
Over 3 years (2022 to 2025), MP Materials's materials segment — segment adjusted EBITDA has grown at a -65.4% compound annual growth rate (CAGR), from $407.77M to $16.82M.
What does materials segment — segment adjusted EBITDA mean?
A measure of the materials segment's operating profitability that excludes interest, taxes, depreciation, amortization, and stock-based compensation. It serves as a primary indicator of the segment's ability to generate cash from its core mining and processing activities.

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