MP Materials Corp. (MP) financials
NYSE · Basic Materials · Industrial Materials · 998 employees · CEO James Henry Litinsky
- Price
- $39.57 -4.97%
- Market cap
- $7.05B
- Enterprise value
- $7.55B
- Last report
- Q2 '26 filed 2026-08-07
- Next report
- 2026-11-05 EPS est. -$0.02
Revenue (TTM)$305M+26.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-33.1%+33.9 pp vs a year agoOperating income -$101M
Net income (TTM)-$60.6M+40.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$505M-164.5% vs a year agoCapex $421M
Diluted EPS (TTM)-$0.34+45.6% vs a year agoSum of the last 4 quarters
Net cash$518M+417.5% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $7.05B EV $7.55B
- Revenue
- $305M Trailing 12 months
- Revenue growth
- +99% FY2026 consensus
- Profit margin
- -19.9% Net income / revenue, TTM
- P/E
- -115.8× Forward -756.3× (FY2026)
- P/S
- 23.1× Price / sales, TTM
- EV / EBITDA
- 122.3× TTM
- Free cash flow
- -$505M Trailing 12 months
- Net income
- -$60.6M Trailing 12 months
- Revenue estimate
- $447M FY2026 consensus
- Earnings
- 2026-11-05 Revenue est. $117M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-06): revenue beat by 12.0%, EPS beat by 0.6%Revenue $108M vs $96.9M expected (+12.0%); EPS -$0.01 vs -$0.01 (+0.6%).
- Revenue growth accelerating: 89.0% year on yearQ2 '26 revenue $108M, against an average of 26.0% over the four quarters before.
- Operating margin -33.1% (TTM), +33.9 pp on a year agoOperating income grew 37.7% while revenue grew 26.1%.
- Capex 137.7% of revenue (a year ago 60.9%)$421M invested in the last 4 quarters (+185.0% on a year earlier). Free cash flow -$505M.
- Diluted share count up 8.8% in a year178M diluted shares in Q2 '26, 164M a year earlier.
- Net cash $518MCash + short-term investments $1.45B, debt incl. leases $935M; a year ago net debt $163M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $108M | $57.4M | +89.0% |
| Gross margin | 33.4% | -24.1% | +57.4 pp |
| Operating income | -$14.7M | -$43.9M | +66.6% |
| Operating margin | -13.5% | -76.5% | +62.9 pp |
| Net income | -$20.3M | -$30.9M | +34.3% |
| Diluted EPS | -$0.11 | -$0.19 | +42.1% |
| Operating cash flow | $6.85M | -$3.66M | +287.4% |
| Capex | $230M | $29M | +694.1% |
| Free cash flow | -$223M | -$32.7M | -584.3% |
| R&D | $1.28M | $2.5M | -48.6% |
| Stock-based compensation | $11.3M | $5.55M | +103.3% |
Reported vs consensus
2026-08-06| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $108M | $96.9M | +12.0% |
| EPS (as estimated) | -$0.01 | -$0.01 | +0.6% |
From the report of 2026-08-06 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '24 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Product | – | – | – | – | – | |
| Product and Service, Other | – | – | – | – | – | |
| Other Revenue | $695K | – | 100.0% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$84M
- Capex
- -$421M
- Buybacks
- -$51M
- Dividends
- $0
- Acquisitions
- $1.67M
- Net debt issued
- -$72M
- Stock-based compensation
- $41.5M
- Free cash flow
- -$505M
- Returned to shareholders / FCF
- -10.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -115.8× | 71.6× 3 of 5 years | 14.8× – 141.8× |
| EV / EBITDA | 122.3× | 672.2× | 13.2× – 2,848.6× |
| EV / Sales | 24.7× | 20.1× | 9.2× – 37.7× |
| Price / FCF | -14.0× | 253.3× 1 of 5 years | 253.3× – 253.3× |
| Price / Book | 3.6× | 3.9× | 2.5× – 7.8× |
| FCF yield | -7.2% | -3.2% | -6.6% – 0.4% |
| Return on invested capital | -1.9% | 2.3% | -5.5% – 13.0% |
| Return on equity | -2.7% | 5.5% | -6.2% – 22.0% |
Analysts
Consensus target $80.70 (+103.9%)
range $69.00 – $100.00 · rating Buy
Strong buy0
Buy13
Hold1
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $447M | +99.0% | -$0.05 | +89.5% | -756.3× | 10 |
| FY2027 | $775M | +73.6% | $0.61 | +1,260.2% | 65.2× | 10 |
| FY2028 | $970M | +25.1% | $1.19 | +96.0% | 33.3× | 9 |
| FY2029 | $1.15B | +18.3% | $1.51 | +26.5% | 26.3× | 3 |
| FY2030 | $1.92B | +67.5% | $2.60 | +72.5% | 15.2× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 281 figures MP Materials Corp. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $36.5M2026-04-17 | – | – | – | – | – | |
| Accounts Payable, Current | $46M | $21.7M | +111.8% | $36.7M | $23.6M | +55.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $40.4M | $21.8M | +85.3% | $14.6M | $18.6M | -21.5% |
| Accounts Receivable, Allowance for Credit Loss, Current | $0 | $0 | – | $0 | $0 | – |
| Accretion (Amortization) of Discounts and Premiums, Investments | $7.18M | $5.77M | +24.5% | $24.1M | $30.3M | -20.4% |
| Accretion Expense, Including Asset Retirement Obligations | $385K | $372K | +3.5% | $1.49M | $929K | +60.4% |
| Accrual for Environmental Loss Contingencies | $19.3M2025-12-31 | $19M | +1.4% | $19.3M | $19M | +1.4% |
| Accrual for Environmental Loss Contingencies, Discount | $21M2025-12-31 | $20.4M | +3.0% | $21M | $20.4M | +3.0% |
| Accrual for Environmental Loss Contingencies, Discount Rate | 4.8% | 4.8% | +1.3% | 4.8% | 4.8% | +1.3% |
| Accrual for Environmental Loss Contingencies, Gross | $39.9M | $39M | +2.3% | $40.3M | $39.5M | +2.1% |
| Accrual for Environmental Loss Contingencies, Revision in Estimates | – | – | – | $259K | $2M | -87.0% |
| Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, after Year Five | $35.5M2025-12-31 | $34.7M | +2.2% | $35.5M | $34.7M | +2.2% |
| Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year Five | $1.01M2025-12-31 | $992K | +2.2% | $1.01M | $992K | +2.2% |
| Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year Four | $989K2025-12-31 | $968K | +2.2% | $989K | $968K | +2.2% |
| Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year One | $919K2025-12-31 | $899K | +2.2% | $919K | $899K | +2.2% |
| Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year Three | $965K2025-12-31 | $944K | +2.2% | $965K | $944K | +2.2% |
| Accrual for Environmental Loss Contingency, Undiscounted, to be Paid, Year Two | $942K2025-12-31 | $921K | +2.3% | $942K | $921K | +2.3% |
| Accrual for Taxes Other than Income Taxes, Current | $1.87M | $2.16M | -13.5% | $2.11M | $4.04M | -47.9% |
| Accrued Environmental Loss Contingencies, Noncurrent | $18.4M | $18.1M | +1.7% | $18.4M | $18.1M | +1.7% |
| Accrued Liabilities, Current | $60.3M | $74.4M | -19.0% | $95.1M | $64.7M | +46.9% |
| Accumulated Deferred Investment Tax Credit | $35.3M | $26.4M | +33.5% | $26.9M | $25.5M | +5.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $324M | $227M | +43.0% | $273M | $192M | +42.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$258K | -$26K | -892.3% | $387K | $173K | +123.7% |
| Additional Paid in Capital | $1.98B | $971M | +103.8% | $1.97B | $961M | +105.0% |
| Adjustments to Additional Paid in Capital, Warrant Issued | $02025-12-31 | – | – | $261M | – | – |
| Amortization of Debt Issuance Costs | – | – | – | $3.9M2024-12-31 | $3.54M | +10.3% |
| Amortization of Debt Issuance Costs and Discounts | $1.78M | $1.04M | +71.1% | $5.41M | $3.9M | +38.7% |
| Amortization of Intangible Assets | $300K2025-12-31 | $300K | 0.0% | $1.2M | $1.2M | 0.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 66.5M | 41.8M | +59.0% | 66.5M | 41.2M | +61.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $11.3M | $5.57M | +103.1% | $31M | $23.5M | +32.0% |
| Area of Real Estate Property | 120 acre2026-04-30 | – | – | – | – | – |
| Asset Impairment Charges | $0 | $0 | – | $0 | $0 | – |
| Asset Retirement Obligation | $7.79M2025-12-31 | $7.4M | +5.4% | $7.79M | $7.4M | +5.4% |
| Asset Retirement Obligation, Accretion Expense | – | – | – | $580K | $429K | +35.2% |
| Asset Retirement Obligation, Liabilities Incurred | – | – | – | $0 | $159K | -100.0% |
| Asset Retirement Obligation, Liabilities Settled | – | – | – | $184K | $184K | 0.0% |
| Asset Retirement Obligation, Revision of Estimate | – | – | – | $0 | $1.29M | -100.0% |
| Asset Retirement Obligations, Noncurrent | $8M | $7.5M | +6.7% | $7.7M | $7.2M | +6.9% |
| Assets | $3.73B | $2.34B | +59.5% | $3.86B | $2.33B | +65.6% |
| Assets, Current | $1.75B | $960M | +81.7% | $2.17B | $1.03B | +110.0% |
| Assets, Noncurrent | $1.98B | $1.38B | +44.0% | $1.7B | $1.3B | +30.4% |
| Cash and Cash Equivalents, at Carrying Value | $429M | $262M | +64.1% | $1.17B | $282M | +312.8% |
| Cash and Cash Equivalents, Fair Value Disclosure | $429M | $262M | +64.1% | $1.17B | $282M | +312.8% |
| Cash, Cash Equivalents, and Short-term Investments | $1.45B | $754M | +92.7% | $1.83B | $851M | +115.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $430M | $263M | +63.4% | $1.17B | $284M | +311.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$457M | $63.3M | -822.8% | $884M | $18.6M | +4,647.5% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 450M | 450M | 0.0% | 450M | 450M | 0.0% |
| Common Stock, Shares, Issued | 193M | 179M | +8.2% | 193M | 178M | +7.9% |
| Common Stock, Shares, Outstanding | 178M | 163M | +8.9% | 177M | 163M | +8.7% |
| Common Stock, Value, Issued | $19K | $18K | +5.6% | $19K | $18K | +5.6% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$20.5M | -$30.9M | +33.6% | -$85.7M | -$65.4M | -31.0% |
| Contract with Customer, Liability | $126M | $125M | +1.2% | $158M | $100M | +58.2% |
| Contract with Customer, Liability, Current | $45.5M | $79.9M | -43.0% | $74.3M | $56.9M | +30.6% |
| Contract with Customer, Liability, Noncurrent | $80.9M | $45.1M | +79.5% | $83.9M | $43.1M | +94.5% |
| Contract with Customer, Liability, Revenue Recognized | $16.5M | $19.9M | -17.1% | $66.9M | $0 | – |
| Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | $72.3M | $50.4M | +43.3% | $193M | $193M | +0.1% |
| Costs and Expenses | $158M | $101M | +56.1% | $425M | $373M | +13.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$1.87M | -$148K | -1,166.2% |
| Current Income Tax Expense (Benefit) | – | – | – | -$1.51M | -$148K | -918.2% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02