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MP

MP Materials Corp.

MP

MP Materials Corp. • NYSE
$61.94 ▲ 2.98% (+1.79)
Market Cap $10.98 B
52w High $100.25
52w Low $15.56
Dividend Yield 0%
P/E -88.49
Volume 3.14M
Outstanding Shares 177.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $53.553M ▼ $72.099M ▲ $-41.78M ▼ -78.016% ▼ $-0.24 ▼ $-27.369M ▼
Q2-2025 $57.393M ▼ $30.067M ▲ $-30.872M ▼ -53.791% ▼ $-0.19 ▼ $-16.533M ▼
Q1-2025 $60.81M ▼ $25.373M ▲ $-22.648M ▼ -37.244% ▼ $-0.14 $1.824M ▲
Q4-2024 $60.986M ▼ $24.567M ▼ $-22.342M ▲ -36.635% ▲ $-0.14 ▲ $-5.081M ▲
Q3-2024 $62.927M $25.857M $-25.516M -40.549% $-0.16 $-8.876M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.94B ▲ $3.798B ▲ $1.42B ▲ $2.378B ▲
Q2-2025 $753.657M ▼ $2.336B ▼ $1.326B ▼ $1.011B ▼
Q1-2025 $759.157M ▼ $2.368B ▲ $1.332B ▲ $1.036B ▼
Q4-2024 $850.868M ▼ $2.334B ▲ $1.279B ▲ $1.055B ▼
Q3-2024 $866.49M $2.3B $1.236B $1.065B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-41.78M ▼ $-42.048M ▼ $-333.052M ▼ $1.261B ▲ $885.499M ▲ $-92.544M ▼
Q2-2025 $-30.872M ▼ $-3.655M ▲ $69.681M ▲ $-2.731M ▲ $63.295M ▲ $-32.661M ▲
Q1-2025 $-22.648M ▼ $-63.198M ▼ $-15.704M ▲ $-5.003M ▲ $-83.905M ▼ $-93.665M ▼
Q4-2024 $-22.342M ▲ $30.477M ▲ $-21.64M ▼ $-10.828M ▲ $-1.991M ▲ $-11.173M ▲
Q3-2024 $-25.516M $-6.844M $20.727M $-25.329M $-11.446M $-53.286M

Revenue by Products

Product Q4-2022Q1-2023Q2-2023Q3-2024
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $90.00M ▲$100.00M ▲$60.00M ▼$0 ▼
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has pulled back meaningfully from its peak, and 2024 shows that the business can swing from strong profitability to losses when market conditions soften. Margins that were once healthy have turned negative at the gross and operating levels, suggesting weaker pricing, higher costs, or both. The company still generates a modest amount of operating cash-style profit, but reported earnings have moved back into the red. Overall, the income statement tells a story of a capital‑intensive business in a downcycle and heavy build‑out phase, after a brief period of very strong profitability.

Balance Sheet

Balance Sheet The balance sheet shows a sizeable asset base that has grown as the company invested in its mine, processing, and downstream capabilities. Cash is solid but well below earlier highs, while debt has risen significantly from the early post‑IPO period, leaving the company with a clear net debt position instead of net cash. Shareholders’ equity remains substantial, though it dipped recently, reflecting both the investment program and weaker earnings. Overall, the balance sheet still looks robust for a growth project, but with less cushion than a few years ago and more reliance on borrowed money.

Cash Flow

Cash Flow Operating cash flow is positive but much lower than during the peak earnings year, underscoring how sensitive cash generation is to market conditions. Free cash flow has been negative in most years because the company is spending heavily on new plants and equipment. This means the business is currently in a “spend now, harvest later” phase, funding growth with a mix of existing cash, internal cash flow, and external capital. The key risk is that if weak pricing or delays persist, the company could feel more pressure on liquidity; the key opportunity is that, if projects ramp successfully, today’s heavy outflows could set up stronger future cash generation.

Competitive Edge

Competitive Edge MP has a rare and strategic position as the operator of the only major active rare earth mine and processing site in the United States, with strong government backing. Its plan to control the full chain from ore to finished magnets creates a potential moat in supply security, traceability, and geopolitically friendly sourcing, especially versus China‑centric competitors. Long‑term offtake agreements with large customers such as an automaker and a major consumer‑electronics company add credibility and potential volume visibility. The flip side is concentration risk: the company is heavily tied to one main site, a small number of big customers, and a single commodity ecosystem that is highly exposed to price cycles and policy changes.

Innovation and R&D

Innovation and R&D Innovation is a core part of MP’s story. It is using cleaner and more water‑efficient mining and processing methods, which can appeal to customers and regulators. The company is pushing into differentiated products such as its heavy rare earth feedstock and domestically produced magnet materials, and is investing in magnet recycling technology with a leading tech partner. Future milestones—like scaling magnet production, commissioning heavy rare earth refining, and expanding internationally through joint ventures—could meaningfully change its role in the global supply chain. The main execution risks are around scaling complex new processes on time and on budget while keeping quality and costs under control.

Summary

MP looks like a strategically important, innovation‑driven materials business going through a tougher earnings period while it spends heavily to complete its “mine‑to‑magnet” build‑out. Financially, it has shifted from strong profitability to losses and negative free cash flow, funded by a stronger but more leveraged balance sheet. Strategically, its position is unique and supported by government and blue‑chip partners, with clear long‑term demand drivers in electric vehicles, wind power, and defense. The overall picture is of a company trading near‑term financial comfort for long‑term strategic optionality, with success hinging on project execution, rare earth price trends, and the pace at which new facilities can ramp to efficient, profitable scale.

NEWS

November 19, 2025 · 8:30 AM UTC

MP Materials and the U.S. Department of War Partner with the Saudi Arabian Mining Company (Maaden) to Develop Rare Earth Refinery Joint Venture

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November 6, 2025 · 4:05 PM UTC

MP Materials Reports Third Quarter 2025 Results

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October 28, 2025 · 4:05 PM UTC

MP Materials to Participate in Upcoming Conferences

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October 21, 2025 · 8:00 AM UTC

Defiance Launches MPL: The First 2X Long ETF for MP Materials, Corp.

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October 16, 2025 · 4:05 PM UTC

MP Materials Announces Date for Third Quarter 2025 Financial Results and Webcast

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