MP Materials Corp.MP
NYSE•Basic Materials•Other Industrial Metals & Mining
MP Materials Corp., together with its subsidiaries, produces rare earth materials in the Western Hemisphere. It operates in two segments, Materials and Magnetics. The Materials segment owns and operates the Mountain Pass Rare Earth Mine and Processing facility located near Mountain Pass, San Bernardino County, California. The Magnetics segment produces magnetic precursor products, including NdPr metal; and manufactures NdFeB permanent magnets. MP Materials Corp. was founded in 2017 and is headquartered in Las Vegas, Nevada.
MP Materials Corp. (MP) reported trailing twelve months revenue of $254.28M as of March 2026, a 17.7% increase year-over-year. Quarterly revenue reached $90.65M, reflecting continued top-line momentum.
MP Materials Corp. reported a TTM net loss of $71.19M, with quarterly EBITDA of $8.02M. The operating margin expanded from -57.2% to -26.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-26.6%) and net margin (-8.8%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -37.2% a year ago, signaling stronger bottom-line efficiency.
MP trades at a P/S of 31.9x. The price-to-book ratio of 4.1x reflects a moderate premium to book value.
The company reported negative free cash flow of $-79.28M, indicating cash consumption over the period. The balance sheet shows $3.84B in total assets with $932.94M in long-term debt against $1.97B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -74.8%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 7.7% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation