Mp Materials CorpMp Materials Corp
Mp Materials Corp

Mp Materials Corp

MP
Materials·Metals & Mining

MP Materials Corp. engages in the production and marketing of rare earth specialty materials. It operates through the following segments: Materials and Magnetics. The Materials segment focuses on the operation of Mountain Pass, which produces refined rare earth oxides and related products, as well as rare earth concentrate products. The Magnetics segment is involved in the operation of Independence Facility, where the company began production of magnetic precursor products. The company was founded by James Henry Litinsky and Michael Rosenthal in 2017 and is headquartered in Las Vegas, NV.

Nevada; U.S.A
Market cap
No dataNo data
Revenue
$221.4M+10.7% YoY
Net income
$-85.9M−31.3% YoY
Free cash flow
$-328.1M−89.6% YoY

Market

Listed stock
Tokenized stocks
MPPriceNYSE
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Financial performance

Revenue
$221.4M+10.7% YoY
Operating income
$-149.4M+11.8% YoY
Net income
$-85.9M−31.3% YoY
Free cash flow
$-328.1M−89.6% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $332M, 2022 $521.7M, 2023 $248.2M, 2024 $200M, 2025 $221.4M. Operating income: 2021 $165.3M, 2022 $327.4M, 2023 $-17.7M, 2024 $-169.4M, 2025 $-149.4M. Net income: 2021 $135M, 2022 $289M, 2023 $24.3M, 2024 $-65.4M, 2025 $-85.9M. Free cash flow: 2021 $-21.9M, 2022 $16.9M, 2023 $-199.2M, 2024 $-173.1M, 2025 $-328.1M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
10.7%+3016 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $165.3M, 2022-12-31 $327.4M, 2023-12-31 $-17.7M, 2024-12-31 $-169.4M, 2025-12-31 $-149.4M. Net income: 2021-12-31 $135M, 2022-12-31 $289M, 2023-12-31 $24.3M, 2024-12-31 $-65.4M, 2025-12-31 $-85.9M. Free cash flow: 2021-12-31 $-21.9M, 2022-12-31 $16.9M, 2023-12-31 $-199.2M, 2024-12-31 $-173.1M, 2025-12-31 $-328.1M

Growth heatmap

2022202320242025CAGR
Revenue
+57.2%
-52.4%
-19.4%
+10.7%
-9.6%
Gross profit
+58.0%
-52.9%
-97.0%
+288.2%
-45.7%
Operating income
+98.0%
-105.4%
-856.2%
+11.8%
No data
Free cash flow
+177.3%
-1277.4%
+13.1%
-89.6%
No data

Earnings quality

Operating cash flow
$-155.8M−1266.8% YoY
Net income
$-85.9M−31.3% YoY
Free cash flow
$-328.1M−89.6% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 181%, 2024-12-31 -20%, 2023-12-31 258%, 2022-12-31 119%, 2021-12-31 76%. Free cash flow: 2025-12-31 382%, 2024-12-31 265%, 2023-12-31 -820%, 2022-12-31 6%, 2021-12-31 -16%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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