MP

MKT CAP:$11B

MP Materials Corp.

Market Cap

$11B

Basic Materials·Industrial Materials·🇺🇸 United States·NYSE

Materials·Industrial·🇺🇸·NYSE

Stock Price

$63.32+$8.35 (+15.19%)

Apr 23, 2026

Company Details

MP Materials Corp. owns and operates rare earth mining and processing facilities. It owns and operates the Mountain Pass Rare Earth mine located in the Western Hemisphere. The company holds the mineral rights to the Mountain Pass mine and s...

CEO

James Henry Litinsky

IPO Date

Jun 22, 2020

Website

mpmaterials.com

Key Metrics TTM

Revenue

$275M

+35.1% YoY

Net Income

-$86M

EPS (Diluted)

-$0.52

Free Cash Flow

-$328M

Revenue / Share

$1.38

Gross Margin

5.8%

Operating Margin

-53.0%

Net Margin

-31.2%

FCF Margin

-119.1%

P/S

39.5x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$275M+35.1%EPS -$0.50

Q4 2025

Feb 26, 2026

$104M+70.0%EPS $0.05

Q3 2025

Nov 7, 2025

$54M-14.9%EPS -$0.24

Q2 2025

Aug 8, 2025

$57M+83.6%EPS -$0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$166M	$138M	$115M
Q2 22	$144M	$116M	$96M
Q3 22	$124M	$100M	$79M
Q4 22	$93M	$63M	$37M
Q1 23	$96M	$63M	$33M
Q2 23	$64M	$29M	$483.0K
Q3 23	$53M	$14M	-$18M
Q4 23	$41M	-$1M	-$34M
Q1 24	$49M	-$5M	-$27M
Q2 24	$31M	-$28M	-$53M
Q3 24	$63M	-$14M	-$40M
Q4 24	$61M	-$19M	-$44M
Q1 25	$61M	-$9M	-$35M
Q2 25	$57M	-$14M	-$44M
Q3 25	$54M	$5M	-$67M
Q4 25	$104M	$34M	-$236.0K

Valuation

Quarter	P/S	P/E
Q1 22	24.8x	53.2x
Q2 22	21.4x	43.4x
Q3 22	20.4x	40.1x
Q4 22	20.6x	37.6x
Q1 23	23.8x	45.1x
Q2 23	28.8x	62.1x
Q3 23	35.6x	101.1x
Q4 23	42.9x	447.3x
Q1 24	52.7x	3246.7x
Q2 24	62.6x	—
Q3 24	59.1x	—
Q4 24	53.3x	—
Q1 25	50.3x	—
Q2 25	44.9x	—
Q3 25	46.7x	—
Q4 25	39.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$121M	$66M
Q2 22	$99M	$31M
Q3 22	$95M	$3M
Q4 22	$29M	-$83M
Q1 23	$55M	-$19M
Q2 23	$10M	-$46M
Q3 23	$11M	-$48M
Q4 23	-$14M	-$87M
Q1 24	-$41M	-$93M
Q2 24	$31M	-$16M
Q3 24	-$7M	-$53M
Q4 24	$30M	-$11M
Q1 25	-$63M	-$94M
Q2 25	-$4M	-$33M
Q3 25	-$42M	-$93M
Q4 25	-$47M	-$109M

Capital Expenditures

Quarter	CapEx
Q1 22	$55M
Q2 22	$68M
Q3 22	$92M
Q4 22	$112M
Q1 23	$74M
Q2 23	$56M
Q3 23	$59M
Q4 23	$73M
Q1 24	$52M
Q2 24	$46M
Q3 24	$46M
Q4 24	$42M
Q1 25	$30M
Q2 25	$29M
Q3 25	$50M
Q4 25	$62M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+177.2%	+33.9%
Q2 22	+96.3%	+17.6%
Q3 22	+24.8%	-0.8%
Q4 22	-5.9%	+32.7%
Q1 23	-42.4%	+22.5%
Q2 23	-55.4%	+32.9%
Q3 23	-57.8%	+54.7%
Q4 23	-55.8%	+34.2%
Q1 24	-49.1%	+20.6%
Q2 24	-51.2%	+33.4%
Q3 24	+19.8%	+46.3%
Q4 24	+48.0%	+40.2%
Q1 25	+24.9%	+26.3%
Q2 25	+83.6%	+19.5%
Q3 25	-14.9%	+17.7%
Q4 25	+70.0%	-1.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$10M	5.9%
Q2 22	$7M	5.2%
Q3 22	$8M	6.3%
Q4 22	$7M	7.3%
Q1 23	$7M	7.3%
Q2 23	$6M	8.9%
Q3 23	$6M	12.0%
Q4 23	$6M	15.0%
Q1 24	$7M	15.3%
Q2 24	$6M	18.2%
Q3 24	$5M	8.7%
Q4 24	$5M	7.5%
Q1 25	$7M	12.1%
Q2 25	$6M	9.7%
Q3 25	$0	0.0%
Q4 25	$10M	9.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$2M	$20M	—	—
Q2 22	$2M	$18M	—	—
Q3 22	$3M	$18M	$118.0K	—
Q4 22	$6M	$19M	—	—
Q1 23	$4M	$19M	—	—
Q2 23	$3M	—	—	$19M
Q3 23	$3M	—	—	$20M
Q4 23	—	—	—	$21M
Q1 24	$409.0K	—	—	$21M
Q2 24	$2M	—	—	$21M
Q3 24	$2M	—	—	$22M
Q4 24	$1M	—	—	$19M
Q1 25	$474.0K	—	—	$24M
Q2 25	$2M	—	—	$27M
Q3 25	—	—	—	$28M
Q4 25	$2M	—	—	$32M

Revenue Segments

Quarter	Product	Product and Service, Other
Q3 22	$124M	$214.0K
Q4 22	$92M	$1M
Q1 23	$96M	$34.0K
Q2 23	$64M	$23.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.2B	$0	$1.2B
Q2 22	$664M	$600M	$1.3B
Q3 22	$428M	$836M	$1.3B
Q4 22	$137M	$1.0B	$1.2B
Q1 23	$651M	$518M	$1.2B
Q2 23	$927M	$201M	$1.1B
Q3 23	$548M	$537M	$1.1B
Q4 23	$265M	$734M	$999M
Q1 24	$297M	$650M	$947M
Q2 24	$297M	$641M	$938M
Q3 24	$284M	$582M	$866M
Q4 24	$282M	$568M	$851M
Q1 25	$198M	$561M	$759M
Q2 25	$262M	$492M	$754M
Q3 25	$1.1B	$793M	$1.9B
Q4 25	$1.2B	$664M	$1.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	193M	+0.1%	+7.9%
Q2 22	193M	-0.0%	+0.1%
Q3 22	193M	-0.0%	+0.1%
Q4 22	193M	+0.0%	+0.1%
Q1 23	194M	+0.1%	+0.1%
Q2 23	178M	-8.1%	-8.0%
Q3 23	177M	-0.4%	-8.4%
Q4 23	178M	+0.2%	-8.2%
Q1 24	187M	+5.2%	-3.5%
Q2 24	165M	-11.5%	-7.0%
Q3 24	164M	-0.7%	-7.4%
Q4 24	163M	-0.5%	-8.0%
Q1 25	164M	+0.2%	-12.3%
Q2 25	164M	+0.0%	-0.9%
Q3 25	175M	+6.8%	+6.6%
Q4 25	199M	+13.8%	+21.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$455.5K	365
Q2 22	$393.3K	365
Q3 22	$340.9K	365
Q4 22	$191.9K	486
Q1 23	$196.9K	486
Q2 23	$131.7K	486
Q3 23	$108.1K	486
Q4 23	$60.5K	681
Q1 24	$71.5K	681
Q2 24	$45.9K	681
Q3 24	$92.4K	681
Q4 24	$75.9K	804
Q1 25	$75.6K	804
Q2 25	$71.4K	804
Q3 25	$66.6K	804
Q4 25	$103.9K	998

Revenue / Employee