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MP Materials (MP) Financials

MP Materials logo
$72.10 +2.81 (+4.05%)
Closing price 06/2/2026 03:59 PM Eastern
Extended Trading
$71.50 -0.60 (-0.83%)
As of 09:07 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for MP Materials

Annual Income Statements for MP Materials

This table shows MP Materials' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -6.76 -22 135 289 24 -65 -86
Consolidated Net Income / (Loss)		 -6.76 -22 135 289 24 -65 -86
Net Income / (Loss) Continuing Operations		 -6.76 -22 135 289 24 -65 -86
Total Pre-Tax Income 		-6.75 -39 160 341 33 -93 -118
Total Revenue		 70 68 332 522 248 234 193
Net Interest Income / (Expense)		 -3.41 0.00 0.00 -5.79 -5.25 -23 -31
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 3.41 0.00 0.00 5.79 5.25 23 31
Long-Term Debt Interest Expense		 3.41 - - 5.79 5.25 23 31
Total Non-Interest Income		 73 68 332 528 253 257 224
Net Realized & Unrealized Capital Gains on Investments		 - -67 - 0.00 0.00 53 0.00
Other Non-Interest Income		 73 134 332 528 253 204 224
Total Non-Interest Expense		 77 107 176 200 271 373 374
Marketing Expense		 0.00 0.14 4.20 4.25 15 9.31 24
Other Operating Expenses		 76 100 147 85 201 93 311
Depreciation Expense		 4.69 6.93 24 18 56 78 89
Other Special Charges		 -4.28 - - - 0.00 - -51
Nonoperating Income / (Expense), net		 - 0.25 3.75 20 56 46 63
Income Tax Expense		 0.00 -18 25 52 8.77 -28 -32
Basic Earnings per Share		 ($0.10) ($0.27) $0.78 $1.64 $0.14 ($0.39) ($0.50)
Weighted Average Basic Shares Outstanding		 66.56M 79.69M 173.47M 176.52M 177.18M 166.84M 170.13M
Diluted Earnings per Share		 ($0.10) ($0.27) $0.73 $1.52 $0.14 ($0.57) ($0.50)
Weighted Average Diluted Shares Outstanding		 66.56M 79.69M 189.84M 193.45M 178.15M 169.88M 170.13M
Weighted Average Basic & Diluted Shares Outstanding		 66.56M 79.69M 177.52M 177.62M 178.08M 163.44M 177.67M

Quarterly Income Statements for MP Materials

This table shows MP Materials' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -4.28 -16 16 -34 -26 -22 -23 -31 -42 9.43 -7.97
Consolidated Net Income / (Loss)		 -4.28 -16 16 -34 -26 -22 -23 -31 -42 9.43 -7.97
Net Income / (Loss) Continuing Operations		 -4.28 -16 16 -34 -26 -22 -23 -31 -42 9.43 -7.97
Total Pre-Tax Income 		-4.48 -21 24 -48 -35 -34 -27 -43 -58 11 -14
Total Revenue		 -1.40 252 92 25 56 204 53 52 45 43 81
Net Interest Income / (Expense)		 -1.40 -1.11 -2.86 -6.75 -6.65 -6.76 -7.62 -5.41 -8.57 -9.89 -9.85
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 1.40 1.11 2.86 6.75 6.65 6.76 7.62 5.41 8.57 9.89 9.85
Long-Term Debt Interest Expense		 1.40 1.11 2.86 6.75 6.65 6.76 7.62 5.41 8.57 9.89 9.85
Total Non-Interest Income		 0.00 253 95 31 63 211 61 57 54 53 91
Other Non-Interest Income		 - - 49 31 63 - 61 57 54 53 91
Total Non-Interest Expense		 18 287 81 85 102 248 96 101 121 56 115
Marketing Expense		 2.87 5.35 4.21 1.89 2.05 1.16 0.47 2.50 19 2.21 1.91
Property & Liability Insurance Claims		 - - - 41 57 - 49 50 48 - 74
Other Operating Expenses		 50 -42 59 23 24 -111 25 28 31 228 49
Depreciation Expense		 17 19 18 18 19 22 21 21 22 25 32
Other Special Charges		 -53 - - - - - 0.00 - - - -42
Nonoperating Income / (Expense), net		 14 14 13 12 11 10 15 6.57 17 24 20
Income Tax Expense		 -0.20 -4.40 7.14 -14 -9.35 -12 -4.53 -12 -17 1.13 -5.67
Basic Earnings per Share		 ($0.02) ($0.09) $0.09 ($0.21) ($0.16) ($0.11) ($0.14) ($0.19) ($0.24) $0.07 ($0.04)
Weighted Average Basic Shares Outstanding		 177.23M 177.18M 174.56M 165.34M 164.15M 166.84M 163.76M 163.83M 175.03M 170.13M 178.02M
Diluted Earnings per Share		 ($0.02) ($0.08) ($0.08) ($0.21) ($0.16) ($0.12) ($0.14) ($0.19) ($0.24) $0.07 ($0.04)
Weighted Average Diluted Shares Outstanding		 177.23M 178.15M 186.79M 165.34M 164.15M 169.88M 163.76M 163.83M 175.03M 170.13M 178.02M
Weighted Average Basic & Diluted Shares Outstanding		 177.82M 178.08M 165.32M 165.38M 163.21M 163.44M 163.46M 177.10M 177.23M 177.67M 178.02M

Annual Cash Flow Statements for MP Materials

This table details how cash moves in and out of MP Materials' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 1.09 503 649 -1,038 121 19 884
Net Cash From Operating Activities		 -0.44 3.28 102 344 63 13 -156
Net Cash From Continuing Operating Activities		 -0.44 3.28 102 344 63 13 -156
Net Income / (Loss) Continuing Operations		 -6.76 -22 135 289 24 -65 -86
Consolidated Net Income / (Loss)		 -6.76 -22 135 289 24 -65 -86
Depreciation Expense		 4.69 6.93 24 18 56 78 89
Amortization Expense		 1.00 3.15 7.38 -5.92 -23 -26 -19
Non-Cash Adjustments to Reconcile Net Income		 -1.28 53 -31 20 29 -3.36 26
Changes in Operating Assets and Liabilities, net		 1.91 -38 -34 22 -24 30 -167
Net Cash From Investing Activities		 5.62 -22 -119 -1,357 69 10 -206
Net Cash From Continuing Investing Activities		 5.62 -22 -119 -1,357 69 10 -206
Purchase of Property, Leasehold Improvements and Equipment		 -2.27 -22 -124 -327 -262 -186 -172
Purchase of Investment Securities		 - 0.00 0.00 -2,780 -1,195 -1,568 -1,819
Sale of Property, Leasehold Improvements and Equipment		 7.90 0.00 0.13 0.00 0.02 0.00 4.06
Sale and/or Maturity of Investments		 0.00 0.00 4.38 1,749 1,523 1,764 1,757
Other Investing Activities, net		 - 0.00 0.00 0.00 2.80 0.10 24
Net Cash From Financing Activities		 -4.10 522 666 -24 -9.92 -4.79 1,246
Net Cash From Continuing Financing Activities		 -4.10 522 666 -24 -9.92 -4.79 1,246
Issuance of Debt		 7.24 39 690 0.00 0.00 748 62
Issuance of Preferred Equity		 - - - - 0.00 0.00 299
Issuance of Common Equity		 - - - - 0.00 0.00 937
Repayment of Debt		 -11 -20 -20 -5.83 -2.73 -452 -9.92
Repurchase of Common Equity		 - - - 0.00 0.00 -225 0.00
Other Financing Activities, Net		 0.00 503 -3.71 -18 -7.19 -75 -42

Quarterly Cash Flow Statements for MP Materials

This table details how cash moves in and out of MP Materials' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -380 -284 33 -0.46 -11 -1.99 -84 63 885 19 -280
Net Cash From Operating Activities		 11 -14 -41 31 -6.84 30 -63 -3.66 -42 -47 -1.91
Net Cash From Continuing Operating Activities		 11 -14 -41 31 -6.84 30 -63 -3.66 -42 -47 -1.91
Net Income / (Loss) Continuing Operations		 -4.28 -16 16 -34 -26 -22 -23 -31 -42 9.43 -7.97
Consolidated Net Income / (Loss)		 -4.28 -16 16 -34 -26 -22 -23 -31 -42 9.43 -7.97
Depreciation Expense		 17 19 18 18 19 22 21 21 22 25 32
Amortization Expense		 -2.52 -8.10 -7.58 -6.85 -6.38 -5.55 -4.66 -4.73 -4.64 -4.65 -3.93
Non-Cash Adjustments to Reconcile Net Income		 6.83 9.11 -33 18 3.81 7.24 3.59 10 9.12 3.28 10
Changes in Operating Assets and Liabilities, net		 -5.77 -17 -36 35 1.89 29 -61 1.03 -27 -80 -32
Net Cash From Investing Activities		 -390 -269 41 -30 21 -22 -16 70 -333 73 -260
Net Cash From Continuing Investing Activities		 -390 -269 41 -30 21 -22 -16 70 -333 73 -260
Purchase of Property, Leasehold Improvements and Equipment		 -59 -73 -52 -46 -46 -42 -30 -29 -50 -62 -77
Purchase of Investment Securities		 -384 -490 -391 -443 -317 -417 -365 -319 -707 -428 -577
Sale of Property, Leasehold Improvements and Equipment		 - - 0.00 - - - 1.67 2.40 - - 0.00
Sale and/or Maturity of Investments		 53 291 483 460 384 437 378 415 425 539 394
Other Investing Activities, net		 - 2.80 0.00 - - - 0.00 - - 24 0.00
Net Cash From Financing Activities		 -0.98 -1.34 33 -1.55 -25 -11 -5.00 -2.73 1,261 -7.31 -19
Net Cash From Continuing Financing Activities		 -0.98 -1.34 33 -1.55 -25 -11 -5.00 -2.73 1,261 -7.31 -19
Repayment of Debt		 -0.63 -0.63 -445 -1.38 -0.57 -5.29 -1.36 -2.50 -4.15 -1.91 -0.91
Other Financing Activities, Net		 -0.34 -0.71 -69 -0.18 -0.45 -5.54 -3.64 -0.24 -33 -5.40 -18

Annual Balance Sheets for MP Materials

This table presents MP Materials' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 102 1,074 1,890 2,238 2,336 2,334 3,864
Cash and Due from Banks		 2.76 520 1,179 137 263 282 1,166
Trading Account Securities		 - - 0.00 1,046 734 568 664
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 46 502 611 936 1,158 1,251 1,370
Other Assets		 26 44 100 120 172 211 664
Total Liabilities & Shareholders' Equity		 102 1,074 1,890 2,238 2,336 2,334 3,864
Total Liabilities		 120 220 881 925 971 1,279 1,472
Short-Term Debt		 7.71 24 20 36 28 24 104
Accrued Interest Payable		 - - - 57 74 65 95
Other Short-Term Payables		 24 19 40 4.05 6.62 76 100
Long-Term Debt		 0.00 0.96 675 678 682 909 931
Other Long-Term Liabilities		 89 176 146 149 180 206 241
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - 0.00 414
Total Equity & Noncontrolling Interests		 -18 854 1,009 1,313 1,366 1,055 1,979
Total Preferred & Common Equity		 -18 854 1,009 1,313 1,366 1,055 1,979
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -18 854 1,009 1,313 1,366 1,055 1,979
Common Stock		 23 916 936 951 980 961 1,971
Retained Earnings		 -41 -63 72 361 386 320 234
Treasury Stock		 - - - - 0.00 -227 -227
Accumulated Other Comprehensive Income / (Loss)		 - - 0.00 0.19 0.15 0.17 0.39

Quarterly Balance Sheets for MP Materials

This table presents MP Materials' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 2,189 2,281 2,289 2,322 2,354 2,364 2,300 2,368 2,336 3,798 3,840
Cash and Due from Banks		 428 651 927 548 296 296 284 198 262 1,147 886
Trading Account Securities		 836 518 201 537 9.65 9.34 8.96 561 492 793 852
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 830 1,002 1,045 1,098 1,196 1,217 1,231 1,279 1,290 1,306 1,434
Other Assets		 95 110 106 131 843 834 768 323 286 552 668
Total Liabilities & Shareholders' Equity		 2,189 2,281 2,289 2,322 2,354 2,364 2,300 2,368 2,336 3,798 3,840
Total Liabilities		 947 929 925 946 1,216 1,255 1,236 1,332 1,326 1,420 1,459
Short-Term Debt		 0.00 21 0.00 0.00 26 20 22 88 89 93 100
Accrued Interest Payable		 - - - - 74 75 66 69 74 78 99
Other Short-Term Payables		 75 73 75 97 7.42 63 59 91 103 99 85
Long-Term Debt		 678 679 680 681 936 937 938 842 843 930 933
Other Long-Term Liabilities		 195 156 161 168 173 161 151 241 215 220 241
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - - - 414 414
Total Equity & Noncontrolling Interests		 1,242 1,352 1,365 1,376 1,138 1,109 1,065 1,036 1,011 1,965 1,967
Total Preferred & Common Equity		 1,242 1,352 1,365 1,376 1,138 1,109 1,065 1,036 1,011 1,965 1,967
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,242 1,352 1,365 1,376 1,138 1,109 1,065 1,036 1,011 1,965 1,967
Common Stock		 948 953 959 974 938 944 949 966 971 1,967 1,968
Retained Earnings		 294 399 406 402 402 368 343 298 267 225 226
Treasury Stock		 - - - - -203 -203 -227 -227 -227 -227 -227
Accumulated Other Comprehensive Income / (Loss)		 -0.10 0.13 -0.17 -0.03 -0.13 -0.09 0.30 -0.00 -0.03 0.30 -0.04

Annual Metrics And Ratios for MP Materials

This table displays calculated financial ratios and metrics derived from MP Materials' official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - -
Profitability Metrics		 - - - - - - -
Valuation Ratios		 - - - - - - -
Leverage & Solvency		 - - - - - - -
Liquidity Ratios		 - - - - - - -
Cash Flow Metrics		 - - - - - - -
Efficiency Ratios		 - - - - - - -
Capital & Investment Metrics		 - - - - - - -
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.27) $0.78 $1.64 $0.14 ($0.39) ($0.50)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 170.74M 173.47M 176.52M 177.18M 166.84M 170.13M
Adjusted Diluted Earnings per Share		 $0.00 ($0.27) $0.73 $1.52 $0.14 ($0.57) ($0.50)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 170.74M 189.84M 193.45M 178.15M 169.88M 170.13M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($0.27) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 79.69M 177.52M 177.62M 178.08M 163.44M 177.67M
Debt Service Ratios		 - - - - - - -
Payout Ratios		 - - - - - - -

Quarterly Metrics And Ratios for MP Materials

This table displays calculated financial ratios and metrics derived from MP Materials' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 177,667,450.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 177,667,450.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.04
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -101.12% 187.67% 3,294.11% -384.55% -376.07% -19.26% -42.24% 112.05% -20.07% - 51.90%
EBITDA Growth		 -106.02% -166.17% -31.43% -789.61% -607.13% -13.68% -218.96% 31.97% -73.78% - 77.54%
EBIT Growth		 -124.29% -196.13% -65.27% -6,526.73% -143.96% -26.90% -488.45% 18.16% -63.66% - 19.87%
NOPAT Growth		 -122.64% -147.29% -70.69% -7,999.40% -143.96% -26.90% -487.50% 18.16% -63.66% - 19.87%
Net Income Growth		 -106.77% -124.26% -55.97% -560.51% -496.73% -37.41% -237.35% 9.35% -63.74% - 64.82%
EPS Growth		 -106.06% -122.22% -140.00% -625.00% -700.00% -50.00% -75.00% 9.52% -50.00% - 71.43%
Operating Cash Flow Growth		 -88.34% -147.37% -174.11% 209.41% -162.10% 321.15% -53.67% -111.85% -514.38% - 96.98%
Free Cash Flow Firm Growth		 22.42% 73.44% 84.48% 68.51% 100.63% 179.62% 360.74% 240.67% -150,351.77% - -1,527.49%
Invested Capital Growth		 7.15% 2.38% 2.30% 0.99% -1.62% -4.27% -6.32% -5.92% 68.05% - 73.60%
Revenue Q/Q Growth		 -0.29% 18,175.79% -78.80% -115.54% 1.47% 3,165.59% -73.89% -2.29% -13.45% - 88.80%
EBITDA Q/Q Growth		 -166.29% -415.07% 190.01% -324.38% 32.03% 17.19% 5.81% -28.33% -73.63% - -186.99%
EBIT Q/Q Growth		 -1,982.73% -83.47% 131.60% -648.81% 23.33% 4.56% 3.27% -15.62% -53.34% - -154.75%
NOPAT Q/Q Growth		 -2,445.58% -83.47% 131.50% -650.61% 23.33% 4.56% 3.82% -16.28% -53.34% - -96.15%
Net Income Q/Q Growth		 -157.82% -280.24% 201.41% -306.53% 25.07% 12.44% -1.37% -36.31% -35.33% - -184.53%
EPS Q/Q Growth		 -150.00% -300.00% 0.00% -162.50% 23.81% 25.00% -16.67% -35.71% -26.32% - -157.14%
Operating Cash Flow Q/Q Growth		 10.56% -225.04% -198.43% 174.99% -122.19% 545.31% -307.36% 94.22% -1,050.42% - 95.93%
Free Cash Flow Firm Q/Q Growth		 24.06% 51.84% 45.48% -57.93% 101.52% 5,965.18% 78.53% -14.79% -1,728.50% - -1.27%
Invested Capital Q/Q Growth		 0.59% 0.90% 1.14% -1.62% -2.01% -1.81% -1.03% -1.20% 75.04% - -0.40%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 0.00% -9.59% 50.18% 0.00% 0.00% -13.50% -48.71% -63.97% -128.33% - -7.13%
EBIT Margin		 0.00% -13.77% 25.29% 0.00% 0.00% -21.63% -80.15% -94.84% -168.02% - -42.04%
Profit (Net Income) Margin		 0.00% -6.44% 37.99% 0.00% 0.00% -10.97% -42.58% -59.39% -92.87% - -9.86%
Tax Burden Percent		 95.53% 78.71% 69.77% 70.72% 73.18% 65.79% 83.34% 72.26% 71.50% - 58.41%
Interest Burden Percent		 23.64% 59.47% 215.32% 79.94% 75.49% 77.05% 63.74% 86.67% 77.30% - 40.16%
Effective Tax Rate		 0.00% 0.00% 30.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 0.00% -1.17% 2.53% 0.00% 0.00% -1.74% -5.35% -7.36% -9.15% - -2.41%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -0.04% 3.60% 0.00% 0.00% -0.71% -4.60% -6.98% -8.03% - -0.80%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -0.02% 2.40% 0.00% 0.00% -0.48% -4.01% -6.22% -4.62% - -0.46%
Return on Equity (ROE)		 0.00% -1.18% 4.94% 0.00% 0.00% -2.22% -9.35% -13.58% -13.77% - -2.87%
Cash Return on Invested Capital (CROIC)		 -4.33% -3.17% -2.89% -4.49% -2.83% -0.45% -0.11% -0.25% -56.23% - -58.29%
Operating Return on Assets (OROA)		 0.00% -1.49% 3.25% 0.00% 0.00% -2.17% -6.61% -8.97% -11.63% - -2.99%
Return on Assets (ROA)		 0.00% -0.70% 4.89% 0.00% 0.00% -1.10% -3.51% -5.62% -6.43% - -0.70%
Return on Common Equity (ROCE)		 0.00% -1.18% 4.94% 0.00% 0.00% -2.22% -9.35% -13.58% -12.12% - -2.53%
Return on Equity Simple (ROE_SIMPLE)		 7.82% 0.00% 0.29% -3.44% -5.57% 0.00% -10.09% -10.03% -5.99% - -3.62%
Net Operating Profit after Tax (NOPAT)		 -13 -24 7.66 -42 -32 -31 -30 -35 -53 - -24
NOPAT Margin		 0.00% -9.64% 17.64% 0.00% 0.00% -15.14% -55.79% -66.39% -117.62% - -29.43%
Net Nonoperating Expense Percent (NNEP)		 -1.32% -1.13% -1.06% -0.99% -0.83% -1.04% -0.74% -0.38% -1.12% - -1.61%
SG&A Expenses to Revenue		 0.00% 2.12% 9.69% 0.00% 0.00% 0.57% 0.89% 4.80% 42.29% - 2.36%
Operating Expenses to Revenue		 0.00% 113.77% 74.71% 0.00% 0.00% 121.63% 180.15% 194.84% 268.02% - 142.04%
Earnings before Interest and Taxes (EBIT)		 -19 -35 11 -60 -46 -44 -43 -49 -76 - -34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -4.70 -24 22 -49 -33 -28 -26 -33 -58 - -5.76
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.47 2.58 2.23 1.90 2.74 2.41 3.85 5.38 6.05 - 4.36
Price to Tangible Book Value (P/TBV)		 2.48 2.60 2.25 1.91 2.76 2.43 3.88 5.42 6.05 - 4.36
Price to Revenue (P/Rev)		 37.97 14.22 8.53 7.19 10.15 10.89 20.47 24.46 56.29 - 38.87
Price to Earnings (P/E)		 31.54 145.21 759.26 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 3.17% 0.69% 0.13% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.71 1.92 1.53 1.34 1.78 1.61 2.40 3.14 3.58 - 2.68
Enterprise Value to Revenue (EV/Rev)		 39.47 16.02 10.76 9.44 12.50 13.67 24.23 27.48 57.66 - 41.42
Enterprise Value to EBITDA (EV/EBITDA)		 49.86 399.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 73.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 69.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 33.40 63.42 0.00 0.00 0.00 239.41 0.00 0.00 0.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.50 0.52 0.85 0.86 0.90 0.88 0.90 0.92 0.43 - 0.43
Long-Term Debt to Equity		 0.50 0.50 0.82 0.84 0.88 0.86 0.81 0.83 0.39 - 0.39
Financial Leverage		 0.52 0.53 0.67 0.66 0.67 0.68 0.87 0.89 0.58 - 0.57
Leverage Ratio		 1.72 1.71 1.86 1.88 1.89 1.93 2.17 2.22 1.77 - 1.82
Compound Leverage Factor		 0.41 1.02 4.01 1.50 1.43 1.49 1.38 1.92 1.37 - 0.73
Debt to Total Capital		 33.11% 34.20% 45.81% 46.30% 47.40% 46.92% 47.32% 47.99% 30.07% - 30.27%
Short-Term Debt to Total Capital		 0.00% 1.35% 1.25% 0.96% 1.07% 1.19% 4.49% 4.59% 2.73% - 2.94%
Long-Term Debt to Total Capital		 33.11% 32.85% 44.56% 45.35% 46.33% 45.73% 42.83% 43.40% 27.34% - 27.33%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 12.16% - 12.11%
Common Equity to Total Capital		 66.89% 65.80% 54.19% 53.70% 52.60% 53.08% 52.68% 52.01% 57.77% - 57.62%
Debt to EBITDA		 9.63 71.31 -34,347.29 -17.08 -11.35 -10.62 -6.87 -7.78 -7.08 - -11.44
Net Debt to EBITDA		 1.89 44.86 -23,759.14 -11.80 -7.99 -7.40 -5.40 -5.60 0.86 - -1.63
Long-Term Debt to EBITDA		 9.63 68.50 -33,413.75 -16.73 -11.09 -10.35 -6.22 -7.03 -6.44 - -10.32
Debt to NOPAT		 13.33 -42.05 -75.16 -13.27 -10.53 -9.55 -6.89 -7.32 -6.91 - -8.56
Net Debt to NOPAT		 2.61 -26.45 -51.99 -9.17 -7.41 -6.65 -5.42 -5.27 0.84 - -1.22
Long-Term Debt to NOPAT		 13.33 -40.39 -73.12 -13.00 -10.29 -9.30 -6.24 -6.62 -6.28 - -7.73
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 12.01% - 12.11%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -151 -73 -40 -62 0.95 58 103 88 -1,430 - -1,471
Operating Cash Flow to CapEx		 18.78% -18.89% -79.34% 66.34% -14.74% 73.17% -219.43% -13.74% -83.27% - -2.47%
Free Cash Flow to Firm to Interest Expense		 -107.84 -65.49 -13.84 -9.26 0.14 8.54 13.53 16.22 -166.95 - -149.42
Operating Cash Flow to Interest Expense		 7.89 -12.45 -14.39 4.57 -1.03 4.51 -8.30 -0.68 -4.91 - -0.19
Operating Cash Flow Less CapEx to Interest Expense		 -34.15 -78.37 -32.54 -2.32 -8.02 -1.65 -12.08 -5.59 -10.80 - -8.05
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.11 0.13 0.13 0.12 0.10 0.08 0.09 0.07 - 0.07
Fixed Asset Turnover		 0.09 0.24 0.27 0.26 0.25 0.19 0.16 0.18 0.17 - 0.16
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,057 2,076 2,099 2,065 2,024 1,987 1,967 1,943 3,401 - 3,414
Invested Capital Turnover		 0.04 0.12 0.14 0.14 0.14 0.12 0.10 0.11 0.08 - 0.08
Increase / (Decrease) in Invested Capital		 137 48 47 20 -33 -89 -133 -122 1,377 - 1,447
Enterprise Value (EV)		 3,527 3,976 3,208 2,765 3,594 3,196 4,722 6,109 12,167 - 9,135
Market Capitalization		 3,393 3,530 2,543 2,104 2,919 2,546 3,990 5,438 11,878 - 8,574
Book Value per Share		 $7.75 $7.68 $6.52 $6.71 $6.44 $6.46 $6.34 $6.18 $11.09 - $11.07
Tangible Book Value per Share		 $7.69 $7.63 $6.47 $6.66 $6.39 $6.42 $6.30 $6.14 $11.09 - $11.07
Total Capital		 2,057 2,076 2,099 2,065 2,024 1,987 1,967 1,943 3,401 - 3,414
Total Debt		 681 710 962 956 959 932 931 933 1,023 - 1,033
Total Long-Term Debt		 681 682 936 937 938 909 842 843 930 - 933
Net Debt		 133 447 665 661 675 650 732 671 -125 - 147
Capital Expenditures (CapEx)		 59 73 52 46 46 42 29 27 50 - 77
Net Nonoperating Expense (NNE)		 -8.98 -8.06 -8.83 -8.11 -6.81 -8.51 -7.03 -3.64 -11 - -16
Net Nonoperating Obligations (NNO)		 681 710 962 956 959 932 931 933 1,023 - 1,033
Total Depreciation and Amortization (D&A)		 14 11 11 11 13 17 17 16 18 - 28
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.02) ($0.09) $0.09 ($0.21) ($0.16) ($0.11) ($0.14) ($0.19) ($0.24) $0.07 ($0.04)
Adjusted Weighted Average Basic Shares Outstanding		 177.23M 177.18M 174.56M 165.34M 164.15M 166.84M 163.76M 163.83M 175.03M 170.13M 178.02M
Adjusted Diluted Earnings per Share		 ($0.02) ($0.08) ($0.08) ($0.21) ($0.16) ($0.12) ($0.14) ($0.19) ($0.24) $0.07 ($0.04)
Adjusted Weighted Average Diluted Shares Outstanding		 177.23M 178.15M 186.79M 165.34M 164.15M 169.88M 163.76M 163.83M 175.03M 170.13M 178.02M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 177.82M 178.08M 165.32M 165.38M 163.21M 163.44M 163.46M 177.10M 177.23M 177.67M 178.02M
Normalized Net Operating Profit after Tax (NOPAT)		 -50 -24 -26 -64 -76 -31 -30 -35 -53 - -53
Normalized NOPAT Margin		 0.00% -9.64% -60.61% 0.00% 0.00% -15.14% -55.79% -66.39% -117.62% - -66.05%
Pre Tax Income Margin		 0.00% -8.19% 54.44% 0.00% 0.00% -16.67% -51.09% -82.19% -129.89% - -16.88%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -13.56 -31.38 3.84 -8.93 -6.95 -6.52 -5.60 -9.11 -8.82 - -3.45
NOPAT to Interest Expense		 -9.49 -21.96 2.68 -6.25 -4.86 -4.56 -3.90 -6.37 -6.18 - -2.42
EBIT Less CapEx to Interest Expense		 -55.60 -97.29 -14.30 -15.82 -13.94 -12.68 -9.38 -14.02 -14.72 - -11.31
NOPAT Less CapEx to Interest Expense		 -51.54 -87.88 -15.46 -13.14 -11.85 -10.72 -7.68 -11.29 -12.07 - -10.27
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -344.01% -23.24% -23.97% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

MP Materials’ recent quarterly filings show a business with a strong liquidity position, but also a sharp deterioration in earnings and operating cash flow in early 2026. Over the last four years, the company has generally maintained a large cash/investment buffer and a heavily asset-backed balance sheet, but profitability has been volatile and the latest quarter shows a return to losses and negative operating cash flow.

  • Liquidity remains substantial. As of Q1 2026, MP reported $886.3 million in cash and due from banks plus $852.1 million in trading account securities, giving it a large near-term liquidity cushion.
  • Asset base has expanded meaningfully. Total assets rose to $3.84 billion in Q1 2026 from $2.36 billion in Q2 2024 and $2.28 billion in Q1 2023, reflecting continued investment in premises and equipment.
  • Equity remains solid despite volatility. Total common equity was $1.97 billion in Q1 2026, well above total liabilities of $1.46 billion.
  • MP has shown it can generate strong quarters. In Q4 2025, the company earned $9.4 million in net income, and in several earlier quarters it produced positive earnings and operating cash flow.
  • Interest expense has been relatively stable. Long-term debt interest expense was $9.8 million in Q1 2026 versus $6.8 million in Q4 2025 and $2.9 million in Q1 2024, suggesting moderate but manageable borrowing costs.
  • Debt levels are significant but not extreme relative to assets. Q1 2026 total debt was about $1.03 billion, compared with $3.84 billion of assets.
  • Capital spending remains high. MP continued to invest in property, leasehold improvements, and equipment, spending $77.4 million in Q1 2026 and $62.4 million in Q4 2025.
  • Q1 2026 showed a loss. Net income came in at a loss of $8.0 million, or $(0.04) per share, reversing from Q4 2025 profit of $9.4 million.
  • Operating cash flow turned negative again. MP used $1.9 million in operating cash in Q1 2026, compared with negative $46.9 million in Q4 2025 and positive $30.5 million in Q4 2024.
  • Investing outflows remain large. Q1 2026 investing cash flow was a negative $259.8 million, driven by $576.6 million of investment purchases partially offset by $394.1 million of sales and maturities.

Bottom line: MP Materials has a strong balance sheet and plenty of liquidity, but the latest quarter highlights a business that is still highly dependent on investment activity and non-operating items, with core profitability and operating cash flow remaining inconsistent. Investors will likely want to see a more durable return to positive operating earnings before assuming the recent improvement can be sustained.

06/03/26 08:43 AM ETAI Generated. May Contain Errors.

MP Materials Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MP Materials' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

MP Materials' net income appears to be on a downward trend, with a most recent value of -$85.87 million in 2025, rising from -$6.76 million in 2019. The previous period was -$65.42 million in 2024. Find out what analysts predict for MP Materials in the coming months.

Over the last 6 years, MP Materials' total revenue changed from $70.00 million in 2019 to $192.96 million in 2025, a change of 175.7%.

MP Materials' total liabilities were at $1.47 billion at the end of 2025, a 15.1% increase from 2024, and a 1,128.4% increase since 2019.

In the past 6 years, MP Materials' cash and equivalents has ranged from $2.76 million in 2019 to $1.18 billion in 2021, and is currently $1.17 billion as of their latest financial filing in 2025.


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Financial statements for NYSE:MP last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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