MPNYSEMetal MiningFiscal year ends December 31
MP Materials Corp. / DE
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$38.95−1.22 (-3.04%)
Close on Oct 19, 2026
- Market cap
- $6.95B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
14.1%−38.4 pts over 5 years
Operating margin
-66.6%−40.7 pts over 5 years
Net margin
-38.3%−22.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.1% | -24.8% | +10.8% | – | |
| Gross profit | +180.9% | -58.3% | -14.8% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -5.2% | -5.7% | |
| Return on assets | – | -3.7% | -2.8% | |
| Current ratio | – | 13.03 | 7.24 | |
| Debt to equity | – | 0.00 | 0.50 | |
| Net debt to EBITDA | – | 19.05× | 2.78× | |
| Interest coverage | – | -6.9× | -4.7× | |
| Inventory turnover | – | 2.3× | 1.4× | |
| Capex to revenue | – | 16.7% | 76.8% | |
| Diluted shares | – | 80M | 170M |
Where the cash went
Fiscal 2021 to 2025, five years combined
MP Materials Corp. / DE generated $677.29M from operations and spent $1.30B on capital expenditure, dividends and share buybacks. 83% of that went back into the business.
Generated
$677.29M
Used
$1.30B
Capital expenditure$1.07B83%Dividends$00%Share buybacks$225.07M17%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-38.3%
×Asset turnover0.07×
×Equity multiplier2.04×
=Return on equity, FY2025-5.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -38.3% | 0.07× | 2.04× | -5.7% |
| FY2024 | -32.1% | 0.09× | 1.93× | -5.4% |
| FY2023 | 9.6% | 0.11× | 1.71× | 1.8% |
| FY2022 | 54.8% | 0.26× | 1.78× | 24.9% |
| FY2021 | 40.7% | 0.22× | 1.59× | 14.5% |
| FY2020 | -16.2% | 0.23× | 1.41× | -5.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$85.87M
- Cash generatingOperating cash flow above zero-$155.76M
- Return on assets improvedROA up on the prior year-2.8% → -3.7%
- Earnings backed by cashOperating cash flow above net income-$155.76M vs -$85.87M
- Less leverageLong-term debt to assets fell38.9% → 24.1%
- Better liquidityCurrent ratio rose6.29 → 7.24
- No dilutionShare count did not rise170M → 170M
- Gross margin improvedGross margin up on the prior year5.53% → 14.10%
- More efficientAsset turnover rose0.09 → 0.10