MP Materials Corp. / DE MP
MP Materials Corp., including its subsidiaries (the "Company," "MP Materials," "we," "our," and "us"), is the largest producer of rare earth materials in the Western Hemisphere. Headquartered in Las Vegas, Nevada, the Company owns and operates the Mountain Pass Rare Earth Mine and Processing Facility ("Mountain Pass") located near Mountain Pass, San Bernardino County, California, the only rare earth mining and processing site of scale in North America. Additionally, the Company owns and operates a rare earth metal, alloy and magnet manufacturing facility in Fort Worth, Texas ("Independence" or the "Independence Facility"), where the Company produces and sells magnetic precursor products and commenced the manufacturing of neodymium-iron-boron ("NdFeB") permanent magnets in December 2025. The Company's operations are organized into two reportable segments: Materials and Magnetics.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $224.4M | $203.9M | $253.4M | $527.5M | $332.0M | $134.3M | $73.0M | — |
| SG&A | $112.1M | $83.3M | $79.2M | $75.9M | $56.6M | $26.8M | $11.1M | — |
| Total operating expenses | $424.8M | $373.3M | $271.2M | $200.1M | $166.6M | $169.0M | $81.0M | — |
| Operating income | -$149.4M | -$169.4M | -$17.7M | $327.4M | $165.3M | -$34.7M | -$7.6M | — |
| Interest expense | $31.5M | $23.0M | $5.3M | $5.8M | $8.9M | $5.0M | $3.4M | — |
| Pre-tax income | -$117.8M | -$93.3M | $33.1M | $341.2M | $160.2M | -$39.5M | -$6.8M | — |
| Income tax | $31.9M | $27.9M | $8.8M | $52.1M | $25.2M | $17.6M | $1.0K | — |
| Net income | -$85.9M | -$65.4M | $24.3M | $289.0M | $135.0M | -$21.8M | -$6.8M | — |
| EPS, basic | -0.50 | -0.39 | 0.14 | 1.64 | 0.78 | -0.27 | -0.10 | — |
| EPS, diluted | -0.50 | -0.57 | 0.14 | 1.52 | 0.73 | -0.27 | -0.10 | — |
| Shares, diluted (wtd. avg.) | $170.1M | $169.9M | $178.2M | $193.5M | $189.8M | $79.7M | $66.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.17B | $282.4M | $263.4M | $143.5M | $1.18B | $532.4M | $29.6M | $28.5M |
| Short-term investments | $664.3M | $568.4M | $734.5M | $1.05B | $0 | — | — | — |
| Receivables | $14.6M | $18.6M | $10.0M | $32.9M | $51.0M | $3.6M | $370.0K | — |
| Inventory | $171.6M | $107.9M | $95.2M | $57.6M | $38.7M | $32.3M | $23.0M | — |
| Total current assets | $2.17B | $1.03B | $1.13B | $1.29B | $1.28B | $561.0M | $27.4M | — |
| Property, plant and equipment | $1.37B | $1.25B | $1.16B | $935.7M | $610.6M | $502.0M | $46.4M | — |
| Other intangibles | $6.2M | $7.4M | $8.9M | $89.0K | — | — | — | — |
| Total assets | $3.86B | $2.33B | $2.34B | $2.24B | $1.89B | $1.07B | $101.8M | — |
| Accounts payable | $36.7M | $23.6M | $28.0M | $15.3M | $35.7M | $16.2M | $12.0M | — |
| Short-term debt | $67.4M | $0 | — | — | $0 | $2.4M | — | — |
| Total current liabilities | $299.0M | $164.0M | $108.5M | $97.5M | $59.5M | $43.1M | $31.3M | — |
| Long-term debt | $931.3M | $908.7M | $682.0M | $678.4M | $674.9M | $961.0K | — | — |
| Total liabilities | $1.47B | $1.28B | $970.7M | $925.2M | $880.9M | $220.4M | $119.8M | — |
| Retained earnings | $234.4M | $320.3M | $385.7M | $361.4M | $72.4M | -$62.6M | -$40.8M | — |
| Total equity | $1.98B | $1.05B | $1.37B | $1.31B | $1.01B | $853.9M | -$18.0M | -$11.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$155.8M | $13.3M | $62.7M | $343.5M | $102.0M | $3.3M | -$437.0K | — |
| Depreciation and amortisation | $89.3M | $78.1M | $55.7M | $18.4M | $24.4M | $6.9M | $4.7M | — |
| Stock-based compensation | $30.2M | $23.2M | $25.2M | $31.8M | $22.9M | $5.0M | $0 | — |
| Capital expenditure | $172.4M | $186.4M | $261.9M | $326.6M | $123.9M | $22.4M | $2.3M | — |
| Investing cash flow | -$206.0M | $10.1M | $68.7M | -$1.36B | -$119.4M | -$22.4M | $5.6M | — |
| Financing cash flow | $1.25B | -$4.8M | -$9.9M | -$24.2M | $666.1M | $522.0M | -$4.1M | — |
| Buybacks | $0 | $225.1M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001801368-26-000020.
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