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Owns the only scaled rare-earth mine in the US and is building out magnet manufacturing with government backing.
Owns the only scaled rare-earth mine in the US and is building out magnet manufacturing with government backing.
Used to sell most of its concentrate to Chinese refiners; since 2025 it keeps that output at home to refine into oxide and magnets. A US Defense Department deal that year set a minimum price for its rare-earth oxide and a long-term purchase commitment for its magnets, so the government is both investor and customer.
Moat: narrow (scale, regulatory licence, first-mover). Only integrated US-scale rare-earth resource, reinforced by a DoD equity stake and price-floor offtake deal.
Headquarters: Las Vegas, Nevada, US · Founded: 2017 · Employees: 998
Size MP Materials (MP) is a United States Materials company (Other Metals/Minerals) with a market value of $6.31B, the 1026th largest of 3,117 United States companies the cockpit tracks. Shares closed at $35.41 on 6 Nov 2026.
Performance Over six months the shares fell 47.5%, against -19.8% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 71.9% over the last twelve months (peer median +30.5%); the operating margin is -16.7% (peer median 27.3%).
Valuation It trades at 248.7× forward earnings against a peer median of 13.1× (most expensive of 18).
Capital Return on invested capital runs 16.3 points below its cost of capital (13.9% WACC).
Backlog Backlog (remaining performance obligations) was $180M at 30 Sep 2026 — 0.4 years of trailing revenue. Backlog detail →
Credit MP Materials has 1 bond outstanding ($863M).
Short interest Short interest is 20.4% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $416M | $275M | $204M | $253M | $528M |
| Revenue growth | — | +35% | -20% | -52% | — |
| Gross profit | $60.4M | -$6.60M | -$66.8M | $105M | $415M |
| EBITDA | $46.6M | -$32.0M | -$72.0M | $78.9M | $348M |
| Net income | -$60.6M | -$85.9M | -$65.4M | $24.3M | $289M |
| Free cash flow | -$505M | -$328M | -$173M | -$199M | $16.9M |
| Capital expenditure | $421M | $172M | $186M | $262M | $327M |
| Total debt | $953M | $1.03B | $916M | $690M | $686M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MP Materials MP | $6.31B | -47% | +72% | -17% | 248.7× | n/a |
| China Northern Rare Earth (Group) High-Tech 600111.SS | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% |
| Lynas Rare Earths LYC.AX | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% |
| USAR USAR | $3.09B | -69% | n/a | -949% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.3% | -12.4% | 4th lowest of 21 |
| 6-month return | -47.5% | -19.8% | 2nd lowest of 21 |
| Distance from 52-week high | -53.9% | -41.5% | 5th lowest of 21 |
| Revenue growth (TTM) | +71.9% | +30.5% | 6th highest of 20 |
| Operating margin | -16.7% | 27.3% | 2nd lowest of 20 |
| Forward P/E | 248.7× | 13.1× | most expensive of 18 |
| ROIC minus cost of capital | -16.3 pp | +5.7 pp | 2nd lowest of 21 |
| Net debt / EBITDA | -10.7× | -0.5× | least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MP Materials MP | United States | $6.31B | -47% | +72% | -17% | 248.7× | n/a | n/a |
| PLS PLS.AX | Australia | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% | +61.6% |
| Inner Mongolia Xingye Silver and Tin Mining 000426.SZ | China | $6.23B | -42% | +38% | 49% | 13.1× | 7.8% | +42.6% |
| Sandfire Resources SFR.AX | Australia | $6.20B | -4% | +32% | 32% | 13.3× | 9.2% | +25.8% |
| Discovery Mining DSV.TO | Canada | $6.44B | +19% | +684% | 38% | 17.6× | 19.9% | n/a |
| Aura Minerals AUGO | United States | $6.52B | -5% | +89% | 53% | 10.6× | -6.0% | +25.2% |
| NMDC NMDC.NS | India | $6.55B | -22% | +27% | 27% | 7.4× | 5.2% | +15.8% |
| Capstone Copper CS.TO | Canada | $6.01B | -8% | +30% | 32% | 9.4× | 9.8% | +40.2% |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 6% | 15.1× | n/a | n/a |
| Nanya New Material Technology 688519.SS | China | $5.90B | -5% | +104% | 17% | 55.2× | n/a | n/a |
| Yunnan Chihong Zinc & Germanium 600497.SS | China | $5.76B | -15% | +29% | 10% | 13.8× | 4.4% | +4.6% |
| China Nonferrous Mining 1258.HK | Hong Kong | $5.73B | -19% | +11% | 28% | 7.4× | -14.6% | +5.8% |
| Xinjiang Daqo New Energy 688303.SS | China | $5.69B | -20% | -23% | -62% | n/a | n/a | n/a |
| Yunnan Tin 000960.SZ | China | $5.66B | -34% | +19% | 8% | 10.8× | 1.9% | -0.5% |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 13% | 230.8× | n/a | n/a |
| NexGen Energy NXE.TO | Canada | $5.57B | -31% | n/a | n/a | n/a | n/a | n/a |
| Baiyin Nonferrous 601212.SS | China | $5.49B | -35% | 0% | 5% | n/a | n/a | n/a |
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
| China Rare Earth Resources And Technology 000831.SZ | China | $7.57B | -7% | -2% | 15% | 103.1× | 53.1% | +14.0% |
| Asia-Potash International Investment (Guangzhou) 000893.SZ | China | $5.08B | -32% | +40% | 36% | 11.6× | -3.3% | +72.1% |
| Yunnan Copper 000878.SZ | China | $5.01B | -28% | +10% | 2% | 11.9× | n/a | n/a |
MP Materials has 1 bond outstanding with $863M face value.
MP Materials reported $180M of remaining performance obligations at 30 Sep 2026. That is 0.4 years of trailing revenue already under contract.