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Processes and manufactures rare earth-based magnets and specialty materials, including permanent magnets and advanced material formulations.
Processes and manufactures rare earth-based magnets and specialty materials, including permanent magnets and advanced material formulations.
Magnet powders and magnets sold to motor and electronics makers carry the business, while Silmet in Estonia separates rare-earth oxides sold on to other industries. A sintered-magnet plant at Narva, Estonia, is meant to supply European EV and wind customers outside Chinese supply.
In one line: A rare-earth magnet/materials processor, a Western alternative to Chinese supply chains.
Moat: narrow (process know-how, IP / patents). One of few non-Chinese rare-earth processing/magnet manufacturers, valuable amid supply-chain diversification efforts.
Headquarters: Toronto, Canada · Founded: 2012 · Employees: 1,524
Size Neo Performance Materials (NEO.TO) is a Canada Materials company (Chemicals: Specialty) with a market value of $821M, the 272nd largest of 420 Canada companies the cockpit tracks. Shares closed at C$24.90 on 6 Nov 2026.
Performance Over six months the shares fell 12.6%, against -17.5% for the median peer and +5.2% for the Canada market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 23.7% over the last twelve months (peer median +4.6%); the operating margin is 13.6% (peer median 7.8%).
Valuation It trades at 12.2× forward earnings against a peer median of 23.9× (2nd cheapest of 16).
Capital Return on invested capital runs 0.5 points above its cost of capital (10.3% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$833M | C$669M | C$652M | C$771M | C$834M |
| Revenue growth | — | +3% | -15% | -7% | — |
| Gross profit | C$259M | C$177M | C$160M | C$124M | C$185M |
| EBITDA | C$135M | C$65.3M | C$70.1M | C$37.8M | C$98.1M |
| Net income | C$2.00M | -C$14.0M | -C$17.7M | -C$11.4M | C$33.8M |
| Free cash flow | -C$153M | -C$120M | -C$18.1M | C$27.3M | -C$17.8M |
| Capital expenditure | C$39.7M | C$44.2M | C$88.0M | C$56.3M | C$22.7M |
| Total debt | C$230M | C$145M | C$109M | C$38.8M | C$67.7M |
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 |
|---|---|---|---|---|---|---|
| Neo Performance Materials NEO.TO | $821M | -13% | +24% | 14% | 12.2× | n/a |
| MP Materials MP | $6.31B | -47% | +72% | -17% | 248.7× | n/a |
| Lynas Rare Earths LYC.AX | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% |
| China Northern Rare Earth (Group) High-Tech 600111.SS | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% |
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 | NEO.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.3% | -14.8% | 3rd lowest of 21 |
| 6-month return | -12.6% | -17.5% | 10th highest of 21 |
| Distance from 52-week high | -47.2% | -43.2% | 9th lowest of 21 |
| Revenue growth (TTM) | +23.7% | +4.6% | 5th highest of 21 |
| Operating margin | 13.6% | 7.8% | 5th highest of 21 |
| Forward P/E | 12.2× | 23.9× | 2nd cheapest of 16 |
| ROIC minus cost of capital | +0.5 pp | -4.5 pp | 3rd highest of 21 |
| EV / EBITDA | 9.2× | 21.1× | 2nd cheapest of 8 |
| Net debt / EBITDA | 0.7× | 0.6× | 5th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Neo Performance Materials NEO.TO | Canada | $821M | -13% | +24% | 14% | 12.2× | n/a | n/a |
| Zhejiang Zhengguang Industrial 301092.SZ | China | $823M | -1% | -5% | 13% | 53.7× | n/a | n/a |
| Zhejiang Xinhua Chemical 603867.SS | China | $817M | -27% | +7% | 10% | 16.1× | 12.8% | +4.9% |
| Jiangsu Aisen Semiconductor Material 688720.SS | China | $817M | -21% | +29% | 5% | 40.2× | n/a | n/a |
| Shanxi Lu'an Chemical Technology 600691.SS | China | $827M | -31% | -14% | -8% | 232.0× | 27.2% | -11.2% |
| HuBei NengTer Technology 002102.SZ | China | $832M | -12% | -59% | -3% | 16.6× | n/a | n/a |
| Neogen Chemicals NEOGEN.NS | India | $809M | +47% | +27% | 14% | 109.3× | n/a | n/a |
| China Petrochemical Development 1314.TW | Taiwan | $833M | -1% | -35% | -18% | n/a | n/a | n/a |
| Fujian Yuanli Active Carbon 300174.SZ | China | $840M | -14% | +7% | 9% | 20.2× | 17.3% | +10.1% |
| Sinolong New Materials 301565.SZ | China | $799M | -27% | +20% | 1% | 23.9× | n/a | n/a |
| Hangzhou Greenda Electronic Materials 603931.SS | China | $797M | -31% | -4% | 20% | 39.7× | 21.4% | +1.4% |
| Sinosteel New Materials 002057.SZ | China | $849M | -22% | +13% | 9% | 12.3× | 12.4% | +13.5% |
| Alkyl Amines Chemicals ALKYLAMINE.NS | India | $849M | -9% | +13% | 17% | 37.4× | 36.2% | +4.3% |
| Toyobo 3101.T | Japan | $793M | -1% | +2% | 7% | 13.6× | 2.0% | +4.6% |
| Kingfa Science & Technology (India) KINGFA.NS | India | $849M | +20% | +24% | 14% | n/a | n/a | n/a |
| Pan Asian Microvent Tech (Jiangsu) 688386.SS | China | $792M | -40% | +37% | 18% | 40.7× | n/a | n/a |
| Shandong Head 002810.SZ | China | $855M | -38% | +16% | 21% | 14.2× | -1.6% | +7.9% |
| Zhejiang Jihua 603980.SS | China | $788M | +22% | +2% | 2% | n/a | 27.0% | -3.6% |
| Daqo New Energy Corp Sponsored ADR DQ | United States | $856M | -32% | -21% | -70% | n/a | n/a | n/a |
| Sichuan Lutianhua Company Limited By Shares 000912.SZ | China | $785M | -31% | -5% | -4% | n/a | n/a | n/a |
| Kronos Worldwide KRO | United States | $859M | +46% | +3% | -1% | 11.9× | 17.6% | +2.6% |