Paying shareholders without free cash flow. Paid out $225M over the 3 fiscal years to 2025 with -$700M of free cash flow.
MP Materials returned $225M in buybacks and dividends over three fiscal years while its free cash flow totalled -$700M. The money came from its cash pile or from borrowing.
Stock-based pay is a large cost. Stock pay was 13% of revenue in 2025.
MP Materials paid employees $30M in stock in 2025, 13% of its $224M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Growing fast, still losing money. Revenue grew faster than 87% of peers, at an operating loss.
Revenue grew faster than 87% of peers, but the business runs at an operating loss (margin -42%).
More volatile share price. Beta 1.99: tends to move more than the market.
MP Materials's shares have swung more with the market than most peers' (beta 1.99, above the market's 1.0).
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-0.9%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0364 · MAD: 0.0364
EBITDA yield-0.2%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0854 · MAD: 0.0520
Free cash flow yield-7.5%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0261 · MAD: 0.0261
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about MP Materials
Is MP Materials getting weaker?
Its latest SEC filing (Aug 7, 2026) got stronger: operating margin rose 13.0 points to -41.5%. Its overall score is unchanged at 42/100 since Oct 28, 2026.
How is MP Materials valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,371 basic materials peers.Earnings yield -0.9% vs a peer median of 3.6% (weaker than 100% of peers).Earnings yield -0.9% vs peers 3.6% (weaker than 100% of peers).
Is MP Materials growing?
Yes, faster than most of its peers. Growth scores 64/100 against 1,371 basic materials peers.Revenue growth 26.1% vs a peer median of 3.4% (stronger than 87% of peers).Revenue growth 26.1% vs peers 3.4% (stronger than 87% of peers).3-year revenue growth -6.8% vs a peer median of -0.0% (weaker than 74% of peers).3-year revenue growth -6.8% vs peers -0.0% (weaker than 74% of peers).
How profitable is MP Materials?
Less profitable than most of its peers. Profitability scores 7/100 against 1,371 basic materials peers.Operating margin -41.5% vs a peer median of 7.6% (weaker than 100% of peers).Operating margin -41.5% vs peers 7.6% (weaker than 100% of peers).
How risky is MP Materials?
Lower risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings.Current ratio 9.51× vs a peer median of 1.76× (stronger than 95% of peers).Current ratio 9.51× vs peers 1.76× (stronger than 95% of peers).Beta 1.99 vs a peer median of 0.69 (weaker than 100% of peers).Beta 1.99 vs peers 0.69 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026
Got stronger
Operating margin rose 13.0 points to -41.5%
Worth watching: MP Materials is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
Previous quarter
Latest quarter
Change
Revenue (12 months)
254.3M USD
305.4M USD
+20.1%
Net income (12 months)
−71.2M USD
−60.6M USD
−14.9%
Operating margin
-54.6%
-41.5%
+13.0 pts
Free cash flow (12 months)
−313.8M USD
−504.6M USD
+60.8%
Debt
1.0B USD
934.6M USD
−6.6%
Cash
886.3M USD
429.1M USD
−51.6%
Shares outstanding
178.0M
178.1M
+0.0%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Basic Materials · 121 companies
Valuations in Basic Materials are near the top of their range since 2016.
84% of months since 2016 were valued lower than now.
43% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +23% and earnings +13% (medians): prices and earnings moved broadly together.
Median price-to-sales is −9% vs the whole market, against a usual −27%.
2016Shaded: most expensive fifth of its range2026
Shown for Basic Materials: too few Other Industrial Metals & Mining companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
49.8%
62.1%
-7.0%
-83.1%
-66.6%
▲ 17 pts
Net margin
40.7%
54.8%
9.6%
-32.1%
-38.3%
▼ 6.2 pts
Return on assets (ROA)
7.1%
12.9%
1.0%
-2.8%
-2.2%
▲ 0.6 pts
Return on equity (ROE)
13.4%
22.0%
1.8%
-6.2%
-4.3%
▲ 1.9 pts
Free cash flow margin
-6.6%
3.2%
-78.6%
-84.9%
-146.2%
▼ 61 pts
Current ratio
21.44×
13.27×
10.42×
6.29×
7.24×
▲ 15%
Quick ratio
20.79×
12.68×
9.54×
5.63×
6.67×
▲ 18%
Debt to equity
0.67×
0.52×
0.50×
0.86×
0.50×
▼ 41%
Interest coverage
18.57×
56.59×
-3.37×
-7.36×
-4.74×
▲ 36%
MP price history
Price history is added with the daily price update and will appear after the next one.