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Metals & mining · Basic Materials · Fiscal year ends Dec 31
MP Materials Corp. / DE reported revenue of $224M in the fiscal year ended Dec 2025, up 10.1% from the year before. Operating income was −$149M, an operating margin of −66.6%, and net income was −$86M. Operating cash flow of −$156M less capital expenditure of $172M left free cash flow of −$328M. It held more cash than debt (net cash $167M).
Ranks among the 22 metals & mining companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 332 | 528 | 253 | 204 | 224 |
| Cost of revenue | – | 92.2 | 92.7 | 193 | 193 |
| Gross profit | – | 435 | 161 | 11.3 | 31.7 |
| Selling, general & admin | 56.6 | 75.9 | 79.2 | 83.3 | 112 |
| Operating income | 165 | 327 | −17.7 | −169 | −149 |
| Net interest incomeBanks | −8.9 | −5.8 | −5.3 | – | – |
| Interest expense | 8.9 | 5.8 | 5.3 | 23.0 | 31.5 |
| Pre-tax income | 160 | 341 | 33.1 | −93.3 | −118 |
| Income tax | 25.2 | 52.1 | 8.8 | −27.9 | −31.9 |
| Net income | 135 | 289 | 24.3 | −65.4 | −85.9 |
| Diluted EPS | 0.73 | 1.52 | 0.14 | −0.57 | −0.50 |
| Diluted shares | 190 | 193 | 178 | 170 | 170 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,179 | 137 | 263 | 282 | 1,166 |
| Receivables | 51.0 | 32.9 | 10.0 | 18.6 | 14.6 |
| Inventory | 38.7 | 57.6 | 95.2 | 108 | 172 |
| Current assets | 1,277 | 1,294 | 1,131 | 1,031 | 2,166 |
| Net PP&E | 611 | 936 | 1,158 | 1,251 | 1,370 |
| Total assets | 1,890 | 2,238 | 2,336 | 2,334 | 3,864 |
| Payables | 35.7 | 15.3 | 28.0 | 23.6 | 36.7 |
| Deferred revenue | – | – | 0.0 | 56.9 | 74.3 |
| Current liabilities | 59.5 | 97.5 | 109 | 164 | 299 |
| Short-term debt | 0.0 | – | – | 0.0 | 67.4 |
| Long-term debt | 675 | 678 | 682 | 909 | 931 |
| Total liabilities | 881 | 925 | 971 | 1,279 | 1,472 |
| Shareholders' equity | 1,009 | 1,313 | 1,366 | 1,055 | 1,979 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 102 | 344 | 62.7 | 13.3 | −156 |
| Capital expenditure | 124 | 327 | 262 | 186 | 172 |
| Free cash flow | −21.9 | 16.9 | −199 | −173 | −328 |
| Depreciation & amortisation | 24.4 | 18.4 | 55.7 | 78.1 | 89.3 |
| Stock-based compensation | 22.9 | 31.8 | 25.2 | 23.2 | 30.2 |
| Share buybacks | – | 0.0 | 0.0 | 225 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 58.9% | −52.0% | −19.6% | 10.1% |
| Operating income growth (YoY) | – | 98.0% | −105.4% | – | – |
| EPS growth (YoY) | – | 108.2% | −90.8% | −507.1% | – |
| Gross margin | – | 82.5% | 63.4% | 5.5% | 14.1% |
| Operating margin | 49.8% | 62.1% | −7.0% | −83.1% | −66.6% |
| Net margin | 40.7% | 54.8% | 9.6% | −32.1% | −38.3% |
| Return on equityBlank when equity is negative | 13.4% | 22.0% | 1.8% | −6.2% | −4.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.0% | 15.3% | −0.8% | −7.8% | −4.2% |
| Free cash flow margin | −6.6% | 3.2% | −78.6% | −84.9% | −146.2% |
| Cash conversion (CFO ÷ net income) | 0.76x | 1.19x | 2.58x | −0.20x | 1.81x |
| Receivable days | 56 | 23 | 14 | 33 | 24 |
| Inventory days | – | 228 | 375 | 205 | 325 |
| Payable days | – | 61 | 110 | 45 | 69 |
| Interest cover | 18.6x | 56.6x | −3.37x | −7.36x | −4.74x |
| Debt ÷ equity | 0.67x | 0.52x | 0.50x | 0.86x | 0.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −504 | 542 | 419 | 626 | −167 |
| Current ratio | 21.4x | 13.3x | 10.4x | 6.29x | 7.24x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.