MP · NYSE · Mining
MP Materials Corp. is a U.S.-based rare earth materials and magnetics company focused on restoring and expanding the domestic rare earth supply chain.
Current price
$39.61
▼ −$2.82 (6.65%) today
ET&A View
Last reviewed 15 September 2026
ET&A sees significant upside from the current price with an attractive risk/reward profile.
MP Materials occupies a uniquely strategic position as the leading integrated U.S. rare-earth producer and one of the few credible Western platforms capable of developing a mine-to-magnet supply chain at scale.
Business Health
Is the business financially healthy?
Some weaknesses
The balance sheet stands out. Watch revenue, earnings, margins and cash generation.
Overall
Revenue
$416m · ↑ +10% last year
Earnings
−$61m · Loss-making
Margins
Losing money on its sales
Cash generation
Uses more cash than it brings in
Balance sheet
More cash than debt
Investor View
Open a section for the detail behind the quick view.
MP Materials occupies a uniquely strategic position as the leading integrated U.S. rare-earth producer and one of the few credible Western platforms capable of developing a mine-to-magnet supply chain at scale. The…
The complete ET&A view
See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2025 | $224m | +10.1% | −64.6% | −$86m | −$0.50 | −$328m |
| FY2024 | $204m | −19.6% | −80.3% | −$65m | −$0.57 | −$173m |
| FY2023 | $253m | −52.0% | 1.4% | $24m | $0.14 | −$199m |
| FY2022 | $528m | — | 63.5% | $289m | $1.52 | $17m |
Long-term growth investors
Also suits: Adventurous investors comfortable with big swings
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Compare MP Materials Corp with any company → The model’s own peer calculations are in the Research View.
MP Materials Corp. is a U.S.-based rare earth materials and magnetics company focused on restoring and expanding the domestic rare earth supply chain. The company owns and operates the Mountain Pass mine and processing facility in California, one of the most significant rare earth deposits in the world and the largest rare earth production source in the Western Hemisphere.
MP Materials sits at the centre of several strategic technology and industrial themes, including electric vehicles, wind turbines, robotics, drones, defence systems, consumer electronics, and artificial intelligence infrastructure. Its long-term opportunity is tied to moving further downstream from rare earth mining and processing into magnet manufacturing, where materials such as neodymium and praseodymium are used in high-performance permanent magnets. This makes MP Materials a strategic supplier within the push for more secure, Western-aligned critical mineral and advanced manufacturing supply chains.
Mining · USA
For detailed analysis. Each section opens on its own.
As of 14 October 2026
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
Use the 5Y and Max ranges on the price chart at the top of the page.
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.
ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.
Powered by the ET&A Company Assessment FrameworkSee the full framework →
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
Unprofitable · Strong balance sheet · Weak
Context — not part of the score
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
Based on the factors that could be measured (45% of the model).
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue |
Rated on 3-year average revenue growth, on ET&A's growth scale. | 2.0 / 10 | Weak |
| Earnings |
A loss-making company is always rated Weak for earnings. | 1.0 / 10 | Weak |
| Margins |
The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak). | 1.0 / 10 | Weak |
| Cash generation |
Free cash flow as a share of sales, on ET&A's cash-generation scale. | 2.0 / 10 | Weak |
| Balance sheet |
Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale. | 10.0 / 10 | Excellent |
| Overall | Average of the 5 rated areas | 3.2 / 10 | Below Average |
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
No research notes have been published for MP Materials Corp yet.
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