# MP Materials (MP.US)

Canonical: https://gigainvestors.com/s/MP

Analysis as of: 2026-10-16T07:30:21.126Z. Financial observations: FY2018–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $41.61 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 2

- Years with a net loss: 5

- Operating margin variation: 4.04×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.13×

- FY2019: -0.10×

- FY2020: -0.26×

- FY2021: 0.50×

- FY2022: 0.62×

- FY2023: -0.07×

- FY2024: -0.83×

- FY2025: -0.65×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 53.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: -7.0%

- ROIC, second-lowest year: -102.8%

- Typical minus recent gross margin: 53.9 pp

- Typical gross margin (annual median): 28.2%

- Recent gross margin (lower of latest and 3-year median): -25.7%

- Years with nonpositive capital: 1

- Capital spending / revenue: 49.6%

- ROIC including acquisitions, ten-year median: -5.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -102.8%

- FY2019: -927.6%

- FY2020: -6.8%

- FY2021: 26.7%

- FY2022: 34.3%

- FY2023: -1.2%

- FY2024: -12.0%

- FY2025: -7.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$17M

- Net income, five-year total: $297M

- Return on incremental invested capital: -9.8%

- Working capital / revenue, annual change: 14.1 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -7.48×

- FY2024: 2.66×

- FY2025: 1.00×

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -102.8% vs -7.1%

- Per-share earnings: -0.20 to -0.39 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 16.4%

- Diluted shares, 5-year annual growth: 16.4%

- Per-share value change: -$0.19

- Per-share value, starting three-year median: -$0.20

- Per-share value, ending three-year median: -$0.39

- Buybacks concentrated in cheaper years (correlation): -0.26

- Average buyback yield: 1.6%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -102.8%

- ROIC, last three-year median: -7.1%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.20

- FY2019: -$0.10

- FY2020: -$0.27

- FY2021: $0.71

- FY2022: $1.49

- FY2023: $0.14

- FY2024: -$0.39

- FY2025: -$0.50

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 1.7%

- Receivables to sales index (DSRI): 2.14×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -35.0%

- FY2019: -6.2%

- FY2020: -2.3%

- FY2021: 1.7%

- FY2022: -2.4%

- FY2023: -1.6%

- FY2024: -3.4%

- FY2025: 1.7%

## Holders

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 42% since Aug 2025 · "MP Materials' High Costs Warrant Caution: Can It Protect Margins?" (finance.yahoo.com, Jul 2025) · sales +10.1%

Story as of 2026-10-16T09:59:11.706Z; price observation 2026-10-15.

- 2025-06-13: MP Materials (NYSE:MP) Surges 41% In One Month Following Saudi Partnership ([finance.yahoo.com](https://finance.yahoo.com/news/mp-materials-nyse-mp-surges-174256809.html))

- 2025-07-21: MP Materials Forges $500M Partnership with Apple for US-Made, Recycled Rare Earth Magnets ([finance.yahoo.com](https://finance.yahoo.com/news/mp-materials-forges-500m-partnership-041449996.html))

- 2025-08-07: MP Materials quarterly loss smaller than expected on higher rare earths production ([finance.yahoo.com](https://finance.yahoo.com/news/mp-materials-posts-smaller-expected-203251349.html))

- 2026-01-27: MP Materials (MP) Drops 8.8% as Rival Gets Higher Funding From Govt ([finance.yahoo.com](https://finance.yahoo.com/news/mp-materials-mp-drops-8-100309263.html))

- 2026-04-20: MP Materials Becomes Stable Asset With US Government Backing, Multi-Year Contracts, Wedbush Says ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mp-materials-becomes-stable-asset-150942122.html))

- 2026-06-23: MP Materials (MP) Faces Fresh China Export Controls As Rare Earth Focus Grows ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mp-materials-mp-faces-fresh-043014418.html))

### Sales · FY2024–2025

sales +10.1%; source https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm; observed 2026-02-26.

- FY2018: $67M 

- FY2019: $73M 

- FY2020: $134M 

- FY2021: $332M 

- FY2022: $528M 

- FY2023: $253M 

- FY2024: $204M 

- FY2025: $224M 

### Gross margin · FY2023

gross margin 41.4%; source https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm; observed 2026-02-26.

- FY2018: 15.0% 

- FY2019: 7.6% 

- FY2020: 47.3% 

- FY2021: 69.7% 

- FY2022: 79.0% 

- FY2023: 41.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in other industrial metals & mining; annual sales are USD 224.4 million.

- Source: https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm (filed 2026-02-26); FY2025: revenue 224441000; grossProfit -57615000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MP.US: MP Materials Corp., together with its subsidiaries, produces rare earth materials in the Western Hemisphere. It operates in two segments, Materials and Magnetics. The Materials segment owns and operates the Mountain Pass Rare Earth Mine and Processing facility located near Mountain Pass, San Bernardino County, California. The Magnetics segment produces magnetic precursor products, including NdPr metal; and manufactures NdFeB permanent magnets. MP Materials Corp. was founded in 2017 and is headquartered in Las Vegas, Nevada.

### Why customers stay

It lost 7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 41.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = -32.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = -25.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 8-year return on capital observations [[2018,-1.0278793204452255],[2019,-9.275500770416025],[2020,-0.0676854195007419],[2021,0.26739122839751683],[2022,0.34266427486626694],[2023,-0.01232255955012433],[2024,-0.11966193400498329],[2025,-0.07140660130690452]]; median -0.06954601040382322. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 8 years; bought back USD 31.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 99488000; upkeep 24382000; owner earnings 135037000. Growth capex / owner earnings = 0.7367462251086739.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 308239000; upkeep 18356000; cash acquisitions 0; owner earnings 289004000. Growth capex plus acquisitions / owner earnings = 1.0665561722329102.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2018,0],[2019,0],[2020,996000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 31104000 USD.

### Are managers owners

Insiders own 19.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MP.US SharesStats.PercentInsiders = 19.617 percentage points; cache date 2026-10-16.

### What the price says

The price is 31.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 41.61 USD; reporting-to-trading FX 1; FY2025 annual sales per share 1.3192575302956613; price multiple 31.540468062118777. FY2025 cash earnings/share -0.504764820850957. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-06: $9.97 per share

- 2020-07: $11.80 per share

- 2020-08: $13.50 per share

- 2020-09: $13.58 per share

- 2020-10: $11.11 per share

- 2020-11: $21.52 per share

- 2020-12: $32.17 per share

- 2021-01: $29.17 per share

- 2021-02: $42.03 per share

- 2021-03: $35.95 per share

- 2021-04: $30.04 per share

- 2021-05: $28.08 per share

- 2021-06: $36.86 per share

- 2021-07: $37.62 per share

- 2021-08: $33.57 per share

- 2021-09: $32.23 per share

- 2021-10: $33.85 per share

- 2021-11: $43.94 per share

- 2021-12: $45.42 per share

- 2022-01: $39.94 per share

- 2022-02: $45.62 per share

- 2022-03: $57.34 per share

- 2022-04: $38.04 per share

- 2022-05: $39.43 per share

- 2022-06: $32.08 per share

- 2022-07: $33.57 per share

- 2022-08: $34.99 per share

- 2022-09: $27.30 per share

- 2022-10: $30.04 per share

- 2022-11: $33.25 per share

- 2022-12: $24.28 per share

- 2023-01: $32.51 per share

- 2023-02: $35.00 per share

- 2023-03: $28.19 per share

- 2023-04: $21.67 per share

- 2023-05: $20.72 per share

- 2023-06: $22.88 per share

- 2023-07: $23.85 per share

- 2023-08: $20.94 per share

- 2023-09: $19.10 per share

- 2023-10: $16.40 per share

- 2023-11: $15.87 per share

- 2023-12: $19.85 per share

- 2024-01: $15.81 per share

- 2024-02: $15.21 per share

- 2024-03: $14.30 per share

- 2024-04: $16.00 per share

- 2024-05: $16.22 per share

- 2024-06: $12.73 per share

- 2024-07: $13.52 per share

- 2024-08: $12.90 per share

- 2024-09: $17.65 per share

- 2024-10: $17.99 per share

- 2024-11: $21.07 per share

- 2024-12: $15.60 per share

- 2025-01: $21.96 per share

- 2025-02: $24.01 per share

- 2025-03: $24.41 per share

- 2025-04: $24.46 per share

- 2025-05: $21.79 per share

- 2025-06: $33.27 per share

- 2025-07: $61.50 per share

- 2025-08: $71.14 per share

- 2025-09: $67.07 per share

- 2025-10: $63.09 per share

- 2025-11: $61.95 per share

- 2025-12: $50.52 per share

- 2026-01: $58.77 per share

- 2026-02: $58.87 per share

- 2026-03: $48.26 per share

- 2026-04: $66.04 per share

- 2026-05: $64.70 per share

- 2026-06: $56.01 per share

- 2026-07: $41.37 per share

- 2026-08: $54.75 per share

- 2026-09: $47.29 per share

- 2026-10: $41.61 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.