MP Materials Corp. / DE financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data MP Materials Corp. / DE files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	73.4	134	332	528	253	204	224
Cost of revenue	61.3	63.8		92.2	92.7	193	193
Gross profit	12.2	70.5		435	161	11.3	31.7
Selling, general and administrative		26.8	56.6	75.9	79.2	83.3	112
General and administrative	11.1	26.9	57.2
Operating income	-7.62	-34.7	165	327	-17.7	-169	-149
Interest expense	3.41	5.01	8.9	5.79	5.25	23	31.5
Other non-operating income	4.28	0.25	3.75	19.5	56	46.2	63.1
Pre-tax income	-6.75	-39.5	160	341	33.1	-93.3	-118
Income tax	0	-17.6	25.2	52.1	8.77	-27.9	-31.9
Net income	-6.76	-21.8	135	289	24.3	-65.4	-85.9
EBITDA	-2.93	-27.8	190	346	38	-91.4	-60.1
EPS, basic	-0.10	-0.27	0.78	1.64	0.14	-0.39	-0.50
EPS, diluted	-0.10	-0.27	0.73	1.52	0.14	-0.57	-0.50
Shares, basic (weighted)	66.6	79.7	173	177	177	167	170
Shares, diluted (weighted)	66.6	79.7	190	193	178	170	170

Balance sheet

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.76	520	1,179	137	263	282	1,166
Short-term investments			0	1,046	734	568	664
Receivables	0.37	3.59	51	32.9	10	18.6	14.6
Inventory	23	32.3	38.7	57.6	95.2	108	172
Other current assets	1.23	5.53	7.81	21.1	7.99	9.63	17.3
Total current assets	27.4	561	1,277	1,294	1,131	1,031	2,166
Property, plant and equipment	46.4	502	611	936	1,158	1,251	1,370
Lease right-of-use assets	0.57	1.09	0.34	0.1	10.1	8.68	13.2
Intangible assets				0.09	8.88	7.37	6.18
Other non-current assets	0.62	1.14	2.25	2.28	14.9	31.7	38.3
Total assets	102	1,074	1,890	2,238	2,336	2,334	3,864
Accounts payable	12	16.2	35.7	15.3	28	23.6	36.7
Accrued liabilities				56.9	73.9	64.7	95.1
Deferred revenue					0	56.9	74.3
Short-term debt		2.4	0			0	67.4
Total current liabilities	31.3	43.1	59.5	97.5	109	164	299
Long-term debt		0.96	675	678	682	909	931
Lease liabilities	0.35	0.36	0	0.02	6.83	5.8	8.43
Other non-current liabilities	5.05	1.63	7.75	4.99	25.1	31.9	57
Total liabilities	120	220	881	925	971	1,279	1,472
Total debt		3.36	675	678	682	909	999
Paid-in capital	22.8	916	936	951	980	961	1,971
Retained earnings	-40.8	-62.6	72.4	361	386	320	234
Treasury stock					0	-227	-227
Other comprehensive income			0	0.19	0.15	0.17	0.39
Shareholders' equity	-18	854	1,009	1,313	1,366	1,055	1,979
Total equity	-18	854	1,009	1,313	1,366	1,055	1,979
Total liabilities and equity	102	1,074	1,890	2,238	2,336	2,334	3,864
Shares outstanding	66.6	171	178	178	178	163	177

Cash flow statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6.76	-21.8	135	289	24.3	-65.4	-85.9
Depreciation and amortization	4.69	6.93	24.4	18.4	55.7	78.1	89.3
Stock-based compensation	0	5.01	22.9	31.8	25.2	23.2	30.2
Deferred income tax	0	-17.8	17.4	17.8	8.46	-27.8	-30.4
Change in receivables	-0.15	-3.22	-47.4	18.2	23.1	-8.93	4
Change in inventory	-9.57	-9.22	-8.23	-24.3	-47.1	-41.5	-115
Change in payables	6.25	-3.85	5.53	1.96	11.3	1.33	9.39
Cash from operations	-0.44	3.28	102	344	62.7	13.3	-156
Capital expenditures	-2.27	-22.4	-124	-327	-262	-186	-172
Purchases of investments		0	0	-2,780	-1,185	-1,568	-1,819
Sales and maturities of investments		0	0	281	1,015	1,598	1,571
Cash from investing	5.62	-22.4	-119	-1,357	68.7	10.1	-206
Debt issued				0	0	748	61.5
Stock issued					0	0	748
Share buybacks				0	0	-225	0
Cash from financing	-4.1	522	666	-24.2	-9.92	-4.79	1,246
Net change in cash	1.09	503	649	-1,038	121	18.6	884
Free cash flow	-2.71	-19.1	-21.9	16.9	-199	-173	-328
Interest paid	0.93	3.09	1.2	2.1	2.06	12.1	23.1
Income taxes paid	0	0.26	4.17	18.9	20.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $48.83 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.4%	Gross profit / revenue.
Operating margin	-41.5%	Operating income / revenue.
EBITDA margin	-4.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-29.8%	Pre-tax income / revenue.
Net margin	-19.9%	Net income / revenue.
FCF margin	-165.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-27.5%	Cash from operations / revenue.
Return on equity (ROE)	-3.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.6%	Net income / average total assets.
Return on invested capital (ROIC)	-4.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	42.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	13.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	137.7%	Capital expenditures / revenue.
D&A / revenue	37.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-24.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	180.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-58.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-14.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1,267.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	87.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	65.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	29.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	16.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	9.51x	Current assets / current liabilities.
Quick ratio	8.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	7.91x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.48x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.1%	Total debt / total assets.
Liabilities / assets	36.4%	Total liabilities / total assets.
Net debt	-$518.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-3.34x	Operating income / interest expense.
Working capital	$1.56B	Current assets - current liabilities.
Tangible book value	$1.96B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.08x	Revenue / average total assets.
Fixed asset turnover	0.19x	Revenue / average property, plant and equipment.
Inventory turnover	1.38x	Cost of revenue / average inventory.
Days inventory	264 days	365 x average inventory / cost of revenue.
Receivables turnover	7.55x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	70 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	242 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.34	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.71	Revenue / diluted weighted shares.
FCF per share	-$2.83	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.47	Cash from operations / diluted weighted shares.
Book value per share	$10.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.99	Tangible book value / shares outstanding.
Cash per share	$8.16	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$8.70B	Share price x shares outstanding.
Enterprise value	$8.18B	Market cap + total debt - cash - short-term investments.
P/S	28.5x	Market cap / revenue.
P/B	4.44x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.44x	Market cap / tangible book value, when positive.
EV/Sales	26.8x	Enterprise value / revenue.
FCF yield	-5.8%	Free cash flow / market cap.
Earnings yield	-0.7%	Net income / market cap (the inverse of P/E).

What was MP Materials Corp. / DE's revenue in fiscal 2025?

MP Materials Corp. / DE reported revenue of $224.4M for fiscal 2025, 10.1% higher than the year before.

Was MP Materials Corp. / DE profitable in fiscal 2025?

No. It reported a net loss of $85.9M.

How much free cash flow did MP Materials Corp. / DE generate in fiscal 2025?

Cash from operations of $155.8M minus capital expenditures of $172.4M left free cash flow of -$328.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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