MP Materials Corp.

NYSE · Lithium & Rare Earths

$35.41

At close - Nov 6, 4:00 PM EST - USD

Market Cap$6.3B

P/E-159.8x

52W High$76.80

Volume8.72M

VCP Research Verdict2026Q2

Volume Surge Masks Persistent Negative Operating Leverage

MP Materials is executing a high-stakes vertical integration strategy, with 2026Q2 revenue up 89% year-over-year to $108.5M, yet the company remains unprofitable at the operating line (-$13.5% margin) and has posted negative operating income in nine of the last ten quarters.

GrowthAccelerating

ProfitabilityStrained

ValuationExpensive

TechnicalsWeak

Explore valuation models

MARKET ACTION

MP price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue growth accelerated to 89% year-over-year in 2026Q2, but gross margin swung to 33.4% from -32.2% in the prior quarter, while operating margin remained deeply negative at -13.5%, indicating that cost growth (COGS up to $72.3M) is still outpacing the benefits of scale.

Analyst Consensus+127.9% target

Buy(14 analysts)

13 Buy1 Hold0 Sell

The Bull Case

Upside Catalysts

Vertical integration strategy

MP Materials is transitioning from a mining operation to a vertically integrated producer, enhancing its market position and supply chain control.

Critical national resource supplier

The company is becoming a key supplier of rare earth materials, which are vital for national security and technology sectors.

Positive 2026 forecast

Analysts project a bullish outlook for 2026, driven by MP Materials' strategic evolution and market opportunities.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

MP-35.58%

S&P 500 (^GSPC)+7.63%

1-Year Return

MP-31.84%

S&P 500 (^GSPC)+9.69%

3-Year Return

MP+126.99%

S&P 500 (^GSPC)+77.85%

5-Year Return

MP-15.06%

S&P 500 (^GSPC)+63.59%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y Low

-159.8x

Forward P/E

N/A

EV/EBITDA67th %ile

87.4x

FCF YieldCash Flow

N/A

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

-159.8x

62.2x

0th· Low

EV/EBITDA

87.4x

42.9x

67th· Fair

Price/FCF

N/A

277.6x

N/A

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$224M+10.1% YoY

Net income FY25

-$86M-31.3% YoY

Free cash flow FY25

-$328M-89.6% YoY

Operating margin FY25

-64.6%+18.5 pts YoY

ROIC (FY25)-5.5%

Avg ROIC 5Y6.8%

ROE (TTM)-1.7%

Piotroski Score4 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate7/12 (58%)

Revenue Beat Rate7/12 (58%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Nov 5, 2026	$0.04+286.0% vs -$0.02	$148M+25.8% vs $117M
Q3 2026 Aug 6, 2026	-$0.01+0.6% vs -$0.01	$108M+12.0% vs $97M
Q2 2026 May 7, 2026	$0.03+206.5% vs -$0.03	$91M+21.2% vs $75M
Q1 2026 Feb 26, 2026	$0.09+53.9% vs $0.06	$53M-30.7% vs $76M

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·1d ago

MP Materials Corp. (MP) Q3 2026 Earnings Call Transcript

MP Materials Corp. ( MP ) Q3 2026 Earnings Call November 5, 2026 5:00 PM EST Company Participants Martin Sheehan - Senior Vice President of Investor Relations James Litinsky - Co-Founder, Chairman, President & CEO Ryan Corbett - Chief Financial Officer Michael Rosenthal - Co-Founder & COO Conference Call Participants Brian Lee - Goldman Sachs Group, Inc., Research Division Lawson Winder - BofA Securities, Research Division Neal Dingmann - William Blair & Company L.L.C., Research Division Max Yerrill - BMO Capital Markets Equity Research Carlos de Alba - Morgan Stanley, Research Division Corinne Blanchard - Deutsche Bank AG, Research Division William Peterson - JPMorgan Chase & Co, Research Division Ben Kallo - Robert W.

The Motley Fool·1d ago

Here's What $5,000 in USA Rare Earth Could Be Worth by 2030 If It Reaches MP Materials' Market Cap

The U.S. is investing heavily to build domestic rare-earth element mining and processing capabilities. MP Materials has a first-mover advantage, as it owns the Mountain Pass mine in California.

Zacks Investment Research·2d ago

MP Materials Corp. (MP) Tops Q3 Earnings and Revenue Estimates

MP Materials Corp. (MP) came out with quarterly earnings of $0.04 per share, beating the Zacks Consensus Estimate of a loss of $0.01 per share. This compares to a loss of $0.1 per share a year ago.

Barrons·2d ago

MP Materials Rare Earth Earnings Were Rock Solid. What's Up With the Stock?

The rare earth miner reported a surprise adjusted profit and sharply higher sales.

Filtered for MP Materials Corp.More Headlines

Compare before deciding

Benchmark MP against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for MP Materials Corp. (MP)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
MPMP Materials Corp.Current	$35.41	$6.3B	-159.79	10.1%	-9.9%	-1.74%	—
UUUUEnergy Fuels Inc.	$6.66	$1.66B	-14.52	-15.61%	-99.99%	-14.77%	—
LACLithium Americas Corp.	$1.93	$430.93M	-4.84	—	—	-6.16%	—
NXENexGen Energy Ltd.	$8.25	$5.46B	-32.35	—	—	-16.13%	—
URGUr-Energy Inc.	$0.74	$295.26M	-3.34	-19.28%	-252.34%	-110.66%	—
ALBAlbemarle Corporation	$99.25	$11.71B	17.26	-4.37%	11.08%	6.61%	1.63%

Compare MP vs Peers

MP Materials Corp. (MP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs UUUU

Most directly comparable listed peer for MP.

Scale Benchmark

vs TSLA

Larger-name benchmark to compare MP against a more recognizable public peer.

Peer Set

Compare Top 5

vs UUUU, LAC, NXE, URG

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

MP SEC Filings & Documents

MP Materials Corp. (MP) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Aug 6, 2026·SEC

Material company update

Jun 10, 2026·SEC

Material company update

May 7, 2026·SEC

10-K Annual Reports

FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

FY 2026

Aug 7, 2026·SEC

FY 2026

May 8, 2026·SEC

FY 2025

Nov 7, 2025·SEC

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MP Frequently Asked Questions

MP Materials Corp. (MP) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is MP Materials Corp.'s revenue?

MP Materials Corp. (MP) reported $399.5M in revenue over the trailing twelve months. Revenue was $224.4M in fiscal year 2025. That is 233% more than the $67.4M of fiscal year 2018.

How fast is MP Materials Corp. growing?

MP Materials Corp. (MP) grew revenue by 71.6% over the trailing twelve months, compared with the twelve months before.

Is MP profitable?

No. MP Materials Corp. (MP) reported a net loss of $39.5M over the trailing twelve months.

Dividend & Returns

What is MP's return on equity?

MP Materials Corp. (MP) had a return on equity (ROE) of -1.7% over the trailing twelve months. A negative ROE means the company lost money over the period.

What is MP Materials Corp.'s free cash flow?

MP Materials Corp. (MP) had negative free cash flow of $537.3M over the trailing twelve months.

What if you invested $1,000 in MP back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Nov 5, 2026

$0.04+286.0%

vs -$0.02

$148M+25.8%

vs $117M

Q3 2026

Aug 6, 2026

-$0.01+0.6%

vs -$0.01

$108M+12.0%

vs $97M

Q2 2026

May 7, 2026

$0.03+206.5%

vs -$0.03

$91M+21.2%

vs $75M

Q1 2026

Feb 26, 2026

$0.09+53.9%

vs $0.06

$53M-30.7%

vs $76M

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

MPMP Materials Corp.Current

$35.41

$6.3B

-159.79

10.1%

-9.9%

-1.74%

—

UUUUEnergy Fuels Inc.

$6.66

$1.66B

-14.52

-15.61%

-99.99%

-14.77%

—

LACLithium Americas Corp.

$1.93

$430.93M

-4.84

—

-6.16%

—

NXENexGen Energy Ltd.

$8.25

$5.46B

-32.35

—

-16.13%

—

URGUr-Energy Inc.

$0.74

$295.26M

-3.34

-19.28%

-252.34%

-110.66%

—

ALBAlbemarle Corporation

$99.25

$11.71B

17.26

-4.37%

11.08%

6.61%

1.63%