MP
MP Materials Corp. / DE
Materials • CIK: 0001801368
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Market Cap
$11.17B
P/E (TTM)
-95.8x
Rev Growth (TTM)
+26.4%
Net Margin (TTM)
-50.5%
FCF Yield (TTM)
-2.1%
FCF Margin (TTM)
-98.8%
Cash Flow Health
Free Cash Flow0/8 positive
TTM$-230M
Q3 '25
$-93M-183%
Q2 '25
$-33M+65%
FCF Margin
TTM-98.8%
Q3 '25-172.8%-204%
Sector: 4.7%Below Avg
OCF Margin-33.7%
OCF/NI0.67x
CapEx Coverage-0.5x
FCF Yield-2.1%
FCF Growth (2Y)–
Cash Conversion Cycle
240 days
DSO: 51+DIO: 228−DPO: 39
Capital Allocation & Returns
Total Shareholder YieldFY
FY0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-230.0M
Stock Repurchases (FY)$0
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-6.3%
Stable
-0.2% YoY+0.8%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-59.1%
8Q: -51.5%
Asset Turnover
0.09x
8Q: 0.09x
Leverage (1+D/E)
1.51x
D/E: 0.51x
DuPont: -8.2% ≈ -6.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.18x
8Q:0.17x
+3.8%
Invested Cap Turn
0.11x
8Q:0.10x
+2.9%
CapEx Intensity
6.9%
8Q:8.2%
CapEx/Depreciation
1.75x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $232.7M | $53.6M↓6.7% | $57.4M↓5.6% | $60.8M↓0.3% | $61.0M↓3.1% | $62.9M↑101.3% | $31.3M↓35.8% | $48.7M↑18.2% | $41.2M |
Operating Income | $-189.6M | $-67.0M | $0↑100.0% | $-43.9M↓26.2% | $-34.8M↑20.9% | $-44.0M↓11.2% | $-39.5M↑26.1% | $-53.5M↓64.9% | $-32.4M |
Net Income | $-117.6M | $-41.8M↓35.3% | $-30.9M↓36.3% | $-22.6M↓1.4% | $-22.3M↑12.4% | $-25.5M↑25.1% | $-34.1M↓306.5% | $16.5M↑201.4% | $-16.3M |
Operating Cash Flow | $-78.4M | $-42.0M↓1050.4% | $-3.7M↑94.2% | $-63.2M↓307.4% | $30.5M↑545.3% | $-6.8M↓122.2% | $30.8M↑175.0% | $-41.1M↓198.4% | $-13.8M |
Free Cash Flow | $-230.0M | $-92.5M↓183.3% | $-32.7M↑65.1% | $-93.7M↓738.3% | $-11.2M↑79.0% | $-53.3M↓240.6% | $-15.6M↑83.2% | $-93.0M↓7.2% | $-86.8M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
-95.8x
Volatile
8Q: -147.2x-20277%
Valuation Lenses
Earnings
-95.8x
vs – sector
Cash Flow
-48.6x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -6.3%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$11.17B
EV$11.17B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
30/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
-10.3%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-6.3%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: -59.1%
Asset Turnover: 0.09x
Earnings Quality
Cash Conversion
0.67x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin11.5%
Capital Efficiency
Invested Capital Turnover0.11x
Working Capital
Cash Conversion Cycle240 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
70/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
26.4%
OpInc Growth YoY
-52.5%
EPS Growth YoY
-32.1%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
11.5%
Operating
-81.5%
Below Avg in sector
Net
-50.5%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-48.3 pts
FCF: -98.8% | Net: -50.5%
FCF margin lags net margin by 48.3 pts
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $943.11M
Interest Coverage
–
+Net cash position: $943.11M
Leverage Metrics
Debt-to-Equity
0.51x
Balance sheet risk & solvency analysis