At a glance
MP Materials Corp is worth $7.31B. Revenue grew 10.1% to $224.4M in fiscal 2025, at a loss; over 5 years it has grown 10.8% a year. It pays no dividend; it spent $225.1M buying back its shares over FY2021–FY2025. The stock returned −36.8% over the past year with dividends reinvested and +3.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 34 months after the low.
The business in plain English
MP Materials is the Western Hemisphere's largest producer of rare earth materials. Two rare earth elements, neodymium and praseodymium (together called NdPr), go into the permanent magnets inside electric-vehicle motors, wind generators, drones, robots and defense systems. MP owns the Mountain Pass mine and processing plant in California, the only such site of scale in North America, and a magnet factory called Independence in Fort Worth, Texas.
MP reports two segments. Materials, which mines and refines ore at Mountain Pass, produced 71.5% of fiscal 2025 revenue of $224 million. Its main products, NdPr oxide and metal, go mostly to customers in Japan, South Korea and the rest of Asia. In earlier years, most revenue came from partly processed ore shipped through a distributor to refiners in China. Magnetics, 29.8% of revenue, began supplying magnet materials to General Motors in early 2025 and started making finished magnets in December 2025.
In July 2025, MP signed a partnership with the U.S. Department of War (formerly the Department of Defense). MP will expand Independence, build a second magnet plant called the 10X Facility and add heavy rare earth refining at Mountain Pass. The government guaranteed the 10X plant at least $140 million of EBITDA (earnings before interest, taxes, depreciation and amortization) and set a minimum price for MP's NdPr.
Price history
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MP -36.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Materials Segment | $160.4M | 71.5% |
| Magnetics Segment | $66.9M | 29.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $108.5M, up 89% from a year earlier, and net income was $-20.3M.
- For fiscal 2025, revenue was $224.4M (+10.1% year over year; +10.8% a year from FY2020 to FY2025) with a -38.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.8% good |
|---|---|
| Operating margin | -66.6% weak |
| Free cash flow margin | -146.2% weak |
| Return on equity (FY2025) | -4.3% weak |
| Return on assets (FY2025) | -2.2% weak |
| Net cash (cash minus debt) | $518.1M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $134.3M | $-21.8M | $-19.1M |
| FY2021 | $332.0M | $135.0M | $-21.9M |
| FY2022 | $527.5M | $289.0M | $16.9M |
| FY2023 | $253.4M | $24.3M | $-199.2M |
| FY2024 | $203.9M | $-65.4M | $-173.1M |
| FY2025 | $224.4M | $-85.9M | $-328.1M |
Valuation snapshot
| Market value | $7.31B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
MP Materials’s market value went from $8.07B at the end of 2021 to $7.31B on Oct 28, 2026, down 9%; since the end of 2025 it is down 18%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.31B | -18.3% |
| 2025 | $8.95B | +251.7% |
| 2024 | $2.55B | -27.9% |
| 2023 | $3.53B | -18.1% |
| 2022 | $4.31B | -46.6% |
| 2021 | $8.07B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MP price data to Oct 28, 2026 | -18.7% | -36.8% | +35.5% | +3.4% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -18.7% |
| 2025 | +223.8% |
| 2024 | -21.4% |
| 2023 | -18.3% |
| 2022 | -46.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 39.7% over that stretch · deepest drop along the way 53.6%, back to its old high 33.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($1.5M) and 22 sales ($83.5M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 20, 2026 | James H. Litinsky Chairman and CEO, Director | sell (plan) | $16.6M |
| Jun 3, 2026 | James H. Litinsky Chairman and CEO, Director | sell | $9.3M |
| May 12, 2026 | James H. Litinsky Chairman and CEO, Director | sell | $6.8M |
| May 28, 2026 | James H. Litinsky Chairman and CEO, Director | sell | $6.2M |
| May 13, 2026 | James H. Litinsky Chairman and CEO, Director | sell | $6.1M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8% | Sep 30, 2026 |
| BANK OF NOVA SCOTIA | 3.72% | Dec 31, 2025 |
| Shenghe Resources Holding Co., Ltd. | 3.1% | Sep 30, 2025 |
ETFs with the most weight in MP
| SETM Sprott Critical Materials ETF | 7.44% |
| REMX VanEck Rare Earth and Strategic Metals ETF | 6.48% |
| PSCM Invesco S&P SmallCap Materials ETF | 4.87% |
| XME SPDR S&P Metals & Mining ETF | 4.56% |
| PWER Macquarie Energy Transition ETF | 4.05% |
| QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund | 2.68% |
| EART Global X Rare Earth & Critical Materials ETF | 2.42% |
| PYZ Invesco Dorsey Wright Basic Materials Momentum ETF | 2.37% |
What could go wrong
- The government deal could be changed. The Department of War deal brings a minimum NdPr price and an earnings guarantee for a planned magnet plant, but MP warns it could be modified or challenged. Its covenants (binding promises) limit some decisions.
- Everything runs through one mine. Mountain Pass is MP's only rare earth mining and processing site. Growth depends on reaching planned refining output there, and power outages, reduced water access or other disruptions could delay operations.
- Rare earth prices drive results. MP's revenue comes from rare earth and magnet products, so results rise and fall with their demand and prices. Revenue has swung widely, from about $528 million in 2022 to about $204 million in 2024.
- Costly expansion and negative cash flow. Free cash flow (cash from operations minus capital spending) was negative $328 million in fiscal 2025. As of June 30, 2026, MP held $1.45 billion of cash and investments against $935 million of debt.
- Convertible securities could dilute shareholders. Convertible notes, Series A preferred stock and a warrant could all turn into common shares. That would shrink existing owners' slice of the company, and sales of those shares could pull the price down.
- Trade politics, rivals and substitute materials. The rare earth industry is highly competitive and exposed to political, trade and regulatory shifts MP cannot control. Customers could switch to substitute materials, and industry mergers could create larger rivals.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Other company announcement
- Quarterly results released
For income and retirement investors
MP pays no dividend, and its 10-K for fiscal 2025 says there are no plans to start one for the foreseeable future. With a net loss and negative free cash flow in fiscal 2025, there is no profit to pay out. An income investor would see returns only through a higher share price, raising cash by trimming shares. MP repurchased $225 million of stock in fiscal 2024 and none in 2025, yet its share count rose 0.2% from August 2021 to July 2026.
The shares swing more than the market. In the 2022 bear market they fell 53.6% from an April 2022 peak to a September low, then took about 33.5 months to recover, in July 2025. The deepest drop in the stock's price history was 82%, and beta, a gauge of sensitivity to market moves, was 2.52 for the year to October 28, 2026. A single stock like this carries far more risk than a diversified fund.
Questions investors ask
Does MP Materials pay a dividend?
No. MP Materials paid no dividends from fiscal 2021 through fiscal 2025, and its 10-K for fiscal 2025 says there are no plans to pay cash dividends for the foreseeable future. The company lost about $86 million in fiscal 2025 and is spending heavily on new plants, so cash is going into growth. Shareholders have relied on price gains for returns. MP did repurchase about $225 million of its own stock in fiscal 2024.
How does MP Materials make money?
MP Materials makes money by mining and refining rare earth elements and turning some of them into magnet materials. Its Materials segment, 71.5% of fiscal 2025 revenue of $224 million, refines ore from Mountain Pass, California, into neodymium-praseodymium (NdPr) oxide and metal, key magnet ingredients, for customers mainly in Japan, South Korea and the rest of Asia. Its Magnetics segment, 29.8%, has supplied magnet materials to General Motors from Fort Worth, Texas, since early 2025 and began making finished magnets in December 2025.
What is MP Materials' deal with the Department of Defense?
In July 2025, MP signed agreements with the U.S. Department of War, formerly the Department of Defense, to build a domestic magnet supply chain. MP will expand its Texas magnet plant, build a second one called the 10X Facility and extend heavy rare earth refining at Mountain Pass. The government guaranteed the 10X Facility at least $140 million of EBITDA (a measure of operating earnings), may purchase all its magnets, and set a minimum price for MP's NdPr magnet materials from the fourth quarter of 2025.
Is MP Materials profitable?
No, not on its latest annual results. MP lost about $86 million in fiscal 2025 on revenue of $224 million, after losing about $65 million in fiscal 2024. Free cash flow in fiscal 2025 was negative by about $328 million. It was profitable earlier, earning $289 million in fiscal 2022, when revenue reached $528 million. In the quarter ended June 30, 2026, revenue rose 89% from a year earlier to about $108 million, but the company still lost about $20 million.
Which ETFs hold MP Materials stock?
MP Materials appears in 81 ETFs. Those giving it the largest weight include the Sprott Critical Materials ETF (SETM) at about 7.4%, the VanEck Rare Earth and Strategic Metals ETF (REMX) at about 6.5%, the Invesco S&P SmallCap Materials ETF (PSCM) at about 4.9% and the SPDR S&P Metals & Mining ETF (XME) at about 4.6%. These funds spread money across many companies, but narrow sector funds can still swing sharply. Weights change over time.