MP
MP Materials Corp.
MP lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
MP Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| Weak | |
| Weak |
MP's revenue is currently strong, but its profitability, cash flow and balance sheet are weak.
MP PE Valuation
MP has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 329x next year's earnings.
MP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect MP to return to profit, with revenue growing. However, they disagree widely on these estimates.
MP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.11 | — |
| Q3 2026 | -$0.20 | +$0.49 |
| Q2 2026 | -$0.32 | +$0.29 |
| Q1 2026 | -$0.40 | +$0.23 |
| Q4 2025 | -$0.50 | +$0.07 |
| Q3 2025 | -$0.69 | -$0.16 |
| Q2 2025 | -$0.61 | -$0.22 |
| Q1 2025 | -$0.63 | -$0.49 |
| Q4 2024 | -$0.57 | -507% |
MP is still losing money, but far less than before: $0.20 per share over the past year, against $0.69 at its worst in late 2025.
MP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $147.7M | +176% |
| Q2 2026 | $108.5M | +89% |
| Q1 2026 | $90.6M | +49% |
| Q4 2025 | $52.7M | -14% |
| Q3 2025 | $53.6M | -15% |
| Q2 2025 | $57.4M | +84% |
| Q1 2025 | $60.8M | +25% |
| Q4 2024 | $61M | +48% |
MP's revenue is growing: $148M last quarter, up 176% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -15% | +110 points |
| Q2 2026 | -30% | +47 points |
| Q1 2026 | -27% | +31 points |
| Q4 2025 | -7% | +65 points |
| Q3 2025 | -125% | -62 points |
| Q2 2025 | -76% | +95 points |
| Q1 2025 | -57% | +9.4 points |
| Q4 2024 | -72% | +9.5 points |
MP's operating margin was −15% last quarter, up 110 points from the same quarter a year ago.
MP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$125.2M | -$32.7M |
| Q2 2026 | -$223.5M | -$190.8M |
| Q1 2026 | -$79.3M | +$14.4M |
| Q4 2025 | -$109.3M | -$98.1M |
| Q3 2025 | -$92.5M | -$39.3M |
| Q2 2025 | -$32.7M | -$17M |
| Q1 2025 | -$93.7M | -$701K |
| Q4 2024 | -$11.2M | +$75.6M |
MP has burned cash in most quarters: −$537M over the past year, against −$230M the year before.
MP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +92.2K shares |
| 1 year | +2% | +3.5M shares |
| 3 years | +0.7% | +1.3M shares |
| 5 years | -7.6% | -14.7M shares |
| Available history | +159% | +110M shares |
MP has 179M diluted shares, up 2% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | $24.3M |
| Q2 2024 | — |
| Q1 2024 | $200.8M |
MP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 14.6x | High |
| Q4 2023 | 11.0x | High |
| Q3 2023 | 1.4x | Healthy |
| Q2 2023 | -1.4x | Net Cash |
| Q1 2023 | 0.1x | Very low |
| Q4 2022 | 1.6x | Healthy |
| Q3 2022 | 0.7x | Very low |
| Q2 2022 | 0.0x | Very low |
MP's net debt is about 15 years of its operating earnings (EBITDA), up from less than a year a year ago.
MP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.6 | Neutral |
| Stochastic | 13.1 | Oversold |
MP's weekly RSI is 37 (neutral) and its Stochastic is 13 (oversold).
MP PE vs Basic Materials Sector
| Metric | MP | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 19x | — |
MP has no meaningful PE right now: it lost money over the past year.
MP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $41.6 | 10% below |
| 20 week MA | $47.2 | 21% below |
| 50 week MA | $54.4 | 31% below |
| 100 week MA | $48.1 | 22% below |
| 200 week MA | $33.7 | 11% above |
MP has fallen below most of its moving averages, though it's still 11% above its 200-week average.
MP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.94 | $35.5 | +257% |
| 2021 | $35.5 | $43.1 | +21% |
| 2022 | $43.1 | $25.0 | -42% |
| 2023 | $25.0 | $19.9 | -21% |
| 2024 | $19.9 | $16.5 | -17% |
| 2025 | $16.5 | $53.4 | +224% |
| 2026 YTD | $53.4 | $37.5 | -30% |
MP's yearly returns have swung widely, from +257% in 2020 to −42% in 2022. It's down 30% so far in 2026.