MP Materials Corp. (MP) Key Metrics
MP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $7.15B
- Enterprise value
- $8.19B
- P/E (TTM)
- — 10-yr median 63.9
- Forward P/E
- 47.4
- PEG ratio
- —
- Price / sales
- 17.2 10-yr median 16.5
- Price / book
- 4.4 10-yr median 3.3
- EV / EBITDA
- 132.6 10-yr median 38.2
- Dividend yield
- —
- Beta
- 1.99
MP key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMP valuation Price multiples at each fiscal year-end price.
Price / sales+194.6%
38.3
2025 · hover or tap a bar for each year
20182025
Price / book+43.0%
3.6
2025 · hover or tap a bar for each year
20182025
Free cash flow yield+2.7 pts
−3.8%
2025 · hover or tap a bar for each year
20182025
MP returns How much profit the business earns on the capital it uses.
Return on equity+0.4 pts
−5.0%
2025 · hover or tap a bar for each year
20182025
Return on invested capital+3.9 pts
−8.4%
2025 · hover or tap a bar for each year
20182025
Return on assets+0.1 pts
−2.7%
2025 · hover or tap a bar for each year
20182025
Free cash flow margin−61.3 pts
−146.2%
2025 · hover or tap a bar for each year
20182025
Asset turnover−18.9%
0.07
2025 · hover or tap a bar for each year
20182025
MP per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+9.9%
$1.32
2025 · hover or tap a bar for each year
20182025
Earnings per share
−$0.50
2025 · hover or tap a bar for each year
20182025
Free cash flow per share
−$1.93
2025 · hover or tap a bar for each year
20182025
Book value per share+126.5%
$14.06
2025 · hover or tap a bar for each year
20182025
Shares outstanding+0.1%
170.1M
2025 · hover or tap a bar for each year
20182025
MP financial health Debt, liquidity and how easily interest is covered.
Debt / equity−49.7%
0.44
2025 · hover or tap a bar for each year
20182025
Net debt−$850.9M
−$787.2M
2025 · hover or tap a bar for each year
20182025
Net debt / EBITDA−272.94
−264.69
2025 · hover or tap a bar for each year
20182025
Current ratio+15.2%
7.24
2025 · hover or tap a bar for each year
20182025
Interest coverage
-4.6
2025 · hover or tap a bar for each year
20182025
Debt / assets−33.6%
0.26
2025 · hover or tap a bar for each year
20182025
MP efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+87 days
170 days
2025 · hover or tap a bar for each year
20182025
Days of inventory+44 days
181 days
2025 · hover or tap a bar for each year
20182025
Days payables outstanding+4 days
39 days
2025 · hover or tap a bar for each year
20182025
Cash conversion cycle+127 days
312 days
2025 · hover or tap a bar for each year
20182025
Capex / revenue−14.6 pts
76.8%
2025 · hover or tap a bar for each year
20182025
MP valuation history
Fiscal year-endToday8-year median
MP returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MP debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MP cash returned to shareholders
DividendsBuybacksFree cash flow
MP price vs earnings per share
Share price at year-endEPS (right axis)
MP key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $8.59B | $2.65B | $3.54B | $4.70B | $8.62B | $2.56B | — | — |
| Enterprise value | $7.81B | $2.71B | $3.23B | $4.19B | $8.14B | $2.11B | — | — |
| P/E ratio | — | — | 145.5 | 16.3 | 63.9 | — | — | — |
| Price / sales | 38.3 | 13.0 | 14.0 | 8.9 | 26.0 | 19.1 | — | — |
| Price / book | 3.6 | 2.5 | 2.6 | 3.6 | 8.5 | 3.0 | — | — |
| Price / free cash flow | — | — | — | 277.6 | — | — | — | — |
| Price / operating cash flow | — | 198.5 | 56.4 | 13.7 | 84.6 | 782.3 | — | — |
| EV / sales | 34.8 | 13.3 | 12.7 | 7.9 | 24.5 | 15.7 | — | — |
| EV / EBITDA | — | 351.5 | 34.3 | 11.5 | 42.0 | — | — | — |
| EV / free cash flow | — | — | — | 247.8 | — | — | — | — |
| Earnings yield | −1.0% | −2.5% | 0.7% | 6.2% | 1.6% | −0.9% | — | — |
| Free cash flow yield | −3.8% | −6.5% | −5.6% | 0.4% | −0.3% | −0.7% | — | — |
| Dividend yield | — | — | — | — | — | 0.0% | — | — |
| Shareholder yield (dividends + buybacks) | 0.4% | 8.5% | 0.2% | 0.4% | 0.0% | 0.1% | — | — |
| Share price at fiscal year-end | $50.52 | $15.60 | $19.85 | $24.28 | $45.42 | $32.17 | — | — |
| Per share | ||||||||
| Revenue per share | $1.32 | $1.20 | $1.42 | $2.73 | $1.75 | $1.69 | $1.07 | $0.98 |
| Earnings per share | −$0.50 | −$0.39 | $0.14 | $1.49 | $0.71 | −$0.27 | −$0.10 | −$0.20 |
| Operating cash flow per share | −$0.92 | $0.08 | $0.35 | $1.78 | $0.54 | $0.04 | −$0.01 | $0.29 |
| Free cash flow per share | −$1.93 | −$1.02 | −$1.12 | $0.09 | −$0.12 | −$0.24 | −$0.04 | $0.18 |
| Cash per share | $10.76 | $5.01 | $5.60 | $6.11 | $6.21 | $6.52 | $0.04 | $0.04 |
| Book value per share | $14.06 | $6.21 | $7.67 | $6.79 | $5.31 | $10.71 | −$0.26 | −$0.16 |
| Tangible book value per share | $14.03 | $6.17 | $7.62 | $6.79 | $5.31 | $10.71 | −$0.26 | −$0.16 |
| Dividends per share | — | — | — | — | — | $0.01 | — | — |
| Capex per share | $1.01 | $1.10 | $1.47 | $1.69 | $0.65 | $0.28 | $0.03 | $0.11 |
| Debt per share | $6.13 | $5.38 | $3.87 | $3.51 | $3.64 | $0.89 | $0.27 | $0.30 |
| Shares outstanding | 170.1M | 169.9M | 178.2M | 193.5M | 189.8M | 79.7M | 68.9M | 68.9M |
| Change in shares outstanding | +0.1% | −4.6% | −7.9% | +1.9% | +138.2% | +15.7% | 0.0% | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | −5.0% | −5.4% | 1.8% | 24.9% | 14.5% | −5.2% | — | — |
| Return on invested capital (ROIC) | −8.4% | −12.3% | −1.4% | 41.7% | 30.1% | −13.6% | — | −102.8% |
| Return on assets (ROA) | −2.7% | −2.8% | 1.1% | 14.0% | 9.1% | −3.7% | −6.8% | −14.0% |
| Return on tangible assets | −2.1% | −2.8% | 1.0% | 12.9% | 7.1% | −2.0% | −6.6% | −14.0% |
| Free cash flow margin | −146.2% | −84.9% | −78.6% | 3.2% | −6.6% | −14.2% | −3.7% | 18.4% |
| Income quality (OCF / net income) | — | — | 2.58 | 1.19 | 0.76 | — | — | — |
| Financial health | ||||||||
| Total debt | $1.04B | $914.5M | $688.8M | $678.5M | $691.8M | $70.8M | $18.7M | $20.9M |
| Cash & short-term investments | $1.83B | $850.9M | $997.8M | $1.18B | $1.18B | $519.7M | $2.8M | $2.8M |
| Net debt | −$787.2M | $63.7M | −$309.0M | −$503.9M | −$487.5M | −$448.8M | $15.9M | $18.1M |
| Debt / equity | 0.44 | 0.87 | 0.50 | 0.52 | 0.69 | 0.08 | — | — |
| Debt / assets | 0.26 | 0.39 | 0.29 | 0.30 | 0.37 | 0.07 | 0.18 | 0.22 |
| Net debt / EBITDA | −264.69 | 8.25 | −3.29 | −1.38 | −2.52 | — | 11.83 | — |
| Current ratio | 7.24 | 6.29 | 10.42 | 13.27 | 21.44 | 13.03 | 0.88 | 0.76 |
| Quick ratio | 6.67 | 5.63 | 9.54 | 12.68 | 20.79 | 12.28 | 0.14 | 0.17 |
| Interest coverage | -4.6 | -7.4 | -3.4 | 56.6 | 18.6 | -6.9 | -2.2 | -1.8 |
| Working capital | $1.87B | $867.3M | $1.02B | $1.20B | $1.22B | $518.0M | −$3.9M | −$5.6M |
| Invested capital | $1.61B | $1.12B | $1.06B | $808.7M | $521.3M | $405.0M | −$2.1M | $6.8M |
| Tangible asset value | $2.39B | $1.05B | $1.36B | $1.31B | $1.01B | $853.9M | −$18.0M | −$11.3M |
| Net current asset value | $548.3M | −$247.4M | $160.5M | $368.7M | $395.9M | $340.6M | −$92.4M | −$90.1M |
| Graham number | — | — | $4.85 | $15.10 | $9.22 | — | — | — |
| Graham net-net per share | $2.40 | −$1.93 | $0.55 | $1.61 | $1.88 | $3.99 | −$1.53 | −$1.42 |
| Capital allocation | ||||||||
| Dividends paid | — | — | — | — | — | $996,000 | — | — |
| Share buybacks (net) | $31.1M | $225.1M | $7.2M | $18.4M | $3.3M | $996,000 | — | — |
| Dividends + buybacks / free cash flow | — | — | — | 108.5% | — | — | — | — |
| Capex / revenue | 76.8% | 91.4% | 103.3% | 61.9% | 37.3% | 16.7% | 3.1% | 11.6% |
| Capex / operating cash flow | — | 1,396.5% | 417.7% | 95.1% | 121.5% | 682.6% | — | 38.6% |
| Capex / depreciation | 1.93 | 2.39 | 4.70 | 17.79 | 5.08 | 3.23 | 0.49 | 1.75 |
| Stock-based compensation / revenue | 13.4% | 11.4% | 10.0% | 6.0% | 6.9% | 3.7% | −6.4% | — |
| R&D / revenue | 10.8% | 4.6% | 5.9% | 0.8% | 1.3% | 0.1% | — | — |
| SG&A / revenue | 49.9% | 40.9% | 30.6% | 14.4% | 17.4% | 19.9% | 15.1% | 21.6% |
| Efficiency | ||||||||
| Days sales outstanding | 170.0 | 82.8 | 45.4 | 29.0 | 30.0 | 5.4 | 1.5 | 1.2 |
| Days of inventory on hand | 180.8 | 136.9 | 187.8 | 158.9 | 128.7 | 142.7 | 98.3 | 85.9 |
| Days payables outstanding | 39.0 | 34.8 | 53.3 | 84.3 | 94.1 | 78.3 | 59.1 | 49.6 |
| Cash conversion cycle (days) | 311.8 | 185.0 | 179.9 | 103.6 | 64.6 | 69.9 | 40.6 | 37.4 |
| Receivables turnover | 2.15 | 4.41 | 8.04 | 12.58 | 12.16 | 67.85 | 246.76 | 299.64 |
| Payables turnover | 9.37 | 10.50 | 6.85 | 4.33 | 3.88 | 4.66 | 6.18 | 7.35 |
| Inventory turnover | 2.02 | 2.67 | 1.94 | 2.30 | 2.84 | 2.56 | 3.71 | 4.25 |
| Asset turnover | 0.07 | 0.09 | 0.11 | 0.26 | 0.22 | 0.23 | 0.74 | 0.70 |
| Average receivables | $104.5M | $46.3M | $31.5M | $41.9M | $27.3M | $2.0M | $297,500 | $225,000 |
| Average payables | $30.1M | $25.8M | $21.7M | $25.5M | $25.9M | $15.2M | $11.0M | $7.8M |
| Average inventory | $139.7M | $101.5M | $76.4M | $48.1M | $35.5M | $27.7M | $18.3M | $13.5M |
| Intangibles / total assets | 0.2% | 0.3% | 0.4% | −0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from MP's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MP valuation and financial ratios
MP Materials earned a return on equity of −5.0% and a return on invested capital of −8.4% in fiscal 2025. It ended the year with $1.0 billion of debt and $1.8 billion in cash and short-term investments, a net cash position of $787.2 million. It returned $31.1 million to shareholders: $0 in dividends and $31.1 million in share buybacks. The share count rose 147.0% from 68.9M to 170.1M over 7 years.
See the MP income statement, the MP chart for price history, or the MP stock overview for the latest quote and news.
MP key metrics FAQ
What is MP Materials's return on equity?
MP Materials's return on equity (ROE) was −5.0% in fiscal 2025: net income of -$85.9 million on average shareholders' equity of $1.7 billion.
What is MP Materials's ROIC?
MP Materials's return on invested capital was −8.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does MP Materials have?
MP Materials had total debt of $1.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.44 and more cash than debt.
Does MP Materials buy back its shares?
Yes. MP Materials spent $31.1 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.1% over the year, to 170.1M..
What is MP Materials's free cash flow yield?
MP Materials generated -$328.1 million of free cash flow in fiscal 2025, a free cash flow yield of −3.8% on its market value at year-end ($8.6 billion).
What is MP Materials's current ratio?
MP Materials's current ratio was 7.24 at the end of fiscal 2025: current assets were 7.24 times current liabilities.