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MP · NYSE · Industrial Materials

MP Materials

Mines, separates, and converts U.S. rare earths into permanent magnets.

$56.28

After-hours close+0.13 (+0.23%)

At close$56.15(−4.88%)

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Profile

MP Materials Corp.MPMaterials

Produces rare-earth concentrate and separated products at Mountain Pass, then converts them into metal, magnetic precursors, and finished magnets in Texas. The Materials and Magnetics segments form a U.S.-centered supply chain whose expansion depends on commissioning and customer-backed production ramps.

Mines and processes rare earths at Mountain Pass in California, then converts separated materials into metal, alloy, magnetic precursors, and finished NdFeB magnets at Independence in Texas. The Materials segment covers mining, beneficiation, separation, and related products; Magnetics covers downstream manufacturing.

Restored an idled mine, added on-site separation, and progressed from concentrate into commercial-scale magnet production. Operations are concentrated in the United States, with the supply chain linking California feedstock to Texas manufacturing.

Expansion depends on commissioning heavy-rare-earth separation, ramping magnet output, and completing the planned 10X campus. Demand and financing are tied to long-term arrangements with General Motors, Apple, and the U.S. Department of Defense, while third-party concentrate sales have ceased.

Company facts

CEOJames H. Litinsky

ListedNov 18, 2020

ExchangeNYSE

HeadquartersLas Vegas, NV

CountryUnited States

Employees998

CIK0001801368

ISINUS5533681012

Key statistics

Market cap$9.99B

EPS (ttm)−$0.3427

P/E (ttm)−163.79

ROE-2.7%

P/B5.11

P/S32.72

Dividend yield—

Beta2.30vs XLB 0.45

Year to date +2.1% · Average volume (30d) 6.8M

Analysts

Price target, next 12 months$81.00+44.3%Median of 14 analysts · vs the Aug 28 close

ConsensusBuy13 of 14 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $56.13

High$100.00+78.2%

Median$81.00+44.3%

Low$69.00+22.9%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Jul 8, 2026	Morgan Stanley	Reiterate	Overweight	$71	$71.50
Jun 1, 2026	Needham	Target			$81
May 21, 2026	Barclays	Target			$69
May 8, 2026	Wedbush	Reiterate	Outperform	$90	$100
May 8, 2026	Canaccord Genuity	Target		$23	$82

Earnings

EPS

Estimate−$0.01

ReportedDue Nov 5, 2026

Revenue

Estimate$116.1M

ReportedDue Nov 5, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 6, 2026Q2 FY26	−$0.01	−$0.01	+0.6%	$96.9M	$108.5M	+12.0%	+7.62%
May 7, 2026Q1 FY26	−$0.01	$0.03	+400.0%	$74.8M	$90.6M	+21.2%	−2.46%
Feb 26, 2026Q4 FY25	$0.06	$0.09	+53.9%	$76.1M	$52.7M	−30.7%	−1.88%
Nov 6, 2025Q3 FY25	−$0.17	−$0.10	+42.2%	$53.2M	$53.6M	+0.6%	+12.80%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$60.8M	$57.4M	$53.6M	$52.7M	$90.6M	$108.5M
Gross profit	−$9.4M	−$13.8M	−$17.4M	−$17.0M	−$15.7M	$36.2M
Operating income	−$34.8M	−$43.9M	−$65.6M	−$2.6M	−$18.2M	−$14.7M
Net income	−$22.6M	−$30.9M	−$41.8M	$9.4M	−$8.0M	−$20.3M
Diluted EPS	−$0.14	−$0.19	−$0.24	$0.05	−$0.04	−$0.11
Gross margin	-15.5%	-24.1%	-32.5%	-32.2%	-17.4%	33.4%
Operating margin	-57.2%	-76.5%	-122.5%	-4.8%	-20.1%	-13.5%

Fiscal years (4-quarter sums)FY21 $332.0M · FY22 $527.5M · FY23 $253.4M · FY24 $203.9M · FY25 $224.4M

Revenue by product · FY24

Materials Segment$203.9M · 100%

Balance sheet, Jun 30, 2026Cash & short-term investments $1.45B · Total debt $934.6M · Total assets $3.73B · Shareholders' equity $1.96B

Dividends

No dividends on record.

Ownership

Institutions 88.20%157.02M sharesInsiders 7.72%13.74M sharesOther 4.08%7.26M shares

Shares outstanding 178.02M · Float 144.24M · 81.0% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Hancock Prospecting PTY Ltd	14.86M	8.35%	13F	Aug 14, 2026
BlackRock, Inc.	14.74M	8.28%	13F	Aug 7, 2026
James H. Litinsky · director, officer: Chairman and CEO	11.84M	6.65%	Form 4	Jun 5, 2026
State Street Corp	7.77M	4.37%	13F	Aug 7, 2026
Vanguard Capital Management LLC	6.94M	3.90%	13F	Aug 13, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Jun 9, 2026	Michael Stuart Rosenthal	officer: Chief Operating Officer	+10,000	$54.30
Jun 3, 2026	James H. Litinsky	director, officer: Chairman and CEO	−185,167	$69.14
May 29, 2026	James H. Litinsky	director, officer: Chairman and CEO	−50,000	$64.58
May 28, 2026	James H. Litinsky	director, officer: Chairman and CEO	−234,651	$65.87
May 27, 2026	James H. Litinsky	director, officer: Chairman and CEO	−115,349	$65.37