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MP Materials Corp. / DE key statistics and ratios

In fiscal 2025, MP Materials Corp. / DE had return on equity of -5.7% and a net margin of -38.3%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin−9.2%−16.2%40.7%54.8%9.6%−32.1%−38.3%−19.9%
Return on equity—−5.2%14.5%24.9%1.8%−5.4%−5.7%−3.1%
Return on assets−6.6%−3.7%9.1%14.0%1.1%−2.8%−2.8%−1.6%
Effective tax rate——15.7%15.3%26.5%———
SG&A as % of revenue—19.9%17.1%14.4%31.3%40.9%49.9%42.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $3.7bn
Short-term assets $1.7bnLonger-term assets $2.0bn
What it owes, and who funded it · $3.3bn
Short-term liabilities $184mLonger-term liabilities $1.2bnShareholders' equity $2.0bn
  • Short-term assets cover short-term liabilities $1.7bn of assets due within a year against $184m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.7bn short-term assets against $1.2bn of longer-dated liabilities.
  • More cash than debt $429m of cash against $935m of debt.
  • Debt below 40% of shareholders' equity Debt is 48% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 67% to 48% over five years.
  • A year's operating cash flow covers at least 20% of debt −$84m of operating cash flow against $935m of debt.
  • Operating profit covers interest at least five times over Operating income of −$127m against $38m of interest.

From MP Materials Corp. / DE's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

19 /100

Weak moat

How hard MP Materials Corp. / DE's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.5% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -2.7%; its worst year was -78.9%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 1 of 6 years, at a median -58.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: LEU vs MPMP vs USASLGO vs MPMP vs UUUU

More: Diversified Metals & Mining stocks compared, Materials sector, rankings of US companies

Figures from MP Materials Corp. / DE's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to MP Materials Corp. / DE.