MP
MP Materials Corp.

MP Materials Corp.MP

Basic Materials · Other Industrial Metals & Mining
35.41USD
+4.95%
Nov 08, 2026
MP overview ready
U.S. Rare Earth Mine and Domestic Magnet Producer
MP is a vertically integrated U.S. Rare-earth producer: it mines and processes rare-earth material at Mountain Pass, produces separated NdPr and other rare-earth products, and is ramping domestic magnetics operations and additional magnet capacity.
Primary theme is lagging
Critical Materials is lagging (-15.2pp vs SPY over 21 sessions; 0 of 14 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Dependence on government policy and defense spending.
Market Nov 6Filing Sep 30Price action Nov 7Research Sep 8

Conviction Level

PriceAction5.4BusinessPerformance7.0BusinessQuality2.2Valuation2.7ThemeMomentum1.0Improving — Revenue growth has accelerated across 4 consecutive quarters, rising from -14% to +176% year over year. The company is still loss-making: the diluted loss per share narrowed to -$0.12 from -$0.24 a year earlier. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−15.2pp
Theme return
−20.2%
Beating SPY
0 of 14
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
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Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryConstructive

Structure is constructive on both timeframes without excessive extension — a reasonable entry location.

Key Financials

Market Cap
$6.3B
Avg Volume (60D)
5.6M
60 sessions
Revenue Growth YoY
+10.1%
FY2025 vs FY2024
Gross Margin
+21.6%
Trailing twelve months
Operating Margin
-20.5%
Trailing twelve months
Free Cash Flow Yield
-8.5%
Distance from 200DMA
-34.9%
P/E
N/M
EV / EBITDA
127.5x
EV / Sales
14.8x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Improving

Revenue growth has accelerated across 4 consecutive quarters, rising from -14% to +176% year over year. The company is still loss-making: the diluted loss per share narrowed to -$0.12 from -$0.24 a year earlier.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthAccelerating
+176%
$148M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. -14%
  2. +49%
  3. +89%
  4. +176%
Earnings growthLoss narrowing
-$0.12
Diluted EPS -$0.12 vs -$0.24 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginExpanding
-14.9%
+110.2 pp YoY
The business is consuming cash

Business Quality

2.2 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; own history is the dissenting view.
MP Materials Corp. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces.

Company Research

Thesis
MP is a vertically integrated U.S. Rare-earth producer: it mines and processes rare-earth material at Mountain Pass, produces separated NdPr and other rare-earth products, and is ramping domestic magnetics operations and additional magnet capacity.
Opportunity
High opportunity
Government, defense, and strategic-industry efforts to establish resilient non-Chinese rare-earth extraction, separation, metallization, and NdFeB permanent-magnet supply chains.
Key risk
Dependence on government policy and defense spending.

Economic classification

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Business & Markets

Basic Materials · Other Industrial Metals & Mining
What they do

MP Materials Corp. operates the Mountain Pass Rare Earth Mine and Processing facility in California and produces rare earth materials and magnets through its Materials and Magnetics segments.

How it earns

The company generates revenue through the sale of rare earth materials, separated rare earth metals, and NdFeB permanent magnets.

Products & services
Rare earth materials
NdPr metal
NdFeB permanent magnets
Customers & end markets
Government and defense sectors
Strategic industries requiring rare earth magnets
Market position

Leader as the only scaled U.S. Rare earth mine and vertically integrated producer of rare earth materials and magnets.

Demand drivers
Medium cyclicality

Demand is influenced by government and strategic industry investments as well as broader industrial and technology cycles.

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