MP vs SKE: MP Materials and Skeena Resources compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- MP Materials is the larger company, worth $7.1B, about 2.0 times Skeena Resources.
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MP | SKE |
|---|---|---|
| Market cap | $7.1B | $3.5B |
| Share price | $46.14 | $32.59 |
| Revenue (last fiscal year) | $224M | — |
| Free cash flow (last fiscal year) | -$328M | -$352M |
| Revenue growth, last year | +89.0% | — |
| Revenue growth per year, last 5 fiscal years | -9.3% | — |
| Operating margin | -41.5% | — |
| Net margin | -19.9% | — |
| Return on equity | -3.1% | -114.9% |
| P/E (trailing) | — | — |
| Price / free cash flow | — | — |
| EV / EBITDA | 102.7x | — |
| FCF growth the price implies | — | — |
| Dividend yield | — | — |
| Debt / equity | 0.69x | 3.84x |
| Fundamental grade | D | F |
| Superinvestors holding it | 4 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
MP Materials
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $332M | -$22M | 49.8% |
| 2022 | $528M | $17M | 62.1% |
| 2023 | $253M | -$199M | -7.0% |
| 2024 | $204M | -$173M | -83.1% |
| 2025 | $224M | -$328M | -66.6% |
Skeena Resources
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | — | -$136M | — |
| 2022 | — | -$95M | — |
| 2023 | — | -$99M | — |
| 2024 | — | -$130M | — |
| 2025 | — | -$352M | — |
Where the revenue comes from
MP Materials · by products, 2024
Rare earth concentrate$144M71%
NdPr oxide and metal$58M28%
Other revenue$2M1%
Skeena Resources
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MP in InvestinglyQuestions
Which is bigger, MP Materials or Skeena Resources?
MP Materials (MP), at $7.1B against $3.5B.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.