MP Materials (MP) financial statements
MP Materials reported revenue of $224M in fiscal 2025, up 20.6% a year over 6 years.
Net income was -$86M and the operating margin -66.6%, against -10.4% in 2019.
Free cash flow was -$328M.
The diluted share count rose 156% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MP Materials's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $73M | $134M | $332M | $528M | $253M | $204M | $224M |
| Cost of revenue | $61M | $64M | — | $92M | $93M | $193M | $193M |
| Gross profit | $12M | $71M | — | $435M | $161M | $11M | $32M |
| Selling, general and admin | $11M | $27M | $57M | $76M | $79M | $83M | $112M |
| Operating income | -$8M | -$35M | $165M | $327M | -$18M | -$169M | -$149M |
| Interest expense | $3M | $5M | $9M | $6M | $5M | $23M | $31M |
| Pre-tax income | -$7M | -$39M | $160M | $341M | $33M | -$93M | -$118M |
| Income tax | $1,000 | -$18M | $25M | $52M | $9M | -$28M | -$32M |
| Net income | -$7M | -$22M | $135M | $289M | $24M | -$65M | -$86M |
| EPS (diluted) | -$0.10 | -$0.27 | $0.73 | $1.52 | $0.14 | -$0.57 | -$0.50 |
| Diluted shares | 67M | 80M | 190M | 193M | 178M | 170M | 170M |
| Gross margin | 16.1% | 52.5% | — | 82.5% | 63.4% | 5.5% | 14.1% |
| Operating margin | -10.4% | -25.8% | 49.8% | 62.1% | -7.0% | -83.1% | -66.6% |
| Net margin | -9.3% | -16.2% | 40.7% | 54.8% | 9.6% | -32.1% | -38.3% |
Balance sheet
Fiscal years, from MP Materials's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3M | $520M | $1.2B | $1.2B | $998M | $851M | $1.8B |
| Receivables | $370,000 | $4M | $51M | $33M | $10M | $19M | $15M |
| Inventory | $23M | $32M | $39M | $58M | $95M | $108M | $172M |
| Total current assets | $27M | $561M | $1.3B | $1.3B | $1.1B | $1.0B | $2.2B |
| Property, plant and equipment | $46M | $502M | $611M | $936M | $1.2B | $1.3B | $1.4B |
| Total assets | $102M | $1.1B | $1.9B | $2.2B | $2.3B | $2.3B | $3.9B |
| Total current liabilities | $31M | $43M | $60M | $97M | $109M | $164M | $299M |
| Long-term debt | — | $961,000 | $675M | $678M | $682M | $909M | $931M |
| Total liabilities | $120M | $220M | $881M | $925M | $971M | $1.3B | $1.5B |
| Shareholders' equity | -$18M | $854M | $1.0B | $1.3B | $1.4B | $1.1B | $2.0B |
| Net debt | -$3M | -$516M | -$504M | $542M | $419M | $626M | -$167M |
Cash flow
Fiscal years, from MP Materials's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$437,000 | $3M | $102M | $344M | $63M | $13M | -$156M |
| Capital spending | $2M | $22M | $124M | $327M | $262M | $186M | $172M |
| Free cash flow | -$3M | -$19M | -$22M | $17M | -$199M | -$173M | -$328M |
| Stock-based compensation | $0 | $5M | $23M | $32M | $25M | $23M | $30M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$225M | $0 |
| Net borrowing | — | — | — | $0 | $0 | $748M | $62M |
| Free cash flow margin | -3.7% | -14.2% | -6.6% | 3.2% | -78.6% | -84.9% | -146.2% |
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Open MP in InvestinglyQuestions
What was MP Materials's revenue in 2025?
$224M in fiscal 2025, from its 10-K filing.
How much free cash flow does MP Materials generate?
-$328M in fiscal 2025 (operating cash flow minus capital spending).
From MP Materials's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.