MP Materials
ConvictionStrong
Vertically integrated 'mine-to-magnet': Materials segment sells separated NdPr oxide and REO concentrate; Magnetics segment sells magnetic precursor (metal/alloy) and, from H2 2026, finished NdFeB magnets under long-term offtake (DoD, Apple, GM). First commercial NdFeB magnets produced at the Independence (Fort Worth) facility in December 2025.
Revenue
$224.4M FY2025$90.6M Q1 FY26 (+49% YoYRev growth
+10% FY2025+49% Q1 FY26 YoY (magnetics ramp + higher NdPr volumesGross margin
~18% Q1 FY26COGS ex-D&A $74.2M on $90.6M rev); structurally thin at spot NdPr, materially lifted by the $110/kg DoD Price Protection Agreement incomeOp margin
Negative - net loss $8.0)M Q1 FY26; FY2025 net loss $(85.9)M (Q4 2025 turned to $9.4M net incomeCapex intensity
Very high - capex ~77% of revenue FY2025 and ~85% Q1 FY26multi-year magnet-plant construction phaseMarket cap
~$9.49BNYSE: MP, 2026-07-05The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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- Supplier–customer ecosystem graph
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