MPMP Materials Corp.
Is the business good?
Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MP?
MP Materials Corp. earns −7.0% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 16 points below what the capital costs: growth destroys value
- Operating margin
- −42%
Operating margin · Other Industrial Metals & Mining median 8.9% · 12 months to Q2 2026
- Share count, year on year
- +8.9%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 21%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −26% |
| FY2021 | 50% |
| FY2022 | 62% |
| FY2023 | −7.0% |
| FY2024 | −83% |
| FY2025 | −67% |
Details›
- Gross margin12 months to Q2 2026
- 21%
- Operating margin12 months to Q2 2026
- −42%
- Net margin12 months to Q2 2026
- −20%
- Free cash flow margin
- −165%
- Revenue, trailing twelve months
- $305M
- Free cash flow, trailing twelve months
- −$505M
- Net income, trailing twelve months
- −$61M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −7.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Other Industrial Metals & Mining
Ranks #10 of 24 by RyuScore