📈 Price History

Ratio Health

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By Category

📊 Peer Medians

About

MP Materials Corp., together with its subsidiaries, produces rare earth materials in the Western Hemisphere. It operates in two segments, Materials and Magnetics. The Materials segment owns and operates the Mountain Pass Rare Earth Mine and Processing facility located near Mountain Pass, San Bernardino County, California. The Magnetics segment produces magnetic precursor products, including NdPr metal; and manufactures NdFeB permanent magnets. MP Materials Corp. was founded in 2017 and is headquartered in Las Vegas, Nevada.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used 'transformational', 'inflection point', and 'win-win' to describe the DoD and Apple agreements. They cited specific operational achievements like 6% sequential growth in NDPR oxide and record recoveries, and provided explicit guidance of 10-20% sequential increase in Q3 production.

Q3 2025

Confident Specific

Leadership repeatedly used emphatic language like 'game-changer', 'total acceleration', 'national champion', and provided detailed operational metrics and industry analysis, reinforcing a tone of strong execution and strategic positioning without defensiveness.

Q4 2025

Confident Specific

Management repeatedly used superlatives like 'landmark year', 'record annual performance', 'transformational partnerships', and provided concrete metrics (doubled NdPr output, 4,000t run rate, $51M PPA income, 60% less heavy rare earth content) throughout both prepared remarks and Q&A.

Q1 2026 latest

Confident Specific

Management uses assertive language like “solid quarter,” “strong start,” “executing with discipline,” and provides specific operational metrics (record 917 tons NdPr oxide, up 63% YoY) and forward guidance on production cadence (Q2 down slightly, Q3 material improvement).

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management delivered on production ramp, confirmed magnet performance meets customer specs, and reinforced the NdPr feedstock scarcity narrative as a structural moat. Contracted revenue visibility with GM, Apple, and DoW provides downside protection, while expansion into heavy rare earth separation and recycling diversifies. However, uncertainty remains on the timing of finished magnet revenue and the transition from precursor sales. Key to watch next quarter: PPAP progress with GM, initial magnet deliveries in H2 2026, NdPr price trends relative to the $110/kg PPA floor, and Q2 production recovery after the maintenance outage.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Record NdPr oxide output, strong financials, scaling magnet platform with contracted customers.

Revenue & Profitability

Consolidated revenue and PPA income for Q1 2026 was $132.9 million, up 28% sequentially. Adjusted EBITDA was $36.6 million, with the materials segment contributing $36.7 million and magnetics $9.6 million. Adjusted diluted EPS was $0.03, compared to a loss of $0.12 in the prior year quarter.

Outlook

Management sees strong tailwinds from defense, robotics, and electrification, noting that geopolitical events and physical AI are accelerating demand. They highlighted that the Japanese government secured nearly all of Lynas' NdPr output, leaving very limited uncommitted supply for the projected 60,000+ tons of Western magnet capacity. Policy support and supply chain security concerns continue to drive customer engagement.

Growth Drivers

Growth is driven by scaling NdPr oxide production toward a 500 ton per month run rate by year-end, the ramp of finished magnets at Independence (starting with GM and Apple), and the 10,000 ton magnet capacity expansion at 10X. New products include heavy rare earth separation (terbium/dysprosium) and a magnet recycling line for Apple. Management also sees emerging demand from robotics, drones, and defense.

Balance Sheet & CapEx

Q1 CapEx was $77.4 million, with about 60% allocated to the magnetics segment. Full-year 2026 CapEx guidance remains $500 million to $600 million, with Q2 spending stepping up meaningfully due to the acquisition of the 10X site and accelerating construction. The company ended the quarter with $1.7 billion in cash and short-term investments, fully funding its capital plan.

Margins

Materials segment EBITDA margin was approximately 32% in Q1, supported by strong sales volumes and pricing. Management reiterated a cost reduction path from over $60/kg to $40/kg through higher utilization and benefits from chloralkali. In magnetics, margins are expected to improve as the business transitions from precursor product sales to higher-value finished magnet sales under long-term contracts.

Key Risks

Risks flagged include the lumpy nature of magnet revenue as the company transitions from precursor to finished magnet sales, the time required for customer product qualification (PPAP), and potential production setbacks (e.g., a single-digit Q2 decline in NdPr oxide output due to maintenance and commissioning). Management also cited general inflation exposure, though reagent costs are not materially impacted by global supply chain disruptions.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Strong year-over-year growth in NdPr production and sales drove a doubling of revenue and significant EBITDA improvement, with major progress in heavy rare earth separation, magnetics ramp, and a new long-term gadolinium supply deal. The balance sheet remains robust, supporting ongoing expansion.

Q1 2026 Q1 2026 2026-05-07

Q1 2026 saw record NdPr oxide production and sales, strong revenue growth, and continued progress on magnetics and heavy rare earth projects. Robust liquidity and contracted visibility position the business well for scaling and meeting rising demand from AI, robotics, and defense.

Q4 2025 Q4 2025 2026-02-26

Record NdPr oxide production and sales, major strategic agreements, and technical advances drove strong financial results and positioned the company for accelerated growth in 2026. The 10X facility and expanded partnerships support robust demand in AI, automotive, and electronics.

Q3 2025 Q3 2025 2025-11-06

Record NdPr oxide production and strong REO output drove a solid quarter, with ramping magnetics and the DoW price protection agreement providing earnings visibility. Apple and GM partnerships anchor growth, while heavy rare earth and recycling projects advance toward key milestones.

Q2 2025 Q2 2025 2025-08-07

Q2 saw 84% revenue growth and major strategic agreements with the DoD and Apple, securing over $2 billion in funding and long-term contracts. Production and margins improved across segments, with further growth and commercial magnet ramp expected by year-end.

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