Latest Ratios: P/E Ratio -101.0x · EV/EBITDA N/A · ROE -5.0%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.0B | $8.6B | $2.7B | $3.5B | $4.7B | $8.6B | $2.6B | — | — |
| Enterprise Value | $8.9B | $8.5B | $3.3B | $4.0B | $5.2B | $8.1B | $2.1B | — | — |
| P/E Ratio → | -100.98 | — | — | 141.79 | 15.97 | 62.22 | — | — | — |
| P/S Ratio | 32.63 | 31.20 | 13.00 | 13.95 | 8.90 | 25.98 | 19.09 | — | — |
| P/B Ratio | 3.59 | 3.59 | 2.51 | 2.59 | 3.58 | 8.55 | 3.00 | — | — |
| P/FCF | — | — | — | — | 277.62 | — | — | — | — |
| P/OCF | — | — | 198.53 | 56.40 | 13.67 | 84.56 | 782.32 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 30.76 | 16.10 | 15.63 | 9.93 | 24.51 | 15.75 | — | — |
| EV / EBITDA | — | — | — | 104.28 | 15.15 | 42.88 | — | — | — |
| EV / EBIT | — | — | — | 103.36 | 15.10 | 48.11 | — | — | — |
| EV / FCF | — | — | — | — | 309.64 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -2.4% | -2.4% | -32.8% | 41.4% | 79.0% | 69.7% | 47.3% | 7.6% | 15.0% |
| Operating Margin | -44.6% | -44.6% | -83.1% | -7.0% | 62.1% | 49.8% | -25.8% | -10.4% | -13.2% |
| Net Profit Margin | -31.2% | -31.2% | -32.1% | 9.6% | 54.8% | 40.7% | -16.2% | -9.2% | -20.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.0% | -5.0% | -5.4% | 1.8% | 24.9% | 14.5% | -5.2% | — | — |
| ROA | -2.7% | -2.7% | -2.8% | 1.1% | 14.0% | 9.1% | -3.7% | -6.8% | -14.0% |
| ROIC | -4.7% | -4.7% | -7.3% | -0.7% | 20.7% | 26.8% | -12.9% | -242.2% | -97.6% |
| ROCE | -4.2% | -4.2% | -7.7% | -0.8% | 16.5% | 11.6% | -6.3% | -10.6% | -12.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.87 | 0.50 | 0.52 | 0.69 | 0.08 | — | — |
| Debt / EBITDA | — | — | — | 18.13 | 1.96 | 3.65 | — | — | — |
| Net Debt / Equity | — | -0.05 | 0.60 | 0.31 | 0.41 | -0.48 | -0.53 | — | — |
| Net Debt / EBITDA | — | — | — | 11.20 | 1.57 | -2.57 | — | — | — |
| Debt / FCF | — | — | — | — | 32.03 | — | — | — | 1.46 |
| Interest Coverage | -2.74 | -2.74 | -3.06 | 7.30 | 59.96 | 18.99 | -6.88 | -0.98 | -1.77 |
Net cash position: cash ($1.2B) exceeds total debt ($1.0B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.24 | 7.24 | 6.29 | 10.42 | 13.27 | 21.44 | 13.03 | 0.88 | 0.76 |
| Quick Ratio | 6.67 | 6.67 | 5.63 | 9.54 | 12.68 | 20.79 | 12.28 | 0.14 | 0.17 |
| Cash Ratio | 6.12 | 6.12 | 5.19 | 9.19 | 12.13 | 19.81 | 12.07 | 0.09 | 0.12 |
| Asset Turnover | — | 0.07 | 0.09 | 0.11 | 0.24 | 0.18 | 0.13 | 0.72 | 0.70 |
| Inventory Turnover | 1.64 | 1.64 | 2.51 | 1.56 | 1.92 | 2.60 | 2.19 | 2.94 | 4.25 |
| Days Sales Outstanding | — | 194.37 | 111.63 | 43.44 | 22.73 | 56.09 | 9.75 | 1.84 | 1.22 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 0.7% | 6.3% | 1.6% | — | — | — |
| FCF Yield | — | — | — | — | 0.4% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 8.5% | 0.2% | 0.4% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 8.5% | 0.2% | 0.4% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $170M | $170M | $178M | $193M | $190M | $80M | $69M | $69M |
Chemical separation technical failure
According to current market data, MP trades at a forward P/E of 307.30 and a P/S of 34.83, suggesting that investors are pricing in significant future success in magnetics manufacturing rather than the company's current, highly volatile and loss-making operational performance in rare earth mining.
The extreme valuation multiples imply that the market views MP as a strategic technology asset rather than a traditional commodity producer. This premium appears fragile, as it relies on the assumption that the company will successfully transition to high-margin downstream production, a feat that remains unproven given the current negative earnings profile.
Based on reported financial statements, MP's ROIC has remained consistently negative, reaching -0.8% in 2026Q1, which indicates that the massive capital investments into the Mountain Pass facility are currently failing to generate a return that exceeds the company's cost of capital or operational expenses.
The persistent negative ROIC reflects the heavy burden of commissioning costs associated with the Stage II separation circuit. Until the company can demonstrate a sustained positive spread between its refined product margins and its invested capital base, the current strategy of aggressive vertical integration may continue to dilute shareholder value.
As indicated by the 2026Q1 data, MP's cash conversion cycle has ballooned to 254 days, driven largely by a high days-inventory-outstanding of 207, which suggests significant inefficiencies in managing the flow of raw ore through the complex chemical separation and refining process.
The extended cycle indicates that capital is being trapped in inventory for nearly nine months, which exacerbates the company's cash burn during periods of price volatility. Investors should monitor whether these metrics improve as the separation facility reaches full operational capacity, as current levels suggest a lack of lean manufacturing maturity.
According to the most recent balance sheet, MP maintains a current ratio of 7.18, providing a substantial liquidity cushion that appears sufficient to withstand near-term operational losses and the ongoing capital-intensive build-out of the Texas magnetics facility without immediate reliance on external financing.
This high liquidity position is a critical defensive feature, allowing the company to absorb the impact of negative operating margins and potential delays in the commissioning of downstream assets. While the cash position is robust, the rapid depletion of these reserves warrants close scrutiny to ensure that the company does not face a liquidity crunch before achieving profitability.
The most commonly misapplied metric for MP is revenue growth, which obscures the underlying unit economics and the high cost of chemical separation, leading investors to overlook the fact that top-line expansion is currently occurring at the expense of negative gross margins.
Analysts should instead prioritize the 'spread' between NdPr oxide prices and the cost of chemical reagents and energy, as this is the true driver of long-term viability. Focusing on revenue growth in a transition phase can be misleading, as it ignores the potential for 'value-destructive growth' where each additional unit produced currently costs more to refine than it generates in market value.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying MP stock.
MP Materials Corp.'s current P/E ratio is -101.0x. The historical average is 73.3x.
MP Materials Corp.'s return on equity (ROE) is -5.0%. The historical average is 4.3%.
Based on historical data, MP Materials Corp. is trading at a P/E of -101.0x. Compare with industry peers and growth rates for a complete picture.
MP Materials Corp. has -2.4% gross margin and -44.6% operating margin.