MP Materials (MP)
Mines, separates, and converts U.S. rare earths into permanent magnets.
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Produces rare-earth concentrate and separated products at Mountain Pass, then converts them into metal, magnetic precursors, and finished magnets in Texas. The Materials and Magnetics segments form a U.S.-centered supply chain whose expansion depends on commissioning and customer-backed production ramps.
Mines and processes rare earths at Mountain Pass in California, then converts separated materials into metal, alloy, magnetic precursors, and finished NdFeB magnets at Independence in Texas. The Materials segment covers mining, beneficiation, separation, and related products; Magnetics covers downstream manufacturing.
Restored an idled mine, added on-site separation, and progressed from concentrate into commercial-scale magnet production. Operations are concentrated in the United States, with the supply chain linking California feedstock to Texas manufacturing.
Expansion depends on commissioning heavy-rare-earth separation, ramping magnet output, and completing the planned 10X campus. Demand and financing are tied to long-term arrangements with General Motors, Apple, and the U.S. Department of Defense, while third-party concentrate sales have ceased.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 8, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $71 | Target: $71.50 |
| Jun 1, 2026 | Needham | Target | Target: — | Target: $81 |
| May 21, 2026 | Barclays | Target | Target: — | Target: $69 |
| May 8, 2026 | Wedbush | Reiterate | Rating: —Target: $90 | Target: $100 |
| May 8, 2026 | Canaccord Genuity | Target | Target: $23 | Target: $82 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.45B · Total debt $934.6M · Total assets $3.73B · Shareholders' equity $1.96B
- Revenue
- $108.5M
- Operating income
- −$14.7M
- Net income
- −$20.3M
No dividends on record.
| Institutions | 83.11% | 147.96M shares | |
|---|---|---|---|
| 819 holders · as of Jun 30, 2026 | |||
| Insiders | 8.31% | 14.79M shares | |
| 9 holders · as of Jun 30, 2026 | |||
| Other | 8.58% | 15.27M shares | |
| remainder | |||
178.02M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Hancock Prospecting PTY LtdInstitution | 8.35% | 14.86M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 8.28% | 14.74M | as of Jun 30, 2026 |
James H. LitinskyInsiderdirector, officer: Chairman and CEO | 7.00% | 11.84M · 621,993 | filed Jun 5, 2026 |
Shenghe Resources Holding Co., Ltd.Institution | 6.76% | 12.03M | filed Nov 27, 2020 |
State Street CorpInstitution | 4.37% | 7.77M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 9, 2026 | Michael Stuart Rosenthal | officer: Chief Operating Officer | +10,000 | $54.30 |
| Jun 3, 2026 | James H. Litinsky | director, officer: Chairman and CEO | −185,167 | $69.14 |
| May 29, 2026 | James H. Litinsky | director, officer: Chairman and CEO | −50,000 | $64.58 |
| May 28, 2026 | James H. Litinsky | director, officer: Chairman and CEO | −234,651 | $65.87 |
| May 27, 2026 | James H. Litinsky | director, officer: Chairman and CEO | −115,349 | $65.37 |
- NeoGenomics
Downstream rival in magnetic powders, alloys, and NdFeB magnets
- Energy Fuels
U.S. rival in monazite processing and separated NdPr and heavy oxides
- USA Rare Earth
Emerging U.S. mine-to-magnet rival with metals, alloys, and NdFeB plans
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MP Materials | $49.40 | −1.20% | $8.90B | — | 149.9 | 29.1 | +89.0% |
| NeoGenomics | $19.27 | −0.72% | $498.7M | — | 69.3 | 0.7 | +11.2% |
| Energy Fuels | $12.14 | −1.30% | $3.07B | — | — | 29.1 | +496.1% |
| USA Rare Earth | $16.46 | −1.91% | $2.23B | — | — | 169.1 | — |
| Median | — | 69.3 | 29.1 | +253.7% |