MP Materials Corp. / DE

Only scaled vertically-integrated US rare-earth/magnet producer, strongly capitalized but not yet profitable.

Strengths

• Fortress balance sheet: $1.8B cash, 22+ quarters runway (100th pct), current ratio 7.2
• Strategic wide-moat position with DoW price-floor/offtake support and Apple/GM supply agreements; record production volumes

Risks

• Still unprofitable: operating margin -66.6%, negative FCF (-$328M), net margin negative
• Commodity-price and execution risk on the 10X/magnet build-out

Notable findings

• Net lossNet loss (net margin -38.3%)
• Cash burnNegative free cash flow (-328.1M)
• Chronic dilutionShare count +28%/yr over 4y (dilution, book value/share -27%)
• Strong balance sheetStrong balance sheet — $1.8B cash & investments, ~22 quarters of runway
• China exposureTo align with the DoW Transaction Agreements and our strategic domestic supply chain objectives, we ceased all products sales to China in July 2025