What is the primary revenue source for MP Materials (MP)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze MP's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out MP Materials's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How MP Materials Makes Money: MP Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

The largest revenue segment accounts for 52.5% of revenue, indicating concentration.

Revenue: USD 199.14M
Largest revenue segment share (Others): 52.50%
Selling, general and administrative: USD 68.80M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Largest revenue segment share (Others)Others · segment_value / revenue * 100
RevenueRevenue (including related party) · RevenueFromContractWithCustomerExcludingAssessedTax
Selling, general and administrativeSelling, general and administrative · SellingGeneralAndAdministrativeExpense

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Property, plant and equipment: USD 1.61B
Cash and cash equivalents: USD 429.07M
Inventory: USD 173.43M
Total liabilities: USD 1.36B
Shareholder equity: USD 1.96B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Property, plant and equipmentProperty, plant and equipment, net · PropertyPlantAndEquipmentNet
Shareholder equityTotal stockholders’ equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
InventoryInventories · InventoryNet
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Free cash flow is negative after capital expenditure.

Operating cash flow: USD 4.94M
Free cash flow: USD −302.77M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Free cash flowcfo - capex
Operating cash flowsum(waterfull.operating)

Some conclusions lack complete source metrics and should be interpreted cautiously.

Shareholders

Did the money earned actually make its way back to shareholders?

Neutral

There was no material cash return; earnings stayed in the business without significant dilution.

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?