Forensic Analysis · Materials / Mining & Chemicals · as of Aug 11, 2026
Mp Materials Corp. / De (MP)
A forensic read on Mp Materials Corp. / De built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
10.0
Distress distance
Watch
Earnings quality
4
Forensic signals
-315.6
P / E (ttm)
-4.3%
ROE
$9.7B
Market cap
0.00%
Dividend yield
10.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Mp Materials Corp. / De earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 10.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+27.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +27.8% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by inventory up +59% against +10% in revenue and PP&E up +9% against revenue +10%. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 4% of net operating assets, diverging from the balance-sheet accrual read.
227d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 182 to 227 FY2024→FY2025 (against revenue (COGS not disclosed); inventory +59% vs +10% in revenue). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-4.8%
FY2025
Return on invested capital.Return on invested capital is -4.8% in the latest fiscal year and slipping from 14% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
stopped
FY2024→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $225M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
Key fundamentals
Latest Revenue$224.4M
Revenue Growth YoY+10.1%
Net Margin-38.3%
Free Cash Flow-$328.1M
Return on Equity-4.3%
Debt / Equity0.50x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Mp Materials Corp. / De's actual 10-K/10-Q/8-K filings?