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MP Materials vs USA Rare Earth: MP and USAR compared
MP Materials is the larger company: $148M of revenue in its latest quarter (Q3 2026) against $5.8M for USA Rare Earth (Q2 2026). MP Materials is more profitable, with an operating margin of -14.9% against -795.6%.
Where the money goes: MP and USAR
MP Materials (MP) · Q3 2026
MP Materials, Q3 2026: revenue $148M (+176% year over year), operating margin -14.9%, net loss $20.7M, operating cash flow −$12.7M. The chart follows the revenue to costs, profit and cash.
USA Rare Earth (USAR) · Q2 2026
USA Rare Earth, Q2 2026: revenue $5.8M, operating margin -795.6%, net loss $12.0M, operating cash flow −$56.9M. The chart follows the revenue to costs, profit and cash.
| MP Materials (MP) | USA Rare Earth (USAR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $148M | $5.8M |
| Revenue growth, Y/Y | +176% | — |
| Operating margin | -14.9% | -795.6% |
| Net earnings | −$20.7M | −$12.0M |
| Net margin | -14.0% | -205.5% |
| Operating cash flow | −$12.7M | −$56.9M |
| Market value | $7.7B | — |
| Analysts’ mean target | $68.24 | — |
Questions
Which is bigger, MP Materials or USA Rare Earth?
MP Materials is the larger company: $148M of revenue in its latest quarter (Q3 2026) against $5.8M for USA Rare Earth (Q2 2026).
Is MP Materials or USA Rare Earth growing faster?
MP Materials is more profitable, with an operating margin of -14.9% against -795.6%.
More: MP Materials earnings · how MP Materials makes money · USA Rare Earth earnings · how USA Rare Earth makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Aug 10, 2026). Fiscal quarters can end on different dates. Not investment advice.