MPMP Materials Corp. / DE
Metal Mining
- Revenue
- $224M
- 10% YoY
- Operating margin
- -66.6%
- 20% YoY
- EBITDA
- −$60M
- 34% YoY
- Market cap
- $7.0B
- Employees
- 180
- $1M revenue each
- Net debt / EBITDA
- —
- $506M net debt
- AI in 10-K
- 0.9
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes13% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes77% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$1M · 90th pctBottom quartile of its SIC industry
- Quiet on AINo0.9 per 10K words · 31st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$7.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$145M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $332M | $528M | $253M | $204M | $224M | 10% |
| Operating income | $165M | $327M | −$18M | −$169M | −$149M | 12% |
| Net income | $135M | $289M | $24M | −$65M | −$86M | 31% |
| Operating cash flow | $102M | $344M | $63M | $13M | −$156M | 1267% |
| Capex | $124M | $327M | $262M | $186M | $172M | 7.5% |
| Stock-based comp | $23M | $32M | $25M | $23M | $30M | 30% |
| Buybacks | — | $0 | $0 | $225M | $0 | 100% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 13, 2026 | Litinsky James H. | SCHEDULE 13D/A | 7.3% | Passive |
| Mar 19, 2025 | Litinsky James H. | SCHEDULE 13D/A | 9.0% | Passive |
| Dec 4, 2024 | Litinsky James H. | SC 13D/A | 10.0% | Passive |
| May 31, 2023 | Litinsky James H. | SC 13D/A | 10.7% | Passive |
| May 26, 2023 | JHL Capital Group LLC | SC 13D/A | 11.0% | Passive |
| May 18, 2023 | QVT Financial LP | SC 13D/A | 5.0% | Passive |
| May 9, 2023 | QVT Financial LP | SC 13D/A | 7.6% | Active |
| Sep 9, 2022 | JHL Capital Group LLC | SC 13D/A | 25.6% | Passive |
| Sep 8, 2022 | QVT Financial LP | SC 13D/A | 8.0% | Passive |
| Aug 10, 2022 | JHL Capital Group LLC | SC 13D/A | 28.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $2M · 2
- Open-market sells, 12 mo
- $147M · 32
- Net
- −$145M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $28M | $51M | 157 | 169 |
| FY2024 | $6M | $4M | 48 | 140 |
| FY2023 | $4M | $130K | 62 | 139 |
| FY2022 | $2M | −$14M | 75 | 128 |
| FY2021 | $35M | $36M | 141 | 141 |