→MP Materials (MP) and Uranium Energy (UEC) are close in size, worth $7.2B and $3.9B, and MP Materials passes more of the TenQ Score checks, 7 of 36 against 5.
Each company is scored on the same checks, computed from its own filings: value, growth, quality, financial health, shareholder returns and trend. The fuller the shape, the more checks it passes.
→No part of the score separates them by more than 2 checks, and the widest gap is on Growth. They score the same on 3 parts of the score, so the difference between them is narrower than the totals suggest.
→MP Materials brings in $305M of revenue a year to Uranium Energy's $37M, 8.2 times as much. MP Materials has not made a profit over the last twelve months, so their profits cannot be compared yet.
MP Materials and Uranium Energy have no profit to price, so the two are compared on revenue instead: a price to sales of 23.4x at MP Materials and 105.2x at Uranium Energy.
| Year | MP P/S | UEC P/S | MP P/B | UEC P/B |
|---|---|---|---|---|
| 2020 | 9.2999 | - | 1.4628 | 2.1997 |
| 2021 | 20.3372 | - | 6.6925 | 1.4682 |
| 2022 | 13.4877 | 44.0622 | 5.4203 | 1.6337 |
| 2023 | 16.222 | 7.7949 | 3.0103 | 1.666 |
| 2024 | 13.2607 | 10,968 | 2.5626 | 2.8007 |
| 2025 | 33.5383 | 40.8081 | 3.8041 | 1.9303 |
| 2026 | 23.4279 | 105.2369 | 3.6551 | 2.8508 |
◌ The last point is at each company's latest close. Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's price to sales is 23.4x, against 105.2x at UEC.
What the market has paid for each dollar of earnings, sales or book value, every year, with today's multiple as the last point and the median drawn across.
What good looks like. There is no good level. What matters is the distance from the company's own history, and whether the business has changed enough to justify it.
If it rises or falls. A multiple above its own median means the market expects more than it used to, so more has to go right. Below the median means the opposite, and the question is whether the pessimism is deserved. A multiple can also fall because earnings rose, which is the good way.
| Period | MP free cash flow yield | UEC free cash flow yield |
|---|---|---|
| 2016 | - | -0.1345 |
| 2017 | - | -0.0644 |
| 2018 | - | -0.0539 |
| 2019 | - | -0.0522 |
| 2020 | -0.0153 | -0.0778 |
| 2021 | -0.0032 | -0.1013 |
| 2022 | 0.0024 | -0.0525 |
| 2023 | -0.0485 | 0.0562 |
| 2024 | -0.064 | -0.0442 |
| 2025 | -0.0436 | -0.0256 |
| 2026 | -0.0705 | -0.0274 |
◌ The last point is at each company's latest close. Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's free cash flow yield is -7.1%, against -2.7% at UEC.
Free cash flow divided by market value: the cash the business generates for every dollar you pay for it. The inverse of a price-to-cash multiple.
What good looks like. A yield at or above the company's own history, and one that compares well with what cash is worth elsewhere.
If it rises or falls. The yield rises when cash grows or the price falls, so a high yield is either a bargain or a warning about the cash continuing. Read it beside the cash conversion chart, which shows whether the cash is holding up.
Value asks what you pay for each dollar of earnings, sales or cash a business produces. A high multiple is not automatically bad, since fast growers can earn theirs, but a price far above a company's own history means the market expects a lot to go right. Each company is measured against its own past and its sector.
MP Materials grew revenue faster over the last twelve months, +26.1% against -44.3% at Uranium Energy, 70 percentage points apart. Over three years the order is the same, MP Materials at -24.8% a year and Uranium Energy at -39.0%.
| Period | MP revenue | UEC revenue |
|---|---|---|
| 2012 | - | 13.8M |
| 2013 | - | 9.0M |
| 2014 | - | 0 |
| 2015 | - | 3.1M |
| 2016 | - | 0 |
| 2017 | - | 0 |
| 2018 | - | 0 |
| 2019 | 73.4M | 0 |
| 2020 | 134.3M | 0 |
| 2021 | 332.0M | 0 |
| 2022 | 527.5M | 23.2M |
| 2023 | 253.4M | 164.4M |
| 2024 | 203.9M | 224,000 |
| 2025 | 224.4M | 66.8M |
| 2026 | 305.4M | 37.3M |
◌ The last yearly bar is the trailing twelve months. Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's revenue is $305M, against $37M at UEC.
The money customers paid, before any costs are taken out. Each bar is one quarter or, on the annual view, a full financial year; the last annual bar may be the trailing twelve months, which the footnote marks.
What good looks like. Growth that repeats, rather than one strong year carrying the chart, and a trailing twelve months keeping pace with the last full year.
If it rises or falls. Revenue is the hardest line to flatter, so a rise is the most trustworthy kind of growth. A fall puts pressure on every margin below it, because costs rarely come down as quickly as sales do.
| Period | MP net profit | UEC net profit |
|---|---|---|
| 2012 | - | -25.1M |
| 2013 | - | -21.9M |
| 2014 | - | -26.0M |
| 2015 | - | -23.4M |
| 2016 | - | -17.3M |
| 2017 | - | -18.0M |
| 2018 | - | -17.8M |
| 2019 | -6.8M | -17.2M |
| 2020 | -21.8M | -14.6M |
| 2021 | 135.0M | -14.8M |
| 2022 | 289.0M | 5.3M |
| 2023 | 24.3M | -3.3M |
| 2024 | -65.4M | -29.2M |
| 2025 | -85.9M | -87.7M |
| 2026 | -60.6M | -137.3M |
◌ The last yearly bar is the trailing twelve months. Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's net profit is -$61M, against -$137M at UEC.
What is left after every cost, including tax and interest. The bottom line of the income statement.
What good looks like. Profit growing at least as fast as revenue, which means the business is keeping more of each sale as it gets bigger.
If it rises or falls. Profit can move for reasons revenue cannot explain - a one-off charge, a tax change, a write-down - so a single sharp year is worth checking against the margin chart before reading it as a trend.
| Period | MP revenue growth | UEC revenue growth |
|---|---|---|
| 2013 | - | -0.3439 |
| 2014 | - | -1 |
| 2016 | - | -1 |
| 2020 | 0.8296 | - |
| 2021 | 1.4715 | - |
| 2022 | 0.5891 | - |
| 2023 | -0.5195 | 6.0977 |
| 2024 | -0.1957 | -0.9986 |
| 2025 | 0.101 | 297.3795 |
| 2026 | - | -0.4427 |
◌ On the quarterly view, growth is the trailing twelve months against the twelve before.
→On the latest figures, MP's revenue growth is 26.1%, against -44.3% at UEC.
How much revenue and earnings changed against the year before - the trailing twelve months against the twelve before them at each quarter, or one point per fiscal year. It is the speed of the business, not its size.
What good looks like. The earnings line above the revenue line: profits growing faster than sales means each new dollar of sales arrives more profitably than the last.
If it rises or falls. A high growth rate off a small base is easy and gets harder every year, so slowing growth in a large business is normal rather than a warning. Earnings falling while revenue grows is the combination worth understanding: costs are rising faster than sales.
Growth here is what each company has reported to the SEC, not a forecast: the last year, the three-year pace, and whether growth is speeding up or slowing down. Both companies are measured the same way, so their lines can be read against each other.
MP Materials keeps more of each sale: a operating margin of -41.5% against -357.4%, 316 percentage points more on every dollar of revenue.
| Year | MP Operating | UEC Operating | MP Net | UEC Net |
|---|---|---|---|---|
| 2012 | - | -1.7886 | - | -1.8233 |
| 2013 | - | -2.4163 | - | -2.4221 |
| 2015 | - | -6.6025 | - | -7.585 |
| 2019 | -0.1038 | - | -0.092 | - |
| 2020 | -0.2584 | - | -0.1625 | - |
| 2021 | 0.4981 | - | 0.4068 | - |
| 2022 | 0.6207 | -0.9805 | 0.5479 | 0.2268 |
| 2023 | -0.0699 | 0.0539 | 0.0959 | -0.0201 |
| 2024 | -0.8311 | -251.7946 | -0.3209 | -130.4509 |
| 2025 | -0.6655 | -1.097 | -0.3826 | -1.3115 |
| 2026 | - | -3.5744 | - | -3.6862 |
◌ Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's operating margin is -41.5%, against -357.4% at UEC.
What survives at three points on the way down the income statement: after the direct cost of the product, after the cost of running the company, and after everything.
What good looks like. Margins that hold or widen as the business grows. The level itself varies enormously by industry, so the shape over time tells you more than the number.
If it rises or falls. A widening margin means pricing power or costs under control. A compressing one means the opposite, and it compounds: on large revenue, two points of margin is a great deal of profit.
| Year | MP Return on equity | UEC Return on equity | MP Return on capital | UEC Return on capital |
|---|---|---|---|---|
| 2012 | - | -0.4176 | - | -0.3613 |
| 2013 | - | -0.3788 | - | -0.3744 |
| 2014 | - | -0.6337 | - | -0.4225 |
| 2015 | - | -0.861 | - | -0.5594 |
| 2016 | - | -0.4705 | - | -0.1928 |
| 2017 | - | -0.3131 | - | -0.1694 |
| 2018 | - | -0.2425 | - | -0.1547 |
| 2019 | - | -0.2249 | -0.1081 | -0.1587 |
| 2020 | - | -0.1998 | -0.0337 | -0.1777 |
| 2021 | 0.145 | -0.0833 | 0.0903 | -0.0587 |
| 2022 | 0.249 | 0.0116 | 0.153 | -0.0315 |
| 2023 | 0.0182 | -0.0047 | -0.008 | 0.0103 |
| 2024 | -0.0541 | -0.0355 | -0.0781 | -0.0583 |
| 2025 | -0.0566 | -0.0765 | -0.0419 | -0.0485 |
| 2026 | - | -0.0985 | - | -0.0901 |
◌ Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's return on equity is -3.4%, against -10.6% at UEC.
Two returns side by side: on shareholders' capital (ROE), and on all the capital in the business including debt (ROCE).
What good looks like. Both comfortably above roughly 10%, and close together. A wide gap means borrowing, not operations, is doing the work.
If it rises or falls. A high ROE built on debt looks like quality until the debt has to be refinanced. ROCE is the harder number to flatter, which is why both are shown.
| Period | MP free cash flow margin | UEC free cash flow margin |
|---|---|---|
| 2012 | - | -1.4923 |
| 2013 | - | -2.1593 |
| 2015 | - | -3.9929 |
| 2019 | -0.0369 | - |
| 2020 | -0.1422 | - |
| 2021 | -0.066 | - |
| 2022 | 0.0321 | -2.3145 |
| 2023 | -0.786 | 0.4381 |
| 2024 | -0.849 | -484.2634 |
| 2025 | -1.462 | -1.0464 |
| 2026 | - | -2.8816 |
◌ Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's free cash flow margin is -165.2%, against -288.2% at UEC.
Free cash flow as a share of revenue: how much of each dollar of sales survives both costs and capital spending.
What good looks like. A steady or rising share. Asset-light businesses convert far more than manufacturers, so compare a company with itself.
If it rises or falls. Falling conversion while revenue grows means growth is being bought with capital spending or working capital, which is fine while it lasts and painful when it stops.
| Year | MP Capex | UEC Capex | MP Stock pay | UEC Stock pay |
|---|---|---|---|---|
| 2012 | - | 0.0961 | - | 0.2115 |
| 2013 | - | 0.0198 | - | 0.1125 |
| 2015 | - | 0.0075 | - | 1.8239 |
| 2019 | 0.031 | - | 0 | - |
| 2020 | 0.1666 | - | 0.0373 | - |
| 2021 | 0.3732 | - | 0.0691 | - |
| 2022 | 0.6191 | 0.0268 | 0.0602 | 0.2021 |
| 2023 | 1.0333 | 0.0034 | 0.0996 | 0.0336 |
| 2024 | 0.9145 | 8.875 | 0.1137 | 23.0893 |
| 2025 | 0.768 | 0.082 | 0.1344 | 0.09 |
| 2026 | - | 0.2358 | - | 0.2159 |
◌ Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's capex as a share of revenue is 137.7%, against 23.6% at UEC.
Capital spending, research and development, and stock compensation, each as a share of revenue. The three ways a business pays to keep its position.
What good looks like. A share that is stable or falling while revenue grows, which means the cost of competing is not rising with the business.
If it rises or falls. Rising intensity means each new dollar of sales is getting more expensive to win. Falling intensity can mean efficiency, or it can mean under-investment that shows up years later.
Quality asks whether growth turns into real money: how much of each sale is kept as profit, whether that profit arrives as cash, and what return the business earns on the money invested in it.
Uranium Energy carries far less debt for its size, 0.00x of debt for each dollar of equity against 0.48x. The gap matters most in a bad year.
| Year | MP Debt | UEC Debt | MP Cash | UEC Cash |
|---|---|---|---|---|
| 2012 | - | 0 | - | 12.3M |
| 2013 | - | 7.9M | - | 9.0M |
| 2014 | - | 19.3M | - | 4.4M |
| 2015 | - | 19.5M | - | 2.4M |
| 2016 | - | 19.8M | - | 27.7M |
| 2017 | - | 19.9M | - | 15.8M |
| 2018 | - | 33.8M | 28.5M | 22.0M |
| 2019 | - | 19.0M | 2.8M | 22.1M |
| 2020 | 3.4M | 20.3M | 519.7M | 12.7M |
| 2021 | 674.9M | 0 | 1.18B | 26.7M |
| 2022 | 678.4M | 0 | 1.18B | 32.6M |
| 2023 | 682.0M | 1.5M | 997.8M | 82.3M |
| 2024 | 908.7M | 1.5M | 850.9M | 61.5M |
| 2025 | 998.7M | 0 | 1.83B | 486.3M |
| 2026 | 934.6M | 0 | 1.45B | 495.5M |
◌ Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's total debt is $935M, against $0.00 at UEC.
Total borrowings against cash on hand, with debt as a multiple of shareholders' equity, and how many times profit covers the interest bill.
What good looks like. Interest covered comfortably - roughly eight times or more - and debt that is not a large multiple of equity.
If it rises or falls. Debt is only a problem when it has to be repaid or refinanced in a bad year, so cover matters more than the amount. Rising debt with rising cover is a business borrowing to grow; rising debt with falling cover is the combination that ends badly.
| Period | MP current ratio | UEC current ratio |
|---|---|---|
| 2012 | - | 3.6343 |
| 2013 | - | 1.3396 |
| 2014 | - | 4.8355 |
| 2015 | - | 0.2413 |
| 2016 | - | 12.3174 |
| 2017 | - | 7.9052 |
| 2018 | - | 15.8724 |
| 2019 | 0.8753 | 5.6174 |
| 2020 | 13.0291 | 0.7416 |
| 2021 | 21.4434 | 16.7223 |
| 2022 | 13.2726 | 4.4616 |
| 2023 | 10.4208 | 6.8483 |
| 2024 | 6.2878 | 9.4375 |
| 2025 | 7.2423 | 28.725 |
| 2026 | - | 17.2569 |
◌ Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's current ratio is 9.5x, against 17.3x at UEC.
Current assets over current liabilities: what the company can turn into cash within a year against what it owes within a year.
What good looks like. Comfortably above 1.0, and not falling year after year. Below 1.0 means near-term bills exceed near-term resources, which is normal for some business models and a warning in others.
If it rises or falls. Inventory and receivables build it up; short-term borrowing and payables pull it down. A retailer that turns stock over quickly can run lower than a manufacturer and be perfectly sound.
| Period | MP interest cover | UEC interest cover |
|---|---|---|
| 2012 | - | -796.3588 |
| 2013 | - | -665.8108 |
| 2014 | - | -7.8915 |
| 2015 | - | -6.6214 |
| 2016 | - | -4.7687 |
| 2017 | - | -5.221 |
| 2018 | - | -5.526 |
| 2019 | -2.2333 | -4.6085 |
| 2020 | -6.9281 | -4.1404 |
| 2021 | 18.5697 | -6.0806 |
| 2022 | 56.5868 | -14.9506 |
| 2023 | -3.3725 | 11.0149 |
| 2024 | -7.2401 | -68.2007 |
| 2025 | -4.7449 | -50.7061 |
| 2026 | - | -64.2601 |
◌ Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's interest cover is -3.3x, against -64.3x at UEC.
Operating profit divided by interest expense - how many times over the year's earnings could pay the year's interest.
What good looks like. High and steady. Five times is a common floor; comfortably above it means the debt is being carried, not merely serviced.
If it rises or falls. It falls when profit falls or when borrowing costs rise, and a company can look safe on the level while the direction is telling you otherwise.
| Period | MP operating cash margin | UEC operating cash margin |
|---|---|---|
| 2012 | - | -1.3962 |
| 2013 | - | -2.1394 |
| 2015 | - | -3.9855 |
| 2019 | -0.006 | - |
| 2020 | 0.0244 | - |
| 2021 | 0.3072 | - |
| 2022 | 0.6512 | -2.2878 |
| 2023 | 0.2474 | 0.4415 |
| 2024 | 0.0655 | -475.3884 |
| 2025 | -0.694 | -0.9644 |
| 2026 | - | -2.6459 |
◌ Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's operating cash margin is -27.5%, against -264.6% at UEC.
Operating cash flow as a share of revenue: of every dollar sold, how much reached the bank before capital spending.
What good looks like. A high share, holding up or improving. It is the clearest sign that reported profit is real.
If it rises or falls. It falls when customers take longer to pay or stock builds up, and it can stay high while profit falls - which is usually the more reassuring of the two.
| Period | MP shareholders' equity | UEC shareholders' equity |
|---|---|---|
| 2012 | - | 63.8M |
| 2013 | - | 51.6M |
| 2014 | - | 30.3M |
| 2015 | - | 23.9M |
| 2016 | - | 49.7M |
| 2017 | - | 65.1M |
| 2018 | -11.3M | 82.0M |
| 2019 | -18.0M | 70.6M |
| 2020 | 853.9M | 75.6M |
| 2021 | 1.01B | 279.8M |
| 2022 | 1.31B | 624.7M |
| 2023 | 1.37B | 769.1M |
| 2024 | 1.05B | 877.2M |
| 2025 | 1.98B | 1.41B |
| 2026 | 1.96B | 1.38B |
◌ Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→On the latest figures, MP's shareholders' equity is $2.0B, against $1.4B at UEC.
What would be left for shareholders if every asset were sold at its book value and every debt repaid. Book value, in other words.
What good looks like. Equity growing as retained profits build up, unless the company is deliberately returning more than it earns.
If it rises or falls. Equity falls for two very different reasons: buybacks, which return money to you, and losses, which do not. The distinction is the whole story, and negative equity means liabilities now exceed assets, which makes debt-to-equity and return on equity meaningless rather than alarming.
Financial health asks one question: could the business get through a bad year? It looks at how much each company has borrowed, how easily its profits cover the interest, and how much cash it holds against the bills due soon.
Neither MP Materials nor Uranium Energy pays a meaningful dividend, so any cash they return to shareholders comes through buying back their own shares.
| Period | MP change in share count | UEC change in share count |
|---|---|---|
| 2013 | - | 0.0901 |
| 2014 | - | 0.044 |
| 2015 | - | 0.0366 |
| 2016 | - | 0.1482 |
| 2017 | - | 0.2089 |
| 2018 | - | 0.2252 |
| 2019 | - | 0.1192 |
| 2020 | 0.1973 | 0.0409 |
| 2021 | 1.3823 | 0.1489 |
| 2022 | 0.019 | 0.3319 |
| 2023 | -0.0791 | 0.3023 |
| 2024 | -0.0464 | 0.0891 |
| 2025 | 0.0014 | 0.0764 |
| 2026 | - | 0.1326 |
◌ Split-adjusted. Below zero, the company has fewer shares than a year earlier. Annual views are each company's own fiscal years; the quarterly views line up on calendar quarters.
→MP's latest change in share count is 8.9% (Q2 2026), against 14.1% at UEC (Q1 2026).
The yearly change in the number of shares in issue, adjusted for splits so the years compare. A bar below zero is a falling share count, usually from buybacks; above zero, new shares were issued.
What good looks like. A flat or falling share count. Falling means each share you hold owns a little more of the business every year.
If it rises or falls. A rising count divides the same business among more owners, so your slice shrinks unless profits grow faster. This is the most direct chart on the page: it is your ownership, measured.
Shareholder returns is the cash a company hands back to the people who own its shares, through dividends and by buying its own shares back, and whether the stock it issues to staff quietly undoes those buybacks.
Charts by TradingView
→MP is in a downtrend: the price is below the cloud where recent trading settled and that cloud is still falling. UEC is in a downtrend: the price is below the cloud where recent trading settled and that cloud is still falling.
Trend reads the share price only: where it sits against its own long-term averages and how it has moved against the S&P 500. It says nothing about the business, which the other chapters cover.