Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
An average business — a capital-hungry commodity producer whose profits depend on Chinese supply policy and U.S. government checks — wrapped around a genuinely strategic asset and run by an exceptional capital allocator, but offered to us at roughly 48 times sales with no margin of safety whatsoever. Let us be plain at the outset, because we have learned that the cost of a clear opinion stated early is far cheaper than the cost of a muddy one stated late. MP Materials is one of the most fascinating companies in America right now.
Recent filings analysed: 10-Q (2026-08-07), 8-K (2026-08-06), 8-K (2026-06-10), 10-K (2026-02-26).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation