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Rare earths and critical minerals

The 16 companies in this industry listed on the NYSE and Nasdaq are worth $18 bn combined; the largest are MP Materials (MP), USA Rare Earth (USAR) and Almonty Industries Inc. (ALM). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Open contest
16 companies value 18 bn revenue 0.5 bn margin -264.6% free cash flow -1.1 bn avg. score 0.4
MP holds 39.1% of the group's value, 1.8x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 MP MP Materials
United States · score 0.0
39% 6.9 bn 0.3 bn -19.9% -0.5 bn -7.3% — Rare earth mining and processing at Mountain Pass · The only operating rare earth mine in the US (Mountain Pass); contracts with the Pentagon
2 USAR USA Rare Earth
United States · score 0.0
21% 3.8 bn 0.0 bn -22x -0.3 bn -6.5% — Rare earth mining and processing · Permanent magnet project and rare earth deposit in Texas; pre-revenue stage
3 ALM Almonty Industries Inc.
Canada · score 0.3
13% 2.3 bn 0.0 bn -498.0% -0.0 bn -0.6% — Tungsten mining in Portugal and South Korea · Canada — revenue of $23m
4 EMAT Evolution Metals & Technologies Corp.
United States · score 0.0
5% 1.0 bn 0.0 bn -176x -0.0 bn -1.2% — Critical materials and rare earths from urban recycling · Florida — revenue of $4m
5 CRML Critical Metals Corp.
Australia · score 0.0
5% 1.0 bn — — -0.0 bn -4.1% — Rare earth and critical metals exploration in Europe · Australia
6 UAMY UNITED STATES ANTIMONY CORP
United States · score 0.0
3% 0.5 bn 0.0 bn -41.4% -0.1 bn -15.4% — Antimony and precious metals mining and processing · Texas — revenue of $39m
7 ALOY REALLOYS INC.
United States · score 0.0
3% 0.5 bn 0.0 bn -59x -0.0 bn -4.2% — Integrated rare earth and NdFeB magnet supply chain, with a project in Canada and metallization in Ohio · Florida — revenue of $2m
8 IPX IPERIONX Ltd
United States · score 0.0
3% 0.5 bn — — -0.1 bn -13.6% — Titanium and rare earths, from Australia · Virginia
9 NB NIOCORP DEVELOPMENTS LTD
United States · score 0.0
3% 0.4 bn — — -0.0 bn -8.4% — Development of niobium, scandium and titanium in Nebraska · Colorado
10 NMG Nouveau Monde Graphite Inc.
Canada · score 0.0
2% 0.3 bn — — -0.0 bn -12.7% — Integrated mine-to-product graphite, in Quebec · Canada
11 GMTL Guardian Metal Resources PLC
United Kingdom · score 0.4
1% 0.2 bn — — -0.0 bn -2.4% — Tungsten mining projects in Nevada (US), in the exploration and development stage · United Kingdom
12 REA Rare Earths Americas, Inc.
United States · score 5.0
1% 0.1 bn — — — — — — Rare earth exploration in the Americas · Georgia
13 FEAM 5E Advanced Materials, Inc.
United States · score 0.0
1% 0.1 bn — — -0.0 bn -23.9% — Borates and advanced industrial materials · California
14 WWR WESTWATER RESOURCES, INC.
United States · score 0.0
0% 0.1 bn — — -0.0 bn -39.3% — Battery-grade graphite in Alabama, from mine to market · Colorado
15 LGO Largo Inc.
Canada · score 0.0
0% 0.0 bn 0.1 bn -62.6% -0.0 bn -78.3% — Vanadium mining and processing in Brazil · Canada — revenue of $110m
16 ATCX ATLAS CRITICAL MINERALS Corp
Brazil · score 0.0
0% 0.0 bn 0.0 bn -73x -0.0 bn -45.0% — Critical minerals and rare earths in Brazil · Brazil

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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