NASDAQ : USAR
USA Rare Earth, Inc. — Financial statements
Materials · Other Industrial Metals & Mining · United States
Last price 9.62 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.61B
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Financial statements
USA Rare Earth, Inc. (USAR) reported revenue of 13.16M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | 13.16M | 1.64M | |||
| Cost of Revenue | 14.44M | 1.45M | |||
| Gross Profit | -1.28M | 195.00K | |||
| Selling, General & Admin | 71.86M | 31.34M | 9.28M | 19.71M | 18.15M |
| Research & Development | 36.48M | 15.73M | 6.30M | 1.64M | 271.00K |
| Amortization of Goodwill & Intangibles | 3.39M | 678.00K | |||
| Operating Expenses | 111.73M | 47.74M | 15.59M | 24.79M | 24.26M |
| Operating Income | -113.02M | -47.55M | -15.59M | -24.79M | -24.26M |
| Interest Expense | -188.00K | -139.00K | -315.00K | -77.00K | |
| Interest & Investment Income | 31.41M | 5.45M | 292.00K | 363.00K | 72.00K |
| Other Non Operating Income (Expenses) | -195.03M | -244.49M | -379.00K | -879.00K | |
| EBT Excluding Unusual Items | -276.82M | -286.73M | -15.99M | -25.39M | -24.19M |
| Merger & Restructuring Charges | -8.10M | -8.10M | |||
| Gain (Loss) on Sale of Investments | -405.00K | -1.35M | |||
| Legal Settlements | -2.25M | -2.25M | |||
| Other Unusual Items | -1.60M | -1.60M | 16.85M | ||
| Pretax Income | -288.77M | -298.68M | -16.39M | -8.54M | -25.54M |
| Income Tax Expense | -1.25M | -160.00K | |||
| Earnings From Continuing Operations | -287.52M | -298.52M | -16.39M | -8.54M | -25.54M |
| Minority Interest in Earnings | 3.32M | 965.00K | 657.00K | 1.12M | 1.70M |
| Net Income | -284.21M | -297.56M | -15.73M | -7.42M | -23.84M |
| Preferred Dividends & Other Adjustments | 26.95M | 26.95M | 8.17M | 5.65M | 6.36M |
| Net Income to Common | -311.16M | -324.51M | -23.91M | -13.06M | -30.21M |
| Shares Outstanding (Basic) | 158.90M | 98.02M | 59.54M | 44.35M | 216.70M |
| Shares Outstanding (Diluted) | 158.90M | 98.02M | 59.54M | 44.35M | 216.70M |
| EPS (Basic) | -1.96 | -3.31 | -0.40 | -0.29 | -0.14 |
| EPS (Diluted) | -1.96 | -3.31 | -0.40 | -0.29 | -0.14 |
| Free Cash Flow | -245.52M | -86.34M | -16.10M | -27.88M | -29.95M |
| Free Cash Flow Per Share | -1.54 | -0.88 | -0.27 | -0.63 | -0.14 |
| Gross Margin | -9.74% | 11.87% | |||
| Operating Margin | -858.65% | -2,894.03% | |||
| Profit Margin | -2,364.09% | -19,751.25% | |||
| Free Cash Flow Margin | -1,865.38% | -5,255.27% | |||
| EBITDA | -107.55M | -46.30M | -15.35M | -24.48M | -24.05M |
| D&A For EBITDA | 5.46M | 1.25M | 235.00K | 308.00K | 210.00K |
| EBIT | -113.02M | -47.55M | -15.59M | -24.79M | -24.26M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 1.53B | 359.93M | 16.76M | 13.20M | 26.97M |
| Cash & Short-Term Investments | 1.53B | 359.93M | 16.76M | 13.20M | 26.97M |
| Receivables | 6.27M | 3.76M | |||
| Inventory | 50.14M | 18.54M | |||
| Prepaid Expenses | 12.35M | 728.00K | 437.00K | 349.00K | |
| Other Current Assets | 9.46M | 2.42M | 5.51M | 73.00K | |
| Total Current Assets | 1.67B | 385.38M | 22.27M | 13.71M | 27.32M |
| Property, Plant & Equipment | 166.24M | 104.11M | 43.68M | 41.07M | 38.52M |
| Long-Term Investments | 945.00K | ||||
| Goodwill | 134.85M | 134.85M | |||
| Other Intangible Assets | 65.90M | 68.61M | |||
| Other Long-Term Assets | 47.16M | 2.06M | 3.11M | 2.61M | 70.00K |
| Total Assets | 3.00B | 695.00M | 69.07M | 57.38M | 66.86M |
| Accounts Payable | 17.37M | 11.07M | 1.82M | 385.00K | 2.38M |
| Accrued Expenses | 16.44M | 4.33M | 2.01M | 4.76M | 7.91M |
| Current Portion of Long-Term Debt | 1.85M | 831.00K | |||
| Current Portion of Leases | 640.00K | 420.00K | 23.00K | 452.00K | 442.00K |
| Current Unearned Revenue | 1.33M | 10.50M | |||
| Other Current Liabilities | 15.24M | 9.75M | 2.24M | ||
| Total Current Liabilities | 51.01M | 37.91M | 6.92M | 5.60M | 10.74M |
| Long-Term Debt | 620.00K | 20.24M | |||
| Long-Term Leases | 2.56M | 777.00K | 21.00K | 460.00K | |
| Long-Term Unearned Revenue | 18.08M | 8.20M | 8.20M | 8.20M | 3.37M |
| Long-Term Deferred Tax Liabilities | 15.66M | 16.71M | |||
| Other Long-Term Liabilities | 364.19M | 128.21M | 464.00K | ||
| Total Liabilities | 451.51M | 191.81M | 15.12M | 14.90M | 34.81M |
| Common Stock | 24.00K | 15.00K | 6.00K | 6.00K | 3.50M |
| Additional Paid-In Capital | 3.00B | 879.85M | 104.24M | 93.37M | |
| Retained Earnings | -464.68M | -387.36M | -72.87M | -54.22M | -44.63M |
| Comprehensive Income & Other | -927.00K | 130.00K | |||
| Total Common Equity | 2.54B | 492.63M | 31.38M | 39.15M | -41.13M |
| Minority Interest | -1.06M | 1.65M | 2.64M | 3.33M | 4.57M |
| Shareholders' Equity | 2.55B | 503.19M | 53.94M | 42.48M | 32.05M |
| Total Liabilities & Equity | 3.00B | 695.00M | 69.07M | 57.38M | 66.86M |
| Total Debt | 3.20M | 3.05M | 854.00K | 1.09M | 21.14M |
| Net Cash (Debt) | 1.53B | 356.88M | 15.91M | 12.11M | 5.83M |
| Net Cash Per Share | 9.61 | 3.64 | 0.27 | 0.27 | 0.03 |
| Filing Date Shares Outstanding | 244.72M | 217.98M | 94.70M | 228.40M | 216.70M |
| Total Common Shares Outstanding | 244.67M | 148.06M | 227.30M | 228.40M | 216.70M |
| Working Capital | 1.62B | 347.46M | 15.35M | 8.11M | 16.58M |
| Book Value Per Share | 10.37 | 3.33 | 0.14 | 0.17 | -0.19 |
| Tangible Book Value | 2.34B | 289.17M | 31.38M | 39.15M | -41.13M |
| Tangible Book Value Per Share | 9.55 | 1.95 | 0.14 | 0.17 | -0.19 |
| Land | 707.00K | 707.00K | 707.00K | 707.00K | 703.00K |
| Buildings | 35.72M | 9.60M | |||
| Machinery | 31.83M | 16.19M | 500.00K | 607.00K | 590.00K |
| Construction In Progress | 78.85M | 59.35M | 25.77M | 22.60M | 19.32M |
| Leasehold Improvements | 1.28M | 795.00K | 346.00K | 372.00K | 371.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | -284.21M | -297.56M | -15.73M | -7.42M | -23.84M |
| Depreciation & Amortization | 5.83M | 1.59M | 389.00K | 718.00K | 671.00K |
| Other Amortization | 211.00K | 66.00K | |||
| Loss (Gain) From Sale of Investments | 405.00K | 1.35M | |||
| Stock-Based Compensation | 18.48M | 8.76M | 1.74M | 1.37M | 1.62M |
| Other Operating Activities | 188.76M | 246.57M | -139.00K | -17.04M | -88.00K |
| Change in Accounts Receivable | -3.10M | -599.00K | |||
| Change in Inventory | -29.63M | -3.21M | |||
| Change in Accounts Payable | 4.76M | -5.49M | 1.09M | -2.00M | 320.00K |
| Change in Unearned Revenue | 354.00K | -476.00K | 4.83M | 3.37M | |
| Change in Other Net Operating Assets | -6.11M | 1.59M | -950.00K | -2.46M | 1.80M |
| Operating Cash Flow | -106.07M | -48.98M | -12.99M | -21.93M | -14.80M |
| Capital Expenditures | -139.45M | -37.36M | -3.11M | -5.96M | -15.15M |
| Cash Acquisitions | -102.21M | -102.21M | |||
| Other Investing Activities | -178.00K | ||||
| Investing Cash Flow | -241.66M | -139.57M | -3.29M | -5.96M | -15.15M |
| Long-Term Debt Issued | 357.00K | 1.00M | |||
| Net Debt Issued (Repaid) | -1.63M | 357.00K | 1.00M | ||
| Issuance of Common Stock | 1.90B | 493.92M | 20.24M | ||
| Other Financing Activities | -73.93M | 14.19M | -5.66M | -191.00K | 2.02M |
| Financing Cash Flow | 1.82B | 531.72M | 19.84M | 14.11M | 22.26M |
| Miscellaneous Cash Flow Adjustments | -363.00K | ||||
| Net Cash Flow | 1.47B | 343.16M | 3.56M | -14.13M | -7.70M |
| Free Cash Flow | -245.52M | -86.34M | -16.10M | -27.88M | -29.95M |
| Free Cash Flow Margin | -1,865.38% | -5,255.27% | |||
| Free Cash Flow Per Share | -1.54 | -0.88 | -0.27 | -0.63 | -0.14 |
| Levered Free Cash Flow | -283.96M | -47.19M | -14.78M | -24.65M | |
| Unlevered Free Cash Flow | -283.84M | -47.10M | -14.80M | -24.67M | |
| Cash Interest Paid | 120.00K | 17.00K | |||
| Change in Working Capital | -34.94M | -8.34M | 140.00K | 368.00K | 5.49M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 3.32B | 1.58B | 97.07M | 322.81M | |
| Enterprise Value | 1.79B | 1.34B | 187.56M | ||
| Last Close Price | 8.86 | 11.90 | 11.48 | 10.33 | |
| Forward PE | 32.99 | ||||
| PS Ratio | 252.34 | 960.68 | |||
| PB Ratio | 0.85 | 3.14 | 1.80 | 7.60 | |
| P/TBV Ratio | 1.42 | 5.46 | 3.09 | 8.24 | |
| EV/Sales Ratio | 136.33 | 813.97 | |||
| Debt / Equity Ratio | 0.00 | 0.01 | 0.02 | 0.03 | 0.66 |
| Net Debt / Equity Ratio | -0.60 | -0.71 | -0.29 | -0.28 | -0.18 |
| Net Debt / EBITDA Ratio | 14.20 | 7.71 | 1.04 | 0.49 | 0.24 |
| Net Debt / FCF Ratio | 6.22 | 4.13 | 0.99 | 0.43 | 0.20 |
| Asset Turnover | 0.01 | 0.00 | |||
| Quick Ratio | 30.12 | 9.59 | 2.42 | 2.36 | 2.51 |
| Current Ratio | 32.79 | 10.16 | 3.22 | 2.45 | 2.54 |
| Return on Equity (ROE) | -23.56% | -107.16% | -34.00% | -22.91% | |
| Return on Assets (ROA) | -4.44% | -7.78% | -15.41% | -24.95% | |
| Return on Capital Employed (ROCE) | -3.80% | -7.20% | -25.10% | -47.90% | -43.20% |
| Earnings Yield | -22.11% | -18.85% | -16.21% | -2.30% | |
| FCF Yield | -7.39% | -5.47% | -16.58% | -8.64% | |
| Buyback Yield / Dilution | -109.96% | -64.64% | -34.23% | 79.53% |