USA Rare Earth, Inc.
USAR Nasdaq Metal Mining Financials FY2024–FY2025
Revenue
Total sales reported in the income statement.
$1.6M
vs prior year
Operating margin
Operating income as a share of revenue.
−3,621.6%
Net income
Profit after all expenses, interest and tax.
−$298M
Free cash flow
Cash from operations minus capital spending.
−$86.3M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$2.74 EPS (TTM)
What USA Rare Earth, Inc. does
No business description yet.
- Legal name
- USA Rare Earth, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 30, 2026
- Accession · CIK
- 0001970622-26-000021
0001970622
Revenue and margins
USA Rare Earth, Inc. had $1.6M of revenue in fiscal 2025.
FY24
Revenue $0.0M
FY25
Revenue $1.6M
Q1 '24
Revenue —
Q2 '24
Revenue —
Q3 '24
Revenue —
Q4 '24
Revenue —
Q1 '25
Revenue $0.0M
Q2 '25
Revenue $0.0M
Q3 '25
Revenue —
Q4 '25
Revenue —
Q1 '26
Revenue $5.7M
Q2 '26
Revenue $5.8M
FY24
Gross —
Operating —
Net —
FCF —
FY25
Gross 11.9%
Operating −3,621.6%
Net −18,110.7%
FCF −5,255.3%
Gross
Operating
Net
FCF
Q1 '24
Gross —
Operating —
Net —
FCF —
Q2 '24
Gross —
Operating —
Net —
FCF —
Q3 '24
Gross —
Operating —
Net —
FCF —
Q4 '24
Gross —
Operating —
Net —
FCF —
Q1 '25
Gross —
Operating —
Net —
FCF —
Q2 '25
Gross —
Operating —
Net —
FCF —
Q3 '25
Gross —
Operating —
Net —
FCF —
Q4 '25
Gross —
Operating —
Net —
FCF —
Q1 '26
Gross 1.9%
Operating −643.6%
Net −1,175.7%
FCF −1,002.1%
Q2 '26
Gross −27.2%
Operating −795.6%
Net −177.5%
FCF −2,175.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY24
Net income −$15.7M
FY25
Net income −$298M
Q1 '24
Net income −$4.5M
Q2 '24
Net income −$2.6M
Q3 '24
Net income −$1.9M
Q4 '24
Net income −$6.8M
Q1 '25
Net income $51.8M
Q2 '25
Net income −$143M
Q3 '25
Net income −$157M
Q4 '25
Net income −$50.2M
Q1 '26
Net income −$67.0M
Q2 '26
Net income −$10.3M
FY24
Diluted EPS −$0.40
FY25
Diluted EPS −$3.31
Q1 '24
Diluted EPS −$0.11
Q2 '24
Diluted EPS −$0.04
Q3 '24
Diluted EPS −$0.03
Q4 '24
Diluted EPS −$0.22
Q1 '25
Diluted EPS $0.58
Q2 '25
Diluted EPS −$1.54
Q3 '25
Diluted EPS −$1.64
Q4 '25
Diluted EPS −$0.71
Q1 '26
Diluted EPS −$0.34
Q2 '26
Diluted EPS −$0.05
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY24
Return on capital —
Return on equity —
Return on assets −22.8%
FY25
Return on capital —
Return on equity −124.7%
Return on assets −77.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$86.3M in fiscal 2025, −5,255.3% of revenue. Cash from operations minus capital spending.
FY24
Free cash flow −$16.1M
FY25
Free cash flow −$86.3M
Q1 '24
Free cash flow −$4.3M
Q2 '24
Free cash flow −$5.1M
Q3 '24
Free cash flow −$2.4M
Q4 '24
Free cash flow −$4.4M
Q1 '25
Free cash flow −$12.3M
Q2 '25
Free cash flow −$12.2M
Q3 '25
Free cash flow −$10.0M
Q4 '25
Free cash flow −$51.9M
Q1 '26
Free cash flow −$57.1M
Q2 '26
Free cash flow −$127M
FY24
Cash from operations −$13.0M
Capital spending $3.1M
FY25
Cash from operations −$49.0M
Capital spending $37.4M
Cash from operations
Capital spending
Q1 '24
Cash from operations −$4.2M
Capital spending $0.0M
Q2 '24
Cash from operations −$4.0M
Capital spending $1.0M
Q3 '24
Cash from operations −$1.2M
Capital spending $1.2M
Q4 '24
Cash from operations −$3.5M
Capital spending $0.9M
Q1 '25
Cash from operations −$10.3M
Capital spending $2.0M
Q2 '25
Cash from operations −$7.9M
Capital spending $4.3M
Q3 '25
Cash from operations −$2.8M
Capital spending $7.1M
Q4 '25
Cash from operations −$27.9M
Capital spending $24.0M
Q1 '26
Cash from operations −$18.5M
Capital spending $38.6M
Q2 '26
Cash from operations −$56.9M
Capital spending $69.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
USA Rare Earth, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 64.6%.
FY24
Dividends —
Buybacks $247M
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.10B
Balance sheet
Cash, debt and the ratios that show how comfortably USA Rare Earth, Inc. can carry it.
FY24
Cash $16.8M
Debt —
FY25
Cash $360M
Debt —
Cash
Debt
| Fiscal year end | FY24 | FY25 |
|---|---|---|
| Cash and short-term investments | $16.8M | $360M |
| Current ratio | 3.2x | 10.2x |
| Quick ratio | 3.2x | 9.7x |
| Total assets | $69.1M | $695M |
| Total liabilities | $15.1M | $192M |
| Shareholders' equity | −$17.0M | $494M |
| Net debt (− = net cash) | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 |
|---|---|---|
| Net income is positive | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ |
| Return on assets rose | — | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ |
| Debt fell relative to assets | — | — |
| Current ratio rose | — | ✓ |
| Share count didn't rise | — | ✕ |
| Gross margin rose | — | — |
| Revenue rose relative to assets | — | ✓ |
| F-score | — / 3 | 3 / 7 |
| Accruals ratio | −4.0% | −65.1% |
| Altman Z'' | −4.68 | 3.59 |
2 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY24 | FY25 |
|---|---|---|
| Income statement | ||
| Revenue | $0.0M | $1.6M |
| Gross profit | $0.0M | $0.2M |
| Research and development | $6.3M | $15.9M |
| Operating income | −$15.6M | −$59.5M |
| Pretax income | −$16.4M | −$299M |
| Income tax | $0.0M | −$0.2M |
| Net income | −$15.7M | −$298M |
| Diluted EPS | −$0.40 | −$3.31 |
| Diluted shares | 0.06B | 0.10B |
| Cash flow | ||
| Cash from operations | −$13.0M | −$49.0M |
| Capital expenditure | $3.1M | $37.4M |
| Free cash flow | −$16.1M | −$86.3M |
| Depreciation and amortization | $0.2M | $0.8M |
| Stock-based compensation | $1.7M | $8.8M |
| Acquisitions | $0.0M | $102M |
| Share buybacks | $247M | — |
| Dividends and buybacks | $247M | — |
| Balance sheet | ||
| Cash and short-term investments | $16.8M | $360M |
| Finance lease liabilities | $0.0M | $0.9M |
| Current assets | $22.3M | $385M |
| Current liabilities | $6.9M | $37.9M |
| Inventory | $0.0M | $18.5M |
| Property and equipment, net | $26.5M | $85.4M |
| Goodwill | $0.0M | $135M |
| Intangible assets | — | $68.6M |
| Total assets | $69.1M | $695M |
| Total liabilities | $15.1M | $192M |
| Shareholders' equity | −$17.0M | $494M |
| Margins | ||
| Gross margin | — | 11.9% |
| Operating margin | — | −3,621.6% |
| EBITDA margin | — | −3,575.2% |
| Net margin | — | −18,110.7% |
| FCF margin | — | −5,255.3% |
| Returns | ||
| Return on capital employed | −25.1% | −9.1% |
| Return on equity | — | −124.7% |
| Return on assets | −22.8% | −77.9% |
| Return on tangible equity | — | −102.3% |
| Growth | ||
| Share count change | — | 64.6% |
| Financial health | ||
| Current ratio | 3.2x | 10.2x |
| Quick ratio | 3.2x | 9.7x |
| Capital allocation | ||
| Capex / revenue | — | 2,273.8% |
| Stock comp / revenue | — | 533.2% |
| Quality scores | ||
| Piotroski F-score | — | 3.0 |
| Altman Z'' | −4.7 | 3.6 |
| Accruals ratio | −4.0% | −65.1% |
Source: SEC EDGAR XBRL filings (CIK 0001970622). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.