SequelSEC

USA Rare Earth, Inc. USAR

Metal Mining · CIK 0001970622 · Fiscal year ends 1231

AnnualQuarterlyTTM
Revenue
$1.64M
Fiscal year ended 2025-12-31
Operating income
-$59.50M
Fiscal year ended 2025-12-31
Free cash flow
Unavailable
Fiscal year ended 2025-12-31

Valuation, from the filing

Public float$661.80MMarket value of stock held by non-affiliates, as stated on the cover page for 2025-06-30
Float / revenue402.8×A lower bound on the multiple, because affiliate holdings are excluded.
Float / equity1.3×A lower bound on the multiple, because affiliate holdings are excluded.

Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.

How this compares in its industry

Percentile among the Metal Mining filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.

MeasureReportedPercentile
Net margin-18110.7%0th
SBC / revenue533.2%100th
Current ratio10.17x91th
Operating margin-3621.6%10th
Gross margin11.9%25th

USA Rare Earth, Inc. (USAR) reported revenue of $1.64M and net income of -$297.56M for the fiscal year ended 2025-12-31. This page shows 2 annual periods of income statement, balance sheet and cash flow figures normalized from USA Rare Earth, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Metal Mining.

Income

USA Rare Earth, Inc. income by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-31
Revenue$1.64M$0
Cost of revenue$1.45M$0
Gross profit$195.00K$0
Operating income-$59.50M-$15.58M
Net income-$297.56M-$15.74M
Research & development$15.88M$6.34M
Weighted-average diluted sharesshares 98.02Mshares 59.54M
Pretax income-$298.68M-$16.39M
Income tax expense-$160.00K$0
Diluted EPS$-3.31$-0.40
Selling, general & administrativeUnavailableUnavailable
General & administrative$43.14M$9.24M
Selling & marketingUnavailableUnavailable

Balance

USA Rare Earth, Inc. balance by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-31
Cash & equivalents$359.92M$16.76M
Total assets$695.00M$69.07M
Current assets$385.38M$22.27M
Total liabilities$191.81M$15.12M
Current liabilities$37.91M$6.92M
Total equity incl. NCI$494.29M$34.02M
Temporary (mezzanine) equity$8.90M$19.92M
Inventory$18.54M$0
Accounts receivable$3.76M$0
Goodwill$134.85M$0
Long-term debtUnavailableUnavailable
Accounts payable$11.07M$1.82M

Cash flow

USA Rare Earth, Inc. cash flow by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-31
Operating cash flow-$48.98M-$12.99M
Capital expendituresUnavailableUnavailable
Investing cash flow-$139.57M-$3.28M
Financing cash flow$531.72M$19.84M
Net change in cashUnavailableUnavailable
Stock-based compensation$8.76M$1.74M
Common dividends paidUnavailableUnavailable
Common share repurchasesUnavailable$246.92M
Depreciation & amortization$763.00K$235.00K

Derived

USA Rare Earth, Inc. derived by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-312024-12-31
Free cash flowUnavailableUnavailable
Gross margin11.9%Unavailable
Operating margin-3621.6%Unavailable
FCF marginUnavailableUnavailable
SBC / revenue533.2%Unavailable
Current ratio10.17x3.22x
Revenue YoY growthUnavailableUnavailable
Net margin-18110.7%Unavailable
R&D / revenue966.8%Unavailable
CapEx / revenueUnavailableUnavailable
Long-term debt / equityUnavailableUnavailable
Effective tax rateUnavailableUnavailable

Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open USAR in the interactive workspace to inspect any figure back to its filing.

Source filings

10-Q · Filed 2026-08-10View SEC filing
10-Q · Filed 2026-05-14View SEC filing
10-K · Filed 2026-03-30View SEC filing
10-Q · Filed 2025-11-06View SEC filing
10-Q · Filed 2025-08-11View SEC filing
10-Q · Filed 2025-05-15View SEC filing

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Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.