USA Rare Earth, Inc. (USAR) financials
NASDAQ · Basic Materials · Industrial Materials · 132 employees · CEO Thrasyvoulos Moraitis
- Price
- $9.62 -8.56%
- Market cap
- $1.28B
- Enterprise value
- -$305M
- Last report
- Q2 '26 filed 2026-08-10
- Next report
- 2026-11-05
Revenue (TTM)$13.2M– vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-949.5%– vs a year agoOperating income -$125M
Net income (TTM)-$284M-186.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$246M-1,398.1% vs a year agoCapex $139M
Diluted EPS (TTM)-$2.40-58.9% vs a year agoSum of the last 4 quarters
Net cash$1.58B+1,213.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $1.28B EV -$305M
- Revenue
- $13.2M Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- -2,159.3% Net income / revenue, TTM
- P/E
- -4.0×
- P/S
- 96.9× Price / sales, TTM
- EV / EBITDA
- 2.6× TTM
- Free cash flow
- -$246M Trailing 12 months
- Net income
- -$284M Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2026-11-05
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-10): revenue missed by 27.6%, EPS missed by 33.9%Revenue $5.82M vs $8.04M expected (-27.6%); EPS -$0.15 vs -$0.11 (-33.9%).
- Capex 1,059.5% of revenue$139M invested in the last 4 quarters (+1,759.8% on a year earlier). Free cash flow -$246M.
- Diluted share count up 111.8% in a year196M diluted shares in Q2 '26, 92.8M a year earlier.
- Net cash $1.58BCash + short-term investments $1.59B, debt incl. leases $13.5M; a year ago net cash $120M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $5.82M | $0 | – |
| Gross margin | -69.8% | – | – |
| Operating income | -$46.3M | -$8.8M | -426.1% |
| Operating margin | -795.6% | – | – |
| Net income | -$10.3M | -$143M | +92.7% |
| Diluted EPS | -$0.05 | -$1.54 | +96.6% |
| Operating cash flow | -$56.9M | -$7.91M | -619.0% |
| Capex | $69.7M | $3.25M | +2,048.0% |
| Free cash flow | -$127M | -$11.2M | -1,034.9% |
| R&D | $10.8M | $2.58M | +317.9% |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-08-10| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $5.82M | $8.04M | -27.6% |
| EPS (as estimated) | -$0.15 | -$0.11 | -33.9% |
From the report of 2026-08-10 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Non-US | $4.74M | – | 83.2% | – | – | |
| United States | $960K | – | 16.8% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$106M
- Capex
- -$139M
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- -$1.92M
- Stock-based compensation
- $12.4M
- Free cash flow
- -$246M
- Returned to shareholders / FCF
- 0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -4.0× | 25.7× 2 of 5 years | 14.6× – 36.9× |
| EV / EBITDA | 2.6× | 10.6× 1 of 5 years | 10.6× – 10.6× |
| EV / Sales | -23.2× | 250.5× 2 of 5 years | 8.2× – 492.7× |
| Price / FCF | -5.2× | 10.1× 1 of 5 years | 10.1× – 10.1× |
| Price / Book | 0.7× | 4.8× | 1.0× – 10.1× |
| FCF yield | -19.2% | -4.4% | -11.2% – 9.9% |
| Return on invested capital | -4.2% | -13.9% | -42.9% – 7.6% |
| Return on equity | -23.4% | -36.4% | -86.8% – 14.5% |
Analysts
Consensus target $33.75 (+250.8%)
range $21.00 – $40.00 · rating Buy
Strong buy0
Buy5
Hold0
Sell0
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 232 figures USA Rare Earth Inc tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $17.4M | $2.24M | +676.0% | $11.1M | $1.82M | +507.2% |
| Accounts Receivable, after Allowance for Credit Loss | $6.27M | – | – | $3.76M | $0 | – |
| Accrued Liabilities, Current | $31.7M | $5.13M | +517.0% | $14.1M | $3.07M | +358.3% |
| Accrued Payroll Taxes, Current | $3.55M | $1.35M | +162.8% | $2.66M | $1.91M | +39.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $3.17M | $1.41M | +124.9% | $1.64M | $1.2M | +36.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$927K | – | – | $130K | $0 | – |
| Additional Paid in Capital, Common Stock | $3B | $46.3M | +6,391.5% | $880M | $104M | +744.0% |
| Amortization | $62K | $61K | +1.6% | $190K | $0 | – |
| Amortization of Debt Discount (Premium) | $02025-12-31 | $62K | -100.0% | $0 | $211K | -100.0% |
| Amortization of Intangible Assets | $1.36M | $0 | – | $678K | $0 | – |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22.5M | 51.9M | -56.7% | 14.8M | 15.8M | -6.3% |
| Asset Retirement Obligation | $690K | – | – | $700K | $0 | – |
| Asset Retirement Obligation, Accretion Expense | $02026-03-31 | – | – | $82K | $0 | – |
| Asset Retirement Obligation, Current | $690K | – | – | $700K | $0 | – |
| Asset Retirement Obligation, Foreign Currency Translation Gain (Loss) | $1K | – | – | $13K | $0 | – |
| Asset Retirement Obligation, Liabilities Incurred | $02026-03-31 | – | – | $605K | $0 | – |
| Assets | $3B | $180M | +1,568.8% | $695M | $69.1M | +906.2% |
| Assets, Current | $1.67B | $124M | +1,253.8% | $385M | $22.3M | +1,630.2% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | – | – | – | $89K2024-08-21 | – | – |
| Capital Expenditures Incurred but Not yet Paid | -$4.8M | $0 | – | $10.3M | $0 | – |
| Cash and Cash Equivalents, at Carrying Value | $1.53B | $122M | +1,156.4% | $360M | $16.8M | +2,047.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1.59B | $122M | +1,209.1% | $360M | $16.8M | +2,047.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $102M2025-12-31 | -$6.23M | +1,743.1% | $343M | $3.56M | +9,534.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$155M | $98.4M | -257.7% | – | – | – |
| Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 31.6M2025-09-30 | – | – | – | – | – |
| Common Stock, Capital Shares Reserved for Future Issuance | 13M2025-12-31 | – | – | 13M | – | – |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 750M | 750M | 0.0% | 750M | 750M | 0.0% |
| Common Stock, Shares, Issued | 148M2025-12-31 | 60.1M | +146.4% | 148M | 60.1M | +146.4% |
| Common Stock, Shares, Outstanding | 245M | 96.2M | +154.4% | 148M | 60.1M | +146.4% |
| Common Stock, Value, Issued | $24K | $10K | +140.0% | $15K | $6K | +150.0% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -$11.1M | -$143M | +92.2% | -$297M | -$15.7M | -1,790.2% |
| Contract with Customer, Liability | $10.9M | – | – | $10.5M | $0 | – |
| Contract with Customer, Liability, Current | $1.33M | – | – | $10.5M | $0 | – |
| Contract with Customer, Liability, Noncurrent | $9.6M | – | – | – | – | – |
| Contract with Customer, Liability, Revenue Recognized | $798K | – | – | – | – | – |
| Cost of Revenue | $7.4M | $0 | – | $1.45M | $0 | – |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2K | $0 | – |
| Debt Instrument, Interest Rate, Increase (Decrease) | – | – | – | 19.4%2024-12-31 | – | – |
| Deferred Costs, Current | $02025-12-31 | $5.13M | -100.0% | $0 | $5.13M | -100.0% |
| Deferred Costs, Noncurrent | $912M | – | – | – | – | – |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$162K | $0 | – |
| Deferred Income Tax Liabilities, Net | $15.7M | – | – | $16.7M | $0 | – |
| Deferred Tax Assets, Deferred Income | $1.84M2025-12-31 | $1.72M | +6.8% | $1.84M | $1.72M | +6.8% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $02025-12-31 | $139K | -100.0% | $0 | $139K | -100.0% |
| Deferred Tax Assets, Gross | $20.4M2025-12-31 | $5.42M | +277.0% | $20.4M | $5.42M | +277.0% |
| Deferred Tax Assets, Net | $4.32M2025-12-31 | $937K | +360.7% | $4.32M | $937K | +360.7% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $1.32M2025-12-31 | $0 | – | $1.32M | $0 | – |
| Deferred Tax Assets, Tax Deferred Expense, Other | $197K2025-12-31 | $340K | -42.1% | $197K | $340K | -42.1% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $398K2025-12-31 | $385K | +3.4% | $398K | $385K | +3.4% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | $96K2025-12-31 | $0 | – | $96K | $0 | – |
| Deferred Tax Assets, Valuation Allowance | $16.1M2025-12-31 | $4.48M | +259.4% | $16.1M | $4.48M | +259.4% |
| Deferred Tax Liabilities, Gross | $21M2025-12-31 | $937K | +2,144.6% | $21M | $937K | +2,144.6% |
| Deferred Tax Liabilities, Intangible Assets | $17M2025-12-31 | $0 | – | $17M | $0 | – |
| Deferred Tax Liabilities, Investments | $981K2025-12-31 | $703K | +39.5% | $981K | $703K | +39.5% |
| Deferred Tax Liabilities, Net | $16.7M2025-12-31 | $0 | – | $16.7M | $0 | – |
| Deferred Tax Liabilities, Property, Plant and Equipment | $2.77M2025-12-31 | $234K | +1,083.8% | $2.77M | $234K | +1,083.8% |
| Depreciation | $950K | $108K | +779.6% | $573K | $235K | +143.8% |
| Depreciation, Depletion and Amortization | $1.01M | $169K | +498.8% | $763K | $235K | +224.7% |
| Depreciation, Nonproduction | $950K | $108K | +779.6% | $573K | $235K | +143.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02