USA Rare Earth Inc Financials
USA Rare Earth Inc (USAR) reported $1.6M in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 shows a recapitalized development-stage business funding asset buildout with outside capital rather than customer cash flow.
The key mismatch is that reported loss and cash burn diverged sharply: FY2025 net loss was-$297.6M , but operating cash outflow was only-$49.0M . With financing inflow of$531.7M , the statements imply the headline loss was heavily shaped by non-cash or non-operating items, while the real operating story is capital deployment ahead of commercialization.
Cash rose from
The operating model still looks build-first, sell-later: FY2025 revenue was just
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of USA Rare Earth Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
USA Rare Earth Inc's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 1/100.
Not available for USA Rare Earth Inc, and counted as zero in the overall score.
USA Rare Earth Inc has a moderate D/E ratio of 0.39. This balance of debt and equity financing earns a leverage score of 64/100.
With a current ratio of 10.17, USA Rare Earth Inc holds $10.17 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 97/100.
USA Rare Earth Inc's reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 1/100.
USA Rare Earth Inc posts a -60.2% return on equity (ROE), meaning it loses $60 for every $100 of shareholders' equity. This results in a returns score of 22/100.
USA Rare Earth Inc scores 14.40, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.8B) relative to total liabilities ($191.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
USA Rare Earth Inc passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
USA Rare Earth Inc reported a net loss of $297.6M while operations used $49.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
USA Rare Earth Inc generated $1.6M in revenue in fiscal year 2025.
USA Rare Earth Inc's EBITDA was -$58.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 282.7% from the prior year.
USA Rare Earth Inc reported -$297.6M in net income in fiscal year 2025. This represents a decrease of 1791.1% from the prior year.
Cash & Balance Sheet
USA Rare Earth Inc recorded an outflow of $86.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 436.4% from the prior year.
USA Rare Earth Inc held $359.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
USA Rare Earth Inc's gross margin was 11.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
USA Rare Earth Inc's ROE was -60.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
USA Rare Earth Inc invested $15.9M in research and development in fiscal year 2025. This represents an increase of 150.5% from the prior year.
USA Rare Earth Inc invested $37.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1102.4% from the prior year.
Not reported for fiscal year 2025.
USAR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 |
|---|---|---|---|
| Revenue | N/A | $1.6M | $0 |
| Cost of Revenue | N/A | $1.4M | $0 |
| Gross Profit | N/A | $195K | $0 |
| R&D Expenses | N/A | $15.9M+150.5% | $6.3M |
| SG&A Expenses | N/A | $43.1M+366.6% | $9.2M |
| Operating Income | N/A | -$59.5M-281.8% | -$15.6M |
| Income Tax | N/A | -$160K | $0 |
| Net Income | N/A | -$297.6M-1791.1% | -$15.7M |
| EPS (Diluted) | — | -$3.31 | -$0.40 |
Not reported in any period shown, so not listed: Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
USAR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 |
|---|---|---|
| Total Assets | $695.0M+906.2% | $69.1M |
| Current Assets | $385.4M+1630.2% | $22.3M |
| Cash & Equivalents | $359.9M+2047.4% | $16.8M |
| Inventory | $18.5M | $0 |
| Accounts Receivable | $3.8M | $0 |
| Goodwill | $134.8M | $0 |
| Total Liabilities | $191.8M+122.8% | $86.1M |
| Current Liabilities | $37.9M+447.5% | $6.9M |
| Total Equity | $494.3M+3002.2% | -$17.0M |
| Retained Earnings | -$387.4M-431.6% | -$72.9M |
Not reported in any period shown, so not listed: Long-Term Debt.
USAR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 |
|---|---|---|---|
| Operating Cash Flow | -$106.1M | -$49.0M-277.1% | -$13.0M |
| Capital Expenditures | $139.4M | $37.4M+1102.4% | $3.1M |
| Free Cash Flow | -$245.5M | -$86.3M-436.4% | -$16.1M |
| Investing Cash Flow | -$241.7M | -$139.6M-4148.6% | -$3.3M |
| Financing Cash Flow | $1.8B | $531.7M+2580.3% | $19.8M |
| Share Buybacks | N/A | N/A | $246.9M |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
USAR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 |
|---|---|---|
| Gross Margin | 11.9% | N/A |
| Operating Margin | -3621.6% | N/A |
| Net Margin | -18110.7% | N/A |
| Return on Equity | -60.2% | N/A |
| Return on Assets | -42.8%-20.0pp | -22.8% |
| Current Ratio | 10.17+6.9x | 3.22 |
| Debt-to-Equity | 0.39 | N/A |
| FCF Margin | -5255.3% | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where USA Rare Earth Inc Ranks
Frequently Asked Questions
What is USA Rare Earth Inc's annual revenue?
USA Rare Earth Inc (USAR) reported $1.6M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is USA Rare Earth Inc profitable?
No, USA Rare Earth Inc (USAR) reported a net income of -$297.6M in fiscal year 2025.
What is USA Rare Earth Inc's EBITDA?
USA Rare Earth Inc (USAR) had EBITDA of -$58.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is USA Rare Earth Inc's gross margin?
USA Rare Earth Inc (USAR) had a gross margin of 11.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is USA Rare Earth Inc's return on equity (ROE)?
USA Rare Earth Inc (USAR) has a return on equity of -60.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is USA Rare Earth Inc's free cash flow?
USA Rare Earth Inc (USAR) recorded an outflow of $86.3M in free cash flow during fiscal year 2025. This represents a -436.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is USA Rare Earth Inc's operating cash flow?
USA Rare Earth Inc (USAR) recorded an outflow of $49.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are USA Rare Earth Inc's total assets?
USA Rare Earth Inc (USAR) had $695.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are USA Rare Earth Inc's capital expenditures?
USA Rare Earth Inc (USAR) invested $37.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does USA Rare Earth Inc spend on research and development?
USA Rare Earth Inc (USAR) invested $15.9M in research and development during fiscal year 2025.
What is USA Rare Earth Inc's current ratio?
USA Rare Earth Inc (USAR) had a current ratio of 10.17 as of fiscal year 2025, which is generally considered healthy.
What is USA Rare Earth Inc's debt-to-equity ratio?
USA Rare Earth Inc (USAR) had a debt-to-equity ratio of 0.39 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is USA Rare Earth Inc's return on assets (ROA)?
USA Rare Earth Inc (USAR) had a return on assets of -42.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is USA Rare Earth Inc's cash runway?
Based on fiscal year 2025 data, USA Rare Earth Inc (USAR) had $359.9M in cash against an annual operating cash burn of $49.0M. This gives an estimated cash runway of approximately 88 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is USA Rare Earth Inc's Altman Z-Score?
USA Rare Earth Inc (USAR) has an Altman Z-Score of 14.40, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is USA Rare Earth Inc's Piotroski F-Score?
USA Rare Earth Inc (USAR) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are USA Rare Earth Inc's earnings high quality?
USA Rare Earth Inc (USAR) reported a net loss of $297.6M while operations used $49.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is USA Rare Earth Inc?
USA Rare Earth Inc (USAR) scores 31 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.