USA Rare Earth, Inc. (USAR) Balance Sheet
USAR balance sheet, 2025
December 31, 2025 · U.S. dollars$695.0M assets = $200.7M liabilities + $494.3M equity
Both columns are drawn to the same scale: what USAR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
USAR financial health
Descriptive bands, not a rating. Fiscal 2025.
USAR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $17.4M2016 | $695.0M2025 | +50.7%/yr | |
| Total liabilities | $7.1M2016 | $200.7M2025 | +45.0%/yr | |
| Shareholders’ equity | $10.3M2016 | $492.6M2025 | +53.7%/yr | |
| Cash & short-term investments | $9.6M2016 | $359.9M2025 | +49.6%/yr | |
| Total debt | $2.89B2019 | $3.0M2025 | −68.1%/yr | |
| Net cash (debt) | −$2.89B2019 | $356.9M2025 | +$3.2B | |
| Working capital | $2.7M2016 | $347.5M2025 | +$344.7M | |
| Book value per share | $0.082017 | $5.032025 | +66.8%/yr | |
| Debt / equity | 0.922019 | 0.012025 | −0.91 | |
| Shares outstanding | 186.2M2017 | 98.0M2025 | −7.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
USAR assets
USAR liabilities and equity
USAR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
USAR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $359.9M | $16.8M | $275,665 | $27.0M | — | $640,000 | $1.2M | $2.8M | $6.0M | $9.6M |
| Cash & equivalents | $359.9M | $16.8M | $275,665 | $27.0M | — | $640,000 | $1.2M | $2.8M | $6.0M | $9.6M |
| Receivables | $3.8M | $116.0M | $89.6M | $86.7M | $81.9M | $74.6M | $105.6M | $0 | $0 | $0 |
| Inventory | $18.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $3.2M | $0 | $0 | $0 | $1.9M | $18.7M | $1.7M | $87,000 | $0 | $217,000 |
| Total current assets | $385.4M | $22.3M | $499,659 | $27.3M | $83.8M | $93.9M | $108.6M | $2.9M | $6.0M | $9.8M |
| Property, plant & equipment (net) | $106.0M | $46.7M | $43.6M | $38.5M | $3.39B | $3.25B | $3.27B | $0 | $0 | $0 |
| Goodwill & intangible assets | $203.5M | $1.14B | $1.22B | $1.29B | $1.36B | $1.43B | $2.07B | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $40,000 | $945,000 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $176,000 | $0 | $0 | $0 | $708.7M | $835.5M | $827.3M | $44.8M | $23.8M | $7.5M |
| Total assets | $695.0M | $69.1M | $259.5M | $66.9M | $5.54B | $5.61B | $6.28B | $47.7M | $29.8M | $17.4M |
| Liabilities | ||||||||||
| Accounts payable | $11.1M | $1.8M | $234,985 | $2.4M | $23.6M | $9.5M | $6.6M | $28,000 | $236,000 | $426,000 |
| Short-term debt | $2.3M | $854,000 | $452,000 | $442,000 | — | — | — | — | — | — |
| Deferred revenue | $10.5M | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $37.9M | $6.9M | $309,985 | $10.7M | $114.0M | $94.0M | $242.1M | $16.8M | $14.2M | $7.1M |
| Long-term debt | $0 | $0 | $620,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.2M | $23,000 | $473,000 | $902,000 | — | — | — | — | — | — |
| Other long-term liabilities | $162.8M | $29.4M | $12.5M | $24.1M | $3.14B | $3.10B | $2.90B | $0 | $0 | $0 |
| Total liabilities | $200.7M | $36.3M | $13.4M | $34.8M | $3.26B | $3.19B | $3.14B | $16.8M | $14.2M | $7.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $15,000 | $6,000 | $625 | $3.5M | $4.8M | $4.8M | $4.8M | $30.9M | $15.6M | $10.3M |
| Retained earnings (deficit) | −$387.4M | −$72.9M | −$12.9M | −$44.6M | −$132.5M | −$464.1M | −$341.6M | — | — | — |
| Accumulated other comprehensive income | $130,000 | $0 | $0 | $0 | — | — | — | — | — | — |
| Minority interest | $1.7M | $2.6M | $3.3M | $4.6M | — | — | — | — | — | — |
| Total shareholders' equity | $492.6M | $30.1M | $246.1M | $27.5M | $2.29B | $2.42B | $3.14B | $30.9M | $15.6M | $10.3M |
| Key figures | ||||||||||
| Total debt | $3.0M | $854,000 | $1.1M | $902,000 | $3.12B | $3.09B | $2.89B | — | — | — |
| Net cash (debt) | $356.9M | $15.9M | −$817,335 | $26.1M | −$3.12B | −$3.09B | −$2.89B | — | — | — |
| Working capital | $347.5M | $15.3M | $189,674 | $16.6M | −$30.2M | −$74,000 | −$133.5M | −$13.9M | −$8.2M | $2.7M |
| Tangible book value | $289.2M | −$1.11B | −$969.4M | −$1.26B | $929.9M | $990.8M | $1.07B | $30.9M | $15.6M | $10.3M |
| Book value per share | $5.03 | — | — | — | $4.77 | $5.06 | $7.10 | $0.17 | $0.08 | — |
| Shares outstanding | 98.0M | — | — | — | 479.7M | 478.3M | 442.6M | 186.2M | 186.2M | — |
| Current ratio | 10.17 | 3.22 | 1.61 | 2.54 | 0.74 | 1.00 | 0.45 | 0.17 | 0.42 | 1.38 |
| Quick ratio | 9.59 | 19.17 | 289.81 | 10.59 | 0.72 | 0.80 | 0.44 | 0.17 | 0.42 | 1.35 |
| Debt / equity | 0.01 | 0.03 | 0.00 | 0.03 | 1.37 | 1.28 | 0.92 | — | — | — |
| Equity / assets | 70.9% | 43.6% | 94.8% | 41.1% | 41.2% | 43.1% | 50.0% | 64.7% | 52.4% | 59.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.59B | $1.75B | $359.9M | $257.6M | $121.8M | $23.4M | $16.8M | $23.0M | $6,587 | $119,208 | $66,000 | $337,588 |
| Cash & equivalents | $1.59B | $1.75B | $359.9M | $257.6M | $121.8M | $23.4M | $16.8M | $23.0M | $6,587 | $119,208 | $66,000 | $337,588 |
| Receivables | $6.3M | $6.7M | $3.8M | $109.4M | $112.4M | $124.9M | $116.0M | $98.6M | $102.6M | $0 | $89.6M | $0 |
| Inventory | $59.0M | $28.4M | $18.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $12.9M | $5.6M | $3.2M | $0 | $0 | $0 | $0 | $0 | $0 | $148,379 | $1.5M | $375,247 |
| Total current assets | $1.67B | $1.79B | $385.4M | $258.9M | $123.5M | $25.8M | $22.3M | $23.5M | $60,065 | $267,587 | $91.1M | $712,835 |
| Property, plant & equipment (net) | $213.1M | $142.1M | $106.0M | $64.4M | $56.1M | $51.2M | $46.7M | $45.3M | $3.87B | $0 | $3.79B | $0 |
| Goodwill & intangible assets | $200.7M | $202.1M | $203.5M | $1.09B | $1.11B | $1.13B | $1.14B | $1.16B | $1.18B | $0 | $1.22B | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $405,000 | $270,000 | $0 | $40,000 | $0 |
| Other non-current assets | $912.3M | $207,000 | $176,000 | $0 | $0 | $0 | $0 | $0 | $0 | $262.3M | $637.5M | $255.6M |
| Total assets | $3.00B | $2.13B | $695.0M | $323.3M | $179.7M | $77.1M | $69.1M | $72.6M | $265.8M | $262.6M | $5.74B | $256.3M |
| Liabilities | ||||||||||||
| Accounts payable | $17.4M | $17.1M | $11.1M | $1.8M | $2.2M | $3.1M | $1.8M | $1.3M | $570,564 | $433,659 | $10.5M | — |
| Short-term debt | $640,000 | $518,000 | $2.3M | $426,000 | $421,000 | $376,000 | $854,000 | $821,000 | $79,000 | — | $452,000 | — |
| Deferred revenue | $1.3M | $10.4M | $10.5M | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $51.0M | $49.3M | $37.9M | $15.7M | $8.2M | $7.3M | $6.9M | $5.1M | $645,564 | $508,659 | $96.4M | $197,693 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $714,000 | $0 | $620,000 | $0 |
| Lease obligations | $3.2M | $1.3M | $1.2M | $1.3M | $1.4M | $1.5M | $23,000 | $51,000 | $79,000 | — | $473,000 | — |
| Other long-term liabilities | $402.4M | $206.5M | $162.8M | $366.2M | $303.5M | $122.4M | $29.4M | $8.2M | $12.4M | $13.1M | $3.49B | $13.1M |
| Total liabilities | $453.4M | $255.9M | $200.7M | $381.9M | $311.6M | $129.7M | $36.3M | $13.3M | $13.7M | $13.6M | $3.59B | $13.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $24,000 | $22,000 | $15,000 | $11,000 | $10,000 | $8,000 | $6,000 | $6.9M | $265.7M | $262.3M | $4.8M | $255.6M |
| Retained earnings (deficit) | −$464.7M | −$454.3M | −$387.4M | −$337.2M | −$180.5M | −$38.0M | −$72.9M | −$66.1M | −$13.7M | −$13.3M | $100.4M | −$12.6M |
| Accumulated other comprehensive income | −$927,000 | −$200,000 | $130,000 | — | — | — | $0 | −$283,000 | $0 | $0 | $0 | — |
| Minority interest | −$1.1M | $574,000 | $1.7M | $2.0M | $2.3M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.54B | $1.88B | $492.6M | −$60.6M | −$134.2M | −$55.1M | $30.1M | $56.6M | $252.0M | $249.0M | $2.15B | $243.0M |
| Key figures | ||||||||||||
| Total debt | $13.5M | $1.3M | $3.0M | $1.3M | $1.4M | $1.5M | $854,000 | $821,000 | $3.19B | — | $3.21B | — |
| Net cash (debt) | $1.58B | $1.75B | $356.9M | $256.3M | $120.4M | $21.9M | $15.9M | $22.2M | −$3.19B | — | −$3.21B | — |
| Working capital | $1.62B | $1.74B | $347.5M | $243.2M | $115.4M | $18.4M | $15.3M | $18.4M | −$585,499 | −$241,072 | −$5.3M | $515,142 |
| Tangible book value | $2.34B | $1.68B | $289.2M | −$1.15B | −$1.24B | −$1.18B | −$1.11B | −$1.11B | −$928.1M | $249.0M | $936.3M | $243.0M |
| Book value per share | $12.92 | $9.56 | $3.33 | −$0.59 | −$1.45 | −$0.66 | — | — | — | — | $25.38 | — |
| Shares outstanding | 196.5M | 196.5M | 148.1M | 102.6M | 92.8M | 83.1M | — | — | — | — | 84.8M | — |
| Current ratio | 32.79 | 36.29 | 10.17 | 16.51 | 15.11 | 3.52 | 3.22 | 4.60 | 0.09 | 0.53 | 0.95 | 3.61 |
| Quick ratio | 31.38 | 35.60 | 9.59 | 23.41 | 28.64 | 20.21 | 19.17 | 23.76 | 159.00 | 0.23 | 0.93 | 1.71 |
| Debt / equity | 0.01 | 0.00 | 0.01 | — | — | — | 0.03 | 0.01 | 12.64 | — | 1.49 | — |
| Equity / assets | 84.6% | 88.0% | 70.9% | −18.7% | −74.7% | −71.6% | 43.6% | 77.9% | 94.8% | 94.8% | 37.5% | 94.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 30, 2026); data from EODHD.
USAR financial position
At the end of fiscal 2025 (December 31, 2025), USA Rare Earth had total assets of $695.0 million (up 906.2% from a year earlier), total liabilities of $200.7 million and shareholders' equity of $492.6 million. It held $359.9 million in cash and short-term investments against $3.0 million of debt, a net cash position of $356.9 million. Its current ratio was 10.17. In the latest quarter (ended June 30, 2026) total assets were $3.0 billion and equity $2.5 billion.
Related: USAR income statement, USAR cash flow statement, USAR key metrics. See the USAR stock overview for the latest quote and news.
USAR balance sheet FAQ
What are USA Rare Earth's total assets?
USA Rare Earth reported total assets of $695.0 million at the end of fiscal 2025 (December 31, 2025), compared with $69.1 million a year earlier.
How much debt does USA Rare Earth have?
USA Rare Earth had $3.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.
How much cash does USA Rare Earth have?
USA Rare Earth held $359.9 million in cash and short-term investments at the end of fiscal 2025; with $3.0 million of debt that is net cash of $356.9 million.
What is USA Rare Earth's book value?
USA Rare Earth's shareholders' equity (book value) was $492.6 million at the end of fiscal 2025, or $5.03 per share.
What is USA Rare Earth's current ratio?
USA Rare Earth had current assets of $385.4 million and current liabilities of $37.9 million, a current ratio of 10.17 (it can cover its short-term obligations).
How much goodwill does USA Rare Earth have?
USA Rare Earth carried $203.5 million of goodwill and intangible assets, 29.3% of total assets, at the end of fiscal 2025.