USA Rare Earth, Inc. (USAR) Key Metrics
USAR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.95B
- Enterprise value
- $4.42B
- P/E (TTM)
- —
- Forward P/E
- 33.3
- PEG ratio
- —
- Price / sales
- 300.4
- Price / book
- 2.3
- EV / EBITDA
- 28.0
- Dividend yield
- —
- Beta
- 2.68
USAR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsUSAR returns How much profit the business earns on the capital it uses.
Return on equity−102.4 pts
−113.8%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−53.3 pts
−62.7%
2025 · hover or tap a bar for each year
20162025
Return on assets−68.3 pts
−77.9%
2025 · hover or tap a bar for each year
20162025
Asset turnover−99.9%
0.00
2025 · hover or tap a bar for each year
20162025
USAR per-share figures Results divided by the shares outstanding at year-end.
Revenue per share
$0.02
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$3.04
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$0.88
2025 · hover or tap a bar for each year
20162025
Book value per share
$5.03
2025 · hover or tap a bar for each year
20162025
Shares outstanding
98.0M
2025 · hover or tap a bar for each year
20162025
USAR financial health Debt, liquidity and how easily interest is covered.
Debt / equity−78.2%
0.01
2025 · hover or tap a bar for each year
20162025
Net debt−$341.0M
−$356.9M
2025 · hover or tap a bar for each year
20162025
Current ratio+216.1%
10.17
2025 · hover or tap a bar for each year
20162025
Interest coverage
-428.1
2025 · hover or tap a bar for each year
20162025
Debt / assets−64.6%
0.00
2025 · hover or tap a bar for each year
20162025
USAR efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding+13,273 days
13,304 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−190 days
775 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle+14,577 days
13,644 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+2,273.6 pts
2,273.8%
2025 · hover or tap a bar for each year
20162025
USAR valuation history
Fiscal year-endToday10-year median
USAR returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
USAR debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
USAR cash returned to shareholders
DividendsBuybacksFree cash flow
USAR price vs earnings per share
Share price at year-endEPS (right axis)
USAR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.17B | — | — | — | — | — | — | — | — | — |
| Enterprise value | $809.6M | — | — | — | — | — | — | — | — | — |
| Price / sales | 710.0 | — | — | — | — | — | — | — | — | — |
| Price / book | 2.4 | — | — | — | — | — | — | — | — | — |
| EV / sales | 492.7 | — | — | — | — | — | — | — | — | — |
| Earnings yield | −25.5% | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | −7.4% | — | — | — | — | — | — | — | — | — |
| Share price at fiscal year-end | $11.90 | $11.48 | $10.33 | — | — | — | — | — | — | — |
| Per share | ||||||||||
| Revenue per share | $0.02 | — | — | — | $2.02 | $2.03 | $1.92 | $0.00 | $0.00 | — |
| Earnings per share | −$3.04 | — | — | — | $0.69 | −$0.26 | −$0.80 | $0.36 | $0.01 | — |
| Operating cash flow per share | −$0.50 | — | — | — | $1.48 | $1.58 | $1.41 | $0.45 | $0.15 | — |
| Free cash flow per share | −$0.88 | — | — | — | $0.99 | $1.16 | $0.52 | $0.45 | $0.15 | — |
| Cash per share | $3.67 | — | — | — | — | $0.00 | $0.00 | $0.02 | $0.03 | — |
| Book value per share | $5.03 | — | — | — | $4.77 | $5.06 | $7.10 | $0.17 | $0.08 | — |
| Tangible book value per share | $2.95 | — | — | — | $1.94 | $2.07 | $2.42 | $0.17 | $0.08 | — |
| Dividends per share | — | — | — | — | $0.98 | $1.23 | $1.12 | $0.46 | $0.09 | — |
| Capex per share | $0.38 | — | — | — | $0.49 | $0.41 | $0.89 | $0.00 | $0.00 | — |
| Debt per share | $0.03 | — | — | — | $6.51 | $6.46 | $6.53 | — | — | — |
| Shares outstanding | 98.0M | — | — | — | 479.7M | 478.3M | 442.6M | 186.2M | 186.2M | — |
| Change in shares outstanding | — | — | — | — | +0.3% | +8.1% | +137.7% | +0.0% | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −113.8% | −11.4% | 4.9% | −2.1% | 14.1% | −4.4% | −22.4% | 286.7% | 18.0% | 179.4% |
| Return on invested capital (ROIC) | −62.7% | −9.4% | −0.6% | −0.7% | 7.5% | −1.6% | −10.4% | −156.8% | −400.1% | — |
| Return on assets (ROA) | −77.9% | −9.6% | 4.1% | −0.8% | 5.9% | −2.1% | −11.2% | 172.0% | 9.9% | 105.5% |
| Return on tangible assets | −60.5% | — | — | — | 7.9% | −2.9% | −8.4% | 139.6% | 7.8% | 55.9% |
| Free cash flow margin | — | −1.4% | — | — | 49.2% | 57.3% | 27.1% | — | — | 56.3% |
| Income quality (OCF / net income) | — | — | −3.25 | — | 2.14 | — | — | 1.25 | 12.08 | 0.98 |
| Financial health | ||||||||||
| Total debt | $3.0M | $854,000 | $1.1M | $902,000 | $3.12B | $3.09B | $2.89B | — | — | — |
| Cash & short-term investments | $359.9M | $16.8M | $275,665 | $27.0M | — | $640,000 | $1.2M | $2.8M | $6.0M | $9.6M |
| Net debt | −$356.9M | −$15.9M | $817,335 | −$26.1M | $3.12B | $3.09B | $2.89B | −$2.8M | −$6.0M | −$9.6M |
| Debt / equity | 0.01 | 0.03 | 0.00 | 0.03 | 1.37 | 1.28 | 0.92 | — | — | — |
| Debt / assets | 0.00 | 0.01 | 0.00 | 0.01 | 0.56 | 0.55 | 0.46 | — | — | — |
| Net debt / EBITDA | — | — | — | — | 4.20 | 4.19 | 5.45 | — | — | — |
| Current ratio | 10.17 | 3.22 | 1.61 | 2.54 | 0.74 | 1.00 | 0.45 | 0.17 | 0.42 | 1.38 |
| Quick ratio | 9.68 | 3.22 | 1.61 | 2.54 | 0.74 | 1.00 | 0.45 | 0.17 | 0.42 | 1.38 |
| Interest coverage | -428.1 | -49.5 | — | — | 3.2 | -0.8 | — | — | — | — |
| Working capital | $347.5M | $15.3M | $189,674 | $16.6M | −$30.2M | −$74,000 | −$133.5M | −$13.9M | −$8.2M | $2.7M |
| Invested capital | $135.8M | $14.2M | $246.9M | $1.4M | $5.41B | $5.51B | $6.03B | $28.0M | $9.6M | $660,000 |
| Tangible asset value | $290.8M | −$1.11B | −$969.4M | −$1.25B | $929.9M | $990.8M | $1.07B | $30.9M | $15.6M | $10.3M |
| Net current asset value | $184.7M | −$14.0M | −$12.9M | −$7.5M | −$3.17B | −$3.10B | −$3.03B | −$13.9M | −$8.2M | $2.7M |
| Graham number | — | — | — | — | $8.61 | — | — | $1.15 | $0.15 | — |
| Graham net-net per share | $1.75 | — | — | — | −$6.66 | −$6.56 | −$6.91 | −$0.08 | −$0.04 | — |
| Capital allocation | ||||||||||
| Dividends paid | — | $12.0M | — | — | $471.7M | $590.2M | $496.2M | $86.5M | $16.0M | — |
| Share buybacks (net) | — | $246.9M | $191,000 | $0 | $5.0M | $25.2M | $127.5M | — | — | — |
| Dividend payout ratio | — | — | — | — | 142.2% | — | — | 129.8% | 688.6% | — |
| Dividends + buybacks / free cash flow | — | — | — | — | 100.0% | 110.5% | 270.7% | 103.5% | 57.0% | — |
| Capex / revenue | 2,273.8% | 0.3% | — | — | 24.0% | 20.3% | 46.1% | — | — | 0.0% |
| Capex / operating cash flow | — | — | — | — | 32.8% | 26.1% | 63.0% | 0.0% | 0.0% | 0.0% |
| Capex / depreciation | 23.56 | 7.99 | 8.30 | 7.62 | 1.26 | 1.07 | 2.51 | 0.00 | 0.00 | — |
| Stock-based compensation / revenue | 533.2% | 0.1% | — | — | 1.4% | 1.3% | 8.7% | — | — | — |
| R&D / revenue | 966.8% | 0.5% | — | — | — | — | — | — | — | — |
| SG&A / revenue | 2,625.4% | 7.3% | — | — | 6.6% | 5.4% | 13.2% | — | — | 4.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 13,304.4 | 31.9 | — | — | 29.5 | 33.8 | 45.4 | — | — | — |
| Days of inventory on hand | 1,114.9 | — | — | — | — | — | — | — | — | — |
| Days payables outstanding | 775.5 | 965.5 | 1,550.1 | 22,571.8 | 38.4 | 17.8 | 6.2 | — | — | — |
| Cash conversion cycle (days) | 13,643.8 | -933.6 | — | — | -9.0 | 16.0 | 39.1 | — | — | — |
| Receivables turnover | 0.03 | 11.45 | 0.00 | 0.00 | 12.38 | 10.78 | 8.05 | — | — | — |
| Payables turnover | 0.47 | 0.38 | 0.24 | 0.02 | 9.50 | 20.49 | 58.69 | — | — | 0.00 |
| Inventory turnover | 0.33 | — | — | — | — | — | — | — | — | — |
| Asset turnover | 0.00 | 7.16 | 0.00 | 0.00 | 0.17 | 0.16 | 0.27 | 0.00 | 0.00 | 1.84 |
| Average receivables | $59.9M | $102.8M | $88.1M | $84.3M | $78.3M | $90.1M | $105.6M | — | — | — |
| Average payables | $6.4M | $1.0M | $1.3M | $13.0M | $16.5M | $8.1M | $3.3M | $132,000 | $331,000 | $426,000 |
| Average inventory | $9.3M | $0 | — | — | — | — | — | — | — | — |
| Intangibles / total assets | 29.3% | 1,657.4% | 468.4% | 1,923.7% | 24.5% | 25.4% | 33.0% | 0.0% | 0.0% | 0.0% |
Computed from USAR's annual financial statements (latest annual report filed March 30, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
USAR valuation and financial ratios
USA Rare Earth earned a return on equity of −113.8% and a return on invested capital of −62.7% in fiscal 2025. It ended the year with $3.0 million of debt and $359.9 million in cash and short-term investments, a net cash position of $356.9 million.
See the USAR income statement, the USAR chart for price history, or the USAR stock overview for the latest quote and news.
USAR key metrics FAQ
What is USA Rare Earth's return on equity?
USA Rare Earth's return on equity (ROE) was −113.8% in fiscal 2025: net income of -$297.6 million on average shareholders' equity of $261.4 million.
What is USA Rare Earth's ROIC?
USA Rare Earth's return on invested capital was −62.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does USA Rare Earth have?
USA Rare Earth had total debt of $3.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
What is USA Rare Earth's free cash flow yield?
USA Rare Earth generated -$86.3 million of free cash flow in fiscal 2025, a free cash flow yield of −7.4% on its market value at year-end ($1.2 billion).
What is USA Rare Earth's current ratio?
USA Rare Earth's current ratio was 10.17 at the end of fiscal 2025: current assets were 10.17 times current liabilities.