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USA Rare Earth (USAR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

USA Rare Earth
NasdaqGM•Basic Materials•Other Industrial Metals & Mining
$15.10-0.30(-0.02%)Pre-market
Market Cap
$3.54B
P/S
268.7x
P/B
1.4x

USA Rare Earth, Inc. engages in mining, processing, and supplying rare earths and other critical minerals in the United States, Europe, and Asia. It primarily explores neodymium, dysprosium, terbium, yttrium, gallium, hafnium, praseodymium, samarium, and other critical minerals. The company holds interests in the Round Top Mountain located near Sierra Blanca, Texas. It products are used in aerospace, defense, semiconductors, data centers, physical AI, energy, mobility, healthcare, and numerous industrial sectors. USA Rare Earth, Inc. was founded in 2019 and is based in Stillwater, Oklahoma.

D

How this company scores

WeakMetricSide Score: 34/100

Strongest: Balance Sheet & Red Flags (15/25); weakest: Cash & Earnings Quality (2/25).

Profitability8/25
Growth9/25
Balance Sheet & Red Flags15/25
Cash & Earnings Quality2/25
Strengths
Long cash runwayInterest easily coveredNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 12.8x5y range 12.8x – 103.4x
P/E 12.8x · below its 6-quarter median

Currently below its 6-quarter median.

P/S · 268.7x5y range 268.7x – 1447.3x
P/S 268.7x
P/B · 1.4x5y range 1.4x – 5893.0x
P/B 1.4x · below its 4-quarter median

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume
Market Cap $3.54B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$13.16M
3Q
Q. Revenue
$5.82M
3Q
TTM EBITDA
$-122.71M
7Q
TTM Op. Income
$-124.97M
7Q
Q. Op. Income
$-46.31M
6Q
TTM Net Income
$-287.52M
235%
Q. Net Income
$-11.96M
92%
EPS
$-0.05
2Q
Shares Out.
$230.08M
2Q
$13.16M in TTM revenue grew from zero YoY, reaching $5.82M last quarter. TTM EBITDA of $-122.71M and TTM operating income of $-124.97M show growth is flowing through to the bottom line. However, net income is negative at $287.52M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
-27.2%
2Q
EBITDA Margin
-778.3%
Op. Margin
-795.6%
100%
Net Margin
-205.5%
3Q
Op. margin of -795.6% is up 880399204.4% YoY — cost efficiency is improving. Net margin at -205.5% and gross margin of -27.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 100% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
2Q
P/S Ratio
268.7x
2Q
P/B Ratio
1.4x
2Q
P/S of 268.7x and P/B of 1.4x. P/S is high, meaning growth expectations are priced in. Across the last 3 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$3.00B
6Q
Cash
$1.53B
1156%
Long-Term Debt
N/A
Book Value
$2.54B
4Q
D/E Ratio
N/A
Debt/EBITDA
N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$-56.87M
619%
TTM Free Cash Flow
$-245.52M
7Q
FCF Margin
-1865.4%
FCF / Net Income
0.9
3Q
TTM FCF of $-245.52M on $-56.87M in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.

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Currently below its 4-quarter median.

Cash Burn

Red Flag

The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Share Dilution

Red Flag

Shares outstanding increased 268.1% — significant dilution, likely from stock compensation or capital raises.