United States Oil Fund (USO) Stock Fundamentals, Analysis & Risk Signals

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

United States Oil Fund

NYSEArca

$161.86+5.20(0.03%)Pre-market

Market Cap

$2.29B

P/E

3.9x

P/S

3.8x

P/B

1.3x

USO seeks to achieve its investment objective by investing primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels.

How this company scores

ExcellentMetricSide Score: 82/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability25/25

Growth24/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality18/25

Strengths

Growing revenueRising free cash flowStrong marginsHigh ROE

Valuation vs. 5-year range

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

P/E · 3.9x5y range 1.4x – 48.6x

Currently near its 14-quarter median.

P/S · 3.8x5y range 1.4x – 32.9x

Currently near its 14-quarter median.

P/B · 1.3x5y range 0.8x – 1.5x

Watch items

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

High Risk

Earnings Quality

Red Flag

FCF consistently trails net income (avg 0.1x) — earnings may be inflated by non-cash items or aggressive accounting.

Cash Burn

Watch

FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.

Price & Volume

Market Cap $2.29B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $596.62M
Q. Revenue: $-361.99M
TTM EBITDA: $586.31M
TTM Op. Income: $586.31M
Q. Op. Income: $-365.43M
TTM Net Income: $586.31M
Q. Net Income: $-365.43M
EPS: $-20.89
Shares Out.: $14.73M

$596.62M in TTM revenue grew 1057.3% YoY, reaching $-361.99M last quarter. TTM EBITDA of $586.31M and TTM operating income of $586.31M show growth is flowing through to the bottom line. TTM net income of $586.31M means revenue is converting into profit. Over the past year, TTM revenue is up 1057% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: N/A
Op. Margin: 101.0%
Net Margin: 101.0%

Op. margin of 101.0% is down 2.1% YoY — costs are rising relative to revenue. Net margin at 101.0% Over the past year, operating margin is down 2% — an improving trend.

Price Ratios

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

P/E Ratio: 3.9x
P/S Ratio: 3.8x
P/B Ratio: 1.3x

At 3.9x P/E, the stock trades below typical market levels. P/S of 3.8x and P/B of 1.3x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 33% — a weakening trend.

Assets & Liabilities

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

Total Assets: $1.90B
Cash: $1.35B
Long-Term Debt: N/A
Book Value: $1.75B
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: $277.16M
TTM Free Cash Flow: $831.58M
FCF Margin: 139.4%
FCF / Net Income: 1.4

TTM FCF of $831.58M on $277.16M in operating cash flow. The FCF / Net Income ratio of 1.4x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.