Financial health
- The company is unprofitable; at its current free-cash-flow burn it has roughly 4.2 years of cash runway.
USAR Financials Usa Rare Earth, Inc.
2 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $2M | -$298M | 11.9% | -3621.6% | -$86M | — | $360M |
| 2024 | $0 | -$16M | — | — | -$16M | — | $17M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $6M | -$67M | 1.9% | -643.6% | -$57M | — | $1.7B |
| Dec '25 | — | -$50M | — | — | -$52M | — | $360M |
| Sep '25 | — | -$157M | — | — | -$10M | — | $258M |
| Jun '25 | — | -$143M | — | — | — | — | $122M |
| Mar '25 | $0 | $52M | — | — | -$13M | — | $23M |
| Dec '24 | — | -$7M | — | — | -$4M | — | $17M |
| Sep '24 | — | -$2M | — | — | -$2M | — | $141201 |
| Jun '24 | — | -$3M | — | — | — | — | $6587 |
| Mar '24 | — | -$4M | — | — | — | — | $119208 |
| Dec '23 | — | $3M | — | — | — | — | $275665 |
| Sep '23 | — | $3M | — | — | — | — | $337588 |
| Jun '23 | — | $824616 | — | — | — | — | $545738 |
Valuation over time
How the market has priced USAR against its own fundamentals since 2025-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has risen from 1576.1× (Dec '25) to 2743.6× (Jun '26).
P/S
Frequently asked questions
Is USAR growing its revenue and profit?
See the revenue and net-income charts above for Usa Rare Earth, Inc.'s multi-year trend.
How much debt does USAR have?
As of FY2025, Usa Rare Earth, Inc. reported — of total debt against $360M of cash.
What is USAR's profit margin?
In FY2025, gross margin was 11.9%, operating margin -3621.6%, and net margin -18110.7%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.