USAR financial statements
The full income statement, balance sheet, and cash-flow statement for USA Rare Earth Inc. (USAR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Revenue | 1.64M | 0.00 | — | |
| 195K | 0.00 | — | ||
| Cost of revenue | 1.45M | 0.00 | — | |
| Research & development | 15.9M+150.5% | 6.34M | — | |
| Selling, general & administrative | 43.1M+366.6% | 9.24M | — | |
| General & administrative | 43.1M+366.6% | 9.24M | — | |
| Amortization of intangibles | 678K | 0.00 | — | |
| Operating income | -59.5M-281.8% | -15.6M | — | |
| Interest & investment income | 5.45M+1765.1% | 292K | — | |
| Other non-operating income | -239M-29538.3% | -807K | — | |
| Pre-tax income | -299M-1722.1% | -16.4M | — | |
| Income tax | -160K | 0.00 | — | |
| -298M-1791.1% | -15.7M | — | ||
| Net income to non-controlling interest | -965K-46.9% | -657K | — | |
| -$3.31-727.5% | -$0.40 | — | ||
| EPS (basic) | -$3.31-727.5% | -$0.40 | — | |
| Weighted-avg shares (basic) | 98.0M+64.6% | 59.5M | — | |
| Weighted-avg shares (diluted) | 98.0M+64.6% | 59.5M | — | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| 385M+1630.2% | 22.3M+4357.6% | 500K | ||
| Cash & equivalents | 360M+2047.4% | 16.8M+5980.2% | 276K | |
| Inventory | 18.5M | 0.00 | — | |
| Prepaid expenses | 3.15M+733.6% | 378K+1955.5% | 18.4K | |
| Other current assets | 286K | — | — | |
| 695M+906.2% | 69.1M-73.4% | 259M | ||
| Property, plant & equipment | 85.4M+221.9% | 26.5M | — | |
| Operating lease right-of-use | 321K+970.0% | 30.0K | — | |
| Goodwill | 135M | 0.00 | 0.00 | |
| Intangible assets | 68.6M | — | — | |
| Long-term investments | — | 24.1M-90.7% | 259M | |
| Other non-current assets | 176K+238.5% | 52.0K | — | |
| Total non-current assets | — | 46.8M | — | |
| 37.9M+447.5% | 6.92M+2134.0% | 310K | ||
| Accounts payable | 11.1M+507.2% | 1.82M | — | |
| Accrued liabilities | 14.1M+358.3% | 3.07M+1206.9% | 235K | |
| Deferred revenue | 10.5M | 0.00 | — | |
| Current lease liability | 137K+495.7% | 23.0K | — | |
| Other current liabilities | 0.00-100.0% | 13.0K | — | |
| Finance lease liability (current) | 283K | 0.00 | — | |
| 192M+1168.2% | 15.1M+12.8% | 13.4M | ||
| Deferred revenue (non-current) | 0.00 | — | — | |
| Non-current lease liability | 185K | 0.00 | — | |
| Operating lease liability (total) | 322K | — | — | |
| Finance lease liability (total) | 875K | 0.00 | — | |
| Finance lease liability | 592K | 0.00 | — | |
| Deferred tax liabilities | 16.7M | 0.00 | — | |
| 494M+3002.2% | -17.0M-31.9% | -12.9M | ||
| Common stock | 15.0K+150.0% | 6.00K | — | |
| Additional paid-in capital | 880M+744.0% | 104M | — | |
| Retained earnings | -387M-431.6% | -72.9M-464.4% | -12.9M | |
| Accumulated other comprehensive income | 130K | 0.00 | — | |
| Non-controlling interest | 1.65M-37.5% | 2.64M | — | |
| Total equity incl. non-controlling | 494M+1352.9% | 34.0M-19.9% | 42.5M | |
| Total liabilities & equity | 695M+906.2% | 69.1M-73.4% | 259M | |
| Common shares issued | 148M+146.4% | 60.1M | — | |
| Common shares outstanding | 148M+146.4% | 60.1M | — | |
| Shares outstanding (cover) | — | 82.0M | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| -49.0M-277.1% | -13.0M | — | ||
| Depreciation & amortization | 763K+224.7% | 235K | — | |
| Intangible amortization | 678K | 0.00 | — | |
| Share-based compensation | 8.76M+404.0% | 1.74M | — | |
| Change in receivables | 599K | 0.00 | — | |
| Change in inventory | 3.21M | 0.00 | — | |
| Change in payables | -5.49M-603.4% | 1.09M | — | |
| Other operating activities | 1.43M+3553.8% | 39.0K | — | |
| -140M-4148.6% | -3.29M | — | ||
| Capital expenditure | 37.4M+1102.4% | 3.11M | — | |
| Free cash flow | -86.3M-436.4% | -16.1M | — | |
| Acquisitions | 102M | 0.00 | — | |
| Other investing activities | 0.00-100.0% | 178K | — | |
| 532M+2580.3% | 19.8M | — | ||
| Long-term debt issued | 0.00 | 0.00 | — | |
| Long-term debt repaid | 0.00 | 0.00 | — | |
| Common stock issued | 0.00 | 0.00 | — | |
| Common stock repurchased | 0.00-100.0% | 247M | — | |
| Dividends paid | 0.00 | 0.00 | — | |
| Interest paid | 17.0K | 0.00 | — | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | |
| Market cap | 1.76B | — | — | |
| P/S | 1072.3× | — | — | |
| P/B | 3.6× | — | — | |
| Source filing | 10-K | 10-K | 10-K |
About this data
Source: USAR’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all USAR filings on SEC EDGAR → Not investment advice.