USA Rare Earth Inc
USAR · NASDAQ · Mining
USA Rare Earth, Inc. is a critical minerals and advanced materials company focused on building a rare earth supply chain from mining through processing, metals, alloys, and permanent magnet manufacturing.
Current price
$11.28
▼ −$0.54 (4.57%) today
Share price
Live market dataET&A View
Last reviewed 17 September 2026
ET&A sees significant upside from the current price with an attractive risk/reward profile.
USA Rare Earth is developing into one of the most strategically significant non-Chinese rare-earth platforms, with assets spanning upstream mining, separation and processing, metals and alloys, and permanent-magnet manufacturing.
Why we like it
- Holds more cash than debt.
What worries us
- The company is currently losing money.
- Spends more cash than it brings in.
- The share price has been weak recently.
Business Health
Is the business financially healthy?
Some weaknesses
The balance sheet stands out. Watch earnings, margins and cash generation.
Overall
- Not rated yet
Revenue
$13m · Sales over the latest year
- Growth Weak
Earnings
−$311m · Loss-making
- Weak
Margins
Losing money on its sales
- Weak
Cash generation
Uses more cash than it brings in
- Excellent
Balance sheet
More cash than debt
Investor View
More on USA Rare Earth Inc
Open a section for the detail behind the quick view.
Our full viewET&A's complete thesis — why we hold the view we do.Members
USA Rare Earth is developing into one of the most strategically significant non-Chinese rare-earth platforms, with assets spanning upstream mining, separation and processing, metals and alloys, and permanent-magnet…
The complete ET&A view
See our full reasoning, what could drive the shares higher or go wrong, our Fair Value and Preferred Entry, and how our view has changed.
- Our View in full
- What could drive it higher / go wrong
- Fair Value & Preferred Entry
- How our view has changed
What could drive it higher — and what could go wrongThe catalysts and risks we are watching.Members
Valuation discussionWhere today's price sits, and how it compares with the company's own history and its peers.Members
Financial and earnings trendsSales, margins, profit, earnings per share and cash, year by year.
Reported annual results, newest first · Market data. “Growth” is the change in sales on the year before.
| Year | Revenue | Growth | Operating margin | Net income | EPS | Free cash flow |
|---|---|---|---|---|---|---|
| FY2025 | $2m | — | −3621.6% | −$298m | −$3.31 | −$86m |
| FY2024 | $0 | — | — | −$16m | −$0.29 | −$16m |
| FY2023 | $0 | — | — | −$7m | −$0.12 | −$28m |
| FY2022 | $0 | — | — | −$24m | −$0.40 | −$20m |
Who it suitsStrategy suitability and investment style.
Long-term growth investors
Also suits: Adventurous investors comfortable with big swings
How it compares with peersOther companies we cover in Mining.
- MP Materials CorpMP
ET&A sees significant upside from the current price with an attractive risk/reward profile.
- Rio Tinto LtdRIO
ET&A sees significant upside from the current price with an attractive risk/reward profile.
- Greenland Mines LtdGRML
ET&A sees significant upside from the current price with an attractive risk/reward profile.
Compare USA Rare Earth Inc with any company → The model’s own peer calculations are in the Research View.
What the company doesThe full company profile.
USA Rare Earth, Inc. is a critical minerals and advanced materials company focused on building a rare earth supply chain from mining through processing, metals, alloys, and permanent magnet manufacturing. The company is developing a vertically integrated platform designed to support industries that depend on rare earth materials, including electric vehicles, wind energy, defence systems, semiconductors, data centres, robotics, healthcare, and advanced electronics.
USA Rare Earth’s strength lies in its strategic relevance to U.S. industrial policy and supply chain security. Rare earth magnets are essential components in many high-performance technologies, yet global supply remains heavily concentrated in China. By developing domestic and allied capabilities across rare earth separation, metal-making, and magnet production, USA Rare Earth is positioned as an early-stage but strategically important company within the push to secure critical minerals and advanced manufacturing supply chains.
Mining · USA
Research ViewOpen the full researchThe full researchFull financial statements, valuation multiples, historical data, forecasts, methodology, scoring calculations and the valuation model.OpenClose
For detailed analysis. Each section opens on its own.
Financial statementsEvery published figure with its source, the market snapshot and connected sheets.
Income
- Revenue
- $13mMarket data
- Gross profit
- −$1mMarket data
- EBITDA
- −$108mMarket data
- Operating profit (EBIT)
- −$60mMarket data
- Net income
- −$311mMarket data
- Earnings per share (EPS)
- −$2.49Market data
Margins & returns
- Gross margin
- Below Average−9.7%Market data
- EBITDA margin
- 0.0%Market data
- Operating margin
- Weak−795.6%Market data
- Net margin
- Below Average0.0%Market data
- Return on equity (ROE)
- Weak−23.6%Market data
- Return on assets (ROA)
- −4.4%Market data
Cash flow
- Operating cash flow
- −$106mMarket data
- Free cash flow
- −$86mMarket data
- Free-cash-flow margin
- Weak−656.0%Calculated
Balance sheet
- Cash
- $1.5bnMarket data
- Total debt
- $3mMarket data
- Net cash (more cash than debt)
- $1.5bnMarket data
- Debt ÷ equity
- 0.0×Market data
- Current ratio
- 32.8×Market data
Shares & dividends
- Shares outstanding
- 375.1mMarket data
- Market capitalisation
- $3.9bnMarket data
- Dividend per share
- $0.00Market data
- Dividend yield
- Weak0.0%Market data
- Payout ratio
- 0.0%Market data
- Market data — the live feed (Yahoo Finance)
- Calculated — worked out by ET&A from the figures shown, using the formulas in our methodology
Other published figures
- Price / Sales
- Members
- EV / EBITDA
- Members
- Price / Book
- Members
- Forward P/E
- Members
Market data
LiveAs of 13 October 2026
Valuation multiplesP/E, forward P/E, EV/EBITDA, Price/Sales and FCF yield — today and at Fair Value.Members
Standard ways of comparing the share price with the company’s earnings, sales and cash. Tap the “i” for what each one means.
| Measure | Today | Source |
|---|---|---|
| P/E | Members | |
| Forward P/E | Members | |
| EV/EBITDA | Members | |
| Price/Sales | Members | |
| FCF Yield | Members |
Valuation ratios are part of ET&A membership.
Other published measures
- Price / Book
- Members
Historical dataValuation history, how our view has changed, and the share-price history.
Share-price history
Use the 5Y and Max ranges on the price chart at the top of the page.
ForecastsWhat analysts expect — market consensus, not ET&A estimates.
Forecasts
- Forward EPS (next year, consensus)
- $0.03Market data
- Expected EPS growth, next year
- Excellent30.5%Market data
- Expected revenue growth, next year
- 4375.2%Market data
Forecasts are market consensus or calculated from forward EPS — not ET&A estimates, and they can be wrong.
MethodologyHow ET&A values a company and reaches a view.
How we value USA Rare Earth Inc
- 1. The right method for the business. Each business is valued on the method that suits its economics — earnings for most companies, book value and returns for banks and insurers, cash flows or dividends where earnings mislead.
- 2. What the business deserves. ET&A builds a fair multiple from the company's own quality, sustainable growth, earnings predictability and risk. History, peers and the market are checked against it, but they don't set it.
- 3. Fair Value. The earnings (or other basis) per share multiplied by that fair multiple, cross-checked against independent methods.
- 4. Preferred Entry. A price below Fair Value that leaves room for the return ET&A requires for the company's risk.
- 5. Is it expensive? Today’s price is placed on ET&A’s Valuation Attractiveness scale — the same measure the ET&A Score uses. Cheap is the Preferred Entry; above Fair Value the shares are Expensive, and Very Expensive once they are more than 25% above it.
Powered by the ET&A Valuation FrameworkHow Fair Value & Preferred Entry work →
Read the full ET&A methodology →How we reach a view
The ET&A View combines our assessment of the business with where today’s price sits against our Preferred Entry and Fair Value. It is a considered judgement, not a mechanical score.
- Business quality
- Financial performance
- Growth outlook
- Debt and financial strength
- Valuation
- Risk
- What could drive it higher
- Buy
- ET&A sees significant upside from the current price with an attractive risk/reward profile.
- Accumulate
- ET&A likes the company but would prefer investors to build exposure gradually.
- Hold
- ET&A sees limited reason to buy aggressively or sell at the current price.
- Reduce
- ET&A believes the current valuation or risk profile makes a smaller position more appropriate.
- Sell
- ET&A believes the downside risk materially outweighs the potential return at the current price.
ET&A Score: ET&A's overall assessment of business quality, valuation, growth and risk, out of 10. It weighs business quality, financial strength, growth, valuation, risk, future prospects.
Powered by the ET&A Company Assessment FrameworkSee the full framework →
Scoring calculationsBehind the ET&A Score and the Business Health ratings.
Behind the ET&A Score
The automatic, rules-based scores that feed our research. The ET&A Score blends these with our own analysis of the business and its value. How the framework works →
ET&A Quant Score
Unprofitable · Strong balance sheet · Weak
Context — not part of the score
- Valuation multiplesPriced on the high side
- Share-price steadinessVery high volatility
- IncomeNo dividend
Valuation and share-price swings describe the shares, not the company, so they are judged in the ET&A Score and View instead.
- Annualised volatility
- Members
- Max drawdown (1y)
- Members
- 12-month return
- Members
- 3-month return
- Members
- P/E
- Members
- Price / Sales
- Members
- EBITDA margin
- Members
- Dividend yield
- Members
Based on the factors that could be measured (45% of the model).
Business Health ratings
Each area is scored from 0 to 10 on ET&A’s methodology scales — the same ones our research uses — then given a word: Excellent from 8.5, Strong from 7, Good from 5.5, Average from 4.5, Below Average from 3, Weak below 3. The overall answer is the average of the areas we could rate (at least three); the dividend isn’t part of it.
| Area | Based on | Score | Rating |
|---|---|---|---|
| Revenue | Needs revenue growth to rate. Rated on the latest year's revenue growth, on ET&A's growth scale. | — | Not rated |
| Earnings |
A loss-making company is always rated Weak for earnings. | 1.0 / 10 | Weak |
| Margins |
The average of operating and net margin, each scored on ET&A's margin scales. A negative margin scores 1 (Weak). | 2.0 / 10 | Weak |
| Cash generation |
Free cash flow as a share of sales, on ET&A's cash-generation scale. | 2.0 / 10 | Weak |
| Balance sheet |
Net debt ÷ EBITDA — roughly how many years of operating earnings would repay the debt — on ET&A's leverage scale. | 8.5 / 10 | Excellent |
| Overall | Average of the 4 rated areas | 3.4 / 10 | Below Average |
ET&A's scales
Where each band starts on the scales above. They are fixed and identical for every company we cover; they come straight from ET&A’s methodology, so a company is judged the same way here as in our research.
| Measure | Excellent | Strong | Good | Average | Below Average | Weak |
|---|---|---|---|---|---|---|
| GrowthStructural Growth (Fundamental Conviction) | 18%+ | 10%+ | 5.0%+ | 1.7%+ | −2.5%+ | below −2.5% |
| Operating marginCompetitive Position (Fundamental Conviction) | 29%+ | 20%+ | 13%+ | 7.5%+ | 0%+ | below 0% (loss) |
| Net marginEarnings Durability (Fundamental Conviction) | 23%+ | 15%+ | 9.8%+ | 6.0%+ | 0%+ | below 0% (loss) |
| Free-cash-flow marginCapital Allocation (Fundamental Conviction) | 15%+ | 8.5%+ | 3.8%+ | 1.3%+ | −2.5%+ | below −2.5% |
| Net debt ÷ EBITDAStructural Risk (Fundamental Conviction) | net cash | ≤ 1.5× | ≤ 2.8× | ≤ 3.6× | ≤ 5.0× | above 5.0× |
| Return on equity (banks & insurers)Bank and insurer quality | 16%+ | 12%+ | 9.0%+ | 6.7%+ | 2.7%+ | below 2.7% |
| Equity ÷ assetsBank capital | 7.5%+ | 6.0%+ | 4.7%+ | 4.0%+ | any | — |
| Dividend yieldIncome factor (ET&A Quant Score) | 5.8%+ | 4.0%+ | 2.5%+ | 1.8%+ | 1.0%+ | below 1.0% |
Band floors: Excellent 8.5 · Strong 7 · Good 5.5 · Average 4.5 · Below Average 3 (scores out of 10). Utilities and property companies’ structural debt is scored 6.5, as in ET&A’s risk model.
Valuation model outputsFair Value, the 12-Month Price Target, Preferred Entry and the expected return — and how each was calculated.Members
Peer calculationsThe comparable companies the valuation model used, with their multiples and returns.Members
Detailed assumptionsEvery input the valuation model used, with its source.Members
Research notesNo research notes published yet.
No research notes have been published for USA Rare Earth Inc yet.
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