Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
USA Rare Earth, Inc. USAR
· Mining · Metal Mining
Filing evidence summary
Caution evidenceCoverage 3/5 core metricsLatest reported free cash flow was -$86M.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Free cash flow was negative
Latest reported free cash flow was -$86M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
- 2 filing risk checks flagged
Flagged areas: Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Reportable Segment$1.64M100.0%no prior
Members sum to the consolidated $1.64M for this period.
- Outside the United States$1.54M94.0%no prior
- United States$99K6.0%no prior
Members sum to the consolidated $1.64M for this period.
- Outside the United States$4.74M83.2%no prior
- United States$960K16.8%no prior
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 3,997 US-listed filers · 780 in Materials| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $2M | 5thof 3,301 bottom third | 12thof 522 bottom third |
Gross margin gross profit ÷ revenue | 11.9% | 10thof 1,603 bottom third | 15thof 221 bottom third |
Operating margin operating income ÷ revenue | -3621.6% | 4thof 2,819 bottom third | 12thof 483 bottom third |
Net margin net income ÷ revenue | -18110.7% | 1stof 3,263 bottom third | 4thof 518 bottom third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | -5255.3% | 2ndof 2,679 bottom third | 7thof 433 bottom third |
Return on equity net income ÷ stockholders' equity (positive equity only) | -60.2% | 16thof 3,576 bottom third | 37thof 701 middle third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 533.2% | 3rdof 2,895 bottom third | 9thof 476 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -65.1% | 99thof 1,869 top third | 98thof 272 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 117.6% | 5thof 1,551 bottom third | 10thof 230 bottom third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 12 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2024-03-31 | -$156K 10-Q 2024-05-14 | -$4.23M 10-Q 2025-05-15 | -2605.5% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2024-03-31 | -$434K 10-Q 2024-05-14 | -$4.7M 10-Q 2025-05-15 | -983.2% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | fiscal year 2024-12-31 | -$1.4M 10-K 2025-03-31 | -$13M 10-K 2026-03-30 | -828.9% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2024-06-30 | -$346K 10-Q 2024-08-14 | -$3.01M 10-Q 2025-08-11 | -771.4% | first · latest |
| Net income NetIncomeLoss | fiscal year 2024-12-31 | $7.9M 10-K 2025-03-31 | -$15.7M 10-K 2026-03-30 | -299.2% | first · latest |
| Operating income OperatingIncomeLoss | fiscal year 2024-12-31 | -$4.08M 10-K 2025-03-31 | -$15.6M 10-K 2026-03-30 | -282.2% | first · latest |
| Net income NetIncomeLoss | quarter 2024-03-31 | $2.92M 10-Q 2024-05-14 | -$4.47M 10-Q 2025-05-15 | -253.2% | first · latest · 4 filings carry it |
| Net income NetIncomeLoss | quarter 2024-09-30 | $1.51M 10-Q 2024-11-14 | -$1.87M 10-Q 2025-11-06 | -223.8% | first · latest |
| Total assets Assets | balance at 2024-12-31 | $24.1M 10-K 2025-03-31 | $69.1M 10-K 2026-03-30 | +186.2% | first · latest · 5 filings carry it |
| Net income NetIncomeLoss | quarter 2024-06-30 | $3.04M 10-Q 2024-08-14 | -$2.6M 10-Q 2025-08-11 | -185.3% | first · latest · 3 filings carry it |
| Total liabilities Liabilities | balance at 2024-12-31 | $17.1M 10-K 2025-03-31 | $15.1M 10-K 2026-03-30 | -11.5% | first · latest · 5 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2024-09-30 | -$1.92M 10-Q 2024-11-14 | -$1.96M 10-Q 2025-11-06 | -2.1% | first · latest |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for USAR yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.