Income statement, balance sheet and cash flow statement for the last 2 fiscal years, taken from the XBRL data USA Rare Earth, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2024
FY2025
Revenue
0
1.64
Cost of revenue
0
1.45
Gross profit
0
0.2
Research and development
6.34
15.9
General and administrative
9.24
43.1
Operating income
-15.6
-59.5
Interest income
0.29
5.45
Other non-operating income
-0.81
-239
Pre-tax income
-16.4
-299
Income tax
0
-0.16
Net income to minority interests
-0.66
-0.97
Net income
-15.7
-298
EBITDA
-15.4
-58.7
EPS, basic
-0.40
-3.31
EPS, diluted
-0.40
-3.31
Shares, basic (weighted)
59.5
98
Shares, diluted (weighted)
59.5
98
Balance sheet
FY2024
FY2025
Cash and equivalents
16.8
360
Inventory
0
18.5
Other current assets
0.38
0.29
Total current assets
22.3
385
Property, plant and equipment
26.5
85.4
Lease right-of-use assets
0.03
0.32
Goodwill
0
135
Intangible assets
68.6
Long-term investments
24.1
Other non-current assets
0.05
0.18
Total assets
69.1
695
Accounts payable
1.82
11.1
Accrued liabilities
3.07
14.1
Deferred revenue
0
10.5
Total current liabilities
6.93
37.9
Lease liabilities
0
0.19
Total liabilities
15.1
192
Paid-in capital
104
880
Retained earnings
-72.9
-387
Other comprehensive income
0
0.13
Shareholders' equity
-17
Minority interests
2.64
1.65
Total equity
34
494
Total liabilities and equity
69.1
695
Shares outstanding
60.1
148
Cash flow statement
FY2024
FY2025
Net income
-16.4
-299
Depreciation and amortization
0.24
0.76
Stock-based compensation
1.74
8.76
Change in receivables
0
-0.6
Change in inventory
0
-3.21
Change in payables
1.09
-5.49
Cash from operations
-13
-49
Capital expenditures
-3.11
-37.4
Acquisitions
0
-102
Cash from investing
-3.29
-140
Share buybacks
-247
Cash from financing
19.8
532
Net change in cash
3.56
343
Free cash flow
-16.1
-86.3
Interest paid
0
0.02
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.18 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
-9.5%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Total assets growth, 1y
906.2%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
64.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
32.8x
Current assets / current liabilities.
Quick ratio
30.0x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
30.0x
(Cash + short-term investments) / current liabilities.
Liabilities / assets
15.1%
Total liabilities / total assets.
Working capital
$1.62B
Current assets - current liabilities.
Goodwill and intangibles / assets
6.7%
(Goodwill + intangible assets) / total assets.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.24
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Market cap + total debt - cash - short-term investments.
FCF yield
-6.6%
Free cash flow / market cap.
Earnings yield
-7.7%
Net income / market cap (the inverse of P/E).
What was USA Rare Earth, Inc.'s revenue in fiscal 2025?
USA Rare Earth, Inc. reported revenue of $1.6M for fiscal 2025.
Was USA Rare Earth, Inc. profitable in fiscal 2025?
No. It reported a net loss of $297.6M.
How much free cash flow did USA Rare Earth, Inc. generate in fiscal 2025?
Cash from operations of $49.0M minus capital expenditures of $37.4M left free cash flow of -$86.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.