USA Rare Earth, Inc. (USAR)

USA Rare Earth Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Cash & Equivalents	1,091	359.93	16.76	13.2	26.97
Cash & Short-Term Investments	1,091	359.93	16.76	13.2	26.97
Cash Growth	323.46%	2047.40%	26.99%	-51.06%	-
Receivables	5.47	3.76	-	-	-
Inventory	88.84	18.54	-	-	-
Prepaid Expenses	32.68	0.73	-	0.44	0.35
Other Current Assets	-	2.42	5.51	0.07	-
Total Current Assets	1,218	385.38	22.27	13.71	27.32
Property, Plant & Equipment	4,212	104.11	43.68	41.07	38.52
Long-Term Investments	-	-	-	-	0.95
Goodwill	134.85	134.85	-	-	-
Other Intangible Assets	232.82	68.61	-	-	-
Other Long-Term Assets	224.55	2.06	3.11	2.61	0.07
Total Assets	6,953	695	69.07	57.39	66.86

Liabilities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Accounts Payable	59.47	11.07	1.82	0.39	2.38
Accrued Expenses	120.89	4.33	2.01	4.76	7.91
Current Portion of Long-Term Debt	-	1.85	0.83	-	-
Current Portion of Leases	0.87	0.42	0.02	0.45	0.44
Current Unearned Revenue	1.85	10.5	-	-	-
Other Current Liabilities	0.87	9.75	2.24	-	-
Total Current Liabilities	183.95	37.91	6.93	5.6	10.74
Long-Term Debt	305.56	-	-	0.62	20.24
Long-Term Leases	2.48	0.78	-	0.02	0.46
Long-Term Unearned Revenue	18.03	8.2	8.2	8.2	3.37
Long-Term Deferred Tax Liabilities	1,056	16.72	-	-	-
Other Long-Term Liabilities	560.48	128.21	-	0.46	-
Total Liabilities	2,126	191.81	15.13	14.9	34.81

Shareholders' Equity

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Common Stock	4,815	0.02	0.01	0.01	3.5
Additional Paid-In Capital	-	879.85	104.24	93.37	-
Retained Earnings	-	-387.36	-72.87	-54.22	-44.64
Comprehensive Income & Other	-	0.13	-	-	-
Total Common Equity	4,815	492.63	31.38	39.15	-41.13
Minority Interest	-	1.65	2.64	3.33	4.57
Shareholders' Equity	4,826	503.19	53.94	42.48	32.05
Total Liabilities & Equity	6,953	695	69.07	57.39	66.86

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Total Debt	308.91	3.05	0.85	1.09	21.14
Net Cash (Debt)	781.97	356.88	15.91	12.11	5.83
Net Cash Growth	205.10%	2143.53%	31.40%	107.69%	-
Net Cash Per Share	3.87	3.64	0.27	0.27	0.03
Filing Date Shares Outstanding	292.65	217.98	94.7	228.4	216.7
Total Common Shares Outstanding	292.65	148.06	227.3	228.4	216.7
Working Capital	1,034	347.46	15.35	8.11	16.58
Book Value Per Share	16.45	3.33	0.14	0.17	-0.19
Tangible Book Value	4,447	289.17	31.38	39.15	-41.13
Tangible Book Value Per Share	15.20	1.95	0.14	0.17	-0.19
Land	-	0.71	0.71	0.71	0.7
Buildings	-	9.6	-	-	-
Machinery	-	16.19	0.5	0.61	0.59
Construction In Progress	-	59.35	25.78	22.6	19.32
Leasehold Improvements	-	0.8	0.35	0.37	0.37

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Nov 9, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 10, 2026

Data Sources Report a data error