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Metals & mining · Basic Materials · Fiscal year ends Dec 31
USA Rare Earth reported revenue of $2M in the fiscal year ended Dec 2025. Operating income was −$60M, an operating margin of −3621.6%, and net income was −$298M. Operating cash flow of −$49M less capital expenditure of $37M left free cash flow of −$86M.
Ranks among the 22 metals & mining companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue | 0.0 | 1.6 |
| Cost of revenue | 0.0 | 1.4 |
| Gross profit | 0.0 | 0.2 |
| Research & development | 6.3 | 15.9 |
| Operating income | −15.6 | −59.5 |
| Pre-tax income | −16.4 | −299 |
| Income tax | 0.0 | −0.2 |
| Net income | −15.7 | −298 |
| Diluted EPS | −0.40 | −3.31 |
| Diluted shares | 59.5 | 98.0 |
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Cash & equivalents | 16.8 | 360 |
| Inventory | 0.0 | 18.5 |
| Current assets | 22.3 | 385 |
| Net PP&E | 26.5 | 85.4 |
| Goodwill | 0.0 | 135 |
| Total assets | 69.1 | 695 |
| Payables | 1.8 | 11.1 |
| Deferred revenue | 0.0 | 10.5 |
| Current liabilities | 6.9 | 37.9 |
| Total liabilities | 15.1 | 192 |
| Shareholders' equity | −17.0 | 494 |
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Operating cash flow | −13.0 | −49.0 |
| Capital expenditure | 3.1 | 37.4 |
| Free cash flow | −16.1 | −86.3 |
| Depreciation & amortisation | 0.2 | 0.8 |
| Stock-based compensation | 1.7 | 8.8 |
| Acquisitions | 0.0 | 102 |
| Share buybacks | 247 | – |
| Fiscal year | Dec 2024 | Dec 2025 |
|---|---|---|
| Gross margin | – | 11.9% |
| Operating margin | – | −3621.6% |
| Net margin | – | −18110.7% |
| Return on equityBlank when equity is negative | – | −60.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −25.1% | −9.1% |
| Free cash flow margin | – | −5255.3% |
| Cash conversion (CFO ÷ net income) | 0.83x | 0.16x |
| Inventory days | – | 4672 |
| Payable days | – | 2790 |
| Current ratio | 3.22x | 10.2x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.