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USA Rare Earth, Inc. key statistics and ratios

In fiscal 2025, USA Rare Earth, Inc. had return on equity of -124.7%, an operating margin of -3621.6%, debt equal to 0.4% of equity and a current ratio of 10.17. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2024Dec 20242025Dec 2025
Gross margin—11.9%
Operating margin—<−999%
Net margin—<−999%
Free-cash-flow margin—<−999%
Return on equity—−124.7%
Return on assets−22.8%−77.9%
Asset turnover—0.00
Current ratio3.2210.17
Debt to equity—0.4%
R&D as % of revenue—966.8%
Capital spending as % of revenue—>999%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $3.0bn
Short-term assets $1.7bnLonger-term assets $1.3bn
What it owes, and who funded it · $3.0bn
Short-term liabilities $51mLonger-term liabilities $400mShareholders' equity $2.5bn
  • Short-term assets cover short-term liabilities $1.7bn of assets due within a year against $51m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.7bn short-term assets against $400m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From USA Rare Earth, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from USA Rare Earth, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to USA Rare Earth, Inc.