USA Rare Earth (USAR)
NASDAQ:USAR
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USA Rare Earth
(NASDAQ:USAR)
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Rating:53Neutral
Price Target:
$24.00
▲(20.30% Upside)
Action:ReiteratedDate:04/29/26
The score is held down primarily by weak financial performance (sharp 2025 revenue decline, very large losses, and persistent negative free cash flow). This is partly offset by bullish technical momentum (price above key moving averages and positive MACD) and positive strategic corporate developments, while valuation remains constrained by loss-making results and no dividend support.
Positive Factors
Control of Serra Verde/Pela Ema mine
Acquiring Serra Verde gives USAR direct access to a permitted, producing ionic‑clay asset and a long‑term offtake plus DFC financing. That materially strengthens raw material security and vertical integration potential, underpinning sustainable midstream scale and long‑term cash generation if operated as planned.
Negative Factors
Persistent negative cash flow
Sustained negative operating and free cash flow forces reliance on external financing and dilutive capital raises to fund development. That ongoing cash burn undermines the company's ability to self‑fund mine‑to‑magnet buildouts and increases execution risk on multi‑year projects absent secured, non‑dilutive funding.
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Positive Factors
Negative Factors
Control of Serra Verde/Pela Ema mine
Acquiring Serra Verde gives USAR direct access to a permitted, producing ionic‑clay asset and a long‑term offtake plus DFC financing. That materially strengthens raw material security and vertical integration potential, underpinning sustainable midstream scale and long‑term cash generation if operated as planned.
Read all positive factors
USA Rare Earth (USAR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.80B
Dividend YieldN/A
Average Volume (3M)12.25M
Price to Earnings (P/E)―
Beta (1Y)-0.73
Revenue GrowthN/A
EPS Growth-1089.26%
CountryUS
Employees30
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.19
Shares Outstanding217,976,180
10 Day Avg. Volume12,112,323
30 Day Avg. Volume12,249,574
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)2.37
Price to Sales (P/S)709.95
P/FCF Ratio-13.51
Enterprise Value/Market Cap0.37
Enterprise Value/Revenue2.86
Enterprise Value/Gross Profit3.52
Enterprise Value/Ebitda-6.00
Forecast
1Y Price Target
$33.20Price Target Upside66.42% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.41
Revenue Forecast (FY)$73.53M
USA Rare Earth Business Overview & Revenue Model
Company Description
USA Rare Earth, Inc. operates as a magnet manufacturing company. The Company develops a NdFeB magnet manufacturing, minerals supply, extraction, and processing plant. USA Rare Earth serves defense, automotive, aviation, industrial, medical, and co...
How the Company Makes Money
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USA Rare Earth Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The earnings call conveys a mostly positive sentiment with significant highlights such as a strong cash position, strategic acquisition, and operational progress in manufacturing and recycling. Despite the reported net loss, the company is positioned well financially and strategically to execute its plans.Positive Updates
Strong Cash Position
USA Rare Earth has over $400 million in cash as of November 3, 2025, providing flexibility and liquidity to execute their strategy. Additional $123 million expected from warrant exercises.
Negative Updates
Net Loss
Reported a net loss attributable to common stockholders of $156.7 million, including a noncash fair value adjustment of $142.4 million related to warrant and earn-out liabilities.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Cash Position
USA Rare Earth has over $400 million in cash as of November 3, 2025, providing flexibility and liquidity to execute their strategy. Additional $123 million expected from warrant exercises.
Read all positive updates
Company Guidance
During the 2025 Third Quarter Earnings Conference Call, USA Rare Earth provided guidance on multiple metrics and strategic initiatives. The company reported a strong cash position of over $400 million as of November 3, 2025, with an additional $123 million expected from investor warrants. The focus is on ramping up their magnet production capacity to meet the growing demand projected for 2026 and beyond. The company is accelerating its investment in manufacturing capabilities, including enhancing magnet finishing capabilities and ramping Line 1 to 1,200 metric tons with an investment of approximately $100 million. USA Rare Earth is also advancing its acquisition of Less Common Metals (LCM), expected to close by year-end, which will enhance their supply chain capabilities. The company is progressing with a pre-feasibility study for the Round Top development project, targeting completion by Q3 2026, and plans to begin pilot scale testing for swarf recycling in early 2026. Additionally, they anticipate adjusted operating expenses of $13 million to $15 million for Q4 2025. The company reported a net loss of $156.7 million, including a noncash adjustment, with an adjusted net loss of $14.3 million. Overall, USA Rare Earth is focused on disciplined execution and scaling their operations to meet future demand.USA Rare Earth Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
55
Neutral
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 1.64M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 195.00K | 958.89M | 0.00 | 0.00 |
| EBITDA | -296.96M | 871.08M | 7.93M | -23.59M |
| Net Income | -297.56M | 7.90M | 6.75M | -23.84M |
Balance Sheet | ||||
| Total Assets | 695.00M | 24.14M | 259.47M | 5.79B |
| Cash, Cash Equivalents and Short-Term Investments | 359.93M | 2.10K | 275.67K | 0.00 |
| Total Debt | 11.95M | 1.20M | 0.00 | 3.36B |
| Total Liabilities | 191.81M | 17.09M | 13.41M | 3.60B |
| Stockholders Equity | 492.63M | 24.14M | 246.06M | 2.19B |
Cash Flow | ||||
| Free Cash Flow | -86.34M | -1.40M | -1.14K | -19.91M |
| Operating Cash Flow | -48.98M | -1.40M | -1.14K | -14.80M |
| Investing Cash Flow | -139.57M | 246.92M | -251.25M | -15.15M |
| Financing Cash Flow | 531.72M | -245.79M | 252.47M | 22.26M |
USA Rare Earth Risk Analysis
USA Rare Earth disclosed 98 risk factors in its most recent earnings report. USA Rare Earth reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
USA Rare Earth Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | $10.89B | -100.09 | -5.04% | ― | 35.12% | -26.93% | |
53 Neutral | $4.80B | -8.77 | -49.89% | ― | ― | -1089.26% | |
50 Neutral | $839.00M | -5.12 | -22.22% | 1.17% | -18.79% | -3530.57% | |
49 Neutral | $405.66M | -11.63 | -46.98% | ― | 976.80% | 55.42% | |
44 Neutral | $1.01B | -0.87 | -35.30% | ― | ― | -48.46% |
* Basic Materials Sector Average
USAR
USA Rare Earth
22.03
11.52
109.61%
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4.49
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30.49%
ABAT
American Battery Technology
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80.12%
MP
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150.61%
CRML
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11.38
9.77
606.83%
IPX
Iperionx Ltd. ADR
29.05
7.07
32.17%
USA Rare Earth Corporate Events
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsShareholder Meetings
USA Rare Earth Announces Board Changes Ahead of Merger
Positive
Apr 23, 2026
On April 20, 2026, USA Rare Earth, Inc. announced that directors Mordechai Gutnick and General Paul Kern would not stand for reelection at the June 3, 2026 annual shareholders’ meeting, prompting the board to reduce its size to six members a...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
USA Rare Earth Announces Merger Agreement with SVRE Holdings
Positive
Apr 20, 2026
On April 20, 2026, USA Rare Earth, Inc. announced it had entered into a definitive merger agreement dated April 19, 2026 with SVRE Holdings Ltd. through a wholly owned British Virgin Islands merger subsidiary, with Serra Verde Rare Earths Ltd. act...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
USA Rare Earth to Acquire Serra Verde in Major Deal
Positive
Apr 20, 2026
On April 19, 2026, USA Rare Earth, Inc. signed a definitive agreement to acquire 100% of British Virgin Islands–based SVRE Holdings Ltd., parent of Brazil’s Serra Verde Group, in a cash-and-stock deal valuing Serra Verde at about $2.8 ...
Business Operations and Strategy
USA Rare Earth Forms Strategic Rare Earth Alliance in France
Positive
Apr 9, 2026
On April 9, 2026, USA Rare Earth said it had signed a term sheet with France’s Carester SAS and InfraVia under which USA Rare Earth and InfraVia each aim to acquire about 12.5% of Carester, a specialist in rare earth processing and separatio...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
USA Rare Earth Adds Semiconductor Leader to Board
Positive
Mar 12, 2026
On March 12, 2026, USA Rare Earth, Inc. announced the appointment of semiconductor veteran Dr. Thomas Caulfield to its board of directors, effective March 9, 2026, succeeding Tready A. Smith after her five years of service, with the board remainin...
Business Operations and StrategyM&A Transactions
USA Rare Earth to Acquire Texas Mineral Resources
Positive
Mar 5, 2026
On March 4, 2026, USA Rare Earth agreed to acquire all outstanding shares of Texas Mineral Resources in an all-stock deal valued at about $73 million, issuing 3,823,328 USAR shares and consolidating full ownership and economics of the Round Top he...
Business Operations and StrategyRegulatory Filings and Compliance
USA Rare Earth Posts Updated Investor Presentation for Shareholders
Neutral
Feb 26, 2026
On February 26, 2026, USA Rare Earth, Inc. announced that it is posting a new investor presentation on the investor relations section of its corporate website, making updated company information available to current and prospective shareholders. T...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.