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USA Rare Earth (USAR)
NASDAQ:USAR
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USA Rare Earth
(NASDAQ:USAR)
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Rating:47Neutral
Price Target:
$14.00
▼(-16.32% Downside)
The score is held down primarily by weak financial performance (ongoing operating losses, negative operating/free cash flow, and zero reported revenue) and bearish technicals (below key moving averages with negative MACD). These are partly offset by constructive earnings-call signals around liquidity, operational ramp plans, and strategic execution, but valuation support is limited due to a negative P/E and no dividend data.
USA Rare Earth (USAR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.47B
Dividend YieldN/A
Average Volume (3M)9.39M
Price to Earnings (P/E)―
Beta (1Y)-1.10
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees30
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-1.64
Shares Outstanding147,679,930
10 Day Avg. Volume8,973,454
30 Day Avg. Volume9,389,092
Financial Highlights & Ratios
PEG Ratio-0.57
Price to Book (P/B)38.41
Price to Sales (P/S)0.00
P/FCF Ratio-661.27
Enterprise Value/Market Cap0.62
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-6.28
Forecast
1Y Price Target
$22.75Price Target Upside35.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.34
Revenue Forecast (FY)$41.20M
USA Rare Earth Business Overview & Revenue Model
Company DescriptionUSA 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 consumer electronics industries in the United States.
How the Company Makes Money
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.Q3-2025 Updates
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.
LCM Acquisition
The acquisition of Less Common Metals (LCM) enhances revenue-generating ability and establishes a fully integrated rare earth supply chain, expected to close by the end of 2025, subject to regulatory approval.
Magnet Manufacturing Progress
Commissioning of Line 1a at the Stillwater magnet manufacturing plant is on track for Q1 2026, with plans to expand capacity significantly.
Recycling and Mining Milestones
Progress in swarf recycling flow sheet and pre-feasibility study phase for Round Top development project, with hafnium extraction expanding offerings.
Operating Expense Management
Ongoing adjusted operating expenses for Q3 2025 were $8.9 million, adjusted for M&A-related expenses, stock-based compensation, and severance costs.
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.
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
Balance Sheet
Cash Flow
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -242.37M | -4.08M | -24.07M | -23.59M |
| Net Income | -230.52M | 7.90M | -7.42M | -23.84M |
Balance Sheet | ||||
| Total Assets | 323.32M | 5.76B | 5.74B | 5.79B |
| Cash, Cash Equivalents and Short-Term Investments | 257.61M | 0.00 | 66.00K | 0.00 |
| Total Debt | 1.31M | 3.12B | 3.21B | 3.36B |
| Total Liabilities | 381.91M | 3.65B | 3.59B | 3.60B |
| Stockholders Equity | -60.55M | 2.12B | 2.15B | 2.19B |
Cash Flow | ||||
| Free Cash Flow | 159.87M | -1.40M | -27.88M | -19.91M |
| Operating Cash Flow | 211.60M | -1.40M | -21.93M | -14.80M |
| Investing Cash Flow | -53.05M | 246.92M | -5.96M | -15.15M |
| Financing Cash Flow | 82.30M | -245.79M | 14.11M | 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% | |
61 Neutral | $10.82B | -86.96 | -6.83% | ― | 26.44% | -95.87% | |
55 Neutral | $920.07M | -6.79 | -16.00% | 1.17% | -16.89% | -403.77% | |
53 Neutral | $588.76M | -8.90 | -58.41% | ― | 821.40% | 44.70% | |
47 Neutral | $2.47B | -6.66 | -255.91% | ― | ― | ― | |
45 Neutral | $1.44B | -36.22 | -49.09% | ― | ― | -18.77% |
* Basic Materials Sector Average
USAR
USA Rare Earth
16.73
4.17
33.20%
GSM
Ferroglobe
4.93
1.02
26.09%
ABAT
American Battery Technology
4.53
2.68
144.86%
MP
MP Materials
61.06
41.53
212.65%
CRML
Critical Metals Corp
13.47
5.22
63.27%
IPX
Iperionx Ltd. ADR
43.29
13.10
43.39%
USA Rare Earth Corporate Events
Business Operations and StrategyM&A Transactions
USA Rare Earth Completes Acquisition of Less Common Metals
Positive
Nov 18, 2025
On November 18, 2025, USA Rare Earth, Inc. completed its acquisition of Less Common Metals Ltd. (LCM), a UK-based manufacturer of specialized rare earth metals and alloys. This acquisition marks a significant step in USA Rare Earth’s strategy to create a fully integrated rare earth supply chain, enhancing its access to high-quality rare earth metals and alloys. The acquisition is expected to strengthen USA Rare Earth’s position in the global market by securing a vital link in its supply chain, supporting the expansion of its magnet facility in Oklahoma, and differentiating its platform as a leading producer outside China. LCM’s established relationships with key industry players and its capacity to process recycled rare earth oxides further bolster USA Rare Earth’s capabilities and sustainability efforts.
The most recent analyst rating on (USAR) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on USA Rare Earth stock, see the USAR Stock Forecast page.
Business Operations and Strategy
USA Rare Earth Announces Warrant Redemption Plan
Neutral
Oct 30, 2025
On October 30, 2025, USA Rare Earth, Inc. announced its decision to redeem all outstanding warrants to purchase shares of its common stock that were issued under the Warrant Agreement dated May 24, 2023. The redemption will occur at 5:00 p.m. New York City time on December 1, 2025, at a redemption price of $0.01 per warrant. This move is part of the company’s strategic financial management, as the closing price of its common stock has consistently exceeded $18.00 per share over a specified period, allowing for this redemption under the terms of the Warrant Agreement. Stakeholders are advised to exercise their warrants before the redemption date to avoid losing their rights, as unexercised warrants will become void.
The most recent analyst rating on (USAR) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on USA Rare Earth stock, see the USAR Stock Forecast page.
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.