Total assets surged to $3.0B in 2026Q2, driven by a $1.5B cash raise, with negligible debt (D/E of 0.00) and a current ratio of 32.79, but retained earnings remain deeply negative at -$464.7M.
USA Rare Earth Inc (USAR) balance sheet — 4-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Total Current Assets | 1.67B | 385.38M | 22.27M | 499.66K | 88.99M |
| Cash & Short-Term Investments | 1.59B | 359.93M | 16.76M | 275.67K | 0 |
| Cash Only | 1.59B | 359.93M | 16.76M | 275.67K | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 6.27M | 3.76M | 0 | 0 | 86.73M |
| Days Sales Outstanding | 116.32 | 836.19 | - | - | - |
| Inventory | 59.04M | 18.54M | 0 | 0 | 0 |
| Days Inventory Outstanding | 483.59 | 4.67K | - | - | - |
| Other Current Assets | 9.54M | 2.42M | 5.45M | 0 | 2.27M |
| Total Non-Current Assets | 1.33B | 309.62M | 46.8M | 258.97M | 5.7B |
| Property, Plant & Equipment | 213.15M | 105.99M | 46.74M | 43.58M | 3.75B |
| Fixed Asset Turnover | 0.10x | 0.02x | - | - | - |
| Goodwill | 134.85M | 134.85M | 0 | 0 | 0 |
| Intangible Assets | 65.9M | 68.61M | 0 | 0 | 1.29B |
| Long-Term Investments | 0 | 0 | 0 | 258.97M | 652.77M |
| Other Non-Current Assets | 912.35M | 176K | 52K | -43.58M | 12.03M |
| Total Assets | 3B | 695M | 69.07M | 259.47M | 5.79B |
| Asset Turnover | 0.01x | 0.00x | - | - | - |
| Asset Growth % | 5490.15% | 906.24% | -73.38% | -95.52% | - |
| Total Current Liabilities | 51.01M | 37.91M | 6.92M | 309.99K | 102.08M |
| Accounts Payable | 17.37M | 11.07M | 1.82M | 234.99K | 22.86M |
| Days Payables Outstanding | 216.01 | 2.79K | 1.71K | 278.47 | 39.74K |
| Short-Term Debt | 0 | 1.85M | 831K | 0 | 0 |
| Deferred Revenue (Current) | 22.2M | 10.5M | 0 | 0 | 0 |
| Other Current Liabilities | 28.13M | 0 | 1.18M | -452K | 23.09M |
| Current Ratio | 32.79x | 10.17x | 3.22x | 1.61x | 0.87x |
| Quick Ratio | 31.63x | 9.68x | 3.22x | 1.61x | 0.87x |
| Cash Conversion Cycle | 383.9 | 2.72K | - | - | - |
| Total Non-Current Liabilities | 402.36M | 162.8M | 29.37M | 13.1M | 3.5B |
| Long-Term Debt | 10.35M | 0 | 0 | 620K | 3.36B |
| Capital Lease Obligations | 4.98M | 777K | 0 | 21K | 0 |
| Deferred Tax Liabilities | 48.56M | 16.71M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 364.19M | 137.11M | 21.17M | 4.26M | 135.64M |
| Total Liabilities | 453.37M | 200.71M | 36.3M | 13.41M | 3.6B |
| Total Debt | 13.54M | 3.05M | 854K | 1.09M | 3.36B |
| Net Debt | -1.58B | -356.88M | -15.91M | 817.34K | 3.36B |
| Debt / Equity | 0.01x | 0.01x | 0.03x | 0.03x | 1.53x |
| Debt / EBITDA | -0.11x | - | - | 5.55x | - |
| Net Debt / EBITDA | 13.26x | - | - | 4.15x | - |
| Interest Coverage | -15652.12x | -2147.81x | - | - | - |
| Total Equity | 2.54B | 494.29M | 32.77M | 42.48M | 2.19B |
| Equity Growth % | 6900.78% | 1408.3% | -22.86% | -98.06% | - |
| Book Value per Share | 12.91 | 5.04 | 1.47 | 1.76 | 79.72 |
| Total Shareholders' Equity | 2.54B | 492.63M | 30.13M | 246.06M | 2.19B |
| Common Stock | 24K | 15K | 6K | 258.97M | 4.79M |
| Retained Earnings | -464.68M | -387.36M | -72.87M | -12.91M | 82.79M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -927K | 130K | 0 | 0 | 0 |
| Minority Interest | -1.06M | 1.65M | 2.64M | 3.33M | 0 |
Quick answers to the most common questions about buying USAR stock.
As of 2025, USA Rare Earth Inc (USAR) had total assets of $695.0M including $385.4M in current assets.
USA Rare Earth Inc (USAR) carries total debt of $3.0M, offset by $359.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
USA Rare Earth Inc (USAR) has total shareholders' equity (book value) of $492.6M ($5.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
USA Rare Earth Inc (USAR) reported a current ratio of 10.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Dilution risk from ongoing losses
Metrics are mathematically derived from official filings.
Balance Sheet Expansion Amid Losses
Total assets surged to $3.0B in 2026Q2 from $69.1M in 2024Q4, per the balance sheet data, driven by a $1.5B cash raise, while retained earnings deepened to -$464.7M.
The balance sheet has expanded dramatically, but this growth is fueled by equity infusions rather than operational profitability. The persistent negative retained earnings indicate cumulative losses that are being offset by capital raises, suggesting a reliance on external funding to sustain development. Investors should monitor whether this expansion translates into productive assets that generate future cash flows.
Minimal Leverage Masks Equity Dependence
Total debt is negligible at $0 in 2026Q2, with a debt-to-equity ratio of 0.00, as reported in the balance sheet, indicating the company is funded almost entirely by equity.
The absence of debt provides financial flexibility but also highlights the company's dependence on equity markets for capital. With no debt service obligations, the company can channel resources into development, yet the lack of leverage may signal that lenders are unwilling to finance a pre-revenue operation. This structure reduces refinancing risk but increases dilution risk if additional capital is needed.
Asset Mix Shifts to Tangible Development
PP&E grew to $148.9M in 2026Q2 from $46.7M in 2024Q4, per the balance sheet data, while goodwill of $134.8M appeared in 2025Q4, signaling a pivot to physical asset construction.
The increase in PP&E reflects heavy investment in the Round Top processing plant and magnet facility, aligning with the company's mine-to-magnet strategy. The sudden appearance of goodwill suggests an acquisition, which warrants scrutiny for potential impairment risk if projected synergies fail to materialize. The asset base is becoming more tangible, but the goodwill component introduces intangible risk that could weigh on future earnings.
Equity Quality Driven by Capital Raises
Equity swung from -$134.2M in 2025Q2 to $2.5B in 2026Q2, per the balance sheet data, reflecting massive capital infusions that overshadow accumulated deficits of -$464.7M.
The equity base is now substantial, but its quality is questionable as it is built on external financing rather than retained earnings. The negative retained earnings indicate that the company has not yet generated sustainable profits, and the reliance on equity raises suggests potential dilution for existing shareholders. The large cash balance provides a runway, but the lack of organic equity growth is a concern.
Ample Liquidity Buffer for Development
Cash and equivalents reached $1.5B in 2026Q2, with a current ratio of 32.79, as per the balance sheet data, providing a multi-year runway for the Round Top project.
The liquidity position is exceptionally strong, with cash far exceeding total liabilities of $451.5M. This buffer reduces near-term solvency risk and allows the company to fund capital expenditures without immediate financing pressure. However, the high current ratio also indicates that cash is not being deployed efficiently, and the burn rate of -$56.7M in operating cash flow in 2026Q2 suggests that the runway, while long, is finite.
Goodwill and Dilution Risks Loom
Goodwill of $134.8M and negative retained earnings of -$464.7M, as reported in the balance sheet, may obscure the true economic health of the company.
The sudden appearance of goodwill in 2025Q4 raises questions about acquisition quality and potential impairment charges that could erode equity. Additionally, the massive equity raises that funded the cash pile imply significant dilution, which may not be fully reflected in per-share metrics. Investors should monitor whether the company can achieve commercial production before additional capital raises become necessary, as further dilution could pressure the stock.