The firm maintains a highly conservative capital structure with a debt-to-equity ratio of 0.01 and a substantial $1.7 billion cash balance, providing a significant buffer against its $454.3 million cumulative deficit in retained earnings.
| Total Current Assets | 1.79B | 385.38M | 60.5K | 499.66K | 88.99M |
| Cash & Short-Term Investments | 1.75B | 359.93M | 2.1K | 275.67K | 0 |
| Cash Only | 1.75B | 359.93M | 2.1K | 275.67K | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.69M | 3.76M | 116.01M | 0 | 86.73M |
| Days Sales Outstanding | 117.53 | 836.19 | - | - | - |
| Inventory | 28.43M | 18.54M | 0 | 0 | 0 |
| Days Inventory Outstanding | 401.83 | 2.23K | - | - | - |
| Other Current Assets | 4.93M | 2.42M | -116.01M | 0 | 2.27M |
| Total Non-Current Assets | 344.45M | 309.62M | 24.08M | 258.97M | 5.7B |
| Property, Plant & Equipment | 119.44M | 105.99M | 0 | 0 | 3.75B |
| Fixed Asset Turnover | 0.08x | 0.02x | - | - | - |
| Goodwill | 134.85M | 134.85M | 0 | 0 | 0 |
| Intangible Assets | 67.25M | 68.61M | 1.14B | 0 | 1.29B |
| Long-Term Investments | 0 | 0 | 24.08M | 0 | 652.77M |
| Other Non-Current Assets | 22.91M | 176K | -1.14B | 258.97M | 12.03M |
| Total Assets | 2.13B | 695M | 71.26M | 259.47M | 5.79B |
| Asset Turnover | 0.01x | 0.00x | - | - | - |
| Asset Growth % | 3532.82% | 875.36% | -72.54% | -95.52% | - |
| Total Current Liabilities | 49.34M | 37.91M | 3.94M | 309.99K | 102.08M |
| Accounts Payable | 17.08M | 11.07M | 12.31M | 234.99K | 22.86M |
| Days Payables Outstanding | 275.68 | 1.33K | 20.61 | - | - |
| Short-Term Debt | 750K | 1.85M | 1.2M | 0 | 0 |
| Deferred Revenue (Current) | 20.88M | 10.5M | 0 | 0 | 0 |
| Other Current Liabilities | 19.12M | 0 | -82.14M | 0 | 23.09M |
| Current Ratio | 36.29x | 10.17x | 0.02x | 1.61x | 0.87x |
| Quick Ratio | 35.71x | 9.68x | 0.02x | 1.61x | 0.87x |
| Cash Conversion Cycle | 243.69 | 1.73K | - | - | - |
| Total Non-Current Liabilities | 198.13M | 162.8M | 13.15M | 13.1M | 3.5B |
| Long-Term Debt | 9.1M | 0 | 0 | 0 | 3.36B |
| Capital Lease Obligations | 4.18M | 777K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 32.89M | 16.71M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 171.33M | 137.11M | 13.15M | 13.1M | 135.64M |
| Total Liabilities | 247.47M | 200.71M | 17.09M | 13.41M | 3.6B |
| Total Debt | 11.37M | 3.05M | 1.2M | 0 | 3.36B |
| Net Debt | -1.74B | -356.88M | 1.2M | -275.67K | 3.36B |
| Debt / Equity | 0.01x | 0.01x | 0.00x | - | 1.53x |
| Debt / EBITDA | -0.14x | - | - | - | - |
| Net Debt / EBITDA | 20.73x | - | - | - | - |
| Interest Coverage | - | - | - | - | - |
| Total Equity | 1.88B | 494.29M | 2.12B | 246.06M | 2.19B |
| Equity Growth % | 3317.37% | -76.63% | 759.61% | -88.78% | - |
| Book Value per Share | 9.57 | 5.04 | 94.76 | 10.17 | 79.72 |
| Total Shareholders' Equity | 1.88B | 492.63M | 24.14M | 246.06M | 2.19B |
| Common Stock | 22K | 15K | 24.08M | 258.97M | 4.79M |
| Retained Earnings | -454.35M | -387.36M | -17.03M | -12.91M | 82.79M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -200K | 130K | 0 | 0 | 0 |
| Minority Interest | 574K | 1.65M | 2.64M | 0 | 0 |
Commercialization and Scaling Execution
According to recent financial statements, USAR has successfully transitioned from a capital-constrained entity to one holding $1.7 billion in cash as of 2026Q1, a significant shift from the nominal liquidity levels observed in 2024, which provides a substantial buffer for its ongoing industrial development projects.
The dramatic expansion of the balance sheet suggests a successful capital-raising phase that effectively de-risks the immediate liquidity profile. However, investors should monitor whether this capital accumulation is being deployed efficiently into productive assets or if it remains idle while the company navigates complex permitting and construction hurdles.
Based on the reported figures, total assets have surged to $2.1 billion by 2026Q1, driven by a rapid build-out of property, plant, and equipment, which now stands at $119.4 million, signaling a pivot toward tangible infrastructure necessary for the company's integrated mine-to-magnet business model.
The asset mix indicates a transition from a pure exploration play to an industrial manufacturing firm. While the growth in PPE is a necessary step for commercialization, the high concentration of assets in development-stage projects warrants caution regarding potential future impairment risks if technical milestones are not met.
As reported in recent filings, the company maintains a current ratio of 36.29 as of 2026Q1, reflecting a massive liquidity cushion that stands in stark contrast to the near-zero cash positions held throughout 2024, providing the firm with significant flexibility to fund its intensive capital expenditure requirements.
This liquidity profile appears exceptionally strong for a pre-commercial industrial firm, effectively insulating the company from short-term market volatility. The primary analytical concern remains the rate of cash consumption as the company moves toward full-scale production, which could erode this buffer faster than currently anticipated.
Based on the provided data, equity has reached $1.9 billion by 2026Q1, yet this figure is heavily offset by a cumulative deficit in retained earnings of $454.3 million, highlighting the significant capital dilution and operational losses incurred during the company's intensive development and pilot-testing phase.
The reliance on equity financing suggests that management has avoided debt-related interest burdens, which is prudent given the current lack of operational cash flow. However, the persistent negative retained earnings underscore the high cost of scaling, and investors should remain wary of further dilution if the current capital base proves insufficient for full commercialization.
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.