Latest Ratios: P/E Ratio -6.4x · EV/EBITDA N/A · ROE -22.8%. (2022–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Market Cap | $2.0B | $1.2B | — | — | — |
| Enterprise Value | $1.7B | $810M | — | — | — |
| P/E Ratio → | -6.36 | — | — | — | — |
| P/S Ratio | 1237.65 | 709.95 | — | — | — |
| P/B Ratio | 4.17 | 2.36 | — | — | — |
| P/FCF | — | — | — | — | — |
| P/OCF | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| EV / Revenue | — | 492.74 | — | — | — |
| EV / EBITDA | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — |
| EV / FCF | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Gross Margin | -84.7% | -84.7% | — | — | — |
| Operating Margin | -3621.6% | -3621.6% | — | — | — |
| Net Profit Margin | -18110.7% | -18110.7% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | -22.8% | -22.8% | -1.3% | 0.6% | -1.1% |
| ROA | -77.7% | -77.7% | -9.5% | 0.2% | -0.4% |
| ROIC | -4.0% | -4.0% | -1.0% | -0.0% | — |
| ROCE | -16.4% | -16.4% | -9.5% | -0.0% | -0.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.00 | — | 1.53 |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | -0.72 | 0.00 | -0.00 | 1.53 |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — |
Net cash position: cash ($360M) exceeds total debt ($3M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 10.17 | 10.17 | 0.02 | 1.61 | 0.87 |
| Quick Ratio | 9.68 | 9.68 | 0.02 | 1.61 | 0.87 |
| Cash Ratio | 9.49 | 9.49 | 0.00 | 0.89 | — |
| Asset Turnover | — | 0.00 | — | — | — |
| Inventory Turnover | 0.16 | 0.16 | — | — | — |
| Days Sales Outstanding | — | 836.19 | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $98M | $22M | $24M | $28M |
Commercialization and Scaling Execution
Based on reported figures, USAR trades at a price-to-sales ratio of 1204.12, which suggests that the market is pricing the company as a strategic asset rather than a traditional industrial entity, as traditional earnings-based multiples like P/E are currently non-meaningful due to the company's pre-commercial status.
The extreme P/S multiple indicates that investors are assigning significant value to the company's proprietary mineralogy and vertical integration potential rather than current revenue. This valuation approach warrants caution, as it implies that the market expects a successful transition to full-scale production, which remains unproven.
As reported in financial statements, the company's gross margin of -84.66% highlights a cost structure where pilot-scale production expenses significantly exceed output value, indicating that the firm has yet to achieve the economies of scale necessary for profitable rare earth oxide separation and magnet manufacturing.
The negative operating margin of -3621% underscores a massive disconnect between administrative overhead and current revenue generation. This suggests that the company's cost base is currently scaled for future capacity rather than current output, making traditional profitability metrics poor indicators of long-term earning power.
According to recent quarterly data, the company's cash conversion cycle remains highly volatile, with DIO reaching 704 days in 2025Q4, reflecting the extended lead times inherent in developing complex, integrated mine-to-magnet infrastructure before achieving a steady-state operational rhythm.
The extreme fluctuations in days inventory outstanding and days payable outstanding suggest that the company is still in the process of establishing its supply chain and production workflows. Investors should monitor these metrics as the company moves toward commercialization, as they will eventually serve as key indicators of operational efficiency.
As indicated by the most recent financial filings, USAR maintains a current ratio of 36.29, providing a massive liquidity cushion that stands in stark contrast to the company's early-stage development phase and ensures a multi-year runway for its capital-intensive Round Top project.
This robust liquidity position significantly reduces immediate refinancing risk and provides the firm with the flexibility to navigate potential delays in permitting or construction. However, the high cash balance also places pressure on management to demonstrate efficient capital allocation as they transition toward full-scale commercial production.
The most commonly misapplied metric for USAR is the traditional EV/EBITDA multiple, which obscures the company's true value proposition by ignoring the strategic premium of its domestic magnet manufacturing intellectual property and the high, non-recurring capital expenditures required for its unique vertical integration model.
Using standard mining valuation multiples fails to account for the company's role as a geopolitical hedge and its potential for downstream margin capture. Analysts should instead focus on project-specific milestones and the progress of off-take agreements, which are more indicative of future value than current EBITDA-based ratios.
Includes 30+ ratios · 4 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying USAR stock.
USA Rare Earth Inc's current P/E ratio is -6.4x. This places it at the 50th percentile of its historical range.
USA Rare Earth Inc's return on equity (ROE) is -22.8%. The historical average is -6.2%.
Based on historical data, USA Rare Earth Inc is trading at a P/E of -6.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
USA Rare Earth Inc has -84.7% gross margin and -3621.6% operating margin.