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USA Rare Earth (NASDAQ: USAR)
Brazil-focused company listed on the NASDAQ, priced in US dollars.
- Market Cap
- $4.31B
- P/E (TTM)
- —
- P/B
- 2.0x
- EPS (TTM)
- $-2.69
- Dividend Yield
- —
- 52-Week Range
- $11.45 – $43.98
- Volume
- 22.19M
- Previous Close
- $17.69
TTM = trailing twelve months — the most recent 12 months (a rolling window), used for P/E, EPS and dividends. On the tables and charts below, the in-progress current year appears as a “Last 12M” column labelled with the quarter range it covers.
Performance
About USA Rare Earth
- US Ticker
- USAR
- B3 Ticker
- —
- Exchange
- NASDAQ
- Currency
- USD
- Sector
- Basic Materials
- Industry
- Other Industrial Metals & Mining
- Headquarters
- Stillwater, OK, United States
- Employees
- 132
- CEO
- Ms. Barbara W. Humpton
- Founded
- 2019
USA Rare Earth, Inc. engages in mining, processing, and supplying rare earths and other critical minerals in the United States, Europe, and Asia.
It primarily explores neodymium, dysprosium, terbium, yttrium, gallium, hafnium, praseodymium, samarium, and other critical minerals.
The company holds interests in the Round Top Mountain located near Sierra Blanca, Texas.
It products are used in aerospace, defense, semiconductors, data centers, physical AI, energy, mobility, healthcare, and numerous industrial sectors.
USA Rare Earth, Inc. was founded in 2019 and is based in Stillwater, Oklahoma.
Analyst Ratings
Consensus of 8 Wall Street analysts · sourced from Yahoo Finance
On a 1–5 scale: 1 = Strong Buy, 3 = Hold, 5 = Sell. Lower is more bullish.
12-Month Price Target
The average target is +112.24% above the current price of $17.61.
Financial Results
Revenue, EBITDA and net profit (in USD) with net margin (net profit ÷ revenue).
Financial Health
Margins, leverage and cash-flow quality derived from USA Rare Earth's income statement, balance sheet and cash flow (absolute figures in USD).
Overall: Financially Solid
- Net Margin
- -87.3%
- ROE
- -11.2%
- Rev Growth (YoY)
- +19720.51%
- Net Debt / EBITDA
- 13.27×
- Current Ratio
- 32.79×
- Interest Coverage
- —
- Free Cash Flow
- -245.5M
- Payout Ratio
- —
Income — Margins & Efficiency
| Metric | Last 12MQ3'25 – Q2'26 | Δ | 2025 | Δ | 2024 | Δ | 2023 | Δ | 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $325,651,000 | +19720.5% | $1,643,000 | -99.9% | $1,176,865,000 | — | $0 | — | $0 |
| Gross profit | -$7,116,000 | -411.6% | -$1,391,000 | -257.6% | -$389,000 | -26.3% | -$308,000 | -46.7% | -$210,000 |
| Operating income | -$124,970,000 | -110.0% | -$59,503,000 | -281.8% | -$15,585,000 | -1481.9% | -$985,212 | +95.9% | -$24,262,000 |
| EBITDA | -$119,136,000 | -105.7% | -$57,917,000 | -281.1% | -$15,196,000 | -1442.4% | -$985,212 | +95.8% | -$23,591,000 |
| Net profit | -$284,207,000 | +4.5% | -$297,559,000 | -1791.1% | -$15,735,000 | -333.2% | $6,748,069 | +128.3% | -$23,844,000 |
| Gross margin | -2.2% | +82.5 p.p. | -84.7% | -84.6 p.p. | -0.0% | — | — | — | — |
| Operating margin | -38.4% | +3583.2 p.p. | -3621.6% | -3620.3 p.p. | -1.3% | — | — | — | — |
| EBITDA margin | -36.6% | +3488.5 p.p. | -3525.1% | -3523.8 p.p. | -1.3% | — | — | — | — |
| Net margin | -87.3% | +18023.4 p.p. | -18110.7% | -18109.4 p.p. | -1.3% | — | — | — | — |
| Revenue growth (YoY) | 19720.5% | +19820.4 p.p. | -99.9% | — | — | — | — | — | -100.0% |
| Effective tax rate | -15.4% | -15.4 p.p. | 0.1% | +901.3 p.p. | -901.2% | — | — | — | — |
| Interest coverage | — | — | -428.08× | -765.2% | -49.48× | — | — | — | — |
Newest column (“Last 12M”) = trailing 12 months, the last 4 reported quarters — shown with the quarter range it spans; earlier columns are full fiscal years.
Balance Sheet — Health & Leverage
| Metric | Last 12MQ3'25 – Q2'26 | Δ | 2025 | Δ | 2024 | Δ | 2023 | Δ | 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Net debt | -$1,580,826,000 | -343.0% | -$356,879,000 | -2143.5% | -$15,907,000 | -2046.2% | $817,335 | +103.1% | -$26,069,000 |
| Net Debt / Equity | -0.62× | +14.0% | -0.72× | -37.2% | -0.53× | -15995.0% | 0.00× | +100.4% | -0.95× |
| Net Debt / EBITDA | 13.27× | +115.3% | 6.16× | +488.6% | 1.05× | +226.2% | -0.83× | -175.1% | 1.11× |
| Debt / Equity | 0.01× | -13.7% | 0.01× | -78.2% | 0.03× | +538.1% | 0.00× | -86.5% | 0.03× |
| Current ratio | 32.79× | +222.5% | 10.17× | +216.1% | 3.22× | +99.5% | 1.61× | -36.7% | 2.54× |
| Return on equity (ROE) | -11.2% | +49.2 p.p. | -60.4% | -8.2 p.p. | -52.2% | -55.0 p.p. | 2.7% | +89.5 p.p. | -86.8% |
| Return on assets (ROA) | -9.5% | +33.3 p.p. | -42.8% | -20.0 p.p. | -22.8% | -25.4 p.p. | 2.6% | +38.3 p.p. | -35.7% |
| Book value / share | $12.92 | +157.0% | $5.03 | +272.4% | $1.35 | -86.7% | $10.17 | +918.2% | $1.00 |
Newest column (“Last 12M”) = trailing 12 months, the last 4 reported quarters — shown with the quarter range it spans; earlier columns are full fiscal years.
Net Debt & Leverage
Free Cash Flow
Margins
Dividend Payout Ratio
Capex ÷ Revenue
Cash Conversion (operating cash flow ÷ net income)
Ratios computed from company financial statements. Net Debt = total debt − cash & equivalents; FCF = operating cash flow − capital expenditure; absolute values in USD.
Valuation & Dividends
Dividend History
USA Rare Earth has not paid dividends over the past decade.
Dividends and yield from Yahoo Finance (per share, in US dollars). The current-year figures are calendar year-to-date (dividends actually paid this year), not the trailing 12 months.
Frequently Asked Questions
Where is USA Rare Earth listed?
USA Rare Earth trades on a single exchange: NASDAQ in the United States (USAR, US dollars). That is the line quoted on this page.
What is USA Rare Earth's primary listing?
USA Rare Earth's primary listing is on NASDAQ in the United States, where it trades as USAR in US dollars — the line quoted on this page. It has no directly listed share on Brazil’s B3.
How can I buy USA Rare Earth stock in the United States?
USA Rare Earth is listed on the NASDAQ under USAR, priced in US dollars. Any US brokerage offering NASDAQ-listed securities can trade it, with no foreign-account paperwork and no currency conversion.
What are USA Rare Earth’s operations in Brazil?
USA Rare Earth’s Brazilian operations centre on the Pela Ema mine in the state of Goiás, which the company acquired through its purchase of the Serra Verde Group. The transaction was agreed in April 2026 and valued at approximately US$2.8 billion — US$2.5 billion in stock and US$300 million in cash — with legacy Serra Verde investors retaining a 34% equity stake in the combined company.
The acquisition paired a mine in commercial production since 2024 with USA Rare Earth’s own processing, separation, metallization and magnet-making capacity. The stated goal is an integrated “mine-to-magnet” rare earth value chain spanning the United States, the United Kingdom and Brazil.
In August 2026 a US government-backed special purpose vehicle was capitalised at US$1.55 billion to purchase 100% of the mine’s Phase 1 output for up to 15 years. The US Department of War committed US$750 million to the vehicle and signalled it would buy no less than US$300 million of rare earth products over five years; the remaining US$500 million came from a senior debt facility and other investors. The agreement also set price floors for dysprosium and terbium, which the company describes as the first arrangement of its kind in the industry.
Which mine does USA Rare Earth own in Brazil?
Pela Ema, in the state of Goiás, operated through the Serra Verde business USA Rare Earth acquired. It is the only scaled producer of all four magnetic rare earth elements — neodymium, praseodymium, dysprosium and terbium — outside Asia.
What sets it apart is the geology. Pela Ema is an ionic clay deposit rich in both light and heavy rare earth elements, a combination that is exceptionally rare in the Western Hemisphere. Ionic clay sits near the surface and does not require the energy-intensive blasting, crushing and milling that hard-rock deposits do, and it avoids the radioactive tailings they leave behind. That contrasts with USA Rare Earth’s Round Top project in Texas, a rhyolite deposit needing extensive crushing and heap leaching. The site also draws on two hydroelectric plants located 25 km and 40 km away.
Commercial operations began in 2024. Phase 1 ramp-up is expected to conclude by mid-2027 and to reach full nominal capacity by the end of 2027, at roughly 6,400 tonnes of total rare earth oxides a year — about 12.5% of the 51,000 tonnes the United States produced in 2025. Phase 2 could double that, to the equivalent of around 25% of current US output; it had been projected to begin around 2030, though the company has indicated that US government urgency over rare earth supply could bring that forward.
Last updated: 17:00 BRT · Prices delayed up to 15 minutes
Financial data last updated: September 5, 2026
News & analysis mentioning USAR
All mentions
Brazil Approves Critical Minerals Bill as Global Race for Rare Earths Intensifies
Sep 3, 2026
New framework seeks to promote domestic processing of strategic minerals as Brazil attracts growing U.S. and international interest in its rare earth resources
Vale Eyes Rare Earths Through Mining Waste and Tailings
Sep 3, 2026
The world's largest iron ore producer is studying whether its mining tailings can yield rare earths, gold and other minerals, potentially turning waste from existing operations into a new source of mineral value.
U.S. Government Backs $1.55 Billion Plan to Secure Serra Verde Rare Earth Supply
Aug 27, 2026
The U.S. Department of War is providing $750 million to a special purpose vehicle that will purchase 100% of Phase 1 production from Brazil’s Pela Ema mine under a 15-year offtake agreement.
USA Rare Earth Acquires Western Hemisphere's Largest Rare Earth Mine in $2.8 Billion Brazil Deal
Apr 24, 2026
USA Rare Earth has acquired the largest rare earth mine in the Western Hemisphere for $2.8 billion. This article explores the financial details of this transaction, its strategic importance to both the United States and Brazil, and the ensuing political repercussions.
