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USA Rare Earth

USAR on Nasdaq. USA Rare Earth mines rare earth minerals and sells them to manufacturers and government. Market value $662m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Materials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-12.1%low

For every $100 of what the whole company costs, it produced $-12.07 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$13.74 a share, 20% above its 1-year low

Over the past year the price has ranged from $11.45 to $43.98.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.1
-0.2
2024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $246 million in the past 12 months, a shortfall of $86 million in the year to December 2025.

Revenue
$0$2m
Operating margin
n/a-3621.6%
Debt to equity
n/an/a
Shares outstanding
0.13bn0.15bn

Health checks

  • Free cash flow positive0 of 2 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 12% more shares since 2024

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $10 million, compared with a loss of $143 million a year ago.
  • Over the past 12 months it spent $246 million more cash than it brought in, compared with $31 million a year earlier.
  • 148% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$2m
December 2024-$7m
March 2025$52m
June 2025-$143m
September 2025-$157m
December 2025-$50m
March 2026-$67m
June 2026-$10m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
30 March 2026
Next quarterly (estimated, 10-Q)
9 November 2026

Who owns it

1 long-term investor we follow owns it, up from 0 last quarter. 392 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

10 investors own more than 5%.

  • Serra Verde Rare Earths Ltd.
    Passive investor
    at least 12.5%
    (filed with 4 related holders)
    Since 3 September 2026
  • Inflection Point Holdings II LLC
    Insider or founder
    12.2%
    Since 12 June 2025
    What they said

    N/A

    Read the filing
  • VB (Rare Earths) Ltd
    Passive investor
    at least 7.9%
    (filed with 1 related holder)
    Since 3 September 2026
    What they said

    The information set forth or incorporated by reference in Item 6 of this Schedule 13D is incorporated by reference into this Item 4. The Reporting Persons intend to further assess their investment in the Issuer from time to time, on the basis of various factors, including,…

    Read the filing
  • EMG Fund V SVRE Holdings, LLC
    Passive investor
    at least 7.8%
    (filed with 5 related holders)
    Since 3 September 2026
  • Gutnick Mordechai Zev
    at least 6.8%−9.9 pts
    (filed with 2 related holders)
    Since 5 June 2026
    What they said

    Item 4 is hereby amended and restated to read as follows: As disclosed in the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 20, 2026, in connection with the Agreement and Plan of Merger, dated as of April 19, 2026 (the "Merger…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    5.9%
    Since 31 March 2026
  • Michael Blitzer
    Insider or founder
    at least 5.8%−1.3 pts
    (filed with 1 related holder)
    Since 15 September 2025
    What they said

    N/A

    Read the filing
  • STATE STREET CORPORATION
    Passive investor
    5.5%
    Since 31 March 2026
  • at least 4.6%−3.0 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • Tready A. Smith
    Passive investor
    at least 4.0%−4.9 pts
    (filed with 3 related holders)
    Since 31 March 2026
  • Sold down below 5%
    Since 31 March 2025
  • Newtyn Management, LLC
    Passive investor
    Sold down below 5%
    Since 30 June 2025
  • Sold down below 5%
    Since 31 December 2024
  • Sold down below 5%
    Since 31 December 2024
  • Sold down below 5%
    Since 31 December 2024
  • Sold down below 5%
    Since 31 December 2024
  • COWEN AND COMPANY, LLC
    Passive investor
    Sold down below 5%
    Since 31 December 2024
  • Wealthspring Capital LLC
    Passive investor
    Sold down below 5%
    Since 31 December 2024

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $2m of shares on the open market. 2 sold $2m.

  • Humpton Barbara
    Former Chief Executive Officer
    Sold
    Date
    2 October 2026
    Shares
    88,391
    Price
    $13.75
    Value
    $1m
  • Trabuco Carolyn
    Director
    Sold
    Date
    8 June 2026
    Shares
    13,000
    Price
    $22.77
    Value
    $296,010
  • Trabuco Carolyn
    Director
    Bought
    Date
    29 January 2026
    Shares
    1,300
    Price
    $22.60
    Value
    $29,380
  • BLITZER MICHAEL
    Director
    Bought
    Date
    29 January 2026
    Shares
    100,000
    Price
    $21.44
    Value
    $2m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.