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USARUSARCompetitor analysis, valuation and peers

United States · USD·Materials›Metal Fabrication

Builds a US rare-earth supply chain, mining heavy rare earths in Texas and making magnets in Oklahoma.

≈ A smaller, magnet-focused MP MaterialsMomentum laggard 2
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$3.09B
US dollars, full cap
Free float
67%
of shares outstanding
$/day
$139M
20-day average traded
P/B
0.79×
price to book
ROE
-23.6%
delivered
Implied ROE
15.7%
what the price asks
Next earnings
3 days
9 Nov 2026
Close · USD$8.22
1D+10.8%
1W-14.5%
1M-34.9%
3M-56.8%
6M-69.5%
YTD-30.9%
1Y-51.2%
ATR %10.5%
Beta3.69
52w lowhigh74.9% off high

What USAR does

Builds a US rare-earth supply chain, mining heavy rare earths in Texas and making magnets in Oklahoma.

In one line: A smaller, magnet-focused MP Materials.

Products and services

  • Round Top heavy rare earth deposit (Texas)
  • NdFeB permanent magnet manufacturing (Stillwater, OK)

Customers

  • defense contractors
  • EV/automotive makers
  • electronics manufacturers (targeted)

Where it sits in the supply chain

  • Critical minerals
  • Rare earth mining & magnet…
  • Mine (Round Top) to sintered NdFeB…

What could go right

  • US government/defense supply-chain support
  • EV and defense magnet demand

What could go wrong

  • Execution/ramp-up risk
  • Competition from subsidized Chinese producers

Moat: narrow (regulatory licence, first-mover). One of very few vertically-integrated US rare-earth/magnet projects, but production is still ramping and unproven at scale.

Headquarters: Stillwater, Oklahoma, US · Founded: 2019 · Employees: 132

Named competitors

USAR at a glance

Size USAR (USAR) is a United States Materials company (Metal Fabrication) with a market value of $3.09B, the 1528th largest of 3,117 United States companies the cockpit tracks. Shares closed at $8.22 on 6 Nov 2026.

Performance Over six months the shares fell 69.5%, against -12.3% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.

Growth The operating margin is -949.5% (peer median 9.9%).

Valuation It trades at 0.79× book value against a peer median of 2.66× (cheapest of 18).

Price implies The share price implies a return on equity of about 15.7%; USAR delivers -23.6%, so the price asks more than the business earns today.

Short interest Short interest is 13.7% of the free float (15 Oct 2026).

Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).

Relative performance

5010011 May 202611 Aug 20266 Nov 2026Peer median 86USAR 31
Six months, rebased to 100: USAR against the median of its 20 peers (local-currency closes).

USAR financials

Reported figures in USD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023
Revenue$13.2M$1.64M$0$0
Revenue growth————
Gross profit-$7.12M-$1.39M-$389,000$0
EBITDA-$119M-$57.9M-$15.2M-$985,210
Net income-$284M-$298M-$15.7M$6.75M
Free cash flow-$246M-$86.7M-$16.1M-$948,010
Capital expenditure$139M$37.4M$3.11M$0
Total debt$13.5M$12.0M$22.0M$0

Quarterly statements and history in the cockpit →

USAR competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-60%-40%-20%0%+20%-20%0%+20%HWKNKNFWDFCCSTMGPKCENXAMBPUSLMNGUECFULCBTKWRAZZSMGMTRNPPTAGEFUFPTALMUSAR6-month return →1-month return →
Up and to the right = strong over both horizons. USAR is the large dot.

Fundamentals: return on equity against price-to-book

-25%0%25%50%00×50×100×HWKNKNFWDFCCSTMGPKCENXUSLMNGUECFULCBTAZZMTRNPPTAALMUSARReturn on equity →Price / book →
A bank or insurer earning more on its equity usually trades at a higher multiple of book; points far above the trend are priced for more. USAR is the large dot.

Capital: ROE delivered against the ROE the price implies

-25%0%25%50%0%50%HWKNKNFWDFCCSTMGPKCENXUSLMNGUECCBTAZZPPTAUFPTALMUSARROE delivered →ROE the price implies →
Above the diagonal = the price asks for a higher return on equity than the business earns today. USAR is the large dot.

USAR competitors and peer comparison

Head to head with its named competitors (USAR vs MP vs LYC.AX vs EFR.TO)
CompanyMarket cap6M returnRevenue growthROEPrice / bookImplied ROE
USAR USAR$3.09B-69%n/a-24%0.79×15.7%
MP Materials MP$6.31B-47%+72%-4%3.22×42.2%
Lynas Rare Earths LYC.AX$8.58B-38%+76%8%3.55×28.2%
Energy Fuels EFR.TO$1.78B-70%+70%-11%2.09×23.8%
China Northern Rare Earth (Group) High-Tech 600111.SS$19.6B-31%+29%17%4.72×62.3%

How USAR compares with its peers

Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

USAR against its 20 peers (data as of 6 Nov 2026)
MeasureUSARPeer medianRank in peer set
1-month return-34.9%-2.0%lowest of 21
6-month return-69.5%-12.3%lowest of 21
Return on equity-23.6%11.4%3rd lowest of 19
Price / book0.79×2.66×cheapest of 18
ROE the price implies15.7%25.0%5th least demanding of 18
ROE delivered-23.6%11.4%3rd lowest of 19

Peer table

Peer set: Sector in the same market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthROEPrice / bookImplied ROEDelivered ROE
USAR USARUnited States$3.09B-69%n/a-24%0.79×15.7%-23.6%
Hawkins HWKNUnited States$3.14B-10%+9%16%5.54×33.1%16.0%
Knife River KNFUnited States$3.20B-38%+11%8%1.83×11.3%8.0%
WD-40 WDFCUnited States$2.97B+6%+11%30%10.88×39.6%30.4%
Constellium CSTMUnited States$2.93B-36%+26%53%2.20×25.0%52.7%
Graphic Packaging GPKUnited States$3.31B+5%0%2%1.03×8.3%2.3%
Century Aluminum CENXUnited States$3.31B-43%+10%57%2.36×33.1%56.7%
Ardagh Metal Packaging AMBPUnited States$2.82B+18%+17%n/an/an/an/a
United States Lime & Minerals USLMUnited States$3.39B+7%+4%20%4.62×27.3%20.0%
Novagold Resources NGUnited States$2.81B-27%n/a-33%6.72×48.1%-32.8%
Uranium Energy UECUnited States$3.43B-54%-44%-12%2.49×24.6%-11.6%
H.B. Fuller FULUnited States$2.68B-19%+1%10%1.24×11.3%9.6%
Cabot CBTUnited States$3.67B-17%+1%13%2.23×16.4%13.2%
Quaker Houghton KWRUnited States$2.58B+2%+9%7%1.82×19.4%7.0%
AZZ AZZUnited States$3.76B-15%+10%12%2.66×23.5%12.3%
Scotts Miracle-Gro SMGUnited States$3.77B+6%-4%n/an/an/an/a
Materion MTRNUnited States$3.88B-7%+28%10%4.09×33.2%10.5%
Perpetua Resources PPTAUnited States$2.44B-35%n/a-38%3.39×14.4%-37.8%
Greif GEFUnited States$3.95B+7%-2%9%n/an/a9.0%
UFP Technologies UFPTUnited States$2.35B+32%+9%17%5.52×43.3%17.2%
Almonty Industries ALMUnited States$2.34B-59%+208%40%6.02×60.1%39.6%

Questions

Who are USAR's main competitors?
Named competitors: MP Materials (MP), Lynas Rare Earths (LYC.AX), Energy Fuels (EFR.TO), China Northern Rare Earth (600111.SS). The cockpit's measured peer set (sector in the same market, nearest in size) also includes Hawkins (HWKN), Knife River (KNF), WD-40 (WDFC), Constellium (CSTM), Graphic Packaging (GPK), Century Aluminum (CENX).
Is USAR expensive compared with its peers?
On price / book it trades at 0.79× against a peer median of 2.66×, cheapest of 18 in its peer set. The share price implies a return on equity of about 15.7%; USAR delivers -23.6%, so the price asks more than the business earns today.
How has USAR stock performed?
Over six months to 6 Nov 2026 the shares returned -69.5% against -12.3% for the median peer; over one year -51.2%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.