USA Rare Earth, Inc. (USAR) valuation

Special situation detected — historical normalisation may not reflect go-forward economics. EPV and Reverse-DCF outputs below are anchored on history that no longer represents the entity going forward (net cash > 50% of market cap; GAAP and adjusted EPS diverge by more than 4×) . Inspect the balance sheet, recent 8-K filings, and the cards above before relying on these models.

• net cash > 50% of market cap. Net cash $1.75B (cash $1.75B − debt $1.3M) = 53.0% of market cap $3.30B
• GAAP and adjusted EPS diverge by more than 4×. GAAP TTM EPS -4.00 vs adjusted TTM EPS -0.64 (gap = 5.3× of adjusted base)