USO · United States Oil Fund, LP
USO seeks to achieve its investment objective by investing primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $157.12 |
| SO | 14.8M |
| Options | — |
| Warrants | — |
| FD SO | 14.8M |
| MC | $2.33B |
| Cash | $1.35B |
| Total debt | — |
| EV | $983.4M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.6x |
| EV / EBITDA | — |
| MC / Net Income | 4.0x |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | — |
| Insiders | — |
| # Institutions | — |
| Analysts | 0 |
| Consensus | — |
| Avg target | — |
| Short % float | — |
| Days to cover | — |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-04. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-18 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest shown as "—" when unreported or older than 60 days.
This filer tags no option or warrant count, so FD SO counts it as zero and understates dilution — treat FD SO, MC and EV as a floor. (XBRL reports nothing both for a filer that has none and for one that simply doesn't tag them.)
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | (361.99) | 986.39 | (53.34) | 25.56 |
| Revenue YoY % | (411.1%) | 2226.1% | (153.9%) | 119.3% |
| Pretax Income | (365.43) | 983.75 | (55.46) | 23.46 |
| Net Income | (365.43) | 983.75 | (55.46) | 23.46 |
| Net Margin % | 101.0% | 99.7% | 104.0% | 91.8% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 596.62 | (56.20) | 231.92 | (34.90) | 800.71 |
| Revenue YoY % | 1161.6% | (124.2%) | 764.5% | (104.4%) | — |
| Pretax Income | 586.31 | (64.66) | 221.12 | (46.04) | 785.24 |
| Net Income | 586.31 | (64.66) | 221.12 | (46.04) | 785.24 |
| Net Margin % | 98.3% | 115.0% | 95.3% | 131.9% | 98.1% |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 1,345.73 | 1,957.52 | 651.87 | 700.56 |
| Other Assets | 558.41 | 786.56 | 237.74 | 202.30 |
| Total Assets | 1,904.15 | 2,744.08 | 889.62 | 902.87 |
| Other Liabilities | 150.42 | 99.48 | 3.54 | 18.20 |
| Total Liabilities | 150.42 | 99.48 | 3.54 | 18.20 |
| Total Equity | 1,753.73 | 2,644.61 | 886.08 | 884.67 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 1,345.73 | 651.87 | 727.45 | 952.41 | 856.40 |
| Other Assets | 558.41 | 237.74 | 371.63 | 634.30 | 1,126.56 |
| Total Assets | 1,904.15 | 889.62 | 1,099.08 | 1,586.71 | 1,982.96 |
| Other Liabilities | 150.42 | 3.54 | 10.86 | 19.37 | 5.95 |
| Total Liabilities | 150.42 | 3.54 | 10.86 | 19.37 | 5.95 |
| Total Equity | 1,753.73 | 886.08 | 1,088.22 | 1,567.35 | 1,977.02 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | (365.43) | 983.75 | (55.46) | 23.46 |
| Δ Working Cap & Other | 642.59 | (351.94) | 5.42 | (50.81) |
| Operating Cash Flow | 277.16 | 631.81 | (50.04) | (27.35) |
| Other Financing | (398.86) | 774.79 | 42.15 | (334.48) |
| Financing Cash Flow | (398.86) | 774.79 | 42.15 | (334.48) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | 586.31 | (64.66) | 221.12 | (46.04) | 785.24 |
| Δ Working Cap & Other | 245.26 | 42.79 | (45.38) | 33.26 | 86.62 |
| Operating Cash Flow | 831.58 | (21.87) | 175.74 | (12.79) | 871.86 |
| Other Financing | 83.61 | (92.22) | (631.73) | (477.41) | (1,182.38) |
| Financing Cash Flow | 83.61 | (92.22) | (631.73) | (477.41) | (1,182.38) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | — | — | — | — |
| Quick Ratio | — | — | — | — |
| Debt / Equity | — | — | — | — |
| EBITDA Margin % | — | — | — | — |
| Working Capital | — | — | — | — |
| Net Debt | — | — | — | — |
| ROE % | (20.8%) | 37.2% | (6.3%) | 2.7% |
| ROA % | (19.2%) | 35.8% | (6.2%) | 2.6% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | — |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | — | — | — | — | — |
| EBITDA Margin % | — | — | — | — | — |
| Working Capital | — | — | — | — | — |
| Net Debt | — | — | — | — | — |
| ROE % | 33.4% | (7.3%) | 20.3% | (2.9%) | 39.7% |
| ROA % | 30.8% | (7.3%) | 20.1% | (2.9%) | 39.6% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-09-17 | HRT FINANCIAL LP | 10% Owner | 2026-09-16 | P | 14,291 | $154.57 | $2,208,960 |
| 2026-09-17 | HRT FINANCIAL LP | 10% Owner | 2026-09-16 | P | 29,347 | $155.65 | $4,567,861 |
| 2026-09-17 | HRT FINANCIAL LP | 10% Owner | 2026-09-16 | S | (1,088) | $156.32 | -$170,076 |
| 2026-09-17 | HRT FINANCIAL LP | 10% Owner | 2026-09-16 | S | (14,625) | $157.47 | -$2,302,999 |
| 2026-09-17 | HRT FINANCIAL LP | 10% Owner | 2026-09-16 | S | (1,222) | $159.80 | -$195,276 |
| 2026-09-17 | HRT FINANCIAL LP | 10% Owner | 2026-09-16 | S | (87) | $160.55 | -$13,968 |
| 2026-09-17 | HRT FINANCIAL LP | 10% Owner | 2026-09-16 | S | (1) | $161.84 | -$162 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-15 | S | (1,218) | $160.76 | -$195,806 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-14 | P | 13,649 | $155.30 | $2,119,690 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-14 | P | 2,157 | $156.52 | $337,614 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-14 | P | 43,178 | $157.37 | $6,794,922 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-14 | P | 2,553 | $158.08 | $403,578 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-14 | P | 13,203 | $159.24 | $2,102,446 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-14 | P | 26,472 | $160.00 | $4,235,520 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-11 | S | (44,935) | $153.01 | -$6,875,504 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-11 | P | 3,621 | $153.97 | $557,525 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-11 | S | (31,901) | $154.85 | -$4,939,870 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-11 | P | 86 | $156.27 | $13,439 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-11 | S | (98) | $156.94 | -$15,380 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-11 | S | (178) | $157.72 | -$28,074 |
| 2026-09-16 | HRT FINANCIAL LP | 10% Owner | 2026-09-11 | P | 276 | $158.72 | $43,807 |