United States Oil Fund, LPUSO
NYSEArca
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.
United States Oil Fund (USO) reported trailing twelve months revenue of $887.78M as of March 2026, a 2749.9% increase year-over-year. Quarterly revenue reached $986.39M, reflecting continued top-line momentum.
United States Oil Fund generated $878.79M in TTM net income, with quarterly EBITDA of $983.75M. The operating margin expanded from 95.0% to 99.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (99.7%) and net margin (99.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 95.0% a year ago, signaling stronger bottom-line efficiency.
USO trades at a P/E of 2.3x (below the broader market average) and a P/S of 2.2x. The price-to-book ratio of 0.8x suggests the stock trades below its book value.
The company generated $631.81M in free cash flow over the trailing twelve months, a 2416.3% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $2.74B in total assets with no in long-term debt against $2.64B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~97.6%, suggesting durable pricing power and cost discipline.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has grown modestly overall (~169.1%) but trajectory is uneven, suggesting a competitive or cyclical business.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~99.6% — no sign of cost or pricing stress.
FCF consistently trails net income (avg 0.4x) — earnings may be inflated by non-cash items or aggressive accounting.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares decreased 7.5% — net buybacks are reducing shares outstanding and boosting per-share value.