United States Oil Fund (USO) ETF

United States Oil Fund (USO) is a Financial Services etf trading at $154.88 (as of 2026-09-11), with a market capitalization of $1.92B and a trailing P/E of 3.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

USO invests 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.

Understand United States Oil Fund: how it makes money

United States Oil Fund, LP invests primarily in futures contracts for light, sweet crude oil, other crude oils, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels.

The fund's profit model is structurally tied to the performance of the specific commodity futures contracts it holds, rather than operations of a physical product business.

Business quality (Strong): Business quality grade is Strong.

Valuation: At 1× earnings, USO trades 86% below the Asset Management average (10×). Note: the low multiple may reflect one-time earnings items.

Bull case

  • Valuation looks far below peers: P/E 1.5× vs Asset Management industry 10× (86% below) suggests the market is pricing the fund at a large discount relative to the industry.

Bear case

  • Revenue spike may signal volatility: quarterly revenue $1.0B (+2226% YoY) indicates a very large change year over year, which can be consistent with earnings that are hard to repeat in future quarters.
Valuation — source: SEC EDGAR (first-party)
Price$154.88
Market Cap$1.92B
P/E Ratio3.3
Price / Sales3.22
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$-56.20M
Net Margin115.0%
Revenue Growth (YoY)411.1%
Valuation vs Sector & Industry
Stock P/E3.3
Sector P/E (Financial Services)6.7
Industry P/E (Asset Management)7.1
vs Sector-51.3%
vs Industry-54.0%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderSUSQUEHANNA INTERNATIONAL GROUP, LLP ($2.06B)
Institutional Holders Tracked10
Congressional Trades (recent)1
Company
SectorFinancial Services
IndustryAsset Management
CountryUS
IPO Date2006-04-10
Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-11.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.