RKLB Industrials

Rocket Lab Corporation

$54.43+4.53%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Industrials
Industry: Aerospace & Defense
Country: United States
Market cap: 34.8B USD
Enterprise value: 28.1B USD
Full-time employees: 2,600

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.61 vs a peer median of 0.64)bigger price swings (beta 2.61 vs peers 0.64)

Ranks #1,257 of 2,308 industrials companies (bottom 46%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 26% from December 2022 to August 2026.
Rocket Lab had 26% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Rocket Lab had 26% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 12% of revenue in 2025.
Rocket Lab paid employees $71M in stock in 2025, 12% of its $602M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating margin improving. Operating margin -38% in 2025, the best of the last 6 years, but the dollar loss grew to $229M from $190M.
Rocket Lab still lost money on operations in 2025. Revenue grew faster than costs, so the margin (-38%) was its best in the 6 years of filings we have, but the operating loss itself grew to $229M from $190M.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -29%).

StockQuotient Score

49/ 100

Oct 5 49 → Nov 4 49

Valuation

Is the price right?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Share count up 3.4% (existing holders diluted)

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-0.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield-0.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-1.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield10.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

95/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 13.2%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.28Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth49.2%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.72Sector median: 0.0421 · MAD: 0.0625

Revenue growth52.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.55Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

3/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 4.1 points to -29.1%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-29.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -5.28Sector median: 0.0773 · MAD: 0.0507

Return on assets-4.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.93Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-12.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.58Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin37.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-4.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.61

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.49Sector median: 0.6440 · MAD: 0.2745

Current ratio5.48×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 6.75Sector median: 1.6180 · MAD: 0.5360

Debt / equity<0.01×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 1.17Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Rocket Lab

Is Rocket Lab getting weaker?: Its latest SEC filing (Aug 10, 2026) was mixed: some things better, some worse: operating margin rose 4.1 points to -29.1%; share count up 3.4%. Its overall score is unchanged at 49/100 since Oct 28, 2026.
How is Rocket Lab valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -0.5% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -0.5% vs peers 3.8% (weaker than 100% of peers).
Is Rocket Lab growing?: Yes, faster than most of its peers. Growth scores 95/100 against 2,459 industrials peers. 3-year revenue growth 49.2% vs a peer median of 4.2% (stronger than 95% of peers).3-year revenue growth 49.2% vs peers 4.2% (stronger than 95% of peers).
How profitable is Rocket Lab?: Less profitable than most of its peers. Profitability scores 3/100 against 2,459 industrials peers. Operating margin -29.1% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -29.1% vs peers 7.7% (weaker than 100% of peers).
How risky is Rocket Lab?: Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 5.48× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 5.48× vs peers 1.62× (stronger than 95% of peers). Beta 2.61 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.61 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

Mixed: some things better, some worse

Operating margin rose 4.1 points to -29.1%
Share count up 3.4% (existing holders diluted)

Worth watching: Rocket Lab is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	679.6M USD	769.1M USD	+13.2%
Net income (12 months)	−182.6M USD	−165.5M USD	−9.4%
Operating margin	-33.2%	-29.1%	+4.1 pts
Free cash flow (12 months)	−316.3M USD	−371.1M USD	+17.3%
Debt	36.9M USD	13.1M USD	−64.4%
Cash	1.2B USD	2.1B USD	+76.6%
Shares outstanding	578.8M	598.4M	+3.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Aerospace & Defense · 48 companies

Valuations in Aerospace & Defense are near the top of their range since 2016.

88% of months since 2016 were valued lower than now.
50% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +71% and earnings +71% (medians): prices and earnings moved broadly together.
Median price-to-sales is +41% vs the whole market, against a usual −16%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	-3.0%	9.0%	21.0%	26.6%	34.4%	▲ 7.8 pts
Operating margin	-164.0%	-64.1%	-72.7%	-43.5%	-38.0%	▲ 5.5 pts
Net margin	-188.5%	-64.4%	-74.6%	-43.6%	-32.9%	▲ 11 pts
Return on assets (ROA)	-12.0%	-13.7%	-19.4%	-16.1%	-8.5%	▲ 7.5 pts
Return on equity (ROE)	-16.8%	-20.2%	-32.9%	-49.7%	-11.5%	▲ 38 pts
Free cash flow margin	-156.6%	-70.6%	-62.8%	-26.6%	-53.5%	▼ 27 pts
Current ratio	8.04×	4.06×	2.13×	2.04×	4.08×	▲ 100%
Quick ratio	7.55×	3.50×	1.65×	1.69×	3.61×	▲ 114%
Debt to equity	0.14×	0.15×	0.19×	0.90×	0.09×	▼ 90%
Interest coverage	—	—	-10.15×	-7.25×	-8.64×	▼ 19%

RKLB price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.61 vs a peer median of 0.64)bigger price swings (beta 2.61 vs peers 0.64)

Ranks #1,257 of 2,308 industrials companies (bottom 46%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 26% from December 2022 to August 2026.

Rocket Lab had 26% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Rocket Lab had 26% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 12% of revenue in 2025.

Rocket Lab paid employees $71M in stock in 2025, 12% of its $602M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating margin improving. Operating margin -38% in 2025, the best of the last 6 years, but the dollar loss grew to $229M from $190M.

Rocket Lab still lost money on operations in 2025. Revenue grew faster than costs, so the margin (-38%) was its best in the 6 years of filings we have, but the operating loss itself grew to $229M from $190M.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -29%).

Questions investors ask about Rocket Lab

Is Rocket Lab getting weaker?

Its latest SEC filing (Aug 10, 2026) was mixed: some things better, some worse: operating margin rose 4.1 points to -29.1%; share count up 3.4%. Its overall score is unchanged at 49/100 since Oct 28, 2026.

How is Rocket Lab valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -0.5% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -0.5% vs peers 3.8% (weaker than 100% of peers).

Is Rocket Lab growing?

Yes, faster than most of its peers. Growth scores 95/100 against 2,459 industrials peers. 3-year revenue growth 49.2% vs a peer median of 4.2% (stronger than 95% of peers).3-year revenue growth 49.2% vs peers 4.2% (stronger than 95% of peers).

How profitable is Rocket Lab?

Less profitable than most of its peers. Profitability scores 3/100 against 2,459 industrials peers. Operating margin -29.1% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -29.1% vs peers 7.7% (weaker than 100% of peers).

How risky is Rocket Lab?

Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 5.48× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 5.48× vs peers 1.62× (stronger than 95% of peers). Beta 2.61 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.61 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

679.6M USD

769.1M USD

+13.2%

Net income (12 months)

−182.6M USD

−165.5M USD

−9.4%

Operating margin

-33.2%

-29.1%

+4.1 pts

Free cash flow (12 months)

−316.3M USD

−371.1M USD

+17.3%

Debt

36.9M USD

13.1M USD

−64.4%

Cash

1.2B USD

2.1B USD

+76.6%

Shares outstanding

578.8M

598.4M

+3.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

-3.0%

9.0%

21.0%

26.6%

34.4%

▲ 7.8 pts

Operating margin

-164.0%

-64.1%

-72.7%

-43.5%

-38.0%

▲ 5.5 pts

Net margin

-188.5%

-64.4%

-74.6%

-43.6%

-32.9%

▲ 11 pts

Return on assets (ROA)

-12.0%

-13.7%

-19.4%

-16.1%

-8.5%

▲ 7.5 pts

Return on equity (ROE)

-16.8%

-20.2%

-32.9%

-49.7%

-11.5%

▲ 38 pts

Free cash flow margin

-156.6%

-70.6%

-62.8%

-26.6%

-53.5%

▼ 27 pts

Current ratio

8.04×

4.06×

2.13×

2.04×

4.08×

▲ 100%

Quick ratio

7.55×

3.50×

1.65×

1.69×

3.61×

▲ 114%

Debt to equity

0.14×

0.15×

0.19×

0.90×

0.09×

▼ 90%

Interest coverage

—

-10.15×

-7.25×

-8.64×

▼ 19%