One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Rocket Lab Corporation
RKLB · NMS · Industrials · Aerospace & Defense
Current price
$63.74
52-week range
$37.57 - $151.00
Market cap
$40.76B
Balance sheet
Healthy
-8.64x Concerning
Net cash $2.17B. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Revenue grew 27.8% last year.
- Risk Return on equity was -7.9% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 0.8% (peer median: 3.3%).
What this company does
Rocket Lab Corporation
Rocket Lab is a space company that makes money in two main ways: by launching satellites into orbit for customers with its rockets, and by building the satellites and their parts. This is significant because it acts like a one-stop shop for companies and governments needing to operate in space, which is a rapidly growing field. By providing a full ecosystem (a network of related products and services), Rocket Lab can handle the entire process from manufacturing a spacecraft to putting it into orbit.
How the company got here
Rocket Lab was started in 2006 by Peter Beck in New Zealand with the mission to make space more accessible. A key moment was in 2009, when it became the first private company in the Southern Hemisphere to reach space with its Ātea-1 rocket. After moving its headquarters to California, the company focused on developing its Electron rocket, which successfully reached orbit in 2018. To grow beyond just launching rockets, Rocket Lab began acquiring other space companies between 2020 and 2022, and it became a publicly traded company in 2021.
What it actually does
Rocket Lab is a comprehensive space company that provides a wide range of services, from building and launching rockets to designing and manufacturing satellites and their components. Think of them as a one-stop-shop for putting things in space. Their customers, which include commercial companies and government agencies, can hire them to launch small satellites into orbit. They can also buy individual spacecraft parts or even entire custom-built satellites for missions like communications or observation.
Launch Services
This part of the business is all about sending satellites into space using Rocket Lab's own rockets. Their main rocket, called Electron, is designed specifically for smaller satellites, offering customers a dedicated ride to orbit without having to share space with larger payloads. The company makes money by charging customers for each launch. This segment is a well-known part of their business, but it currently makes up a smaller portion of the company's total revenue compared to their other division.
Space Systems
This is the larger and faster-growing part of Rocket Lab's business, responsible for the majority of its revenue. Instead of just launching things, this division designs and builds the things that go *into* space. This includes everything from individual components like solar panels and navigation systems to complete satellite platforms, known as satellite buses, and the software to operate them. Customers, ranging from commercial companies building satellite constellations to government agencies, pay Rocket Lab for this hardware and expertise.
What management is betting on now
Rocket Lab is heavily investing in its new, much larger rocket called Neutron. This rocket is designed to be reusable and will be able to carry much bigger payloads, which opens up the opportunity to launch large groups of satellites (called constellations) and handle more valuable government missions. The company is also focused on expanding its Space Systems business by winning more large-scale contracts to build satellite components and entire spacecraft. A major goal is to secure more long-term national security contracts, which would provide a stable and predictable source of revenue (money the company earns from its business activities).
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-41.93M
FY2024 Q4
$-23.94M
FY2025 Q1
$-82.90M
FY2025 Q2
$-55.28M
FY2025 Q3
$-69.44M
FY2025 Q4
$-114.19M
FY2026 Q1
$-77.40M
FY2026 Q2
$-110.12M
Revenue
$234.07M
Net income
$-49.26M
Diluted EPS
-0.08
Operating cash flow
$-84.08M
Free cash flow
$-110.12M
Fetching…
Sources
Revenue
$200.35M
Net income
$-45.02M
Diluted EPS
-0.07
Operating cash flow
$-50.33M
Free cash flow
$-77.40M
Fetching…
Sources
Revenue
$179.65M
Net income
$-52.92M
Diluted EPS
-0.09
Operating cash flow
$-64.53M
Free cash flow
$-114.19M
Fetching…
Sources
Revenue
$155.08M
Net income
$-18.26M
Diluted EPS
-0.03
Operating cash flow
$-23.52M
Free cash flow
$-69.44M
Fetching…
Sources
Revenue
$144.50M
Net income
$-66.41M
Diluted EPS
-0.13
Operating cash flow
$-23.24M
Free cash flow
$-55.28M
Fetching…
Sources
Revenue
$122.57M
Net income
$-60.62M
Diluted EPS
-0.12
Operating cash flow
$-54.23M
Free cash flow
$-82.90M
Fetching…
Sources
Revenue
$132.39M
Net income
$-52.34M
Diluted EPS
-0.11
Operating cash flow
$-2.39M
Free cash flow
$-23.94M
Fetching…
Sources
Revenue
$104.81M
Net income
$-51.94M
Diluted EPS
-0.10
Operating cash flow
$-30.91M
Free cash flow
$-41.93M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $63.74
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $2.2B - more cash than debt. Interest coverage -8.6x.
Net debt
$-2.17B
Interest coverage
-8.64x
Rocket Lab Corporation's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
RKLB
BASELINE
Rocket Lab Corporation
Total debt $133.69M Interest coverage -8.64x This is the baseline the peer rows are being compared against.
Total debt $90.28M Interest coverage -4.38x Neither company has much profit cushion over interest right now.
Total debt $481.45M Interest coverage -20.88x Neither company has much profit cushion over interest right now.
Total debt $498.62M Interest coverage -27.67x Neither company has much profit cushion over interest right now.
Total debt $9.69M Interest coverage -11.71x Neither company has much profit cushion over interest right now.
What you should know
The case for and against RKLB
1 Reward
2 Risks
Rewards
-
Revenue grew 27.8% last year.
Risks
-
Return on equity was -7.9% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 0.8% (peer median: 3.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
1,399.03x
P/B
10.92x
P/S
52.99x
EV/EBITDA
-234.24x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
37.3%
Operating margin
-24.6%
Net margin
-21.5%
ROE
-7.9%
ROA
-4.6%
Health
Liquidity and balance-sheet strength
Debt / equity
0.04x
Current ratio
5.48x
Quick ratio
4.80x
Total debt
$133.69M
Total cash
$2.30B
Growth
How the business has been compounding
Revenue TTM
$769.15M
Revenue 5Y CAGR
76.3%
EPS TTM
-0.28
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-222.46M
Free CF TTM
$-321.81M
FCF margin
-41.8%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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