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Rocket Lab
$21.4B
Market Cap
20.0
P/E
0.46
PEG
53.7%
ROCE
130.9%
ROE
0.13
D/E
35.8%
OPM
-58.1%
% from 52W High
40
α RS
🔍 RKLB is showing a high-conviction setup because it matches 21 of 39 tracked screener presets, Sector RRG has Industrials in the Improving quadrant with the trail still strengthening, and large_cap_quality preset's Backtest win rate is 57.8% over 90 days. Net: Broad signal stack, not a recommendation. ? Conviction RRG Backtest
Sources
Conviction 21/39 · Industrials in Improving quadrant · Backtest win rate 57.8%
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📈 Price History
Ratio Health
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By Category
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About

Rocket Lab Corporation, a space company, provides launch services and space systems solutions in the United States, Canada, Japan, and internationally. The company operates through launch services and space systems segments. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, optical systems, and other spacecraft and on-orbit management solutions and constellation management services, as well as designs and manufactures small and medium-class rockets and develops flight and ground software. It also designs, manufactures, and sells Electron, an orbital small launch vehicle for small spacecraft launch services, as well as develops Neutron launch vehicles for large constellation deployments, interplanetary missions, and potentially for human spaceflight. In addition, the company designs and manufactures a range of components and subsystems for its launch vehicles and spacecraft. It serves commercial, aerospace prime contractors, and government customers. Rocket Lab Corporation was formerly known as Rocket Lab USA, Inc. and changed its name to Rocket Lab Corporation in August 2021. The company was founded in 2006 and is headquartered in Long Beach, California.

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Manager Shares Value % of Fund Period
Cathie Wood ARK Investment Management 2.24M $144.1M 1.12% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$234.0M
+62% YoY
Backlog
$2.36B
+137% YoY
Gross Margin (non-GAAP)
41.5%
Beat guidance of 38%-40%
GAAP EPS
-$0.08
Versus -$0.07 in Q1 2026
What Went Right
  • Record Q2 revenue of $234M, up 62% YoY and $34M sequentially.
  • Backlog hit a record $2.36B, up 137% YoY, with more than $1B in new contracts signed in Q2 and post-quarter across launch and Space Systems.
  • Non-GAAP gross margin of 41.5% beat guidance, and adjusted EBITDA loss of -$8.8M was well inside the guided -$20M to -$26M range.
What to Watch
  • Cash burn widened: operating cash flow was -$84.1M and non-GAAP free cash flow was -$110.1M, with elevated burn expected to continue in Q3.
  • Q3 gross margin guidance steps down to 29%-31% GAAP / 35%-37% non-GAAP due to Space Systems mix and Mynaric integration dilution.
  • Neutron's first launch window is narrowing; stage testing remains the highest-risk milestone before planned pad delivery in Q4 2026.
Management Guidance
  • Q3 2026 revenue guidance of $250M-$265M, representing roughly 10% sequential growth at the midpoint.
  • Q3 adjusted EBITDA loss expected between $17M and $23M.
  • Q3 GAAP gross margin of 29%-31% and non-GAAP gross margin of 35%-37%.
  • Neutron remains targeted for pad delivery in Q4 2026.
Investor Lens
The thesis is stronger after this call: record revenue, record backlog and the Iridium acquisition advance Rocket Lab's move into space applications. Demand is exceptionally strong, with over $1B of new contracts signed and launch capacity constrained across the industry. The key offsets are Neutron timing uncertainty and elevated cash burn, but a $2.4B cash position and better-than-guided profitability provide cushion. If Neutron flies successfully and Iridium closes, Rocket Lab becomes one of the only self-launching, fully integrated satellite operators.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record $234M revenue; strong demand, still elevated cash burn.
Revenue
Revenue was a record $234.0M, up 62% YoY and 16.8% sequentially. Space Systems contributed $189.5M, up 38.6% QoQ, while Launch Services revenue was $44.6M, down 30% QoQ due to HASTE over-time revenue timing.
Profitability
GAAP EPS was a loss of $0.08 per share versus a $0.07 loss in Q1 2026. Adjusted EBITDA loss was $8.8M, much better than the guided $20M-$26M loss.
Margins
Non-GAAP gross margin was 41.5%, above guidance of 38%-40%, while GAAP gross margin was 36.1%, above guidance of 33%-35%. Q3 guidance calls for GAAP gross margin of 29%-31% and non-GAAP gross margin of 35%-37% on a less favorable Space Systems mix and Mynaric dilution.
Balance Sheet
Cash, equivalents, restricted cash and marketable securities were approximately $2.4B at quarter-end. Q2 CapEx was $26M, operating cash flow was a use of $84.1M, and non-GAAP free cash flow was a use of $110.1M; the company raised $1.08B via ATM during the quarter before terminating the program.
Key Risks
Neutron stage testing remains the biggest risk before Q4 pad delivery, and the end-of-year launch window is narrowing. Management expects elevated cash burn into Q3 due to Neutron tail production and long-lead SDA procurement. Launch revenue can be lumpy under HASTE over-time accounting, and Mynaric integration and supply-chain rebuilding are still dilutive.
Outlook
Q3 revenue is guided to $250M-$265M, implying roughly 10% sequential growth at the midpoint. Adjusted EBITDA loss is expected between $17M and $23M, with negative free cash flow continuing at elevated levels before Neutron's first flight.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-10
Record Q2 revenue of $234 million marked 62% year-over-year growth, driven by strong Space Systems and major contract wins. Backlog reached $2.36 billion, and liquidity was boosted by a $1.08 billion equity raise. Continued investments in Neutron and acquisitions, including Iridium, position the company for further growth.
Q1 2026 Q1 2026 2026-05-07
Record Q1 revenue and backlog were driven by robust growth in both Space Systems and Launch Services, with significant contract wins and strategic acquisitions expanding vertical integration and global reach. Guidance points to continued strong revenue growth and investment in Neutron development.
Q4 2025 Q4 2025 2026-02-26
Record 2025 revenue and backlog were driven by strong launch cadence, major contract wins, and vertical integration through acquisitions. Neutron’s first launch is now targeted for Q4 2026, with continued investment in development and infrastructure.
Q3 2025 Q3 2025 2025-11-10
Q3 revenue surged 48% year-over-year to $155 million, driven by record Electron launch bookings and strong space systems growth. Gross margins improved, aided by one-time items, while Neutron development advanced with first launch targeted for early 2026. Backlog reached $1.1 billion, and liquidity exceeded $1 billion.
Q2 2025 Q2 2025 2025-08-07
Record Q2 revenue of $144.5M, up 36% year-over-year, with strong growth in both Space Systems and Launch Services. Neutron's first launch is on track for year-end, and the company is nearing the Geost, Inc. acquisition to expand defense payload capabilities. Cash position remains strong at $754M.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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