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Rocket Lab (RKLB) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Rocket Lab
NasdaqGS•Industrials•Aerospace & Defense
$64.11-3.71(-0.05%)Market open
Market Cap
$42.71B
P/S
55.5x
P/B
12.2x

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.

B

How this company scores

GoodMetricSide Score: 66/100

Strongest: Balance Sheet & Red Flags (21/25); weakest: Cash & Earnings Quality (8/25).

Profitability17/25
Growth20/25
Balance Sheet & Red Flags21/25
Cash & Earnings Quality8/25
Strengths
Growing revenueLong cash runwayLow leverageCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 55.5x5y range 10.8x – 67.1x
P/S 55.5x · above its 17-quarter median

Currently above its 17-quarter median.

P/B · 12.2x5y range 4.6x – 34.5x
P/B 12.2x · above its 17-quarter median

Currently above its 17-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume
Market Cap $42.71B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$769.15M
7Q
Q. Revenue
$234.07M
5Q
TTM EBITDA
$-140.61M
3Q
TTM Op. Income
$-223.49M
3Q
Q. Op. Income
$-57.51M
2Q
TTM Net Income
$-165.46M
2Q
Q. Net Income
$-49.26M
26%
EPS
$-0.08
38%
Shares Out.
$629.68M
7Q
$769.15M in TTM revenue grew 52.5% YoY, reaching $234.07M last quarter. TTM EBITDA of $-140.61M and TTM operating income of $-223.49M show growth is flowing through to the bottom line. However, net income is negative at $165.46M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
36.1%
13%
EBITDA Margin
-15.6%
56%
Op. Margin
-24.6%
5Q
Net Margin
-21.0%
2Q
Op. margin of -24.6% is up 16.7% YoY — cost efficiency is improving. Net margin at -21.0% and gross margin of 36.1% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 5 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
55.5x
52%
P/B Ratio
12.2x
2Q
P/S of 55.5x and P/B of 12.2x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$4.19B
7Q
Cash
$2.13B
6Q
Long-Term Debt
$1.72M
97%
Book Value
$3.49B
6Q
D/E Ratio
0.0
5Q
Debt/EBITDA
N/A
With $4.19B in assets and $1.72M in long-term debt, D/E is 0.0and book value is $3.49B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 5 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$-84.08M
262%
TTM Free Cash Flow
$-371.14M
82%
FCF Margin
-48.3%
19%
FCF / Net Income
2.2
6Q
TTM FCF of $-371.14M on $-84.08M in operating cash flow. The FCF / Net Income ratio of 2.2x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 82% — a weakening trend.

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Cash Burn

Red Flag

The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Share Dilution

Red Flag

Shares outstanding increased 26.5% — significant dilution, likely from stock compensation or capital raises.