Rocket Lab Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Space Systems was 67% and Launch Services was 33% of revenue; Space Systems fell from 71% in the fiscal year to Dec 2023.

In the fiscal year to Dec 2025, United States was 79% and Japan was 11% of revenue; Canada fell from 15% in the fiscal year to Dec 2023.

Quarters: Rocket Lab Corporation's SEC filings, named by the month they end. Fiscal years: Rocket Lab Corporation's annual reports to the SEC.

How it makes money

The company loses $32.9 for every $100 of revenue. Operating expenses exceed all of gross profit.

Circled: Sep 2025 (net −11.8%, operating −38.0%). Net margin is usually less than 1 point below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Rocket Lab Corporation's annual reports to the SEC; quarters: SEC filings.

How long can the cash last?

Rocket Lab had $4.6B in cash and short-term investments at the end of Sep 2026. It burned $326M over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 57 quarters. It raised $4.2B selling new shares over the same four quarters. Its diluted share count is up 31% from two years earlier.

From Rocket Lab Corporation's SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

How much work is already signed?

Customers had signed $3.6B of work Rocket Lab has not yet delivered at the end of Sep 2026: 4.1 years of revenue at the last four quarters' pace. New orders over those four quarters were about 3.8× revenue, so the backlog grew.

Backlog: remaining performance obligations in Rocket Lab Corporation's SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report Rocket Lab buys from Kawatiri Properties, Douglas Park Associates III, Proprietors of Tawapata South and 1 more; sells to Blacksky Holdings, Canon, Kinéis and 8 more.

Suppliers

C

Class One Services

D

Douglas Park Associates III

K

Kawatiri Properties

P

Proprietors of Tawapata South

 

RKLBRocket Lab

Customers

U.S. government 47%

Canon CAJPY

Lockheed Martin LMT

Blacksky Holdings

Capella Space

Dynetics

Kinéis

MDA

OHB Group

Planet

Synspective

+3 more

Rocket Lab's 10-Q for the quarter to Mar 2026 gives one customer's share of its revenue: Government Customer (36%).

From Rocket Lab Corporation's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Changes since the previous annual report (10-K filed Feb 27, 2025)

U.S. governmentCustomer, share of revenue33% → 47%

Only the companies Rocket Lab names in its 10-K filed Feb 26, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 48.9x, above the peer median of 2.8x. Revenue is up 73% from a year ago.

Above the peer median of 2.8x. The market pays more per $1 of revenue than for peers.

Rocket Lab Corporation is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $99.40, 55% above the current price; 82% of 22 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.

Buy or Strong Buy: 18 analysts (82%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $61.33 to $100.46 (+64%), while RKLB went from $45.25 to $64.07 (+42%). In the past three months targets were cut 6 times and never raised. 4 upgrades and 1 downgrade over the year; the latest: KGI Securities moved it to Outperform from Neutral on Jul 27, 2026.

The day after each of these reports the stock moved −1.6% (Dec 2025, beat); +24.6% (Mar 2026, beat); −3.4% (Jun 2026, in line); +18.2% (Sep 2026, missed).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.05 a share, against a loss of $0.09 a year earlier, and revenue of $273M, up 52% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $1.4B, up 40% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $134M exceeds operating cash flow of −$192M, leaving free cash flow of −$326M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 4.1, no pressure to repay short-term debt; debt-to-equity 0.1, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 7 funds whose copy leaves RKLB out (on the exchange, not in the app yet): Baillie Gifford &, Mirae Asset Global Investments, Norges Bank, Swiss National Bank, Polen Capital Management, Bridgewater Associates and 1 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 11 held RKLB at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 6 cut, 1 bought new and 3 sold all. The largest of them is Baillie Gifford &, 10.45M shares worth $728M at Sep 30, 2026, 0.6% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of RKLB at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $647M of RKLB on the open market in the 12 months to Nov 12, 2026; none bought. 91% of the sales were made under 10b5-1 plans, set up in advance. The largest was Peter Beck (CEO; director), who sold $428M in 38 sales.

From the Form 4s filed with the SEC about Rocket Lab Corporation (64 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 99 other transactions (grants, option exercises, shares sold to pay tax, gifts and other transfers).