Rocket Lab USA (RKLB)
NASDAQ:RKLB
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Rocket Lab USA
(NASDAQ:RKLB)
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Rating:60Neutral
Price Target:
$123.00
▲(45.05% Upside)
Action:Reiterated
Date:05/12/26
The score is held back primarily by ongoing losses and substantial cash burn despite improving gross margins and a stronger balance sheet. Technicals and earnings-call momentum (revenue growth, backlog, liquidity, and guidance) are supportive, but valuation is difficult to justify on earnings while cash outflows remain elevated.
Positive Factors
Revenue & Gross Margin Improvement
Rocket Lab has meaningful multi‑year revenue scaling and materially improved gross margins, reflecting better pricing, mix and production efficiency. Durable top‑line momentum and rising unit economics support scalability and a clearer path to operating leverage over the next several quarters.
Negative Factors
Negative Operating & Free Cash Flow
Persistent negative operating and free cash flow indicates the core business and investments are consuming cash. This structural cash burn elevates reliance on external financing or equity raises to fund growth and Neutron scaling, increasing dilution and execution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Gross Margin Improvement
Rocket Lab has meaningful multi‑year revenue scaling and materially improved gross margins, reflecting better pricing, mix and production efficiency. Durable top‑line momentum and rising unit economics support scalability and a clearer path to operating leverage over the next several quarters.
Read all positive factors
Rocket Lab USA Key Performance Indicators (KPIs)
Any
Revenue by Type
Shows how revenue is generated from different products or services, highlighting the company's diversification and potential areas of growth.
Shows how revenue is generated from different products or services, highlighting the company's diversification and potential areas of growth.
Data provided by:
The Fly
The FlyRocket Lab USA (RKLB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$72.21B
Dividend YieldN/A
Average Volume (3M)23.34M
Price to Earnings (P/E)―
Beta (1Y)2.51
Revenue Growth45.83%
EPS Growth19.99%
CountryUS
Employees2,100
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-0.33
Shares Outstanding578,751,000
10 Day Avg. Volume21,559,342
30 Day Avg. Volume23,343,638
Financial Highlights & Ratios
PEG Ratio70.97
Price to Book (P/B)21.50
Price to Sales (P/S)61.51
P/FCF Ratio-115.04
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue104.69
Enterprise Value/Gross Profit286.37
Enterprise Value/Ebitda-438.16
Forecast
1Y Price Target
$100.17Price Target Upside18.12% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)-0.22
Revenue Forecast (FY)$906.10M
Rocket Lab USA Business Overview & Revenue Model
Company Description
Rocket Lab USA, Inc., a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft engineering and design services, spacecraft components, spacecraft m...
How the Company Makes Money
Rocket Lab primarily makes money through two operating segments: (1) Launch Services and (2) Space Systems. Launch Services revenue is generated by selling dedicated and rideshare launch missions—primarily on the Electron rocket—where customers pa...
Rocket Lab USA Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and commercial momentum — record revenue, margins, backlog, cash and a flurry of strategic bookings, product rollouts and acquisitions that materially expand vertical integration and addressable markets. Near-term headwinds include launch-quarter lumpiness, margin mix pressure from large Space Systems contracts and continued cash burn and execution risk tied to Neutron development and reusability. On balance, the positive indicators (large bookings, liquidity, margin outperformance, product/production progress and M&A) materially outweigh the manageable near-term lowlights and execution risks.Positive Updates
Record Quarterly Revenue
Q1 revenue of $200.3M, the first quarter above $200M, representing +63.5% year-over-year growth and ~+12% sequential growth; Q2 guidance is $225M–$240M (≈+16% QoQ at midpoint).
Negative Updates
Launch Services Sequential Decline
Launch Services revenue was $63.7M, up +78.9% YoY but down -16.1% sequentially due to fewer launches in the quarter, introducing quarter-to-quarter lumpiness in launch revenue and margins.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue
Q1 revenue of $200.3M, the first quarter above $200M, representing +63.5% year-over-year growth and ~+12% sequential growth; Q2 guidance is $225M–$240M (≈+16% QoQ at midpoint).
Read all positive updates
Company Guidance
For Q2 2026 Rocket Lab guided revenue of $225 million–$240 million (midpoint ≈ 16% quarter‑over‑quarter growth), GAAP gross margin of 33%–35% and non‑GAAP gross margin of 38%–40%, GAAP operating expenses of $138 million–$144 million and non‑GAAP operating expenses of $120 million–$126 million, GAAP and non‑GAAP net interest income of $12.5 million, an adjusted EBITDA loss of $20 million–$26 million, and basic weighted average shares outstanding of ~629 million (including ~46 million convertible preferred); management noted GAAP guidance excludes any to‑be‑determined purchase‑price‑allocation and stock‑based‑comp impacts from recent/announced acquisitions and reiterated that negative non‑GAAP free cash flow is expected to remain elevated into the fourth quarter as Neutron development and scaling continues (for context Q1 was $200.3M revenue, 38.2% GAAP gross margin / 43% non‑GAAP, $1.48B cash and ~$2.2B backlog with ~36% of backlog expected to convert to revenue in the next 12 months).Rocket Lab USA Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
72
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 679.58M | 601.80M | 436.21M | 244.59M | 211.00M | 62.24M |
| Gross Profit | 248.43M | 207.18M | 116.15M | 51.41M | 18.99M | -1.89M |
| EBITDA | -162.37M | -155.47M | -151.80M | -144.93M | -95.20M | -91.20M |
| Net Income | -182.62M | -198.21M | -190.18M | -182.57M | -135.94M | -117.32M |
Balance Sheet | ||||||
| Total Assets | 2.82B | 2.32B | 1.18B | 941.21M | 989.12M | 980.85M |
| Cash, Cash Equivalents and Short-Term Investments | 1.38B | 1.02B | 418.99M | 244.77M | 471.79M | 690.96M |
| Total Debt | 136.95M | 253.96M | 468.42M | 176.69M | 152.78M | 128.43M |
| Total Liabilities | 555.57M | 602.62M | 801.89M | 386.67M | 315.92M | 282.40M |
| Stockholders Equity | 2.26B | 1.72B | 382.45M | 554.54M | 673.21M | 698.45M |
Cash Flow | ||||||
| Free Cash Flow | -316.30M | -321.81M | -115.98M | -153.57M | -148.95M | -97.49M |
| Operating Cash Flow | -161.63M | -165.52M | -48.89M | -98.87M | -106.54M | -71.79M |
| Investing Cash Flow | -354.52M | -347.40M | -98.33M | 12.02M | -346.08M | -92.13M |
| Financing Cash Flow | 1.42B | 1.07B | 256.68M | 7.37M | 2.04M | 799.94M |
Rocket Lab USA Technical Analysis
Positive
84.80
Price Trends
70.10
Positive
69.85
Positive
59.96
Positive
Market Momentum
2.22
Negative
66.88
Neutral
92.90
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RKLB, the sentiment is Positive. The current price of 84.8 is above the 20-day moving average (MA) of 68.90, above the 50-day MA of 70.10, and above the 200-day MA of 59.96, indicating a bullish trend. The MACD of 2.22 indicates Negative momentum. The RSI at 66.88 is Neutral, neither overbought nor oversold. The STOCH value of 92.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RKLB.
Rocket Lab USA Risk Analysis
Rocket Lab USA disclosed 62 risk factors in its most recent earnings report. Rocket Lab USA reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Rocket Lab USA Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $72.21B | -215.90 | -12.26% | ― | 45.83% | 19.99% | |
60 Neutral | $14.41B | -13.00 | -69.61% | ― | 25.94% | -86.84% | |
57 Neutral | $2.80B | -5.38 | -29.03% | ― | 33.58% | -18.98% | |
57 Neutral | $7.37B | -18.27 | 23.46% | ― | 53.99% | 58.32% | |
52 Neutral | $1.04B | -3.14 | -258.98% | ― | ― | -33.98% |
* Industrials Sector Average
RKLB
Rocket Lab USA
124.77
98.97
383.60%
EVEX
Eve Holding
2.99
-1.84
-38.10%
RDW
Redwire
14.06
1.76
14.31%
PL
Planet Labs PBC
41.62
37.79
986.68%
LUNR
Intuitive Machines
33.89
21.77
179.62%
Rocket Lab USA Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and FinancingRegulatory Filings and Compliance
Rocket Lab Registers Shares for Mynaric Acquisition Resale
Neutral
May 8, 2026
On May 8, 2026, Rocket Lab Corporation filed a prospectus supplement with the U.S. Securities and Exchange Commission to support the resale of up to 2,277,002 shares of its common stock by certain selling stockholders. These shares were originally...
Business Operations and StrategyM&A Transactions
Rocket Lab Completes Mynaric Acquisition, Expands European Presence
Positive
Apr 14, 2026
On April 14, 2026, Rocket Lab Corporation completed its previously announced acquisition of Mynaric AG, a German provider of laser optical communications terminals for air, space and mobile applications, in a deal valued at $155.3 million paid thr...
Business Operations and StrategyExecutive/Board Changes
Rocket Lab CEO Slashes Pay, Forfeits Equity Awards
Positive
Mar 30, 2026
On March 30, 2026, Rocket Lab Corporation announced that Chairman and Chief Executive Officer Sir Peter Beck has amended his employment terms, cutting his annual base salary to $1.00 or the New Zealand statutory minimum and relinquishing any expec...
Regulatory Filings and ComplianceShareholder Meetings
Rocket Lab Sets Deadlines for 2026 Shareholder Proposals
Neutral
Mar 12, 2026
Rocket Lab USA plans to hold its 2026 annual meeting of stockholders on May 20, 2026, a date that falls more than 30 days earlier than the anniversary of its 2025 annual meeting. In connection with this change, the company has set March 22, 2026, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.