# Rocket Lab Corporation (RKLB)

> Source: Nexqual · https://nexqual.com/RKLB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Rocket Lab Corporation (RKLB), nexqual.com/RKLB" · informational, not investment advice.

**Price:** USD 51.22 (-4.54% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 53.66 · day 49.96–52.98 · 52w 37.57–151 · market cap $32.8B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $769M, net income -$165M (-21.5% margin), free cash flow -$371M (SEC filings).
- 2 of 80 tracked superinvestors hold RKLB (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 21 Form 4 filings, $390M; 7 not under a Rule 10b5-1 plan ($38.0M); 0 by opportunistic insiders, 9 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -19.4% vs S&P 500 +14.9%; 5Y +294.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD -0.07, revenue estimate $257M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $62.2M | $211M | $245M | $436M | $602M | $769M |
| Gross profit | -$1.9M | $19.0M | $51.4M | $116M | $207M | — |
| Operating income | -$102M | -$135M | -$178M | -$190M | -$229M | -$223M |
| Net income | -$117M | -$136M | -$183M | -$190M | -$198M | -$165M |
| EPS (diluted) | -$0.56 | -$0.29 | -$0.38 | -$0.38 | -$0.37 | — |
| Free cash flow | -$97.5M | -$149M | -$154M | -$116M | -$322M | -$371M |
| Gross margin | -3.0% | 9.0% | 21.0% | 26.6% | 34.4% | — |
| Operating margin | -164.0% | -64.1% | -72.7% | -43.5% | -38.0% | -29.1% |
| Net margin | -188.5% | -64.4% | -74.6% | -43.6% | -32.9% | -21.5% |
| Revenue growth | +77.0% | +239.0% | +15.9% | +78.3% | +38.0% | — |
| Cash + short-term investments | $691M | $472M | $245M | $419M | $1.02B | — |
| Total debt | $100M | $103M | $105M | $345M | $152M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 42.6x · EV/Sales 39.6x · P/B 9.4x · FCF yield -1.13% · Earnings yield -0.51% · Net cash $2.29B · EV $30.5B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold RKLB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 0.06% | $457K | Reduced -50.0% |
| Polen Capital | Polen Capital Management | 0.02% | $2.3M | Reduced -3.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
14 of 21 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Spice Adam C. | Chief Financial Officer | 140,157 | $9.9M | 9.1% | Yes (adopted June 03, 2026) | Routine (sold in Mar & May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-09-02 | Spice Adam C. | Chief Financial Officer | 140,157 | $8.8M | 9.1% | Yes (adopted June 03, 2026) | Routine (sold in Mar & May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-27 | Klein Frank | Chief Operations Officer | 35,558 | $2.4M | 3.7% | Yes (adopted September 19, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-27 | Kampani Arjun | SVP & General Counsel | 6,034 | $402K | 2.3% | Yes (adopted September 19, 2025) | Routine (sold in Mar & May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-24 | Spice Adam C. | Chief Financial Officer | 9,677 | $674K | 0.7% | Yes | Routine (sold in Mar & May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-24 | Ricupati Agostino | VP Corp Controller & CAO | 669 | $47K | 2.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-24 | Klein Frank | Chief Operations Officer | 45,692 | $3.2M | 4.5% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-24 | Kampani Arjun | SVP & General Counsel | 7,754 | $540K | 2.9% | Yes | Routine (sold in Mar & May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-24 | Clevenger Marvin Bradford | President, Rocket Lab USA, Inc | 15,051 | $1.0M | 3.2% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-06…2026-07-08 | Beck Peter | CEO | 3,275,779 | $286M | 59.6% | Yes (adopted March 27, 2026) | Too little history (no open-market trades in 2024) |
| 2026-06-18 | Kampani Arjun | SVP & General Counsel | 88,000 | $9.5M | 25% | No | Routine (sold in Mar & May & Nov each year 2023–2025; this trade is outside those months) |
| 2026-06-02 | Slusky Alexander R | Director | 40,000 | $4.9M | 9.2% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-28 | Slusky Alexander R | Director | 60,000 | $9.0M | 12.1% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-28 | Klein Frank | Chief Operations Officer | 36,860 | $5.4M | 3.5% | Yes (adopted September 19, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-28 | Clevenger Marvin Bradford | President, Rocket Lab USA, Inc | 3,500 | $513K | 0.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-28 | Kampani Arjun | SVP & General Counsel | 23,804 | $3.5M | 6.3% | Yes (adopted September 19, 2025) | Routine (sold in Mar & May & Nov each year 2023–2025) |
| 2026-05-26…2026-05-27 | Kampani Arjun | SVP & General Counsel | 98,668 | $14.2M | 20.8% | Yes | Routine (sold in Mar & May & Nov each year 2023–2025) |
| 2026-05-26 | Spice Adam C. | Chief Financial Officer | 62,744 | $8.9M | 4.8% | Yes | Routine (sold in Mar & May & Nov each year 2023–2025) |
| 2026-05-26 | Klein Frank | Chief Operations Officer | 44,390 | $6.3M | 4.1% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-26 | Clevenger Marvin Bradford | President, Rocket Lab USA, Inc | 15,549 | $2.2M | 3.2% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Citizens | Target lowered | Market Outperform | $130 → $90 |
| 2026-10-15 | TD Cowen | Reiterated | Buy | $90 |
| 2026-10-15 | Keybanc | Target lowered | Overweight | $135 → $100 |
| 2026-10-15 | Cantor Fitzgerald | Reiterated | Overweight | $122 |
| 2026-10-09 | TD Cowen | Target lowered | Buy | $120 → $90 |
| 2026-10-09 | Barclays | Initiated | Overweight | $85 |
| 2026-10-01 | Citigroup | Initiated | Buy | $105 |
| 2026-09-11 | Raymond James | Initiated | Outperform | $80 |
| 2026-08-31 | B of A Securities | Target lowered | Buy | $115 → $110 |
| 2026-08-11 | Citizens | Reiterated | Market Outperform | $130 |
| 2026-08-11 | Cantor Fitzgerald | Target raised | Overweight | $96 → $122 |
| 2026-07-27 | KGI Securities | Upgrade | Neutral → Outperform | $107 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -19.4% | +294.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -19.5% | +31.5% |
| Volatility (annualized) | 92.3% | 77.7% |
| Max drawdown | -66.2% (May 2026→Oct 2026) | -77.1% (Nov 2021→Apr 2024) |

## Peers (Aerospace & Defense)
AXON (Axon Enterprise, Inc.) USD 414.6 +2.98% · ESLT (Elbit Systems Ltd.) USD 743.22 +0.07% · HEI (Heico Corporation) USD 300.02 +0.57% · LHX (L3Harris Technologies, Inc.) USD 254.23 +2.70% · ARXS (Arxis, Inc.) USD 49.68 -3.98% · HONA (Honeywell Aerospace Inc.) USD 163.02 +0.34%

## More
Full page: https://nexqual.com/RKLB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RKLB's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1819994/000181999426000013/rklb-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Hercules Capital, Inc. (HTGC) | "On June 10, 2021, the Company entered into a $100,000 secured term loan agreement with Hercules Capital, Inc. (the "Hercules Capital Secured Term Loan") and borrowed the full amount under the secured term loan agreement." |
| Competitor | Boeing (BA) | "•companies providing dedicated and rideshare launch vehicles to deliver payloads to generic and custom planes/inclinations and altitude trajectories, such as Northrop Grumman, SpaceX, United Launch Alliance (a joint vent…" |
| Competitor | RTX (Raytheon) (RTX) | "•companies providing spacecraft solutions, such as Airbus, Lockheed, Boeing, General Atomics, General Dynamics, Maxar Technology, Northrop Grumman, Raytheon Technologies, Thales Alenia Space, Astro Digital, York Space Sy…" |
| Competitor | SpaceX | "•companies providing dedicated and rideshare launch vehicles to deliver payloads to generic and custom planes/inclinations and altitude trajectories, such as Northrop Grumman, SpaceX, United Launch Alliance (a joint vent…" |
| Competitor | Lockheed Martin (LMT) | "•companies providing dedicated and rideshare launch vehicles to deliver payloads to generic and custom planes/inclinations and altitude trajectories, such as Northrop Grumman, SpaceX, United Launch Alliance (a joint vent…" |
| Competitor | Airbus | "•companies providing spacecraft solutions, such as Airbus, Lockheed, Boeing, General Atomics, General Dynamics, Maxar Technology, Northrop Grumman, Raytheon Technologies, Thales Alenia Space, Astro Digital, York Space Sy…" |
| Competitor | Honeywell (HON) | "•companies providing spacecraft components in the commercial marketplace, such as Ball Aerospace, Raytheon, Collins Aerospace, Bradford Space, Honeywell Aerospace, GOMSpace, Redwire and Beyond Gravity." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Space Systems | $189.5M | 81.0% | +93.6% |
| Launch Services | $44.6M | 19.0% | -4.4% |
| Total revenue | $234.1M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Space Systems | $189.5M | 81.0% | +93.6% |
| Product revenues | $181.3M | 77.5% | +95.6% |
| Service revenues | $52.7M | 22.5% | +1.8% |
| Launch Services | $44.6M | 19.0% | -4.4% |
| Total revenue | $234.1M | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $475.4M | 79.0% | +77.2% |
| Japan | $65.6M | 10.9% | +113.9% |
| Rest Of World | $40.6M | 6.7% | +23.7% |
| Canada | $20.2M | 3.4% | -80.7% |
| Total revenue | $601.8M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 42% of revenue from unnamed direct customers (10-Q, filed 2026-08-10).

## Company outlook (8-K filed 2026-08-10)

- "Stock-based compensation is currently expected to range from $18 million to $20 million in Q3 2026."
- "ET) today to discuss these business highlights and financial results for our second quarter, other updates, and to provide our outlook for the third quarter 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.07 | $-0.06 | +10.7% | $257.2M | 11 |
| Next quarter (ends 2026-12-31) | $-0.05 | $-0.05 | +11.0% | $265.4M | 11 |
| Current fiscal year (ends 2026-12-31) | $-0.27 | $-0.25 | +12.0% | $959.2M | 12 |
| Next fiscal year (ends 2027-12-31) | $-0.09 | $-0.03 | +234.4% | $1.33B | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-09): ±16.2%; earnings reaction alone ±9.1%; last 8 reports averaged ±8.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 73.3% | ±8.7% |
| 2026-11-06 | 14 | 69.4% | ±11.3% |
| 2026-11-13 | 21 | 82.3% | ±16.2% |
| 2026-11-20 | 28 | 78.6% | ±17.8% |
| 2026-11-27 | 35 | 80.8% | ±20.3% |
| 2026-12-04 | 42 | 74.6% | ±20.5% |
| 2026-12-18 | 56 | 74.9% | ±23.6% |
| 2027-01-15 | 84 | 73.9% | ±28.1% |