# Rocket Companies, Inc. (RKT)

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

**Price:** USD 11.74 (+5.67% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 11.11 · day 11.18–11.99 · 52w 10.18–24.36 · market cap $33.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $10.0B, net income $471M (4.7% margin) (SEC filings).
- Valuation: P/E 70.6x (avg 54.8x at the last 1 fiscal year-ends).
- 5 of 80 tracked superinvestors hold RKT (13F, Q2 2026): 0 new, 2 added, 2 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $5.7M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.18 on a 1–5 scale) (17 analysts), mean target USD 15.99 (range 12.5–21).
- Total return with dividends: 1Y -33.3% vs S&P 500 +14.9%; 5Y -19.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.14, revenue estimate $2.60B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.9B | $5.84B | $3.80B | $5.10B | $6.70B | $10.0B |
| Gross profit | $8.26B | $2.60B | $1.31B | $2.31B | — | — |
| Net income | $308M | $46.4M | -$16.0M | $29.0M | -$68.0M | $471M |
| EPS (diluted) | $2.32 | $0.28 | -$0.15 | $0.21 | -$0.05 | — |
| Free cash flow | $7.63B | $10.7B | $51.0M | -$2.70B | -$4.02B | -$772M |
| Gross margin | 63.9% | 44.5% | 34.4% | 45.3% | — | — |
| Net margin | 2.4% | 0.8% | -0.4% | 0.6% | -1.0% | 4.7% |
| Revenue growth | -17.5% | -54.8% | -34.9% | +34.3% | +31.2% | — |
| Cash + short-term investments | $2.13B | $722M | $1.11B | $1.27B | $2.70B | — |
| Total debt | — | — | — | — | $10.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 70.6x · P/S 3.3x · P/B 1.4x · FCF yield -2.32% · Earnings yield 1.42%
P/E at fiscal year-ends: Dec 2024 54.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold RKT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| ValueAct Capital |  | 11.65% | $656M | Added +47.7% |
| Leon Cooperman | Omega Family Office | 9.33% | $331M | Unchanged |
| Henry Ellenbogen | Durable Capital Partners | 2.53% | $260M | Reduced -14.6% |
| Christopher Davis | Davis Advisors | 0.30% | $70.3M | Reduced -7.5% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $1.1M | Added +4.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 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 |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Bray Jesse K | Pres & CEO, Rocket Mortgage | 92,300 | $1.1M | 0.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-10-01 | Bray Jesse K | Pres & CEO, Rocket Mortgage | 132,700 | $1.6M | 0.8% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-15 | Bray Jesse K | Pres & CEO, Rocket Mortgage | 225,000 | $2.9M | 1.4% | Yes | 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
Consensus Buy (mean 2.18 on a 1–5 scale), 17 analysts; mean target USD 15.99 (low 12.5, high 21).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | StoneX | Target lowered | Buy | $19 → $16 |
| 2026-10-12 | Morgan Stanley | Target lowered | Overweight | $19 → $16 |
| 2026-10-12 | JP Morgan | Target lowered | Neutral | $14 → $12.5 |
| 2026-10-06 | Wells Fargo | Target lowered | Equal-Weight | $15 → $13 |
| 2026-10-05 | Barclays | Target lowered | Overweight | $17 → $15 |
| 2026-08-12 | RBC Capital | Target raised | Sector Perform | $15 → $16 |
| 2026-08-10 | Keefe, Bruyette & Woods | Target lowered | Outperform | $20 → $19 |
| 2026-08-07 | RBC Capital | Target lowered | Sector Perform | $20 → $15 |
| 2026-08-07 | JP Morgan | Target lowered | Neutral | $15.5 → $14 |
| 2026-08-07 | Benchmark | Target lowered | Buy | $21 → $19 |
| 2026-08-07 | Stephens & Co. | Target lowered | Overweight | $22.5 → $20 |
| 2026-08-07 | Wells Fargo | Target lowered | Equal-Weight | $17 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -33.3% | -19.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -33.4% | -4.1% |
| Volatility (annualized) | 58.4% | 54.8% |
| Max drawdown | -55.1% (Jan 2026→Oct 2026) | -60.5% (Nov 2021→Oct 2022) |

## Peers (Mortgage Finance)
PFSI (PennyMac Financial Services, In) USD 63.36 +6.43% · UWMC (UWM Holdings Corporation) USD 1.15 +3.60% · WD (Walker & Dunlop, Inc) USD 34.68 +5.44% · VEL (Velocity Financial, Inc.) USD 15.21 +2.42% · BETR (Better Home & Finance Holding C) USD 16.58 +6.42%

## More
Full page: https://nexqual.com/RKT · 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 RKT's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1805284/000162828026013283/rkt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | ZILLOW GROUP, INC. (ZG) | "Zillow Partnership revenue — As part of the acquisition of Redfin, the Company has an arrangement with Zillow, Inc. and recognizes revenue from a Content License Agreement and Partnership Agreement, which were combined f…" |
| Partner | Redfin | "The $100 upfront payment received by Redfin under the Partnership Agreement was recognized as deferred revenue initially and the Company recognizes revenue on a straight-line basis over the remaining contract term after …" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Real Estate Brokerage | $197.0M | — | — |
| Subscription Revenue | $107.0M | — | +24.4% |
| Closing Fees | $51.0M | — | +59.4% |
| Real Estate Exchange Revenue | $18.0M | — | — |
| Real Estate Partner Revenue | $12.0M | — | -20.0% |
| Appraisal Revenue | $11.0M | — | +10.0% |
| Total revenue | — | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "Outlook (2) In Q3 2026, we expect adjusted revenue between $2.5 billion to $2.7 billion."

Analysts expect $2.60B for the current quarter, +0.0% vs the guidance midpoint $2.60B. Source: https://www.sec.gov/Archives/edgar/data/1805284/000180528426000082/rkt-063020268xkex991earnin.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.14 | $0.19 | -28.0% | $2.60B | 14 |
| Next quarter (ends 2026-12-31) | $0.14 | $0.19 | -27.2% | $2.56B | 14 |
| Current fiscal year (ends 2026-12-31) | $0.58 | $0.69 | -15.4% | $10.77B | 15 |
| Next fiscal year (ends 2027-12-31) | $0.78 | $0.99 | -21.2% | $11.70B | 15 |

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

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±7.5%; last 8 reports averaged ±5.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 62.2% | ±7.5% |
| 2026-11-06 | 14 | 80.0% | ±12.9% |
| 2026-11-13 | 21 | 74.6% | ±14.6% |
| 2026-11-20 | 28 | 72.2% | ±16.2% |
| 2026-11-27 | 35 | 65.2% | ±16.3% |
| 2026-12-04 | 42 | 66.0% | ±18.0% |
| 2026-12-18 | 56 | 63.5% | ±20.2% |
| 2027-01-15 | 84 | 60.7% | ±23.9% |