Rocket Lab CorporationRKLB
NasdaqGS•Industrials•Aerospace & Defense
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.
Rocket Lab Corporation (RKLB) reported trailing twelve months revenue of $679.58M as of March 2026, a 45.8% increase year-over-year. Quarterly revenue reached $200.35M, reflecting continued top-line momentum.
Rocket Lab Corporation reported a TTM net loss of $182.62M, with quarterly EBITDA of $-40.98M. The operating margin expanded from -48.3% to -27.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-27.9%) and net margin (-22.5%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -49.5% a year ago, signaling stronger bottom-line efficiency.
RKLB trades at a P/S of 51.1x. The price-to-book ratio of 15.3x indicates a significant premium over book value.
The company reported negative free cash flow of $-77.40M, indicating cash consumption over the period. The balance sheet shows $2.82B in total assets with $1.72M in long-term debt against $2.26B in stockholders equity for a debt-to-equity ratio of 0.0, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -39.1%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~108.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 22.5% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation