Rocket Companies, Inc.RKT
NYSE•Financial Services•Mortgage Finance
Rocket Companies, Inc., a fintech company, engages in the mortgage, real estate, and personal finance businesses in the United States and Canada. It operates in two segments, Direct to Consumer and Partner Network. The company offers Rocket Mortgage, a mortgage lender service; Redfin, a digital real estate brokerage and home search platform; Rocket Close, a digital experience for appraisal management, settlement, and title services; Rocket Money, a finance app that offers a suite of financial wellness services including subscription cancellation, budget management and credit score improvement; and Rocket Loans, a platform for personal loan. It also originates, closes, sells, and services agency-conforming loans; and provides Rocket Pro that works with mortgage brokers, community banks, and credit unions, to maintain own brand and client relationships. Rocket Companies, Inc. was founded in 1985 and is headquartered in Detroit, Michigan. Rocket Companies, Inc. was formerly a subsidiary of Rock Holdings Inc.
Rocket Companies, Inc. (RKT) reported trailing twelve months revenue of $8.60B as of March 2026, a 80.9% increase year-over-year. Quarterly revenue reached $2.94B, reflecting continued top-line momentum.
Rocket Companies, Inc. generated $239.38M in TTM net income, with quarterly EBITDA of $546.00M. The operating margin expanded from -21.5% to 13.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (13.6%) and net margin (10.1%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -1.0% a year ago, signaling stronger bottom-line efficiency.
RKT trades at a P/E of 159.4x (a premium multiple) and a P/S of 4.4x. The price-to-book ratio of 1.6x reflects a moderate premium to book value.
The company generated $1.81B in free cash flow over the trailing twelve months, a 323.7% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $59.44B in total assets with $10.43B in long-term debt against $23.23B in stockholders equity for a debt-to-equity ratio of 0.4, 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 -4.4%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
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 6 of the last 8 quarters — earnings are not translating to cash.
Debt-to-equity has risen 4268.4% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 26.6% — 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