Rocket Lab
RKLB on Nasdaq. Rocket Lab sells launch services and spacecraft parts to space companies. Market value $43.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-0.83 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -27 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$75.06 a share, 100% above its 1-year low
Over the past year the price has ranged from $37.57 to $151.00.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $62m | $211m | $245m | $436m | $602m |
| Operating margin | |||||
| Operating margin | -164.0% | -64.1% | -72.7% | -43.5% | -38.0% |
| Debt to equity | |||||
| Debt to equity | 0.14 | 0.18 | 0.22 | 0.94 | 0.10 |
| Shares outstanding | |||||
| Shares outstanding | 0.47bn | 0.49bn | 0.50bn | 0.53bn | 0.60bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.10× equity
- Revenue growth, five yearsStrong, 76.3% a year
- Buying back its own sharesNo, 26% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $234 million last quarter, up 62% on a year ago.
- A loss of $49 million, compared with a loss of $66 million a year ago.
- It loses 29 cents on each $1 of sales, compared with 44 cents a year earlier.
- Over the past 12 months it spent $371 million more cash than it brought in, compared with $204 million a year earlier.
- 22% more shares than a year ago. Each share owns a bit less of the company.
- It has $2.1 billion more cash than debt, up from $203 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $105m |
| December 2024 | $132m |
| March 2025 | $123m |
| June 2025 | $144m |
| September 2025 | $155m |
| December 2025 | $180m |
| March 2026 | $200m |
| June 2026 | $234m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$52m |
| December 2024 | -$52m |
| March 2025 | -$61m |
| June 2025 | -$66m |
| September 2025 | -$18m |
| December 2025 | -$53m |
| March 2026 | -$45m |
| June 2026 | -$49m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 9 November 2026
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 1,116 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $6m | <0.1% | Added |
| Polen CapitalDan Davidowitz | $2m | <0.1% | Cut |
Largest holders overall
- BlackRock$4.1bnAdded
- Vanguard Portfolio Management$2.8bnAdded
- Vanguard Capital Management$2.6bnAdded
- Invesco$1.9bnAdded
- State Street$1.5bnAdded
- JPMorgan Chase$1.4bnAdded
- Geode Capital Management$1.1bn
- Baillie Gifford$1.1bnCut
- Capital World Investors$749m
- Morgan Stanley$701mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Beck KerrynInsider or founderat least 9.9%−0.3 pts(filed with 1 related holder)Since 13 June 2025
What they said
Item 4 of the Statement is hereby amended and supplemented by adding the following: On June 13, 2025, the Trust entered into a 10b5-1 plan (the "Plan") in accordance with Rule 10b5-1 promulgated under the Exchange Act pursuant to which Goldman Sachs & Co. LLC (the "Broker") has…
Read the filing - Beck PeterInsider or founderat least 7.5%−2.5 pts(filed with 4 related holders)Since 27 March 2026
What they said
Item 4 of the Statement is hereby amended and supplemented by adding the following: On March 27, 2026, the Trust entered into a 10b5-1 plan (the "Plan") in accordance with Rule 10b5-1 promulgated under the Exchange Act pursuant to which Goldman Sachs & Co. LLC (the "Broker") has…
Read the filing - VK Services, LLCPassive investorat least 6.5%−0.4 pts(filed with 1 related holder)Since 17 February 2026
What they said
The shares of Common Stock reported herein were acquired solely for investment purposes. None of the Reporting Persons have any present plans or proposals that relate to or would result in any change in the business, policies, management, structure or capitalization of the…
Read the filing - BlackRock, Inc.Passive investor6.2%+1.4 ptsSince 30 September 2025
- Vanguard Capital ManagementPassive investor5.2%Since 30 June 2026
- Deer VIII & Co. L.P.Passive investorSold down below 5%Since 8 November 2024
- Khosla Ventures V, L.P.Passive investorSold down below 5%Since 18 November 2025
What they said
The shares of Common Stock reported herein were acquired solely for investment purposes. None of the Reporting Persons have any present plans or proposals that relate to or would result in any change in the business, policies, management, structure or capitalization of the…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Khosla Ventures Seed B, L.P.Passive investorSold down below 5%Since 21 October 2025
What they said
The shares of Common Stock reported herein were acquired solely for investment purposes. None of the Reporting Persons have any present plans or proposals that relate to or would result in any change in the business, policies, management, structure or capitalization of the…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Beck Kerryn Insider or founder | at least 9.9%−0.3 pts (filed with 1 related holder) | 13 June 2025 | What they saidItem 4 of the Statement is hereby amended and supplemented by adding the following: On June 13, 2025, the Trust entered into a 10b5-1 plan (the "Plan") in accordance with Rule 10b5-1 promulgated under the Exchange Act pursuant to which Goldman Sachs & Co. LLC (the "Broker") has… Read the filing |
Beck Peter Insider or founder | at least 7.5%−2.5 pts (filed with 4 related holders) | 27 March 2026 | What they saidItem 4 of the Statement is hereby amended and supplemented by adding the following: On March 27, 2026, the Trust entered into a 10b5-1 plan (the "Plan") in accordance with Rule 10b5-1 promulgated under the Exchange Act pursuant to which Goldman Sachs & Co. LLC (the "Broker") has… Read the filing |
VK Services, LLC Passive investor | at least 6.5%−0.4 pts (filed with 1 related holder) | 17 February 2026 | What they saidThe shares of Common Stock reported herein were acquired solely for investment purposes. None of the Reporting Persons have any present plans or proposals that relate to or would result in any change in the business, policies, management, structure or capitalization of the… Read the filing |
BlackRock, Inc. Passive investor | 6.2%+1.4 pts | 30 September 2025 | |
Vanguard Capital Management Passive investor | 5.2% | 30 June 2026 | |
Deer VIII & Co. L.P. Passive investor | Sold down below 5% | 8 November 2024 | |
Khosla Ventures V, L.P. Passive investor | Sold down below 5% | 18 November 2025 | What they saidThe shares of Common Stock reported herein were acquired solely for investment purposes. None of the Reporting Persons have any present plans or proposals that relate to or would result in any change in the business, policies, management, structure or capitalization of the… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Khosla Ventures Seed B, L.P. Passive investor | Sold down below 5% | 21 October 2025 | What they saidThe shares of Common Stock reported herein were acquired solely for investment purposes. None of the Reporting Persons have any present plans or proposals that relate to or would result in any change in the business, policies, management, structure or capitalization of the… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 11 sold $683m, $633m of it under preset trading plans.
- Spice Adam C.Chief Financial OfficerSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 140,157
- Price
- $70.82
- Value
- $10m
- Spice Adam C.Chief Financial OfficerSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 140,157
- Price
- $62.63
- Value
- $9m
- Klein FrankChief Operations OfficerSoldunder a preset trading plan
- Date
- 27 August 2026
- Shares
- 35,558
- Price
- $66.61
- Value
- $2m
- Kampani ArjunSVP & General CounselSoldunder a preset trading plan
- Date
- 27 August 2026
- Shares
- 6,034
- Price
- $66.65
- Value
- $402,186
- Spice Adam C.Chief Financial OfficerSoldunder a preset trading plan
- Date
- 24 August 2026
- Shares
- 9,677
- Price
- $69.63
- Value
- $673,790
- Ricupati AgostinoVP Corp Controller & CAOSold
- Date
- 24 August 2026
- Shares
- 669
- Price
- $69.63
- Value
- $46,581
- Klein FrankChief Operations OfficerSoldunder a preset trading plan
- Date
- 24 August 2026
- Shares
- 45,692
- Price
- $69.63
- Value
- $3m
- Kampani ArjunSVP & General CounselSoldunder a preset trading plan
- Date
- 24 August 2026
- Shares
- 7,754
- Price
- $69.63
- Value
- $539,896
- Clevenger Marvin BradfordPresident, Rocket Lab USA, IncSoldunder a preset trading plan
- Date
- 24 August 2026
- Shares
- 15,051
- Price
- $69.63
- Value
- $1m
- Beck PeterCEO, DirectorSoldunder a preset trading plan
- Date
- 8 July 2026
- Shares
- 990,960
- Price
- $82.86
- Value
- $82m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Spice Adam C. Chief Financial Officer | Sold under a preset trading plan | 140,157 | $70.82 | $10m |
| 2 September 2026 | Spice Adam C. Chief Financial Officer | Sold under a preset trading plan | 140,157 | $62.63 | $9m |
| 27 August 2026 | Klein Frank Chief Operations Officer | Sold under a preset trading plan | 35,558 | $66.61 | $2m |
| 27 August 2026 | Kampani Arjun SVP & General Counsel | Sold under a preset trading plan | 6,034 | $66.65 | $402,186 |
| 24 August 2026 | Spice Adam C. Chief Financial Officer | Sold under a preset trading plan | 9,677 | $69.63 | $673,790 |
| 24 August 2026 | Ricupati Agostino VP Corp Controller & CAO | Sold | 669 | $69.63 | $46,581 |
| 24 August 2026 | Klein Frank Chief Operations Officer | Sold under a preset trading plan | 45,692 | $69.63 | $3m |
| 24 August 2026 | Kampani Arjun SVP & General Counsel | Sold under a preset trading plan | 7,754 | $69.63 | $539,896 |
| 24 August 2026 | Clevenger Marvin Bradford President, Rocket Lab USA, Inc | Sold under a preset trading plan | 15,051 | $69.63 | $1m |
| 8 July 2026 | Beck Peter CEO, Director | Sold under a preset trading plan | 990,960 | $82.86 | $82m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.