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Rocket Lab USA, Inc. RKLB

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At $72.57 you are paying 54.6 times sales for a company that booked $602M of revenue in 2025 and lost $198M doing it.

The $42.0B market value is a wager on Neutron, because the launch and components business that exists today cannot carry it under any margin assumption.

Key data

ItemValue
Price, 2026-08-21$72.57
Market capitalization$42.0B
Revenue, FY2025$602M, up 38.0%
Backlog, 2026-06-30$2.36B, up 137%
Cash and marketable securities, 2026-06-30$2.39B
Debt to equity, FY20250.04x
Gross margin, Q2 202636.1%
Free cash flow per share, trailingnegative $0.63

RKLB · price with moving averages

Daily · 6MWeekly · 3Y
$-8$33$74$114$155 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

Rocket Lab sells two things today. Electron puts a few hundred kilograms into orbit for defence agencies and commercial constellation operators, who pay per mission on contracts booked years ahead. Space Systems builds and sells the hardware inside other people's satellites: solar arrays, reaction wheels, separation systems, flight software, and increasingly complete satellite buses. Space Systems is the larger half and the reason there is $602M of revenue at all.

The economic engine is visibly working underneath the loss. Gross margin moved from 21.0% in 2023 to 34.4% in 2025 and 36.1% in the June 2026 quarter, on revenue that grew 38.0% to $602M and then 62.0% year on year to $234.1M last quarter. Backlog reached $2.36B at June 30, 2026, up 137%. What changed is that the components half started scaling faster than launch.

Inside the complete One Pager

  1. 01The business
  2. 02Things you might not know
  3. 03Fundamentals
  4. 04Valuation
  5. 05Management
  6. 06Compensation
  7. 07The linchpins
  8. 08Last word

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