RKLB
Rocket Lab Corporation

Rocket Lab CorporationRKLB

Industrials · Aerospace & Defense
53.07USD
+15.39%
Nov 09, 2026
RKLB overview ready
Provider of small-medium rockets and satellite platforms for defense constellations
Direct spacecraft-and-mission provider with complementary launch capability: Rocket Lab builds satellite platforms, payload-related systems and space components, while operating Electron and HASTE and developing Neutron for larger constellation deployment.
Primary theme is lagging
Space is lagging (-13.9pp vs SPY over 21 sessions; 2 of 11 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Dependence on government defense contracts.
Market Nov 6Filing Jun 30Price action Nov 8Research Sep 22

Conviction Level

PriceAction1.4BusinessPerformance7.0BusinessQuality2.4Valuation0.3ThemeMomentum1.0Improving — Revenue is growing at a steady pace (+62% year over year). Reported earnings improved faster than operating income, so most of the improvement did not come from operations. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
SpaceLagging
vs SPY
−13.9pp
Theme return
−18.9%
Beating SPY
2 of 11
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$31.8B
Avg Volume (60D)
20.7M
60 sessions
Revenue Growth YoY
+38.0%
FY2025 vs FY2024
Gross Margin
+37.3%
Trailing twelve months
Operating Margin
-29.1%
Trailing twelve months
Free Cash Flow Yield
-1.2%
Distance from 200DMA
-32.7%
Next Earnings
2026-11-09
P/E
N/M
EV / Sales
38.3x
Market metrics as of Nov 6, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Business Performance

Improving

Revenue is growing at a steady pace (+62% year over year). Reported earnings improved faster than operating income, so most of the improvement did not come from operations.

Latest reported: Q2 FY2026, ended Jun 30
Revenue growthGrowing
+62%
$234M in Q2 FY2026 · YoY
YoY growth, last 4 quarters
  1. +48%
  2. +36%
  3. +64%
  4. +62%
Earnings growthLoss narrowing
-$0.08
Diluted EPS -$0.08 vs -$0.13 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginExpanding
-24.6%
+16.7 pp YoY · gross margin 36.1% (+4.0 pp)
Earnings improved more than operations did
The business is consuming cash
The share count is rising

Business Quality

2.4 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; own history is the dissenting view.
Rocket Lab Corporation has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces.

What changed

  • RKLB rose 15.4% in one session
    RKLB closed +15.4% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
Direct spacecraft-and-mission provider with complementary launch capability: Rocket Lab builds satellite platforms, payload-related systems and space components, while operating Electron and HASTE and developing Neutron for larger constellation deployment. Current revenue exposure rather than broad aerospace adjacency.
Opportunity
High opportunity
Defense and intelligence procurement of resilient, proliferated low-Earth-orbit satellite architectures for missile warning, tracking, targeting, surveillance, and related mission data.
Key risk
Dependence on government defense contracts.

Economic classification

Loading the economic classification…

Business & Markets

Industrials · Aerospace & Defense
What they do

Rocket Lab Corporation designs, manufactures, and operates small and medium-class rockets and spacecraft, providing launch services and space systems solutions globally through its launch services and space systems segments.

How it earns

The company generates revenue primarily through transactional launch service contracts and spacecraft system sales and services.

Products & services
Launch services
Spacecraft design services
Spacecraft components
Spacecraft manufacturing
Optical systems
On-orbit and constellation management solutions
Customers & end markets
Government defense and intelligence agencies
Commercial satellite operators
International space programs
Market position

Niche player with integrated launch and spacecraft manufacturing capabilities focused on small to medium-class rockets and satellite platforms.

Demand drivers
Medium cyclicality

Demand driven by government and commercial space budgets which can fluctuate with geopolitical and economic cycles.