Rocket Lab USA, Inc. (RKLB) Stock

Rocket Lab USA, Inc. (RKLB) is a Industrials stock trading at $73.08 (as of 2026-08-20), with a market capitalization of $43.73B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Rocket Lab USA, Inc., a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft engineering and design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets. It also designs, manufactures, and sells Electron small orbital launch vehicles and the Photon satellite platforms, as well as developing the Neutron 8-ton payload class launch vehicle; conducts remote launch activities; and designs and manufactures a range of components and subsystems for the Photon family of spacecraft and broader merchant spacecraft components. The company serves commercial, aerospace prime contractors, and government customers. The company was founded in 2006 and is headquartered in Long Beach, California.

Understand Rocket Lab USA, Inc.: how it makes money

Rocket Lab provides small and medium-class space launch services and builds space systems, including spacecraft engineering, manufacturing, and on-orbit management solutions, and it also sells Electron launch vehicles and Photon satellite platforms, earning revenue from launch services and space systems deliveries (plus constellation management and related services).

Even with positive gross margin (38.2%), the company is generating a negative operating margin (-27.9%), which, together with sizable production, research and development, and SG&A headcount, suggests profitability depends on scaling deliveries and contract execution before operating expenses fully absorb gross profit.

Revenue by segment (latest quarter)
Space Systems$0.1B
Launch Services$0.1B

Business quality (Weak): Clear operating drivers around Space Development Agency contract value and launch bookings, but near-term profitability is pressured despite positive gross margin.

Bull case

  • Space Development Agency contract value and build program visibility: The company reports Prime contract value Space Development Agency of USD_B 0.82 and Space Development Agency Tranche 2 Transport Layer constellation build program value of USD_B 0.52.
  • Launch execution track record: Mission success rate is reported at 100.0 percent.
  • Momentum in activity: Electron and HASTE launch missions booked are 31.0 (count) and new launch contracts signed are 17.0 (count).

Bear case

  • Operating losses despite positive gross margin: Gross margin is 38.2%, but operating margin is -27.9% (latest period 2026-03-31).
  • Large operating cost base reflected in headcount: Production-related headcount is 1448.0 (count), research and development headcount is 776.0 (count), and SG&A headcount is 300.0 (count).
  • Some revenue may depend on earnout timing: Time-based revenue earnout potential for Geost is reported at USD_B 0.05.
Valuation — source: SEC EDGAR (first-party)
Price$73.08
Market Cap$43.73B
Price / Book12.52
Price / Sales55.37
FCF Yield-1.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$601.80M
Net Margin-32.9%
Revenue Growth (YoY)38.0%
EPS Growth (YoY)-2.6%
FCF Growth (YoY)177.5%
Financial Health — source: SEC EDGAR
Altman Z-Score41.15 (safe)
Piotroski F-Score5/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Industrials)25.9
Industry P/E (Defense)53.3
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($3.31B)
Institutional Holders Tracked10
Company
SectorIndustrials
IndustryDefense
CEOPeter Beck
Employees2,100
CountryUS
IPO Date2020-11-24

Related Companies (Business model: Defense & Aerospace Prime (Defense Primes + Commercial Aerospace OEMs); 8 closest by market cap)

  • Lockheed Martin Corporation (LMT)
  • TransDigm Group Incorporated (TDG)
  • HEICO Corporation (HEI)
  • Kratos Defense & Security Solutions, Inc. (KTOS)
  • MDA Space Ltd. (MDA)
  • Firefly Aerospace Inc. (FLY)
  • Redwire Corporation (RDW)
  • Voyager Technologies, Inc. (VOYG)
RKLB earnings history · RKLB institutional & insider holders · RKLB KPIs & operating metrics · RKLB financials · RKLB investor presentations & press releases · RKLB SEC filings · RKLB peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.