RKLB.US: Small/medium launch + end-to-end space systems

Snapshot

Price

USD 45

Mkt cap

USD 22.0B

Revenue

USD 602.0M

Backlog (approx)

USD 1.85B

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Rocket Lab One of few public pure-plays that both launches and builds spacecraft: Electron/HASTE cadence up, Space Systems + gov awards lift backlog; Neutron is the next valuation anchor—but OCF still negative with heavy capex/R&D.

Business

Model: launch services + spacecraft/components. Flagships: Electron; HASTE; Photon/spacecraft & components; Neutron (in development). Edge: cadence + vertical integration; sell launch+sat. Strategy: end-to-end space company; national-security constellation manufacturing.

Value chain

Mid-stack launch + sat manufacturing; upstream propellant/composites/avionics/range access; downstream gov + constellation operators. Risks: range/licensing; critical components; Neutron slips.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 45	RKLB · 以包内 kpi_snapshot 时点为准

Valuation & return · ~3y

Interactive chart available in the reader.

High-growth space multiple; extremely sensitive to cadence, backlog conversion, Neutron timeline; cash-burn P/S swings.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

Volume: launches + spacecraft deliveries; price: launch ASP / sat contracts; cost: ops, manufacturing, Neutron capex. OCF still negative.

Key financials

Key financials

Item	Value	YoY	Note
FY2025 rev (approx)	~$602M	+38%	Record year
Backlog	~$1.85B	+73%	SDA + launch pipeline
OCF	Negative	—	Still investing/burning
Neutron	In development	—	Key medium-lift catalyst

Competition

Peer strengths/weaknesses:

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
Rocket Lab (self)	Launch+systems	Low/neg OM	Public pure-play cadence	Cash burn / Neutron risk
Firefly	Launch+lunar	Neg	Responsive launch / lunar	Scale vs RKLB
SpaceX	Heavy launch+Starlink	Scale	Reuse + Starlink cash	Not a peer-size comparable
Lockheed (space)	Defense space	High	Gov franchise	Not pure-play

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
CEO / Founder	Peter Beck	Founding	No material change
CFO	Adam Spice	long-tenured	Stable
Space Systems	Leadership team	scaling	Org grows with backlog

Stability: Steady: founder-CEO continuity; org scaling with backlog.

Outlook

Track annual launch count, SDA execution, Neutron first flight, OCF inflection.

Scenarios

Risks

Not investment advice; defer to latest company filings.

Tracking

Check next earnings for:

1. Next-quarter revenue & margin vs guide
2. OCF vs CapEx / payout
3. Competitive share shifts
4. Valuation vs historical mid-cycle
5. Key policy / supply-chain variables

Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.

References

1. RKLB IR / latest 10-Q — SEC EDGAR
2. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=RKLB
3. Cross-links in body [[article:]] refs

Not investment advice. Missing valuation points are N/A/null; defer to latest filings and named market data.