Stock

Rocket Lab USA

RKLB
26
Aerospace & Defense · Industrials
Price
$50.84
-4.41 (-7.98%)
Market Cap
$30.43B
Exchange
NASDAQ
Winston Score
26
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
4/30
Growth
Mixed
8/20
Cash Flow
Weak
0/10
Stability
Good
5/10
Valuation
Data not available
0/10
Ownership
Good
8/15
Dividends
Not counted
n/a

25 of 95 counted points = Winston Score 26. Pillars marked n/a do not apply to this company and are left out of the total.

Share count rising — dilution

+17.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 452.2M (2021) → 530.7M (2025)

§Winston Score History

The full picture

Rocket Lab USA builds small rockets and spacecraft for governments and private companies. Its main product is the Electron rocket, one of the most frequently launched small rockets in the world, which carries satellites into orbit for customers like NASA, the U.S. Department of Defense, and commercial satellite operators. The company also makes the Neutron rocket, a larger vehicle still in development, and builds complete spacecraft through its Space Systems division.

Rocket Lab earns money by selling rocket launches and by designing and manufacturing satellites and spacecraft components. It operates launch sites in New Zealand and Virginia, and generates revenue globally. Its competitive edge comes from a high launch cadence, vertical integration, and reusable rocket technology it is developing to lower costs. The company is not yet profitable, with a negative operating margin, and its path to profitability depends heavily on scaling Neutron launches and growing its spacecraft manufacturing business — both of which carry significant execution risk.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+62.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+38.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$271M/ year

↑ Rising (+55% vs prior year)

45.0% of revenue

11.2x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

6.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 years

$2.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$2.4B cash & investments at current burn rate

Revenue accelerating

Rocket Lab USA grew revenue 62% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
36.1%
Modest — 36.1% gross margin
Profit after running costs
Operating Margin
-24.6%
Losing money on operations — -24.6%
Return on the money invested
ROCE
-6.4%
Weak — -6.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+52.5%
Fast-growing sales (+52.5% YoY)
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
—
Data not available
Spare cash per sale
FCF Margin
-51.8%
Burning cash (-51.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
—
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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