RKLB - Rocket Lab USA, Inc.
Price:
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--
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$96.50
DETAILS
HIGH:
$120.00
LOW:
$69.00
MEDIAN:
$99.00
CONSENSUS:
$96.50
DOWNSIDE:
28.92%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue | 601.8 | 436.2 | 244.6 | 211.0 | 62.2 | 35.2 | 48.4 |
| Cost of Revenue | 394.6 | 320.1 | 193.2 | 192.0 | 64.1 | 47.0 | 49.5 |
| Gross Profit | 207.2 | 116.1 | 51.4 | 19.0 | (1.9) | (11.8) | (1.1) |
| Operating Expenses | |||||||
| R&D Expenses | 270.7 | 174.4 | 119.1 | 65.2 | 41.8 | 19.1 | 12.7 |
| SG&A Expenses | 165.3 | 131.6 | 110.3 | 89.0 | 58.4 | 24.0 | 19.1 |
| Other Expenses | 0 | 0 | 0 | 0 | 0 | 0 | (0.1) |
| Operating Expenses | 436.0 | 305.9 | 229.3 | 154.2 | 100.2 | 43.1 | 31.7 |
| Operating Income | |||||||
| Operating Income | (228.8) | (189.8) | (177.9) | (135.2) | (102.1) | (55.0) | (32.9) |
| Interest Expense | 26.5 | 4.0 | 4.2 | 7.8 | 6.1 | 0 | 0 |
| Interest Income | 25.5 | 0 | 0 | 0 | 0 | 0.2 | 2.8 |
| Profitability | |||||||
| EBITDA | (155.5) | (151.8) | (144.9) | (95.2) | (91.2) | (45.6) | (28.0) |
| EBIT | (199.4) | (185.5) | (174.7) | (125.1) | (102.1) | (55.0) | (32.9) |
| Income Before Tax | (225.9) | (189.4) | (178.9) | (132.9) | (124.8) | (54.5) | (30.0) |
| Income Tax Expense | (27.7) | 0.8 | 3.6 | 3.0 | (7.5) | 0.5 | 0.4 |
| Net Income | (198.2) | (190.2) | (182.6) | (135.9) | (117.3) | (55.0) | (30.4) |
| Per Share Data | |||||||
| EPS (Basic) | -0.37 | -0.38 | -0.38 | -0.29 | -0.26 | -0.12 | -0.08 |
| EPS (Diluted) | -0.37 | -0.38 | -0.38 | -0.29 | -0.26 | -0.12 | -0.08 |
| Shares Outstanding | 530.7 | 495.9 | 481.8 | 466.2 | 452.2 | 447.9 | 400.8 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Current Assets | |||||||
| Cash & Cash Equivalents | 828.7 | 271.0 | 162.5 | 242.5 | 691.0 | 52.8 | 95.9 |
| Short-Term Investments | 187.9 | 147.9 | 82.3 | 229.3 | 0 | 0 | 0 |
| Net Receivables | 123.0 | 111.5 | 61.8 | 47.5 | 19.0 | 10.6 | 8.2 |
| Inventory | 158.4 | 119.1 | 107.9 | 92.3 | 47.9 | 26.1 | 14.2 |
| Other Current Assets | 9.8 | 5.0 | 14.3 | 7.6 | 2.1 | 0.9 | 6.3 |
| Total Current Assets | 1,365.5 | 692.6 | 476.7 | 662.3 | 774.8 | 93.1 | 124.6 |
| Non-Current Assets | |||||||
| Property, Plant & Equipment | 423.7 | 262.9 | 219.8 | 152.4 | 93.8 | 76.7 | 65.7 |
| Goodwill | 205.8 | 71.0 | 71.0 | 71.0 | 43.3 | 3.1 | 0 |
| Intangible Assets | 224.7 | 58.6 | 68.1 | 79.7 | 57.5 | 11.3 | 1.3 |
| Long-Term Investments | 82.2 | 60.7 | 79.2 | 9.2 | 0 | 0 | 0 |
| Other Non-Current Assets | 20.6 | 35.5 | 22.8 | 10.7 | 5.7 | 1.1 | 3.5 |
| Total Non-Current Assets | 958.9 | 491.7 | 464.5 | 326.8 | 206.1 | 94.8 | 70.6 |
| Total Assets | 2,324.5 | 1,184.3 | 941.2 | 989.1 | 980.8 | 187.9 | 195.2 |
| Current Liabilities | |||||||
| Account Payables | 72.7 | 53.1 | 29.3 | 12.1 | 3.5 | 3.4 | 6.5 |
| Short-Term Debt | 0 | 12.0 | 17.8 | 2.9 | 2.8 | 0 | 0 |
| Deferred Revenue | 195.4 | 216.2 | 139.3 | 108.3 | 59.7 | 26.1 | 0 |
| Other Current Liabilities | 21.2 | 18.0 | 15.0 | 22.2 | 11.0 | 7.8 | 25.5 |
| Total Current Liabilities | 334.5 | 339.5 | 223.4 | 162.9 | 96.3 | 48.4 | 31.9 |
| Non-Current Liabilities | |||||||
| Long-Term Debt | 154.1 | 389.4 | 87.6 | 100.0 | 97.3 | 0 | 26.0 |
| Deferred Tax Liabilities | 1.2 | 0.9 | 0.4 | 0.1 | 0.5 | 0 | 0 |
| Other Non-Current Liabilities | 13.0 | 5.1 | 3.9 | 3.0 | 60.0 | 278.9 | 0.0 |
| Total Non-Current Liabilities | 268.1 | 462.4 | 163.3 | 153.0 | 186.1 | 306.2 | 26.0 |
| Total Liabilities | 602.6 | 801.9 | 386.7 | 315.9 | 282.4 | 354.6 | 58.0 |
| Stockholders' Equity | |||||||
| Common Stock | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0 |
| Retained Earnings | (1,011.9) | (813.7) | (623.5) | (441.0) | (305.0) | (187.7) | (132.7) |
| Accumulated Other Comprehensive Income | (2.0) | (2.8) | 1.5 | 1.1 | 1.3 | 1.1 | (0.1) |
| Total Stockholders' Equity | 1,721.9 | 382.5 | 554.5 | 673.2 | 698.4 | (166.7) | 137.2 |
| Total Liabilities & Equity | 2,324.5 | 1,184.3 | 941.2 | 989.1 | 980.8 | 187.9 | 195.2 |
| Debt Metrics | |||||||
| Total Debt | 254.0 | 468.4 | 176.7 | 152.8 | 128.4 | 27.3 | 26.0 |
| Net Debt | (574.7) | 197.4 | 14.2 | (89.7) | (562.5) | (25.5) | (69.9) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||
| Net Income | (198.2) | (190.2) | (182.6) | (135.9) | (117.3) | (55.0) | (30.4) |
| Depreciation & Amortization | 43.9 | 33.7 | 29.7 | 29.9 | 10.9 | 9.3 | 4.9 |
| Stock-Based Compensation | 71.1 | 56.8 | 53.5 | 55.6 | 32.6 | 4.2 | 3.9 |
| Change in Working Capital | (58.8) | 45.8 | (7.3) | (47.7) | (7.4) | 8.8 | (5.6) |
| Other Non-Cash Items | 7.1 | 4.4 | 7.1 | (7.9) | 19.5 | 5.6 | 0.8 |
| Operating Cash Flow | (165.5) | (48.9) | (98.9) | (106.5) | (71.8) | (27.8) | (21.6) |
| Investing Activities | |||||||
| Capital Expenditure | (156.3) | (67.1) | (54.7) | (42.4) | (25.7) | (25.1) | (24.3) |
| Acquisitions | (132.4) | 12.5 | (19.0) | (65.8) | (66.4) | (12.2) | 0 |
| Purchases of Investments | (277.6) | (165.1) | (207.3) | (259.6) | 0 | 0 | 0 |
| Sales/Maturities of Investments | 216.3 | 118.4 | 289.3 | 21.7 | 0 | 0 | 0 |
| Other Investing Activities | 2.6 | 2.9 | 3.7 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | (347.4) | (98.3) | 12.0 | (346.1) | (92.1) | (37.3) | (24.3) |
| Financing Activities | |||||||
| Net Debt Issuance | (61.8) | 302.9 | 2.1 | (0.3) | 98.9 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | (30.4) | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (113.5) | (46.3) | 5.3 | 2.3 | 731.4 | 1.0 | (0.1) |
| Financing Cash Flow | 1,071.3 | 256.7 | 7.4 | 2.0 | 799.9 | 21.5 | (0.1) |
| Cash Position | |||||||
| Net Change in Cash | 558.2 | 108.9 | (79.4) | (446.2) | 638.1 | (43.8) | (45.7) |
| Cash at Beginning | 275.3 | 166.4 | 245.9 | 692.1 | 53.9 | 97.7 | 143.4 |
| Cash at End | 833.5 | 275.3 | 166.4 | 245.9 | 692.1 | 53.9 | 97.7 |
| Free Cash Flow | (321.8) | (116.0) | (153.6) | (148.9) | (97.5) | (52.9) | (45.9) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 601.8 | 436.2 | 244.6 | 211.0 | 62.2 | 35.2 | 48.4 |
| Gross Profit | 207.2 | 116.1 | 51.4 | 19.0 | (1.9) | (11.8) | (1.1) |
| Operating Income | (228.8) | (189.8) | (177.9) | (135.2) | (102.1) | (55.0) | (32.9) |
| Net Income | (198.2) | (190.2) | (182.6) | (135.9) | (117.3) | (55.0) | (30.4) |
| EPS (Diluted) | -0.37 | -0.38 | -0.38 | -0.29 | -0.26 | -0.12 | -0.08 |
| Balance Sheet | |||||||
| Cash & Equivalents | 828.7 | 271.0 | 162.5 | 242.5 | 691.0 | 52.8 | 95.9 |
| Total Assets | 2,324.5 | 1,184.3 | 941.2 | 989.1 | 980.8 | 187.9 | 195.2 |
| Total Debt | 254.0 | 468.4 | 176.7 | 152.8 | 128.4 | 27.3 | 26.0 |
| Stockholders' Equity | 1,721.9 | 382.5 | 554.5 | 673.2 | 698.4 | (166.7) | 137.2 |
| Cash Flow | |||||||
| Operating Cash Flow | (165.5) | (48.9) | (98.9) | (106.5) | (71.8) | (27.8) | (21.6) |
| Capital Expenditure | (156.3) | (67.1) | (54.7) | (42.4) | (25.7) | (25.1) | (24.3) |
| Free Cash Flow | (321.8) | (116.0) | (153.6) | (148.9) | (97.5) | (52.9) | (45.9) |