RKLB Nasdaq Guided Missiles & Space Vehicles & Parts Financials FY2020βFY2025
Rocket Lab Corp had $602M of revenue in fiscal 2025, up 38.0% on the year before. Over five years, revenue changed +76.5% a year on average.
Last close Β· Oct 23, 2026
$52.60
2.7%Hi! I read Rocket Lab Corpβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+38.0%
Yes. Sales grew 38.0% last year.
Does it make a profit?
β32.9%
No. It lost money last year.
Does profit turn into cash?
β53.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Rocket Lab Corp had $602M of revenue in fiscal 2025, up 38.0% on the year before. Over five years, revenue changed +76.5% a year on average. Its operating margin was β38.0%, up 5.5Β pts: of every 100 in sales, about β38 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Rocket Lab Corp lost $198M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$322M in fiscal 2025, β53.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $683M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$683M
11 insiders
Of sales under plans
93%
$633M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Adam C. SpiceChief Financial Officer | Sold plan | 140,157 | $70.82 | $9.9M | Form 4 |
| Sep 2, 2026 | Adam C. SpiceChief Financial Officer | Sold plan | 140,157 | $62.63 | $8.8M | Form 4 |
| Aug 27, 2026 | Frank KleinChief Operations Officer | Sold plan | 35,558 | $66.61 | $2.4M | Form 4 |
| Aug 27, 2026 | Arjun KampaniSVP & General Counsel | Sold plan | 6,034 | $66.66 | $0.4M | Form 4 |
| Aug 24, 2026 | Frank KleinChief Operations Officer | Sold plan | 45,692 | $69.62 | $3.2M | Form 4 |
| Aug 24, 2026 | Arjun KampaniSVP & General Counsel | Sold plan | 7,754 | $69.62 | $0.5M | Form 4 |
| Aug 24, 2026 | Adam C. SpiceChief Financial Officer | Sold plan | 9,677 | $69.62 | $0.7M | Form 4 |
| Aug 24, 2026 | Agostino RicupatiVP Corp Controller & CAO | Sold | 669 | $69.62 | $0.0M | Form 4 |
| Aug 24, 2026 | Marvin Bradford ClevengerPresident, Rocket Lab USA, Inc | Sold plan | 15,051 | $69.62 | $1.0M | Form 4 |
| Jul 8, 2026 | Peter BeckCEO, Director | Sold plan | 990,960 | $82.86 | $82.1M | Form 4 |
| Jul 7, 2026 | Peter BeckCEO, Director | Sold plan | 1,298,622 | $84.92 | $110M | Form 4 |
| Jul 6, 2026 | Peter BeckCEO, Director | Sold plan | 986,197 | $95.33 | $94.0M | Form 4 |
| Jun 18, 2026 | Arjun KampaniSVP & General Counsel | Sold | 88,000 | $107.98 | $9.5M | Form 4 |
| Jun 2, 2026 | Alexander R SluskyDirector | Sold | 40,000 | $123.60 | $4.9M | Form 4 |
| May 28, 2026 | Arjun KampaniSVP & General Counsel | Sold plan | 23,804 | $147.44 | $3.5M | Form 4 |
| May 28, 2026 | Marvin Bradford ClevengerPresident, Rocket Lab USA, Inc | Sold | 3,500 | $146.67 | $0.5M | Form 4 |
| May 28, 2026 | Alexander R SluskyDirector | Sold | 60,000 | $149.40 | $9.0M | Form 4 |
| May 28, 2026 | Frank KleinChief Operations Officer | Sold plan | 36,860 | $147.42 | $5.4M | Form 4 |
| May 27, 2026 | Arjun KampaniSVP & General Counsel | Sold plan | 70,000 | $145.13 | $10.2M | Form 4 |
| May 26, 2026 | Arjun KampaniSVP & General Counsel | Sold plan | 28,668 | $142.57 | $4.1M | Form 4 |
| May 26, 2026 | Adam C. SpiceChief Financial Officer | Sold plan | 62,744 | $142.57 | $8.9M | Form 4 |
| May 26, 2026 | Marvin Bradford ClevengerPresident, Rocket Lab USA, Inc | Sold | 15,549 | $142.57 | $2.2M | Form 4 |
| May 26, 2026 | Frank KleinChief Operations Officer | Sold plan | 44,390 | $142.57 | $6.3M | Form 4 |
| May 12, 2026 | Alexander R SluskyDirector | Sold | 100,000 | $118.08 | $11.8M | Form 4 |
| Mar 6, 2026 | Merline SaintilDirector | Sold | 18,126 | $75.04 | $1.4M | Form 4 |
| Mar 4, 2026 | Arjun KampaniSVP & General Counsel | Sold plan | 23,711 | $71.95 | $1.7M | Form 4 |
| Mar 4, 2026 | Frank KleinChief Operations Officer | Sold plan | 36,768 | $71.95 | $2.6M | Form 4 |
| Mar 2, 2026 | Peter BeckCEO, Director | Sold plan | 18,857 | $69.59 | $1.3M | Form 4 |
| Mar 2, 2026 | Frank KleinChief Operations Officer | Sold plan | 44,482 | $69.59 | $3.1M | Form 4 |
| Mar 2, 2026 | Adam C. SpiceChief Financial Officer | Sold plan | 62,744 | $69.59 | $4.4M | Form 4 |
| Mar 2, 2026 | Arjun KampaniSVP & General Counsel | Sold plan | 28,761 | $69.59 | $2.0M | Form 4 |
| Jan 20, 2026 | Jon A OlsonDirector | Sold plan | 15,205 | $91.30 | $1.4M | Form 4 |
| Jan 14, 2026 | Merline SaintilDirector | Sold plan | 12,500 | $90.00 | $1.1M | Form 4 |
| Jan 13, 2026 | Merline SaintilDirector | Sold plan | 96,000 | $86.58 | $8.3M | Form 4 |
| Jan 5, 2026 | Adam C. SpiceChief Financial Officer | Sold plan | 1,365,665 | $75.50 | $103M | Form 4 |
| Jan 2, 2026 | Frank KleinChief Operations Officer | Sold plan | 100,000 | $72.95 | $7.3M | Form 4 |
| Dec 23, 2025 | Edward H. FrankDirector | Sold | 2,500 | $77.39 | $0.2M | Form 4 |
| Dec 19, 2025 | Merline SaintilDirector | Sold plan | 5,000 | $65.00 | $0.3M | Form 4 |
| Dec 19, 2025 | Nina ArmagnoDirector | Sold plan | 27,314 | $68.21 | $1.9M | Form 4 |
| Dec 19, 2025 | Jon A OlsonDirector | Sold plan | 15,000 | $68.18 | $1.0M | Form 4 |
| Dec 17, 2025 | Merline SaintilDirector | Sold plan | 5,000 | $54.46 | $0.3M | Form 4 |
| Dec 16, 2025 | Peter BeckCEO, Director | Sold plan | 939,746 | $54.73 | $51.4M | Form 4 |
| Dec 15, 2025 | Peter BeckCEO, Director | Sold plan | 1,560,254 | $57.48 | $89.7M | Form 4 |
| Dec 12, 2025 | Merline SaintilDirector | Sold | 15,000 | $65.00 | $1.0M | Form 4 |
| Dec 4, 2025 | Merline SaintilDirector | Sold | 10,000 | $48.00 | $0.5M | Form 4 |
| Nov 26, 2025 | Arjun KampaniSVP General Counsel & | Sold plan | 10,554 | $42.08 | $0.4M | Form 4 |
| Nov 26, 2025 | Frank KleinChief Operations Officer | Sold plan | 4,736 | $42.09 | $0.2M | Form 4 |
| Nov 24, 2025 | Frank KleinChief Operations Officer | Sold | 41,782 | $40.65 | $1.7M | Form 4 |
| Nov 24, 2025 | Peter BeckCEO, Director | Sold | 18,857 | $40.65 | $0.8M | Form 4 |
| Nov 24, 2025 | Arjun KampaniSVP General Counsel & | Sold | 28,615 | $40.65 | $1.2M | Form 4 |
| Nov 24, 2025 | Adam C. SpiceChief Financial Officer | Sold | 46,994 | $40.86 | $1.9M | Form 4 |
| Nov 22, 2025 | Adam C. SpiceChief Financial Officer | Sold | 15,633 | $40.02 | $0.6M | Form 4 |
| Nov 20, 2025 | Jon A OlsonDirector | Sold | 60,400 | $45.02 | $2.7M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Rocket Lab Corp has $849M more cash than debt.
Cash, debt and the ratios that show how comfortably Rocket Lab Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $691M | $472M | $245M | $419M | $1.0B |
| Debt incl. finance leases | $100M | $119M | $15.6M | $361M | $167M |
| Debt / equity | 0.1x | 0.2x | 0.0x | 0.9x | 0.1x |
| Interest coverage | β | β | β10.2x | β7.3x | β8.6x |
| Current ratio | 8.0x | 4.1x | 2.1x | 2.0x | 4.1x |
| Quick ratio | 7.5x | 3.5x | 1.7x | 1.7x | 3.6x |
| Total assets | $981M | $989M | $941M | $1.2B | $2.3B |
| Total liabilities | $282M | $316M | $387M | $802M | $603M |
| Shareholders' equity | $698M | $673M | $555M | $382M | $1.7B |
| Net debt (β = net cash) | β$591M | β$353M | β$229M | β$58.4M | β$849M |
KIRA Β· Its return on capital was β21.1%: every 100 invested in the business earned about β21 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Rocket Lab Corp passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 9 | 3 / 9 | 4 / 9 | 4 / 9 | 5 / 9 |
| Accruals ratio | β14.5% | β7.8% | β3.0% | β8.7% | β13.3% | β1.9% |
| Altman Z'' | β5.86 | 5.42 | 3.18 | β0.16 | β0.86 | 3.83 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $35.2M | $62.2M | $211M | $245M | $436M | $602M |
| Gross profit | β$11.8M | β$1.9M | $19.0M | $51.4M | $116M | $207M |
| Research and development | $19.1M | $41.8M | $65.2M | $119M | $174M | $271M |
| Operating income | β$55.0M | β$102M | β$135M | β$178M | β$190M | β$229M |
| Interest expense | β | β | β | $17.5M | $26.2M | $26.5M |
| Pretax income | β$54.5M | β$125M | β$133M | β$179M | β$189M | β$226M |
| Income tax | $0.5M | β$7.5M | $3.0M | $3.7M | $0.8M | β$27.7M |
| Net income | β$55.0M | β$117M | β$136M | β$183M | β$190M | β$198M |
| Diluted EPS | β$0.73 | β$0.56 | β$0.29 | β$0.38 | β$0.38 | β$0.37 |
| Diluted shares | 0.08B | 0.21B | 0.47B | 0.48B | 0.50B | 0.53B |
| Cash flow | ||||||
| Cash from operations | β$27.8M | β$71.8M | β$107M | β$98.9M | β$48.9M | β$166M |
| Capital expenditure | $25.1M | $25.7M | $42.4M | $54.7M | $67.1M | $156M |
| Free cash flow | β$52.9M | β$97.5M | β$149M | β$154M | β$116M | β$322M |
| Depreciation and amortization | $9.3M | $10.9M | $29.9M | $29.7M | $33.7M | $43.9M |
| Stock-based compensation | $4.2M | $32.6M | $55.6M | $53.5M | $56.8M | $71.1M |
| Acquisitions | $12.2M | $66.4M | $65.8M | $19.0M | $0.0M | $132M |
| Balance sheet | ||||||
| Cash and short-term investments | $52.8M | $691M | $472M | $245M | $419M | $1.0B |
| Total debt | $0.0M | $100M | $103M | $0.0M | $345M | $152M |
| Finance lease liabilities | β | β | $15.9M | $15.6M | $15.2M | $15.0M |
| Current assets | $93.1M | $775M | $662M | $477M | $693M | $1.4B |
| Current liabilities | $48.4M | $96.3M | $163M | $223M | $340M | $334M |
| Inventory | $26.1M | $47.9M | $92.3M | $108M | $119M | $158M |
| Property and equipment, net | $49.8M | $65.3M | $102M | $145M | $195M | $319M |
| Goodwill | $3.1M | $43.3M | $71.0M | $71.0M | $71.0M | $206M |
| Intangible assets | $11.3M | $57.5M | $79.7M | $68.1M | $58.6M | $225M |
| Total assets | $188M | $981M | $989M | $941M | $1.2B | $2.3B |
| Total liabilities | $79.6M | $282M | $316M | $387M | $802M | $603M |
| Preferred stock | $0.0M | β | β | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$167M | $698M | $673M | $555M | $382M | $1.7B |
| Margins | ||||||
| Gross margin | β33.6% | β3.0% | 9.0% | 21.0% | 26.6% | 34.4% |
| Operating margin | β156.3% | β164.0% | β64.1% | β72.7% | β43.5% | β38.0% |
| EBITDA margin | β129.7% | β146.5% | β49.9% | β60.6% | β35.8% | β30.7% |
| Net margin | β156.4% | β188.5% | β64.4% | β74.6% | β43.6% | β32.9% |
| FCF margin | β150.4% | β156.6% | β70.6% | β62.8% | β26.6% | β53.5% |
| Returns | ||||||
| Return on capital | β | β74.9% | β35.1% | β45.4% | β48.5% | β21.1% |
| Return on capital employed | β39.4% | β11.5% | β16.4% | β24.8% | β22.5% | β11.5% |
| Return on equity | β | β44.1% | β19.8% | β29.7% | β40.6% | β18.8% |
| Return on assets | β29.3% | β20.1% | β13.8% | β18.9% | β17.9% | β11.3% |
| Return on tangible equity | β | β19.6% | β26.0% | β43.9% | β75.2% | β15.3% |
| Growth | ||||||
| Revenue growth | β | 77.0% | 239.0% | 15.9% | 78.3% | 38.0% |
| Share count change | β | 178.3% | 122.1% | 3.3% | 2.9% | 7.0% |
| Financial health | ||||||
| Debt / equity | β | 0.1x | 0.2x | 0.0x | 0.9x | 0.1x |
| Interest coverage | β | β | β | β10.2x | β7.3x | β8.6x |
| Current ratio | 1.9x | 8.0x | 4.1x | 2.1x | 2.0x | 4.1x |
| Quick ratio | 1.4x | 7.5x | 3.5x | 1.7x | 1.7x | 3.6x |
| Capital allocation | ||||||
| Capex / revenue | 71.4% | 41.3% | 20.1% | 22.4% | 15.4% | 26.0% |
| Stock comp / revenue | 12.0% | 52.3% | 26.4% | 21.9% | 13.0% | 11.8% |
| Quality scores | ||||||
| Piotroski F-score | β | 4.0 | 3.0 | 4.0 | 4.0 | 5.0 |
| Altman Z'' | β5.9 | 5.4 | 3.2 | β0.2 | β0.9 | 3.8 |
| Accruals ratio | β14.5% | β7.8% | β3.0% | β8.7% | β13.3% | β1.9% |
Source: SEC EDGAR XBRL filings (CIK 0001819994). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
