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Rocket Lab (RKLB) Financials

$81.62 -3.03 (-3.58%)

As of 11:33 AM Eastern

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Annual Income Statements for Rocket Lab

This table shows Rocket Lab's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-55	-117	-136	-183	-190	-198
Consolidated Net Income / (Loss)	-55	-117	-136	-183	-190	-198
Net Income / (Loss) Continuing Operations	-55	-117	-136	-183	-190	-198
Total Pre-Tax Income	-55	-125	-133	-179	-189	-226
Total Operating Income	-55	-102	-135	-178	-190	-229
Total Gross Profit	-12	-1.89	19	51	116	207
Total Revenue	35	62	211	245	436	602
Operating Revenue	35	62	211	245	436	602
Total Cost of Revenue	47	64	192	193	320	395
Operating Cost of Revenue	47	64	192	193	320	395
Total Operating Expenses	43	100	154	229	306	436
Selling, General & Admin Expense	24	58	89	110	132	165
Research & Development Expense	19	42	65	119	174	271
Total Other Income / (Expense), net	0.41	-23	2.26	-1.00	0.39	2.94
Interest Expense	-	-	-	18	26	26
Interest & Investment Income	0.22	-6.13	-7.80	13	22	26
Other Income / (Expense), net	0.19	-17	10	3.25	4.34	3.92
Income Tax Expense	0.47	-7.52	3.00	3.65	0.76	-28
Basic Earnings per Share	($0.73)	($0.56)	($0.29)	($0.38)	($0.38)	($0.37)
Weighted Average Basic Shares Outstanding	75.41M	209.90M	466.21M	481.77M	495.93M	530.66M
Diluted Earnings per Share	($0.73)	($0.56)	($0.29)	($0.38)	($0.38)	($0.37)
Weighted Average Diluted Shares Outstanding	75.41M	209.90M	466.21M	481.77M	495.93M	530.66M
Weighted Average Basic & Diluted Shares Outstanding	75.41M	209.90M	477.65M	489.14M	453.55M	567.45M

This table shows Rocket Lab's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-46	-41	-50	-44	-42	-52	-52	-61	-66	-18	-53
Consolidated Net Income / (Loss)	-46	-41	-50	-44	-42	-52	-52	-61	-66	-18	-53
Net Income / (Loss) Continuing Operations	-46	-41	-50	-44	-42	-52	-52	-61	-66	-18	-53
Total Pre-Tax Income	-45	-39	-49	-44	-42	-51	-52	-61	-63	-59	-42
Total Operating Income	-45	-39	-48	-43	-43	-52	-52	-59	-60	-59	-51
Total Gross Profit	15	15	15	24	27	28	37	35	46	57	68
Total Revenue	62	68	60	93	106	105	132	123	144	155	180
Operating Revenue	62	68	60	93	106	105	132	123	144	155	180
Total Cost of Revenue	47	53	44	69	79	77	96	87	98	98	111
Operating Cost of Revenue	47	53	44	69	79	77	96	87	98	98	111
Total Operating Expenses	60	54	63	67	70	80	88	94	106	116	119
Selling, General & Admin Expense	29	27	26	29	31	32	40	39	40	46	40
Research & Development Expense	31	27	37	39	40	48	48	55	66	71	79
Total Other Income / (Expense), net	0.03	-0.36	-1.60	-1.18	0.78	0.90	-0.12	-2.24	-3.84	-0.38	9.40
Interest & Investment Income	-0.75	-1.41	-1.41	-0.90	-0.82	-0.45	-1.78	-2.59	-2.37	-0.59	31
Other Income / (Expense), net	0.78	1.06	-0.20	-0.28	1.61	1.36	1.66	0.35	-1.47	0.21	4.83
Income Tax Expense	0.76	1.35	1.01	0.01	-0.86	0.94	0.68	-0.81	2.94	-41	11
Basic Earnings per Share	($0.10)	($0.08)	($0.10)	($0.09)	($0.08)	($0.10)	($0.11)	($0.12)	($0.13)	($0.03)	($0.09)
Weighted Average Basic Shares Outstanding	479.74M	484.03M	481.77M	489.99M	494.19M	497.70M	495.93M	505.61M	515.09M	528.73M	530.66M
Diluted Earnings per Share	($0.10)	($0.08)	($0.10)	($0.09)	($0.08)	($0.10)	($0.11)	($0.12)	($0.13)	($0.03)	($0.09)
Weighted Average Diluted Shares Outstanding	479.74M	484.03M	481.77M	489.99M	494.19M	497.70M	495.93M	505.61M	515.09M	528.73M	530.66M
Weighted Average Basic & Diluted Shares Outstanding	483.33M	485.89M	489.14M	492.78M	496.64M	499.91M	453.55M	461.43M	479.36M	534.16M	567.45M

This table details how cash moves in and out of Rocket Lab's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-44	638	-446	-79	109	558
Net Cash From Operating Activities	-28	-72	-107	-99	-49	-166
Net Cash From Continuing Operating Activities	-28	-72	-107	-99	-49	-166
Net Income / (Loss) Continuing Operations	-55	-117	-136	-183	-190	-198
Consolidated Net Income / (Loss)	-55	-117	-136	-183	-190	-198
Depreciation Expense	9.34	11	30	30	34	44
Amortization Expense	0.00	1.55	1.43	-1.67	0.19	0.90
Non-Cash Adjustments To Reconcile Net Income	15	52	61	88	11	69
Changes in Operating Assets and Liabilities, net	3.05	-19	-63	-33	96	-81
Net Cash From Investing Activities	-37	-92	-346	12	-98	-347
Net Cash From Continuing Investing Activities	-37	-92	-346	12	-98	-347
Purchase of Property, Plant & Equipment	-25	-26	-42	-55	-67	-156
Acquisitions	-12	-66	-66	-19	0.00	-132
Purchase of Investments	0.00	0.00	-260	-207	-162	-275
Sale of Property, Plant & Equipment	-	-	0.00	3.66	13	0.40
Sale and/or Maturity of Investments	0.00	0.00	22	269	116	213
Other Investing Activities, net	-	0.00	0.00	20	2.14	3.38
Net Cash From Financing Activities	21	800	2.04	7.37	257	1,071
Net Cash From Continuing Financing Activities	21	800	2.04	7.37	257	1,071
Repayment of Debt	0.00	0.00	4.38	-104	-64	-77
Repurchase of Common Equity	0.00	0.00	-31	-16	-35	-113
Issuance of Debt	0.00	99	0.00	110	5.68	27
Issuance of Preferred Equity	21	-	0.00	0.00	355	0.00
Issuance of Common Equity	-	-	-	0.00	0.00	1,120
Other Financing Activities, net	0.98	701	29	17	-4.74	116
Effect of Exchange Rate Changes	-	2.13	4.37	0.04	-0.60	-0.11
Cash Interest Paid	0.00	3.99	11	16	16	25
Cash Income Taxes Paid	-0.30	1.84	2.67	0.77	0.27	0.85

This table details how cash moves in and out of Rocket Lab's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-11	-56	22	203	-25	-48	-21	33	261	244	21
Net Cash From Operating Activities	-6.06	-25	-42	-2.59	-13	-31	-2.39	-54	-23	-24	-65
Net Cash From Continuing Operating Activities	-6.05	-25	-42	-2.59	-13	-31	-2.39	-54	-23	-24	-65
Net Income / (Loss) Continuing Operations	-46	-41	-50	-44	-42	-52	-52	-61	-66	-18	-53
Consolidated Net Income / (Loss)	-46	-41	-50	-44	-42	-52	-52	-61	-66	-18	-53
Depreciation Expense	6.75	7.79	8.17	8.31	8.11	8.10	9.14	8.71	8.76	12	15
Amortization Expense	-0.25	-0.55	-0.43	-0.20	0.05	0.15	0.19	0.27	0.32	0.36	-0.06
Non-Cash Adjustments To Reconcile Net Income	12	20	44	14	10	-18	81	23	30	20	-5.22
Changes in Operating Assets and Liabilities, net	21	-12	-44	20	10	30	-40	-26	3.60	-38	-21
Net Cash From Investing Activities	-6.22	-32	61	-52	-11	-17	-18	-29	-7.42	-207	-104
Net Cash From Continuing Investing Activities	-6.22	-32	61	-52	-11	-17	-18	-29	-7.42	-207	-104
Purchase of Property, Plant & Equipment	-11	-21	-10	-19	-15	-11	-22	-29	-32	-46	-50
Purchase of Investments	-56	-75	-	-79	-34	-36	-13	-85	-44	-59	-88
Sale and/or Maturity of Investments	76	65	50	46	28	29	13	85	68	30	30
Net Cash From Financing Activities	1.95	0.86	2.51	259	-1.76	-0.44	0.18	116	291	476	190
Net Cash From Continuing Financing Activities	1.95	0.86	2.51	259	-1.76	-0.44	0.18	116	291	476	190
Repayment of Debt	-	-	-104	-54	-3.59	-3.03	46	-3.17	-8.31	-3.90	-62
Repurchase of Common Equity	-5.05	-5.38	-3.37	-5.16	-4.32	-5.69	-20	-17	-24	-25	-48
Issuance of Debt	1.32	1.26	106	0.51	2.16	1.43	-4.10	27	2.60	4.63	-7.75
Issuance of Common Equity	-	-	-	0.00	-	-	-	91	296	458	274
Other Financing Activities, net	5.68	4.99	3.67	-37	3.98	6.84	-22	17	24	42	33
Effect of Exchange Rate Changes	-0.61	0.04	0.48	-0.52	0.38	0.90	-1.36	0.27	0.86	-1.21	-0.02
Cash Interest Paid	3.63	3.69	4.81	2.27	2.32	9.65	2.05	9.58	2.72	9.59	2.66
Cash Income Taxes Paid	0.07	0.19	0.20	0.03	0.38	0.08	-0.21	0.21	0.21	0.15	0.28

This table presents Rocket Lab's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	188	981	989	941	1,184	2,324
Total Current Assets	93	775	662	477	693	1,366
Cash & Equivalents	53	691	243	163	271	829
Short-Term Investments	-	0.00	229	82	148	188
Accounts Receivable	2.73	14	37	35	36	39
Inventories, net	26	48	92	108	119	158
Prepaid Expenses	9.41	19	52	67	55	90
Other Current Assets	2.05	2.49	9.45	22	63	62
Plant, Property, & Equipment, net	50	65	102	145	195	319
Total Noncurrent Assets	45	141	225	319	297	639
Long-Term Investments	-	0.00	9.19	79	61	82
Noncurrent Note & Lease Receivables	-	0.00	16	15	14	14
Goodwill	3.13	43	71	71	71	206
Intangible Assets	11	57	80	68	59	225
Noncurrent Deferred & Refundable Income Taxes	2.40	5.86	3.90	3.50	3.01	1.90
Other Noncurrent Operating Assets	28	34	46	82	89	111
Total Liabilities & Shareholders' Equity	188	981	989	941	1,184	2,324
Total Liabilities	80	282	316	387	802	603
Total Current Liabilities	48	96	163	223	340	334
Short-Term Debt	0.00	2.83	2.91	18	12	0.00
Accounts Payable	3.37	3.49	12	29	53	73
Accrued Expenses	6.57	11	8.72	5.59	19	19
Current Deferred Revenue	-	-	108	139	216	195
Current Employee Benefit Liabilities	4.58	8.27	8.63	16	21	26
Other Current Liabilities	34	71	22	15	18	21
Total Noncurrent Liabilities	31	186	153	163	462	268
Long-Term Debt	0.00	97	100	88	389	154
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	0.47	0.10	0.43	0.89	1.24
Other Noncurrent Operating Liabilities	31	88	53	75	72	113
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	108	698	673	555	382	1,722
Total Preferred & Common Equity	-167	698	673	555	382	1,722
Preferred Stock	275	-	0.00	0.00	0.00	0.01
Total Common Equity	-167	698	673	555	382	1,722
Common Stock	20	1,002	1,113	1,177	1,199	2,736
Retained Earnings	-188	-305	-441	-624	-814	-1,012
Treasury Stock	-	-	-	-	0.00	0.00
Accumulated Other Comprehensive Income / (Loss)	1.06	1.31	1.14	1.54	-2.81	-1.96

This table presents Rocket Lab's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	1,001	991	981	950	1,182	1,189	1,153	1,255	1,553	2,221
Total Current Assets	699	635	560	506	726	752	695	725	1,006	1,316
Cash & Equivalents	333	208	197	141	366	341	292	303	564	808
Short-Term Investments	169	190	144	148	127	156	150	125	124	169
Accounts Receivable	58	51	25	23	31	50	22	39	62	59
Inventories, net	86	98	102	102	100	105	114	126	130	145
Prepaid Expenses	44	63	64	68	79	81	67	71	74	83
Other Current Assets	9.06	24	28	24	23	19	49	61	52	53
Plant, Property, & Equipment, net	94	96	120	136	148	156	171	214	250	278
Total Noncurrent Assets	208	260	301	308	308	281	287	316	297	627
Long-Term Investments	9.75	48	74	82	69	46	61	84	61	46
Noncurrent Note & Lease Receivables	16	15	15	15	15	15	15	14	14	14
Goodwill	60	71	71	71	71	71	71	71	71	218
Intangible Assets	83	76	73	70	67	64	62	56	54	232
Noncurrent Deferred & Refundable Income Taxes	3.24	3.50	3.64	3.28	3.35	1.57	1.42	3.77	2.10	0.00
Other Noncurrent Operating Assets	37	45	64	66	84	83	77	87	95	117
Total Liabilities & Shareholders' Equity	1,001	991	981	950	1,182	1,189	1,153	1,255	1,553	2,221
Total Liabilities	311	351	370	365	703	733	733	824	865	940
Total Current Liabilities	161	197	306	304	232	266	269	348	376	414
Short-Term Debt	2.89	2.93	104	105	11	11	12	20	17	17
Accounts Payable	13	23	26	25	26	26	42	70	71	61
Accrued Expenses	9.59	8.68	6.49	6.00	9.09	12	8.06	12	23	18
Current Deferred Revenue	113	126	135	134	151	184	167	207	223	208
Current Employee Benefit Liabilities	8.56	12	14	15	14	14	19	22	24	82
Other Current Liabilities	14	25	20	19	22	19	20	16	18	28
Total Noncurrent Liabilities	149	154	65	61	471	467	464	476	488	526
Long-Term Debt	99	101	0.00	0.00	53	50	47	404	400	398
Noncurrent Deferred & Payable Income Tax Liabilities	0.02	0.17	0.24	0.31	0.53	0.62	0.73	1.03	1.18	3.01
Other Noncurrent Operating Liabilities	50	53	64	61	417	416	416	71	87	125
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	700	640	611	586	479	455	420	431	688	1,281
Total Preferred & Common Equity	691	640	611	586	479	455	420	431	688	1,281
Preferred Stock	-	-	-	-	-	-	-	0.01	0.01	0.01
Total Common Equity	700	640	611	586	479	455	420	431	688	1,281
Common Stock	1,099	1,126	1,145	1,161	1,149	1,165	1,179	1,308	1,629	2,242
Retained Earnings	-404	-487	-532	-573	-668	-709	-761	-874	-941	-959
Treasury Stock	-	-	-	-	-	-	-	0.00	0.00	0.00
Accumulated Other Comprehensive Income / (Loss)	4.36	0.57	-1.76	-2.38	-1.80	-0.78	2.31	-2.37	0.71	-2.06

This table displays calculated financial ratios and metrics derived from Rocket Lab's official financial filings.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	534,156,333.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	534,156,333.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-0.37
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	77.01%	239.02%	15.92%	78.34%	37.96%
EBITDA Growth	0.00%	-134.06%	11.80%	-56.34%	-3.42%	-18.78%
EBIT Growth	0.00%	-116.78%	-5.42%	-39.57%	-6.17%	-21.28%
NOPAT Growth	0.00%	-85.71%	-32.48%	-31.59%	-6.68%	-20.57%
Net Income Growth	0.00%	-113.29%	-15.87%	-34.30%	-4.17%	-4.22%
EPS Growth	0.00%	23.29%	48.21%	-31.03%	0.00%	2.63%
Operating Cash Flow Growth	0.00%	-158.64%	-48.40%	7.20%	50.55%	-238.56%
Free Cash Flow Firm Growth	0.00%	0.00%	-128.34%	41.44%	38.73%	-525.26%
Invested Capital Growth	0.00%	94.04%	174.29%	13.79%	-9.41%	155.42%
Revenue Q/Q Growth	0.00%	0.00%	13.01%	3.48%	19.90%	8.52%
EBITDA Q/Q Growth	0.00%	0.00%	-53.72%	-8.21%	-0.14%	4.78%
EBIT Q/Q Growth	0.00%	0.00%	-41.54%	-6.56%	-0.99%	1.61%
NOPAT Q/Q Growth	0.00%	0.00%	-10.54%	-6.37%	-1.97%	0.22%
Net Income Q/Q Growth	0.00%	0.00%	-42.29%	-7.85%	-0.98%	-0.29%
EPS Q/Q Growth	0.00%	0.00%	-1,066.67%	-5.56%	-2.70%	5.13%
Operating Cash Flow Q/Q Growth	0.00%	-27.70%	2.71%	-30.78%	44.89%	-60.11%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-5.24%	-147.00%	26.31%
Invested Capital Q/Q Growth	0.00%	0.00%	5.19%	4.78%	1,308.69%	15.40%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	-33.61%	-3.04%	9.00%	21.02%	26.63%	34.43%
EBITDA Margin	-129.19%	-170.82%	-44.44%	-59.93%	-34.76%	-29.93%
Operating Margin	-156.29%	-163.97%	-64.08%	-72.74%	-43.51%	-38.03%
EBIT Margin	-155.75%	-190.74%	-59.31%	-71.41%	-42.52%	-37.37%
Profit (Net Income) Margin	-156.44%	-188.51%	-64.43%	-74.64%	-43.60%	-32.94%
Tax Burden Percent	100.86%	93.98%	102.26%	102.04%	100.40%	87.74%
Interest Burden Percent	99.59%	105.16%	106.23%	102.43%	102.13%	100.43%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-69.36%	-87.61%	-46.99%	-39.47%	-41.51%	-29.63%
ROIC Less NNEP Spread (ROIC-NNEP)	-38.03%	-73.36%	-38.47%	-20.02%	-2.90%	-22.19%
Return on Net Nonoperating Assets (RNNOA)	18.55%	58.53%	27.17%	9.73%	0.92%	10.79%
Return on Equity (ROE)	-50.81%	-29.09%	-19.82%	-29.74%	-40.59%	-18.84%
Cash Return on Invested Capital (CROIC)	0.00%	-151.58%	-140.13%	-52.37%	-31.63%	-117.08%
Operating Return on Assets (OROA)	-29.15%	-20.31%	-12.71%	-18.10%	-17.45%	-12.82%
Return on Assets (ROA)	-29.28%	-20.08%	-13.80%	-18.92%	-17.89%	-11.30%
Return on Common Equity (ROCE)	78.25%	-19.17%	-19.82%	-29.74%	-40.59%	-18.84%
Return on Equity Simple (ROE_SIMPLE)	32.99%	-16.80%	-20.19%	-32.92%	-49.73%	0.00%
Net Operating Profit after Tax (NOPAT)	-38	-71	-95	-125	-133	-160
NOPAT Margin	-109.40%	-114.78%	-44.86%	-50.92%	-30.46%	-26.62%
Net Nonoperating Expense Percent (NNEP)	-31.33%	-14.26%	-8.53%	-19.45%	-38.61%	-7.43%
Return On Investment Capital (ROIC_SIMPLE)	-35.53%	-8.95%	-12.19%	-18.87%	-16.95%	-8.54%
Cost of Revenue to Revenue	133.61%	103.04%	91.00%	78.98%	73.37%	65.57%
SG&A Expenses to Revenue	68.24%	93.83%	42.19%	45.08%	30.16%	27.47%
R&D to Revenue	54.44%	67.11%	30.89%	48.67%	39.98%	44.98%
Operating Expenses to Revenue	122.68%	160.93%	73.08%	93.76%	70.14%	72.45%
Earnings before Interest and Taxes (EBIT)	-55	-119	-125	-175	-185	-225
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-45	-106	-94	-147	-152	-180
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	7.90	2.65	4.85	33.29	21.64
Price to Tangible Book Value (P/TBV)	0.00	9.23	3.41	6.47	50.37	28.86
Price to Revenue (P/Rev)	10.93	88.63	8.46	10.99	29.19	61.92
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	10.93	45.77	4.76	7.35	41.59	46.73
Enterprise Value to Revenue (EV/Rev)	17.25	79.14	6.66	10.09	29.01	60.35
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.14	0.15	0.19	1.05	0.09
Long-Term Debt to Equity	0.00	0.14	0.15	0.16	1.02	0.09
Financial Leverage	-0.49	-0.80	-0.71	-0.49	-0.32	-0.49
Leverage Ratio	1.74	1.45	1.44	1.57	2.27	1.67
Compound Leverage Factor	1.73	1.52	1.53	1.61	2.32	1.67
Debt to Total Capital	0.00%	12.54%	13.26%	15.96%	51.21%	8.22%
Short-Term Debt to Total Capital	0.00%	0.35%	0.37%	2.69%	1.54%	0.00%
Long-Term Debt to Total Capital	0.00%	12.18%	12.89%	13.27%	49.68%	8.22%
Preferred Equity to Total Capital	254.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-154.00%	87.46%	86.74%	84.04%	48.79%	91.78%
Debt to EBITDA	0.00	-0.94	-1.10	-0.72	-2.65	-0.86
Net Debt to EBITDA	0.00	5.56	4.03	1.49	0.52	5.25
Long-Term Debt to EBITDA	0.00	-0.92	-1.07	-0.60	-2.57	-0.86
Debt to NOPAT	0.00	-1.40	-1.09	-0.85	-3.02	-0.96
Net Debt to NOPAT	0.00	8.27	3.99	1.76	0.59	5.90
Long-Term Debt to NOPAT	0.00	-1.36	-1.06	-0.70	-2.93	-0.96
Altman Z-Score	1.01	11.78	3.17	3.21	8.77	36.96
Noncontrolling Interest Sharing Ratio	254.00%	34.08%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	1.92	8.04	4.06	2.13	2.04	4.08
Quick Ratio	1.15	7.32	3.12	1.25	1.34	3.16
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-124	-282	-165	-101	-633
Operating Cash Flow to CapEx	-110.49%	-279.35%	-251.20%	-193.68%	-89.62%	-106.18%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	-23.90
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	-6.25
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-12.13
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.19	0.11	0.21	0.25	0.41	0.34
Accounts Receivable Turnover	12.88	7.46	8.35	6.82	12.18	15.95
Inventory Turnover	1.80	1.73	2.74	1.93	2.82	2.84
Fixed Asset Turnover	0.71	1.08	2.53	1.98	2.56	2.34
Accounts Payable Turnover	13.95	18.71	24.66	9.34	7.77	6.28
Days Sales Outstanding (DSO)	28.34	48.93	43.70	53.53	29.96	22.88
Days Inventory Outstanding (DIO)	203.06	210.70	133.24	189.07	129.40	128.33
Days Payable Outstanding (DPO)	26.17	19.51	14.80	39.10	46.96	58.16
Cash Conversion Cycle (CCC)	205.23	240.12	162.15	203.50	112.39	93.05
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	55	108	295	336	304	777
Invested Capital Turnover	0.63	0.76	1.05	0.78	1.36	1.11
Increase / (Decrease) in Invested Capital	0.00	52	188	41	-32	473
Enterprise Value (EV)	606	4,925	1,406	2,468	12,655	36,318
Market Capitalization	384	5,516	1,784	2,687	12,733	37,263
Book Value per Share	($4.39)	$1.55	$1.42	$1.14	$0.77	$3.22
Tangible Book Value per Share	($4.77)	$1.33	$1.10	$0.86	$0.51	$2.42
Total Capital	108	799	776	660	784	1,876
Total Debt	0.00	100	103	105	401	154
Total Long-Term Debt	0.00	97	100	88	389	154
Net Debt	-53	-591	-378	-219	-78	-945
Capital Expenditures (CapEx)	25	26	42	51	55	156
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8.10	-9.68	30	26	-54	14
Debt-free Net Working Capital (DFNWC)	45	681	502	271	365	1,031
Net Working Capital (NWC)	45	678	499	253	353	1,031
Net Nonoperating Expense (NNE)	17	46	41	58	57	38
Net Nonoperating Obligations (NNO)	-53	-591	-378	-219	-78	-945
Total Depreciation and Amortization (D&A)	9.34	12	31	28	34	45
Debt-free, Cash-free Net Working Capital to Revenue	-23.03%	-15.55%	14.44%	10.77%	-12.34%	2.41%
Debt-free Net Working Capital to Revenue	127.12%	1,094.66%	238.04%	110.84%	83.71%	171.33%
Net Working Capital to Revenue	127.12%	1,090.12%	236.67%	103.58%	80.95%	171.33%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.56)	($0.29)	($0.38)	($0.38)	($0.37)
Adjusted Weighted Average Basic Shares Outstanding	0.00	464.78M	466.21M	481.77M	495.93M	530.66M
Adjusted Diluted Earnings per Share	$0.00	($0.56)	($0.29)	($0.38)	($0.38)	($0.37)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	464.78M	466.21M	481.77M	495.93M	530.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	($0.56)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	209.90M	477.65M	489.14M	453.55M	567.45M
Normalized Net Operating Profit after Tax (NOPAT)	-38	-71	-95	-125	-133	-160
Normalized NOPAT Margin	-109.40%	-114.78%	-44.86%	-50.92%	-30.46%	-26.62%
Pre Tax Income Margin	-155.11%	-200.59%	-63.01%	-73.15%	-43.42%	-37.54%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	-8.49
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	-6.05
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-14.38
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-11.93
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-22.92%	-8.61%	-18.58%	-57.26%

This table displays calculated financial ratios and metrics derived from Rocket Lab's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	534,156,333.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	534,156,333.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.85%	7.30%	15.90%	68.99%	71.25%	54.90%	120.68%	32.13%	36.00%	47.97%	35.70%
EBITDA Growth	-31.95%	-31.24%	-38.07%	6.78%	11.54%	-38.40%	-0.53%	-41.48%	-55.27%	-10.35%	22.28%
EBIT Growth	-19.77%	-20.27%	-28.81%	2.36%	6.12%	-33.70%	-3.77%	-35.72%	-46.65%	-16.26%	7.37%
NOPAT Growth	-36.19%	-21.43%	-28.64%	6.38%	4.17%	-33.56%	-7.66%	-37.39%	-37.82%	-13.62%	0.98%
Net Income Growth	-22.64%	-17.21%	-35.72%	2.97%	9.28%	-28.03%	-3.66%	-36.95%	-59.53%	64.85%	-1.10%
EPS Growth	-25.00%	-14.29%	-25.00%	10.00%	20.00%	-25.00%	-10.00%	-33.33%	-62.50%	70.00%	18.18%
Operating Cash Flow Growth	84.15%	-9.58%	-122.83%	89.81%	-114.38%	-22.67%	94.35%	-1,995.25%	-78.78%	23.91%	-2,603.44%
Free Cash Flow Firm Growth	-69.53%	79.34%	65.25%	388.24%	598.79%	560.80%	93.97%	-241.24%	-243.02%	-339.13%	-11,272.39%
Invested Capital Growth	10.22%	14.23%	13.79%	-106.20%	-108.85%	-107.85%	-9.41%	1,961.71%	1,438.88%	2,775.15%	155.42%
Revenue Q/Q Growth	13.02%	9.05%	-11.34%	54.63%	14.54%	-1.36%	26.31%	-7.42%	17.89%	7.32%	15.84%
EBITDA Q/Q Growth	-0.18%	19.32%	-32.03%	12.64%	4.94%	-26.23%	4.10%	-22.93%	-4.33%	10.29%	32.45%
EBIT Q/Q Growth	0.05%	14.83%	-27.19%	9.83%	3.90%	-21.30%	1.28%	-17.94%	-3.84%	3.84%	21.35%
NOPAT Q/Q Growth	1.86%	13.95%	-23.22%	10.03%	-0.45%	-19.93%	0.67%	-14.82%	-0.76%	1.12%	13.44%
Net Income Q/Q Growth	-0.60%	11.60%	-24.48%	12.35%	5.94%	-24.76%	-0.78%	-15.80%	-9.57%	72.51%	-189.87%
EPS Q/Q Growth	0.00%	20.00%	-25.00%	10.00%	11.11%	-25.00%	-10.00%	-9.09%	-8.33%	76.92%	-200.00%
Operating Cash Flow Q/Q Growth	76.11%	-315.58%	-67.52%	93.87%	-402.32%	-137.81%	92.28%	-2,171.68%	57.14%	-1.21%	-174.33%
Free Cash Flow Firm Q/Q Growth	39.93%	-12.92%	-10.54%	484.40%	3.96%	4.31%	-101.45%	-8,910.03%	-5.27%	-74.41%	31.26%
Invested Capital Q/Q Growth	1.10%	6.74%	4.78%	-105.49%	-44.23%	5.29%	1,308.69%	12.76%	3.72%	89.23%	15.40%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.52%	22.12%	25.82%	26.06%	25.56%	26.71%	27.81%	28.76%	32.10%	36.96%	37.98%
EBITDA Margin	-61.05%	-45.16%	-67.26%	-38.00%	-31.54%	-40.35%	-30.64%	-40.68%	-36.00%	-30.10%	-17.55%
Operating Margin	-72.78%	-57.43%	-79.82%	-46.44%	-40.73%	-49.52%	-38.94%	-48.29%	-41.27%	-38.02%	-28.41%
EBIT Margin	-71.53%	-55.87%	-80.15%	-46.74%	-39.22%	-48.22%	-37.69%	-48.01%	-42.29%	-37.89%	-25.72%
Profit (Net Income) Margin	-73.96%	-59.96%	-84.17%	-47.71%	-39.18%	-49.56%	-39.54%	-49.45%	-45.96%	-11.77%	-29.46%
Tax Burden Percent	101.69%	103.45%	102.04%	100.01%	97.98%	101.85%	101.31%	98.68%	104.63%	30.76%	127.08%
Interest Burden Percent	101.68%	103.74%	102.92%	102.07%	101.98%	100.90%	103.56%	104.39%	103.88%	101.00%	90.11%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-41.23%	-31.61%	-43.31%	-65.91%	-68.05%	-85.39%	-37.15%	-97.04%	-88.48%	-45.54%	-22.14%
ROIC Less NNEP Spread (ROIC-NNEP)	-37.43%	-27.71%	-37.62%	-62.56%	-65.19%	-80.99%	-26.19%	-90.49%	-82.43%	-49.91%	-18.77%
Return on Net Nonoperating Assets (RNNOA)	21.25%	14.75%	18.28%	46.98%	48.45%	57.20%	8.30%	58.21%	58.69%	30.89%	9.13%
Return on Equity (ROE)	-19.99%	-16.87%	-25.03%	-18.93%	-19.60%	-28.18%	-28.85%	-38.83%	-29.79%	-14.65%	-13.01%
Cash Return on Invested Capital (CROIC)	-48.93%	-52.24%	-52.37%	0.00%	0.00%	0.00%	-31.63%	-147.38%	-151.19%	-127.58%	-117.08%
Operating Return on Assets (OROA)	-16.69%	-13.53%	-20.31%	-12.15%	-11.81%	-16.68%	-15.47%	-18.36%	-15.55%	-12.45%	-8.82%
Return on Assets (ROA)	-17.26%	-14.52%	-21.33%	-12.40%	-11.80%	-17.14%	-16.23%	-18.91%	-16.91%	-3.87%	-10.10%
Return on Common Equity (ROCE)	-19.99%	-16.87%	-25.03%	-18.93%	-19.60%	-28.18%	-28.85%	-38.83%	-29.79%	-14.65%	-13.01%
Return on Equity Simple (ROE_SIMPLE)	-26.73%	-28.90%	0.00%	-37.84%	-38.88%	-44.86%	0.00%	-47.89%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-32	-27	-34	-30	-30	-36	-36	-41	-42	-41	-36
NOPAT Margin	-50.95%	-40.20%	-55.87%	-32.51%	-28.51%	-34.66%	-27.26%	-33.80%	-28.89%	-26.62%	-19.89%
Net Nonoperating Expense Percent (NNEP)	-3.80%	-3.91%	-5.69%	-3.36%	-2.86%	-4.40%	-10.96%	-6.55%	-6.06%	4.37%	-3.36%
Return On Investment Capital (ROIC_SIMPLE)	-4.42%	-3.94%	-5.08%	-5.56%	-5.86%	-7.59%	-4.60%	-4.84%	-3.78%	-2.43%	-1.90%
Cost of Revenue to Revenue	76.48%	77.88%	74.18%	73.94%	74.44%	73.29%	72.19%	71.24%	67.90%	63.04%	62.02%
SG&A Expenses to Revenue	46.28%	40.20%	43.15%	30.99%	28.73%	30.70%	30.30%	32.08%	27.61%	29.40%	22.54%
R&D to Revenue	50.02%	39.35%	62.49%	41.51%	37.56%	45.53%	36.45%	44.96%	45.77%	45.59%	43.85%
Operating Expenses to Revenue	96.30%	79.55%	105.64%	72.50%	66.29%	76.23%	66.75%	77.05%	73.38%	74.98%	66.39%
Earnings before Interest and Taxes (EBIT)	-44	-38	-48	-43	-42	-51	-50	-59	-61	-59	-46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-38	-31	-40	-35	-34	-42	-41	-50	-52	-47	-32
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.70	3.61	4.85	4.17	5.20	11.51	33.29	18.80	23.97	17.93	21.64
Price to Tangible Book Value (P/TBV)	6.15	4.76	6.47	5.85	7.39	16.82	50.37	26.67	29.29	27.63	28.86
Price to Revenue (P/Rev)	12.39	8.96	10.99	7.07	7.24	13.28	29.19	17.40	32.73	41.41	61.92
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	8.53	5.78	7.35	0.00	0.00	0.00	41.59	23.38	45.45	33.20	46.73
Enterprise Value to Revenue (EV/Rev)	11.05	7.83	10.09	5.31	5.77	12.06	29.01	17.21	32.07	40.32	60.35
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	7.77	9.16	20.37	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.17	0.18	0.19	0.13	0.13	0.14	1.05	0.98	0.61	0.32	0.09
Long-Term Debt to Equity	0.00	0.00	0.16	0.11	0.11	0.11	1.02	0.94	0.58	0.31	0.09
Financial Leverage	-0.57	-0.53	-0.49	-0.75	-0.74	-0.71	-0.32	-0.64	-0.71	-0.62	-0.49
Leverage Ratio	1.50	1.52	1.57	1.94	2.04	2.09	2.27	2.68	2.40	1.98	1.67
Compound Leverage Factor	1.52	1.58	1.62	1.98	2.08	2.11	2.35	2.79	2.49	2.00	1.50
Debt to Total Capital	14.59%	15.21%	15.96%	11.74%	11.89%	12.26%	51.21%	49.58%	37.70%	24.49%	8.22%
Short-Term Debt to Total Capital	14.59%	15.21%	2.69%	2.03%	2.20%	2.46%	1.54%	2.40%	1.49%	1.01%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	13.27%	9.71%	9.69%	9.80%	49.68%	47.19%	36.21%	23.48%	8.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	85.41%	84.79%	84.04%	88.26%	88.11%	87.74%	48.79%	50.42%	62.30%	75.51%	91.78%
Debt to EBITDA	-0.81	-0.78	-0.72	-0.44	-0.44	-0.39	-2.65	-2.55	-2.26	-2.20	-0.86
Net Debt to EBITDA	2.42	1.96	1.49	3.45	3.45	2.94	0.52	0.53	1.80	3.21	5.25
Long-Term Debt to EBITDA	0.00	0.00	-0.60	-0.37	-0.36	-0.31	-2.57	-2.43	-2.17	-2.11	-0.86
Debt to NOPAT	-0.93	-0.90	-0.85	-0.52	-0.51	-0.45	-3.02	-2.94	-2.68	-2.59	-0.96
Net Debt to NOPAT	2.77	2.27	1.76	4.06	3.98	3.42	0.59	0.61	2.14	3.78	5.90
Long-Term Debt to NOPAT	0.00	0.00	-0.70	-0.43	-0.41	-0.36	-2.93	-2.80	-2.57	-2.48	-0.96
Altman Z-Score	4.29	3.01	3.66	1.53	1.75	3.64	9.15	5.51	11.29	14.70	37.22
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.83	1.67	2.13	3.12	2.82	2.58	2.04	2.08	2.67	3.18	4.08
Quick Ratio	1.20	1.02	1.25	2.25	2.05	1.73	1.34	1.34	1.99	2.50	3.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-59	-67	-74	285	297	309	-4.47	-403	-424	-740	-509
Operating Cash Flow to CapEx	-57.36%	-119.74%	-405.39%	-13.50%	-84.72%	-280.59%	-11.07%	-189.19%	-72.83%	-51.52%	-129.96%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.24	0.25	0.26	0.30	0.35	0.41	0.38	0.37	0.33	0.34
Accounts Receivable Turnover	7.09	5.87	6.82	6.90	8.64	16.19	12.18	13.21	8.98	13.65	15.95
Inventory Turnover	2.13	2.11	1.93	2.15	2.37	2.48	2.82	3.01	3.05	2.92	2.84
Fixed Asset Turnover	2.14	2.06	1.98	2.31	2.37	2.37	2.56	2.57	2.49	2.47	2.34
Accounts Payable Turnover	10.02	10.39	9.34	8.73	9.36	7.98	7.77	7.04	7.34	7.31	6.28
Days Sales Outstanding (DSO)	51.47	62.17	53.53	52.89	42.26	22.54	29.96	27.64	40.63	26.73	22.88
Days Inventory Outstanding (DIO)	171.04	173.23	189.07	169.76	154.10	147.11	129.40	121.47	119.74	125.00	128.33
Days Payable Outstanding (DPO)	36.43	35.14	39.10	41.81	39.00	45.74	46.96	51.82	49.72	49.95	58.16
Cash Conversion Cycle (CCC)	186.08	200.26	203.50	180.84	157.36	123.91	112.39	97.29	110.66	101.79	93.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	300	321	336	-18	-27	-25	304	343	356	673	777
Invested Capital Turnover	0.81	0.79	0.78	2.03	2.39	2.46	1.36	2.87	3.06	1.71	1.11
Increase / (Decrease) in Invested Capital	28	40	41	-315	-327	-346	-32	362	382	699	473
Enterprise Value (EV)	2,561	1,852	2,468	1,500	1,884	4,387	12,655	8,021	16,173	22,358	36,318
Market Capitalization	2,872	2,117	2,687	1,997	2,365	4,832	12,733	8,109	16,505	22,966	37,263
Book Value per Share	$1.28	$1.21	$1.14	$0.98	$0.92	$0.85	$0.77	$0.95	$1.49	$2.67	$3.22
Tangible Book Value per Share	$0.98	$0.92	$0.86	$0.70	$0.65	$0.58	$0.51	$0.67	$1.22	$1.73	$2.42
Total Capital	715	691	660	543	517	479	784	855	1,105	1,696	1,876
Total Debt	104	105	105	64	61	59	401	424	417	415	154
Total Long-Term Debt	0.00	0.00	88	53	50	47	389	404	400	398	154
Net Debt	-311	-265	-219	-497	-482	-445	-78	-88	-333	-608	-945
Capital Expenditures (CapEx)	11	21	10	19	15	11	22	29	32	46	50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	17	19	26	12	-0.02	-4.33	-54	-31	-42	-58	14
Debt-free Net Working Capital (DFNWC)	359	308	271	504	497	438	365	397	646	919	1,031
Net Working Capital (NWC)	254	202	253	493	485	426	353	377	630	902	1,031
Net Nonoperating Expense (NNE)	14	13	17	14	11	16	16	19	25	-23	17
Net Nonoperating Obligations (NNO)	-311	-265	-219	-497	-482	-445	-78	-88	-333	-608	-945
Total Depreciation and Amortization (D&A)	6.51	7.24	7.73	8.11	8.16	8.25	9.33	8.98	9.08	12	15
Debt-free, Cash-free Net Working Capital to Revenue	7.54%	8.12%	10.77%	4.12%	0.00%	-1.19%	-12.34%	-6.69%	-8.33%	-10.40%	2.41%
Debt-free Net Working Capital to Revenue	154.75%	130.14%	110.84%	178.49%	152.06%	120.41%	83.71%	85.24%	128.13%	165.73%	171.33%
Net Working Capital to Revenue	109.71%	85.67%	103.58%	174.59%	148.59%	117.17%	80.95%	80.84%	124.86%	162.65%	171.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.10)	($0.08)	($0.10)	($0.09)	($0.08)	($0.10)	($0.11)	($0.12)	($0.13)	($0.03)	($0.09)
Adjusted Weighted Average Basic Shares Outstanding	479.74M	484.03M	481.77M	489.99M	494.19M	497.70M	495.93M	505.61M	515.09M	528.73M	530.66M
Adjusted Diluted Earnings per Share	($0.10)	($0.08)	($0.10)	($0.09)	($0.08)	($0.10)	($0.11)	($0.12)	($0.13)	($0.03)	($0.09)
Adjusted Weighted Average Diluted Shares Outstanding	479.74M	484.03M	481.77M	489.99M	494.19M	497.70M	495.93M	505.61M	515.09M	528.73M	530.66M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	483.33M	485.89M	489.14M	492.78M	496.64M	499.91M	453.55M	461.43M	479.36M	534.16M	567.45M
Normalized Net Operating Profit after Tax (NOPAT)	-32	-27	-34	-30	-30	-36	-36	-41	-42	-41	-36
Normalized NOPAT Margin	-50.95%	-40.20%	-55.87%	-32.51%	-28.51%	-34.66%	-27.26%	-33.80%	-28.89%	-26.62%	-19.89%
Pre Tax Income Margin	-72.73%	-57.96%	-82.49%	-47.71%	-39.99%	-48.66%	-39.03%	-50.12%	-43.93%	-38.27%	-23.18%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-37.88%	-8.98%	-8.61%	-10.47%	-10.30%	-9.84%	-18.58%	-22.64%	-28.65%	-43.43%	-57.26%

Financials Breakdown Chart

Key Financial Trends

MarketBeat’s take on Rocket Lab (RKLB) using the last four years of quarterly results shows solid top-line growth in 2025, a notable gross-margin expansion, and a heavy but strategic reliance on financing activity to fund investment and liquidity. The company continues to post losses and negative operating cash flow, but improved liquidity from equity offerings has helped bolster the balance sheet and cash reserves. Here are the 10 most important trends, with positives listed first, then neutral, then negatives.

Revenue growth: Q4 2025 operating revenue rose to $179.652M, up from $132.388M in Q4 2024 and reflecting ongoing top-line expansion through 2025.
Gross margin expansion: Q4 2025 gross profit was $68.232M, yielding roughly 38% gross margin versus about 28% in Q4 2024, signaling improved profitability per dollar of revenue.
Substantial liquidity from financing: 2025 featured meaningful equity financing (e.g., $458.168M in Q3 2025 and $274.224M in Q4 2025) contributing to a total financing inflow of about $1.07B across the year.
Strong near-term liquidity: Cash and equivalents were about $808M at Q3 2025, up from around $303M in Q1 2025, indicating a robust liquidity cushion supported by equity financing.

Deferred revenue remains sizeable: Current deferred revenue hovered around $208–$223M in 2025, suggesting a portion of 2025 bookings may be recognized in future periods.
Debt levels are moderate: Long-term debt sits around $398–$400M with total liabilities under $1B in 2025, indicating manageable leverage given the liquidity boost.
Equity dilution risk: Large equity issuances (e.g., common stock issued in multiple quarters) have increased shares outstanding and could pressure EPS despite improving liquidity.

Persistent net losses: Net income attributable to common shareholders remained negative in all recent quarters (Q4 2025: -$52.922M; Q3 2025: -$18.257M; Q2 2025: -$66.414M; Q1 2025: -$60.616M), underscoring ongoing profitability challenges.
Negative operating cash flow: Net cash from operating activities was negative in the latest quarters (Q4 2025: -$64.531M; Q3 2025: -$23.523M), indicating the business has not yet generated positive cash flow from core operations.
Investing activity burn: Net cash used in investing activities remained meaningful (e.g., Q4 2025 investing around -$104.147M), highlighting continued aggressive investment that weighs on cash balance.

05/07/26 10:22 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Rocket Lab's Financials

When does Rocket Lab's fiscal year end?

According to the most recent income statement we have on file, Rocket Lab's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Rocket Lab's net income changed over the last 5 years?

Rocket Lab's net income appears to be on an upward trend, with a most recent value of -$198.21 million in 2025, rising from -$55.01 million in 2020. The previous period was -$190.18 million in 2024. See Rocket Lab's forecast for analyst expectations on whatâ€™s next for the company.

What is Rocket Lab's operating income?

Rocket Lab's total operating income in 2025 was -$228.84 million, based on the following breakdown:

Total Gross Profit: $207.18 million
Total Operating Expenses: $436.02 million

How has Rocket Lab's revenue changed over the last 5 years?

Over the last 5 years, Rocket Lab's total revenue changed from $35.16 million in 2020 to $601.80 million in 2025, a change of 1,611.6%.

How much debt does Rocket Lab have?

Rocket Lab's total liabilities were at $602.62 million at the end of 2025, a 24.8% decrease from 2024, and a 656.9% increase since 2020.

How much cash does Rocket Lab have?

In the past 5 years, Rocket Lab's cash and equivalents has ranged from $52.79 million in 2020 to $828.66 million in 2025, and is currently $828.66 million as of their latest financial filing in 2025.

How has Rocket Lab's book value per share changed over the last 5 years?

Over the last 5 years, Rocket Lab's book value per share changed from -4.39 in 2020 to 3.22 in 2025, a change of -173.5%.

Related Companies

Financial statements for NASDAQ:RKLB last updated on 3/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Rocket Lab (RKLB) Financials

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Rocket Lab (RKLB) Financials

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Quarterly Metrics And Ratios for Rocket Lab

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