Rocket Lab Corp

Leading small-launch franchise with a strong balance sheet and growing Space Systems backlog, still loss-making as it funds Neutron development.

Strengths

• Category-leading Electron franchise (75+ missions), $816M SDA award, $1.1B cash and ~13.7 quarters runway
• Decent gross margin (34%, 39th pct), ROA -8.5% (75th pct), near-zero leverage

Risks

• Still unprofitable: net margin -33%, FCF -$322M (3rd pct)
• Neutron first-stage tank qualification failure pushes first launch to Q4 2026, adding execution/schedule risk
• Heavy customer concentration and dependence on government funding

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Net lossNet loss (net margin -32.9%)
• Cash burnNegative free cash flow (-321.8M)
• Chronic dilutionShare count +86%/yr over 3y (dilution, book value/share -60%)
• Strong balance sheetStrong balance sheet — $1.1B cash & investments, ~14 quarters of runway