Rocket Lab USA Inc
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+ FollowMarket Cap$38.89B
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Earnings Call Q3 2026
November 9, 2026 - AI Summary
Record Q3 performance + strong growth + guidance beat
- Revenue: $267.8M (+73% YoY), above guidance ($250M–$265M).
- Sequential: +14.4% quarter-over-quarter (QoQ).
- Gross margin: GAAP 33.6% (above 29%–31% guidance), Non-GAAP 38.4% (above 35%–37%).
- Backlog: ended Q3 at ~$3.6B total backlog (+52% sequentially), with 117 launches + 55+ spacecraft.
Space Systems scaling fast (biggest driver of backlog growth)
- Q3 Space Systems revenue: $214.8M (+13.3% sequential), primarily from scaling satellites + full-quarter contributions from laser communications + robotics acquisitions.
- New contracts YTD: $688M (+319% vs 2025).
- Space Systems backlog: ~$1.7B (48% of total company backlog).
- Q3 Space Systems new contracts: $470M (+512% YoY).
- Operational throughput: 12 Rocket Lab-built satellites launched in past 12 months; 55+ spacecraft in development/build. Many teams exceeding targets.
Launch business demand surge + “price power” signals
- Q3 launch revenue: $53.1M (+19% QoQ), driven by Electron mission mix and timing (full launch value recognized at launch).
- Launch contracts: >$1B in launch contracts in Q3.
- Large bulk orders landed: 18 Haste launches for Space Force Systems Command + 20 Electron launches for Senspective.
- Neutron progress + backlog momentum: 8 Neutron missions signed in Q3 for ~$515M, including multiple missions at a new escalated base price of $70M.
- Electron milestone: approaching 100th launch within ~a week; reported 96% reliability across 99 launches.
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$-34.65
156.3% downside
Current Fair Value
156.3% downsideOvervalued by 156.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $38.89 Billion |
|---|---|
| Enterprise Value | $34.98 Billion |
| Earnings per Share | $-0.37 |
| Beta | 2.61 |
| Outstanding Shares | 652,263,684 |
Return
| Return on Equity | -3.91% |
|---|---|
| Return on Assets | -3.45% |
| Return on Invested Capital | -3.38% |
Valuation & Multiples
| P/E Ratio | -169.78 |
|---|---|
| PEG | -50.47 |
| Price to Sales | 61.53 |
| Price to Book Ratio | 7.69 |
| Enterprise Value to Revenue | 39.67 |
| Enterprise Value to EBIT | -173.61 |
| Enterprise Value to Net Income | -155 |
| Total Debt to Enterprise | 0.02 |
| Debt to Equity | 0.09 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 9, 2026
EPS
-$0.12
Est. -$0.07Revenue
$267.83 M
Est. $257.21 MNext Earnings Call
Expected Date
February 25, 2027
EPS Estimate
-$0.01
Consensus analyst estimateRevenue Estimate
$282.04 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.55, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.5525▲ 2.92% |
|---|---|
| Total Calls | 1,080,800▼ 97.83% |
| Total Puts | 597,100▼ 97.71% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 6.92%▼ 46.78% |
|---|---|
| Total Invested | $3.07B▼ 90.68% |
| Investors Holding | 581▼ 639.00% |
About Rocket Lab USA Inc
2,021 employees
Founded in 2006, Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, spacecraft components, satellites and other spacecraft and on-orbit management solutions...