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Rocket Lab Corp key statistics and ratios

In fiscal 2025, Rocket Lab Corp had return on equity of -18.8%, an operating margin of -38.0%, debt equal to 8.9% of equity and a current ratio of 4.08. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin−33.6%−3.0%9.0%21.0%26.6%34.4%37.3%
Operating margin−156.3%−164.0%−64.1%−72.7%−43.5%−38.0%−29.1%
Net margin−156.4%−188.5%−64.4%−74.6%−43.6%−32.9%−21.5%
Free-cash-flow margin−150.4%−156.6%−70.6%−62.8%−26.6%−53.5%−48.3%
Return on equity—−44.1%−19.8%−29.7%−40.6%−18.8%−6.3%
Return on assets−29.3%−20.1%−13.8%−18.9%−17.9%−11.3%−5.1%
Asset turnover0.190.110.210.250.410.340.24
Current ratio1.928.044.062.132.044.085.48
Debt to equity—14.3%15.3%19.0%90.3%8.9%0.4%
Interest cover (operating income ÷ interest)———n/mn/mn/m—
R&D as % of revenue54.4%67.1%30.9%48.7%40.0%45.0%40.6%
SG&A as % of revenue68.2%93.8%42.2%45.1%30.2%27.5%25.7%
Capital spending as % of revenue71.4%41.3%20.1%22.4%15.4%26.0%19.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 7 checks passed · June 30, 2026
What it owns · $4.2bn
Short-term assets $2.9bnLonger-term assets $1.3bn
What it owes, and who funded it · $4.2bn
Short-term liabilities $528mLonger-term liabilities $167mShareholders' equity $3.5bn
  • Short-term assets cover short-term liabilities $2.9bn of assets due within a year against $528m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.9bn short-term assets against $167m of longer-dated liabilities.
  • More cash than debt $2.1bn of cash against $2m of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 14% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt −$222m of operating cash flow against $2m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Rocket Lab Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

12 /100

Weak moat

How hard Rocket Lab's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -1.4% of total assets over 5 years.

  • Pricing power 0 / 20

    Gross margin has been a median 19.3%, moving by 14.6 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -61.1%; its worst year was -110.6%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -48.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Rocket Lab Corp's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Rocket Lab Corp.