Rocket Companies, Inc. is a US-listed company in the commercial & residential mortgage finance industry. Its financial year ends in December.
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~$7.9
Forward price-to-earnings vs peers
Base case. Range ~$6.2–$13. Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Rocket Companies, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Model value −25.4%
Revenue for the twelve months to September 2026 was $11.5bn, up 90.4% on a year earlier, slower than the 98.6% growth a quarter earlier. That growth ranks 1 of 13 among the commercial & residential mortgage finance companies we cover. Our model value falls from $8.92 to $6.65 a share, against a share price of $12.80.
Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation
Rocket Companies posted revenue of $11.5bn for the twelve months to June 2026, up 90.4% on a year earlier. That pace cooled from the 98.6% growth seen a quarter earlier, yet it still ranks first of 13 among the commercial and residential mortgage finance companies we cover. Despite the top-line strength, the fundamentals grade slipped from C+ to D. Our model value edged up too, moving from $8.68 to $8.92 a share. The shares, for reference, currently trade at $11.98.
Revenue for the twelve months to June 2026 was $10.0bn, up 101.7% on a year earlier, faster than 80.3% a quarter earlier. That growth ranks 14 of 931 among all the companies we cover. The diluted share count is down 22.6% on a year earlier, which lifts each remaining share. Our valuation models combined value is $9.45 a share, against a share price of $11.29.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Rocket Companies, Inc.'s trailing-twelve-month revenue grew 90.4% year on year, with a free-cash-flow margin of 10.1%. Where it stands out: revenue growth of 90.4% ranks 1 of 14 commercial & residential mortgage finance companies we cover. Where it lags: stock pay as % of revenue of 3.8% ranks 11 of 11 commercial & residential mortgage finance companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 90.4% (-8.2pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Rocket Companies, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.74 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$7.9 ~$6.2–$13 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$2.2 ~$1.2–$4.0 | Left out: out of range vs price (0.16x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity below long-run growth |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.4 ~$6.7–$35 | Left out: out of range vs price (0.03x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$7.9 ~$6.2–$13 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Rocket Companies, Inc. with asset managers, brokers and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.58 | +107% | $10.8bn | +58% |
| Next | $0.76 | +32% | $11.4bn | +6% |
Next year's EPS estimate has moved −20.3% in 90 days, across 14 analysts.
The consensus EPS forecast for the current fiscal year is −13.9% on 90 days ago. In the last 30 days, 2 analysts raised Rocket Companies, Inc.'s forecast and 5 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.67 | $0.96 |
| 60 days ago | $0.62 | $0.87 |
| 30 days ago | $0.61 | $0.85 |
| 7 days ago | $0.58 | $0.78 |
| Now | $0.58 | $0.76 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.13 | $0.15 | +12.4% |
| Jun 2026 | $0.16 | $0.16 | −2.7% |
| Mar 2026 | $0.12 | $0.15 | +26.1% |
| Dec 2025 | $0.09 | $0.11 | +26.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| RKT | −28% | −46% | +107% | −22% | +82% | −29% |
| Industry peers (median) | +6% | −11% | +11% | +7% | +6% | +2% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| RKT | 50% | 42% | 50% | 42% | 67% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| RKT | −65% | −55% | −39% | −47% | −28% | −55% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since August 6, 2020: 83% from March 2, 2021 to October 20, 2022. Getting back needed a 488% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 29, 2026 | +10.6% | −2.1% | — | — |
| August 6, 2026 | −1.0% | +0.5% | +8.5% | +1.4% |
| May 7, 2026 | +7.1% | +0.5% | −2.5% | −15.7% |
| February 26, 2026 | +5.0% | −1.0% | −9.6% | −21.1% |
| February 3, 2026 | +6.6% | −1.3% | +7.9% | −16.6% |
| October 30, 2025 | +2.6% | −0.8% | −3.9% | +25.1% |
| July 31, 2025 | +12.8% | −2.0% | +19.7% | +21.2% |
| May 8, 2025 | −4.4% | +0.6% | +9.9% | +9.7% |
| February 27, 2025 | +7.0% | −0.1% | +13.5% | +5.3% |
| November 12, 2024 | −10.3% | −0.3% | −13.0% | −20.6% |
| August 1, 2024 | +6.5% | −3.3% | +10.9% | +21.4% |
| May 2, 2024 | +7.6% | +2.2% | +14.0% | +14.5% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $3.8B |
| FY24 Q1 | $4.5B |
| FY24 Q2 | $4.6B |
| FY24 Q3 | $4B |
| FY24 Q4 | $5.1B |
| FY25 Q1 | $4.8B |
| FY25 Q2 | $5B |
| FY25 Q3 | $6B |
| FY25 Q4 | $6.7B |
| FY26 Q1 | $8.5B |
| FY26 Q2 | $9.9B |
| FY26 Q3 | $11.5B |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | -34.9% |
| FY24 Q1 | 17.8% |
| FY24 Q2 | 24.6% |
| FY24 Q3 | 12.2% |
| FY24 Q4 | 34.3% |
| FY25 Q1 | 6.7% |
| FY25 Q2 | 8.5% |
| FY25 Q3 | 49.5% |
| FY25 Q4 | 31.2% |
| FY26 Q1 | 77.1% |
| FY26 Q2 | 98.6% |
| FY26 Q3 | 90.4% |
Source: SEC EDGAR filings. Retrieved October 30, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 1.3% |
| FY24 Q1 | -36.0% |
| FY24 Q2 | -31.9% |
| FY24 Q3 | -77.7% |
| FY24 Q4 | -52.9% |
| FY25 Q1 | -10.0% |
| FY25 Q2 | -44.5% |
| FY25 Q3 | -15.4% |
| FY25 Q4 | -60.0% |
| FY26 Q1 | -16.3% |
| FY26 Q2 | -7.8% |
| FY26 Q3 | 10.1% |
| Fiscal year | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Sept 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Revenue | 4.2 | 5.1 | 15.7 | 12.9 | 5.8 | 3.8 | 5.1 | 6.7 | 11.5 |
| Gross profit | 1.7 | 2.1 | 11.1 | 8.3 | 2.6 | 1.3 | 2.3 | — | — |
| Net income | 0.0 | 0.0 | 0.2 | 0.3 | 0.0 | −0.0 | 0.0 | −0.1 | 1.3 |
| Diluted EPS | — | — | $1.76 | $2.32 | $0.28 | −$0.15 | $0.21 | −$0.05 | $0.55 |
| Growth (year on year) | |||||||||
| Revenue | — | +20.4% | +208.7% | −17.5% | −54.8% | −34.9% | +34.3% | +31.2% | +90.4% |
| Net income | — | — | — | — | −84.9% | — | — | — | — |
| Diluted EPS | — | — | — | — | −87.9% | — | — | — | — |
| Margins | |||||||||
| Gross margin | 39.7% | 41.4% | 70.7% | 63.9% | 44.5% | 34.4% | 45.3% | — | — |
| Net margin | 0.0% | 0.0% | 1.3% | 2.4% | 0.8% | −0.4% | 0.6% | −1.0% | 11.4% |
| Free-cash-flow margin | 32.5% | −138.6% | −11.4% | 59.0% | 183.8% | 1.3% | −52.9% | −60.0% | 10.1% |
| Cash flow | |||||||||
| Cash from operations | 1.4 | −7.0 | −1.7 | 7.7 | 10.8 | 0.1 | −2.6 | −3.9 | 1.3 |
| Capital spending | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 |
| Free cash flow | 1.4 | −7.0 | −1.8 | 7.6 | 10.7 | 0.1 | −2.7 | −4.0 | 1.2 |
| Stock-based pay | 0.0 | 0.0 | 0.1 | 0.2 | 0.2 | 0.2 | 0.1 | 0.3 | 0.4 |
| Free cash flow after stock pay | 1.3 | −7.1 | −1.9 | 7.5 | 10.5 | −0.1 | −2.8 | −4.4 | 0.7 |
| Balance sheet | |||||||||
| Cash | 1.1 | 1.4 | 2.0 | 2.1 | 0.7 | 1.1 | 1.3 | 2.7 | 2.7 |
| Total debt | 0.0 | 12.0 | 17.7 | 12.8 | 3.5 | 3.4 | 6.8 | 28.4 | 24.9 |
| Net debt (negative = net cash) | −1.1 | 10.6 | 15.8 | 10.6 | 2.8 | 2.3 | 5.5 | 25.7 | 22.2 |
| Diluted shares | — | — | 116m | 1,989m | 1,972m | 1,981m | 141m | 1,322m | 2,386m |
| Returned to shareholders | |||||||||
| Buybacks | 0.0 | 0.0 | 0.0 | 0.2 | 0.2 | 0.0 | 0.0 | — | — |
| Total returned | 0.0 | 0.0 | 0.0 | 0.2 | 0.2 | 0.0 | 0.0 | — | — |
| Quarter | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 | 2026 Q3 Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1,770 | 1,101 | 1,451 | 1,695 | 2,447 | 2,941 | 2,784 | 3,284 |
| Gross profit | 1,042 | — | — | — | — | — | — | — |
| Net income | 34 | −10 | −2 | −124 | 68 | 297 | 230 | 709 |
| Diluted EPS | $0.48 | −$0.16 | −$0.02 | −$0.12 | $0.12 | $0.10 | $0.08 | $0.25 |
| Growth (year on year) | ||||||||
| Revenue | +155.2% | −20.4% | +11.6% | +162.0% | +38.3% | +167.1% | +91.9% | +93.7% |
| Margins | ||||||||
| Gross margin | 58.9% | — | — | — | — | — | — | — |
| Net margin | 1.9% | −0.9% | −0.1% | −7.3% | 2.8% | 10.1% | 8.3% | 21.6% |
| Free-cash-flow margin | 103.0% | −73.6% | −128.7% | −4.1% | −51.9% | 61.7% | −44.8% | 56.7% |
| Cash flow | ||||||||
| Cash from operations | 1,842 | −796 | −1,852 | −49 | −1,230 | 1,857 | −1,212 | 1,905 |
| Capital spending | 19 | 14 | 16 | 21 | 40 | 43 | 34 | 43 |
| Free cash flow | 1,823 | −810 | −1,868 | −70 | −1,270 | 1,814 | −1,246 | 1,862 |
| Stock-based pay | 35 | 40 | 52 | 73 | 181 | 88 | 80 | 89 |
| Free cash flow after stock pay | 1,788 | −850 | −1,920 | −143 | −1,451 | 1,726 | −1,326 | 1,773 |
| Last 12 months unless stated | RKT | UWMC | PFSI | RDN | WD | LDI | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $11.5bn | $3.6bn | $2.2bn | $1.6bn | $1.3bn | $1.3bn | $1.2bn |
| Revenue growth, last 12 months | 90.4% | 26.1% | 25.9% | 37.1% | 8.0% | 11.4% | 11.0% |
| Revenue growth, 3-year average | 47.3% | 27.3% | 15.0% | 10.8% | 5.0% | 10.8% | 10.8% |
| Revenue growth, latest quarter | 93.7% | 17.0% | 11.7% | 92.6% | −3.9% | 19.4% | 11.7% |
| Gross margin | 45.3% | — | — | 96.9% | — | — | 71.1% |
| Operating margin | — | — | — | 47.5% | 20.1% | — | 3.6% |
| Operating margin, 3-year average | — | — | — | −12.9% | 27.5% | — | 27.5% |
| Net margin | 11.4% | −1.0% | 17.7% | 32.6% | 3.0% | −5.5% | 15.0% |
| Cash from operations / revenue | 11.5% | −135.9% | −80.7% | 84.7% | −9.3% | −20.0% | 20.0% |
| Free-cash-flow margin | 10.1% | −137.6% | −81.4% | 84.5% | −10.2% | −22.5% | 10.1% |
| Free-cash-flow margin, 3-year average | −27.6% | −119.6% | −115.1% | 1.3% | 12.3% | −41.4% | 1.3% |
| Stock pay / revenue | 3.8% | 1.6% | 1.1% | — | 2.8% | 1.6% | 1.9% |
| Change in share count | −22.6% | — | 0.5% | −6.8% | 0.3% | 47.7% | −0.1% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 90.4% | 11.4% | 1 of 14 |
| Change in growth rate Growth | -8.2pp | +0.2pp | 12 of 14 |
| Net margin Profitability | 11.4% | 17.7% | 9 of 14 |
| Stock pay as % of revenue Cash generation | 3.8% | 1.9% | 11 of 11 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Subscription Revenue | $351M | ▲ 31.5% |
| Real Estate Brokerage | $341M | — |
| Closing Fees | $139M | ▲ 31.1% |
| Real Estate Network Referral | $56M | ▲ 3.7% |
| Appraisal Revenue | $41M | ▲ 13.9% |
| Real Estate Exchange Revenue | $12M | — |
These categories overlap or exclude eliminations, so shares aren't shown.
From Rocket Companies, Inc.'s 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Capital World Investors | $1.1B | 69.3M | 7.2% | New |
| Blackrock, Inc. | $1.1B | 69.1M | 7.2% | ▲ 3.7% |
| Price T Rowe Associates Inc | $870M | 55.3M | 5.7% | ▲ 39.8% |
| FMR LLC | $820M | 52.1M | 5.4% | ▲ 64.3% |
| Vanguard Capital Management LLC | $672M | 42.7M | 4.4% | ▲ 2.4% |
| Valueact Holdings, L.P. | $656M | 41.7M | 4.3% | ▲ 47.7% |
| Vanguard Portfolio Management LLC | $638M | 40.5M | 4.2% | ▲ 2.4% |
| Capital International Investors | $526M | 33.4M | 3.5% | ▲ 814.6% |
| Morgan Stanley | $450M | 28.5M | 3.0% | ▲ 26.3% |
| Goldman Sachs Group Inc | $366M | 23.2M | 2.4% | ▲ 157.0% |
| State Street Corp | $351M | 22.3M | 2.3% | ▲ 3.4% |
| Cooperman Leon G | $331M | 21.0M | 2.2% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Rocket Companies, Inc.'s complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Bray Jesse K Pres & CEO, Rocket Mortgage | October 2, 2026 | Sell pre-set plan | 92,300 | $12.39 | $1.1M |
| Bray Jesse K Pres & CEO, Rocket Mortgage | October 1, 2026 | Sell pre-set plan | 132,700 | $12.01 | $1.6M |
| Bray Jesse K Pres & CEO, Rocket Mortgage | September 15, 2026 | Sell pre-set plan | 225,000 | $13.11 | $2.9M |
| Rizik Matthew Director | January 12, 2026 | Sell pre-set plan | 2,500 | $22.99 | $57,475 |
| Rizik Matthew Director | January 9, 2026 | Sell pre-set plan | 2,500 | $22.78 | $56,950 |
| Rizik Matthew Director | January 8, 2026 | Sell pre-set plan | 2,500 | $21.29 | $53,225 |
| Rizik Matthew Director | January 7, 2026 | Sell pre-set plan | 2,500 | $21.26 | $53,150 |
| Rizik Matthew Director | January 6, 2026 | Sell pre-set plan | 2,500 | $20.98 | $52,450 |
| Rizik Matthew Director | January 5, 2026 | Sell pre-set plan | 2,500 | $21.04 | $52,600 |
| Rizik Matthew Director | January 2, 2026 | Sell pre-set plan | 2,500 | $19.70 | $49,250 |
| Rizik Matthew Director | December 31, 2025 | Sell pre-set plan | 2,500 | $19.45 | $48,625 |
| Rizik Matthew Director | December 30, 2025 | Sell pre-set plan | 2,500 | $19.88 | $49,700 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around January 21, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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