Rocket Lab - Public Comps and Valuation Multiples

Rocket Lab Overview

About Rocket Lab

Rocket Lab Corp is engaged in space, building rockets, and spacecraft. It provides end-to-end mission services that provide frequent and reliable access to space for civil, defense, and commercial markets. It designs and manufactures the Electron and Neutron launch vehicles and Photon satellite platform. Rocket Lab's Electron launch vehicle has delivered multiple satellites to orbit for private and public sector organizations, enabling operations in national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. The business operates in two segments Launch Services and Space Systems. Geographically it serves Japan, Germany, and rest of the world and earns key revenue from the United States.

Founded

2006

HQ

Employees

2.1K+

Website

rocketlabusa.com

Sectors

Aircraft & Space Systems
SpaceTech

Financials

LTM Revenue $550M

LTM EBITDA -$93.3M

EV

$23.0B

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Rocket Lab Financials

As of September 2025, Rocket Lab reported last 12-month revenue of $550M and EBITDA of -$93.3M.

In the same period, Rocket Lab generated $193M in LTM gross profit and -$197M in net income.

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Rocket Lab P&L

In the most recent fiscal year, Rocket Lab reported revenue of $436M and EBITDA of -$152M.

Rocket Lab expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$550M	XXX	$436M	XXX	XXX	XXX
Gross Profit	$193M	XXX	$116M	XXX	XXX	XXX
Gross Margin	35%	XXX	27%	XXX	XXX	XXX
EBITDA	-$93.3M	XXX	-$152M	XXX	XXX	XXX
EBITDA Margin	-17%	XXX	-35%	XXX	XXX	XXX
EBIT	-$122M	XXX	-$190M	XXX	XXX	XXX
EBIT Margin	-22%	XXX	-44%	XXX	XXX	XXX
Net Profit	-$197M	XXX	-$190M	XXX	XXX	XXX
Net Margin	-36%	XXX	-44%	XXX	XXX	XXX
Net Debt	XXX	XXX	$130M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Rocket Lab including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $550M. EBITDA for the last twelve months was -$93.3M. In the most recent fiscal year, Rocket Lab achieved $436M in revenue and -$152M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$550M	Analyst estimates available to subscribers	$436M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$193M	Analyst estimates available to subscribers	$116M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	35.2% gross margin	Analyst estimates available to subscribers	26.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$93.3M	Analyst estimates available to subscribers	-$152M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-17.0% EBITDA margin	Analyst estimates available to subscribers	-34.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$122M	Analyst estimates available to subscribers	-$190M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-22.2% EBIT margin	Analyst estimates available to subscribers	-43.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$197M	Analyst estimates available to subscribers	-$190M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-35.8% net profit margin	Analyst estimates available to subscribers	-43.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$130M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Rocket Lab

This financial data table provides comprehensive performance metrics for Rocket Lab, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Rocket Lab generated $550M in revenue over the last twelve months.
The company achieved -$93.3M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $193M.
Net income over the last twelve months reached -$197M.

Fiscal Year Performance

In the most recent fiscal year, Rocket Lab reported $436M in total revenue.
Fiscal year EBITDA was -$152M.
The company maintained a gross profit margin of 26.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was -34.8%.
Net profit margin reached -43.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Rocket Lab. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Rocket Lab Stock Performance

Rocket Lab has current market cap of $23.2B, and EV of $23.0B.

Market Cap Evolution

Rocket Lab Stock Data

As of October 2, 2025, Rocket Lab's stock price is $48.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$23.0B	$23.2B	XXX	XXX	XXX	XXX	$-0.42

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Rocket Lab Valuation Multiples

Rocket Lab's trades at 52.8x EV/Revenue multiple, and -151.7x EV/EBITDA.

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Rocket Lab Financial Valuation Multiples

As of October 2, 2025, Rocket Lab has market cap of $23.2B and EV of $23.0B.

Equity research analysts estimate Rocket Lab's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Rocket Lab has a P/E ratio of -117.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$23.2B	XXX	$23.2B	XXX	XXX	XXX
EV (current)	$23.0B	XXX	$23.0B	XXX	XXX	XXX
EV/Revenue	41.9x	XXX	52.8x	XXX	XXX	XXX
EV/EBITDA	-246.8x	XXX	-151.7x	XXX	XXX	XXX
EV/EBIT	-188.5x	XXX	-121.3x	XXX	XXX	XXX
EV/Gross Profit	119.0x	XXX	n/a	XXX	XXX	XXX
P/E	-117.9x	XXX	-122.1x	XXX	XXX	XXX
EV/FCF	-110.6x	XXX	-198.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Rocket Lab Margins & Growth Rates

Rocket Lab's last 12 month revenue growth is 49%

Rocket Lab's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Rocket Lab's rule of 40 is -11% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Rocket Lab's rule of X is 107% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Rocket Lab Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	49%	XXX	44%	XXX	XXX	XXX
EBITDA Margin	-17%	XXX	-35%	XXX	XXX	XXX
EBITDA Growth	-117%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-11%	XXX	15%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	107%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	40%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	70%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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