{"schemaVersion":1,"research":true,"symbol":"rklb","name":"Rocket Lab","topic":"moat","path":"/stock/rklb/moat","status":"published","version":3,"updatedAt":"2026-10-17T21:48:51.065Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Rocket Lab has a narrow, presently demonstrated advantage in dedicated small launch from its accumulated flight record, certification and operating experience. The evidence does not establish a company-wide cost advantage, strong customer lock-in or broad pricing power. Launch revenue per mission increased while unit costs fell, but mission mix explains the revenue increase. Neutron and the pending Iridium transaction represent potential expansion rather than established moat.","advantages":[{"mechanism":"intangible_assets","claim":"A record of 75 successful launches, more than 200 spacecraft deployed and NASA Category 1 certification supports a credibility and qualification advantage in dedicated small launch. Increased Electron production demonstrates operating capability behind that position; the issuer's assertions about resulting contract wins and pricing are less conclusive.","durability":"Flight heritage and operating knowledge accumulate over time and are difficult to reproduce immediately. This supports a narrow advantage, but the passages do not establish its duration or superiority against particular competitors.","risks":"Launch failures, loss of certification, competing technological progress and unsuccessful development spending could erode the advantage. Neutron's January 2026 tank-testing failure is a realized development setback, not evidence that Electron's existing flight heritage has disappeared.","invalidation":"The thesis would fail if repeated operational failures or lost qualifications prevented reliable service, or if comparable qualified alternatives consistently displaced Rocket Lab's contracts and forced lower prices for equivalent missions.","competitors":[],"evidenceIds":["e1","e2"],"counterEvidenceIds":["e3","e4","e5"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: launch heritage, certification and claimed commercial benefits","excerpt":"first commercially operational, dedicated small, orbital launch provider with NASA Category 1 certification, 75 successful launches and over 200 spacecraft deployed as of December 31, 2025 to win increasing numbers of launch services contracts, be entrusted with higher value payloads, and drive an increasing average selling price of our launch services."},{"id":"e2","sourceId":"filing-2","location":"Key metrics: Electron vehicle build rate","excerpt":"36 Table of Contents Launch Vehicle Build-Rate and Launch Cadence We built approximately 14 Electron launch vehicles in 2024 and approximately 24 Electron launch vehicles in 2025."},{"id":"e3","sourceId":"filing-1","location":"Risk factors: January 21, 2026 Neutron tank qualification failure","excerpt":"For example, we experienced a qualification testing failure of the Neutron Stage 1 tank on January 21, 2026 which ruptured the tank during a hydrostatic pressure trial resulting in an impact to Neutron’s launch schedule."},{"id":"e4","sourceId":"filing-1","location":"Intellectual property risks: independent development of similar technology","excerpt":"Others may independently develop the same or similar technologies and processes or may improperly acquire and use information about our technologies and processes, which may allow them to provide products and services similar to ours, which could harm our competitive position."},{"id":"e5","sourceId":"filing-2","location":"Forward-looking risk disclosures: operational failures, intellectual property and funding","excerpt":"government contracting or subcontracting; •defects in or failure of our products to operate in the expected manner, including any launch failure, which could result in a loss of revenue, impact our business, prospects and profitability, increase our insurance rates and damage our reputation and ability to obtain future customers; Table of Contents •any significant disruption in or unauthorized access to our computer systems or those of third parties that we utilize in our operations, including those relating to cybersecurity or arising from cyber-attacks; •inability or failure to protect intellectual property; •disruptions in the supply of key raw materials or components used to produce our products or increases in prices of raw materials, including restrictions on our ability to obtain rare earth minerals; •the diversion of management’s attention and consumption of resources as a result of acquisitions of other companies and success in integrating and otherwise achieving the benefits of recent and potential acquisitions; •global inflation and interest rates, and fluctuations in foreign exchange rates; •impacts of the wars in Ukraine, Israel, Iran or other global conflicts; •the risk of downturns in government and commercial launch services and spacecraft industries; •our ability to anticipate changes in the markets for rocket launch services, mission services, spacecraft and spacecraft components; •failure to maintain adequate operational and financial resources or raise additional capital or generate sufficient cash flows; and •other factors detailed under the section of this Quarterly Report on Form 10-Q entitled “Risk Factors.”"},{"id":"e6","sourceId":"filing-2","location":"Key metrics: first-half 2026 and 2025 revenue per launch","excerpt":"Six months ended June 30, 2026 and 2025 For the six months ended June 30, 2026 and 2025, revenue per launch was $9.2 million and $7.5 million, respectively."},{"id":"e7","sourceId":"filing-2","location":"Key metrics: first-half 2026 and 2025 cost per launch","excerpt":"Meanwhile, cost per launch for the six months ended June 30, 2026 and 2025 was $4.9 million and $5.3 million, respectively."},{"id":"e8","sourceId":"filing-2","location":"Key metrics: customer mix and mission complexity explanation","excerpt":"The increase in revenue per launch reflects changes in customer mix and mission complexity during the period in which the launches occurred."},{"id":"e9","sourceId":"filing-2","location":"Key metrics: limitations of revenue per launch as pricing evidence","excerpt":"Revenue per launch can vary considerably, based on factors such as unique orbit and insertion requirements, payload handling needs, launch location, time sensitivity of mission completion and other factors, and as such may not provide absolute clarity with regards to pricing and competitive dynamics in the marketplace."},{"id":"e10","sourceId":"filing-2","location":"Backlog: year-end 2025 to June 30, 2026 balances and segment composition","excerpt":"Backlog increased from $1,847.3 million as of December 31, 2025 to $2,355.9 million as of June 30, 2026, of which $1,415.8 million is related to space systems and $940.2 million is related to launch services."},{"id":"e11","sourceId":"filing-2","location":"Backlog: bookings, acquisitions and revenue recognition","excerpt":"The increase was primarily a result of continued bookings and backlog added through acquisitions, partially offset by revenue recognized on contracts during the period."},{"id":"e12","sourceId":"filing-2","location":"Backlog: customer termination rights and termination fees","excerpt":"Contracts for launch services and spacecraft builds typically include termination rights that may be exercised by customers upon advanced notice and payment of a specified termination fee."},{"id":"e13","sourceId":"filing-2","location":"Results of operations: fixed-price contracts and component purchase orders","excerpt":"Components of Results of Operations Revenue Our revenues are derived from a combination of long-term fixed price contracts for launch services and spacecraft builds, and purchase order based spacecraft components sales."},{"id":"e14","sourceId":"filing-1","location":"Contract risks: allocation of cost variation under fixed-price contracts","excerpt":"Under fixed-price contracts, we agree to perform specified work for a fixed price and realize all of the profit or loss resulting from variations in the costs of performing the contract."},{"id":"e15","sourceId":"filing-1","location":"Financial statement notes: outstanding contract-loss provision","excerpt":"The provision for contract losses outstanding as of December 31, 2025, which primarily is related to the solar panel module agreement, was $4,999 included in other current liabilities in the Company’s consolidated balance sheets."},{"id":"e16","sourceId":"filing-1","location":"Warranty and performance risks: contractual payment and pricing remedies","excerpt":"When our products fail to perform adequately, some of our contracts require us to forfeit a portion of our expected profit, receive reduced payments, provide a replacement product or service or reduce the price of subsequent sales to the same customer."},{"id":"e17","sourceId":"filing-1","location":"Liquidity and capital resources: 2025 capital expenditures","excerpt":"Our capital expenditures for the fiscal year ended December 31, 2025 were $156.3 million."},{"id":"e18","sourceId":"filing-1","location":"Financial statement notes: cash, cash equivalents and marketable securities","excerpt":"The following table presents estimates of the relative fair value of the assets acquired and the liabilities assumed by the Company in the acquisition: Description Amount Property, plant and equipment $ 15,658 Right-of-use assets - operating leases 13,939 Other non-current assets 189 Other current liabilities (1,125) Non-current operating lease liabilities (10,375) Other non-current liabilities (1,352) Total purchase price $ 16,934 5.CASH AND CASH EQUIVALENTS AND MARKETABLE SECURITIES Cash and cash equivalents and marketable securities consisted of the following as of December 31, 2025 and 2024: December 31, 2025 2024 Cash and cash equivalents $ 828,660 $ 271,042 Marketable securities, current 187,917 147,948 Marketable securities, non-current 82,247 60,686 Total cash and cash equivalents and marketable securities $ 1,098,824 $ 479,676 As of December 31, 2025, cash equivalents and marketable securities consisted of the following: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash Equivalents Marketable Securities Money market accounts $ 741,498 $ — $ — $ 741,498 $ 741,498 $ — Certificates of deposit 13,168 9 — 13,177 1,556 11,621 Commercial paper 27,769 7 — 27,776 — 27,776 Corporate debt securities 136,434 169 (17) 136,586 — 136,586 Yankee bonds 5,339 12 — 5,351 — 5,351 U.S."},{"id":"e19","sourceId":"filing-1","location":"Income taxes: history of U.S. operating losses","excerpt":"Because of the Company’s recent history of operating losses in the U.S., we have recorded a full valuation allowance against our U.S."},{"id":"e20","sourceId":"filing-1","location":"Subsequent events: common shares issued on note conversions","excerpt":"These conversions resulted in the issuance of 22,893,559 shares of common stock in accordance with the terms of the Indenture governing the Notes."},{"id":"e21","sourceId":"filing-2","location":"Iridium transaction: closing conditions","excerpt":"9 Table of Contents The closing of the Iridium Transaction is subject to customary conditions set forth in the Iridium Merger Agreement, including (i) the adoption of the Iridium Merger Agreement and the Iridium Transaction by the affirmative vote of the holders of a majority of the outstanding Iridium Common Stock; (ii) the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and consent of the U.S."},{"id":"e22","sourceId":"filing-2","location":"Iridium transaction risks: benefits and integration uncertainty","excerpt":"50 Table of Contents We may fail to realize the anticipated benefits and synergies of the Iridium Transaction, and the integration of Iridium may be more difficult, costly or time-consuming than expected."},{"id":"e23","sourceId":"filing-2","location":"Stock-based compensation: cancelled CEO RSUs will not vest or dilute shareholders","excerpt":"No portion of the cancelled RSUs will vest or become outstanding shares, and as a result, there will be no dilution to shareholders."},{"id":"e24","sourceId":"filing-2","location":"Stock-based compensation: expense from CEO RSU cancellations","excerpt":"For the six months ended June 30, 2026, the cancellations resulted in a one-time stock-based compensation expense of $11,180 recorded in selling, general and administrative."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation: no discretionary cash bonuses awarded for 2025","excerpt":"While our executive officers are eligible to receive discretionary cash bonuses pursuant to the Bonus Plan, subject to the Compensation Committee’s assessment of company and individual performance as well as our overarching compensation philosophy, including factors described in “Compensation-Setting Process – Setting Target Total Direct Compensation” above, our Compensation Committee determined not to award any discretionary cash bonuses to our Named Executive Officers for fiscal year 2025."},{"id":"e26","sourceId":"filing-3","location":"Pay versus performance: absence of specific financial incentive criteria","excerpt":"Since none of our incentive programs for our Named Executive Officers are based on any specific financial criteria, we have omitted the “Company Selected Measure” column and the tabular list of financial performance metrics."},{"id":"e27","sourceId":"filing-3","location":"Corporate governance: board independence determination","excerpt":"11 Table of contents Director Independence The Board determined that each of the directors on the Board (except for Peter Beck) qualifies as an independent director under the rules of The Nasdaq Stock Market LLC (“Nasdaq”) and SEC rules and regulations."},{"id":"e28","sourceId":"filing-3","location":"Corporate governance: director meeting attendance","excerpt":"Each Board member attended 75% or more of the aggregate number of Board meetings and meetings of the committees on which he or she served, held during the portion of the last fiscal year for which he or she was a director or committee member."},{"id":"e29","sourceId":"filing-3","location":"Board leadership: serving lead independent director","excerpt":"Currently, Ms. Saintil serves as lead independent director."},{"id":"e30","sourceId":"filing-3","location":"Board oversight: independent executive sessions held in 2025","excerpt":"As required under applicable Nasdaq listing standards, in 2025, the Company’s independent directors met in regularly scheduled executive sessions at which only independent directors were present."},{"id":"e31","sourceId":"filing-3","location":"Proxy proposal: proposed elimination of subsidiary pass-through voting","excerpt":"4. To approve a subsidiary merger to eliminate the recently added pass-through voting provision that requires approval by both the Company and the Company's stockholders prior to certain actions being taken by or at Rocket Lab USA, Inc., the Company's wholly owned subsidiary."}],"changes":["No comparable previous version."],"limitations":["Only supplied issuer filings were assessed. Their dates are filing dates: February 26, April 6 and August 10, 2026; subsequent operating or transaction developments are not established.","No named entity is identified as a competitor in the supplied passages. Acquisition counterparties, employers in director biographies and compensation references do not establish competitive coverage.","Flight counts, production metrics and contractual disclosures support the assessment, but comparative market share, equivalent-mission competitor prices and customer substitution outcomes are absent.","Revenue per launch reflects mission complexity and customer mix; it does not isolate like-for-like price increases. Cost improvements establish internal progress, not a relative cost moat.","Bookings and backlog provide indirect demand evidence. Customer-level repeat purchases, renewal rates, qualification costs and measured switching friction are not supplied.","Cash-flow statements, complete financing proceeds, acquisition returns and management ownership percentages are missing. Available proxy and compensation disclosures permit bounded assessments without ownership assumptions.","The Iridium transaction is conditional in the supplied disclosure. Its assets, recurring revenues and possible synergies are not treated as Rocket Lab's current moat.","Generic risk disclosures identify possible erosion rather than realized harm. The Neutron testing failure and outstanding contract-loss provision are disclosed actual adverse evidence."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Successful flight heritage, certification and increased Electron production demonstrate a meaningful qualification and operating-experience advantage in dedicated small launch. Competitive superiority across space systems or medium lift is not established.","evidenceIds":["e1","e2"]},{"criterion":"durability","grade":2,"rationale":"Accumulated flight experience is difficult to reproduce immediately, but the passages establish neither a durable exclusion of rivals nor the persistence of economic benefits. Similar technology can be developed independently.","evidenceIds":["e1","e4"]},{"criterion":"customer_dependency","grade":1,"rationale":"Contracted missions and termination fees provide limited commitment. Customer termination rights and the absence of demonstrated switching friction make dependency weakly supported; backlog alone does not establish lock-in.","evidenceIds":["e10","e12","e13"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Higher production, lower launch costs and continued bookings support resilience. The realized Neutron development setback and contract-loss provision temper that evidence, while failure-related risks remain possibilities rather than demonstrated Electron deterioration.","evidenceIds":["e2","e3","e5","e7","e11","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"First-half revenue per launch rose from $7.5 million to $9.2 million, demonstrating better realized revenue per mission. The issuer attributes this to mix and complexity, so the result supports mixed pricing evidence rather than demonstrated like-for-like pricing power.","evidenceIds":["e6","e8","e9"]},{"criterion":"retention","grade":2,"rationale":"Backlog increased from $1,847.3 million to $2,355.9 million alongside continued bookings and fulfillment. This is indirect demand evidence; acquisitions contributed, customer termination remains possible and repeat-customer retention is not separately measured.","evidenceIds":["e10","e11","e12"]},{"criterion":"margin_resilience","grade":2,"rationale":"Lower first-half cost per launch alongside higher revenue per launch indicates improved launch economics. Fixed-price cost exposure and an actual outstanding contract-loss provision show that this resilience is uneven across the business.","evidenceIds":["e6","e7","e14","e15"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Long-term fixed-price launch and spacecraft contracts constrain repricing when costs change. Customer termination rights and contractual performance remedies further limit freedom; discretion over pricing new orders is not quantified.","evidenceIds":["e12","e13","e14","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Year-end liquidity of approximately $1.10 billion provides resources against $156.3 million of 2025 capital expenditures. Operating losses, actual conversion-related share issuance and a conditional acquisition with integration risk temper the assessment. Cash generation and returns on invested capital cannot be established.","evidenceIds":["e17","e18","e19","e20","e21","e22"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual CEO RSU cancellation prevents dilution from those awards, and no discretionary executive cash bonuses were awarded for 2025. Cancellation nevertheless generated an accounting expense, and the proxy reports no specific financial criteria underlying named-executive incentives. Ownership-based alignment is not established.","evidenceIds":["e23","e24","e25","e26"]},{"criterion":"execution","grade":2,"rationale":"Launch heritage, increased Electron builds and lower unit launch costs demonstrate operating execution. This assessment uses operating evidence indirectly rather than a complete schedule-versus-plan record. Neutron's tank-testing failure affected its schedule, leaving execution mixed across existing operations and development.","evidenceIds":["e1","e2","e3","e7"]},{"criterion":"governance","grade":3,"rationale":"The disclosed independent board majority, serving lead independent director, actual executive sessions and meeting attendance demonstrate functioning oversight structures. They do not prove exceptional oversight effectiveness. Eliminating subsidiary pass-through voting was a proposal; adoption is not established.","evidenceIds":["e27","e28","e29","e30","e31"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"fcde2095c455f40f63c164b7f0e522cbef7a4ebafe545fa89868f71291800611","updatedAt":"2026-10-17T21:48:51.065Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1819994/000181999426000013/rklb-20251231.htm","publishedAt":"2026-02-26","sha256":"04dfbec8d7553fb0084177e8bb62f505aa6bc0868876b820420ba8d013ab85a5","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1819994/000181999426000062/rklb-20260630.htm","publishedAt":"2026-08-10","sha256":"ab35c67811cf1eb28a96689749fe11ae18efe24c0ef6ba0581134d372b57990b","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1819994/000162828026023922/rklb-20260406.htm","publishedAt":"2026-04-06","sha256":"549325bf0d42cef1344fe5e6d7788cb5acd862f354731c26900a7fb773fafd8c","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:6fee23657f3eedd5ae09ed7c1bd52ad0b1b2677bc8c0894874b57633329e5301","usage":{"input_tokens":49339,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3468,"reasoning_output_tokens":168}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":-3.041599048797339,"operating_margin":-163.9748059835789,"roic":null,"fcf_margin":-156.64315439368863,"sbc_revenue":52.311326060060736},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"The matching period one year earlier is unavailable.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"The matching period one year earlier is unavailable.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic":"The matching period one year earlier is unavailable.","roce":"The matching period one year earlier is unavailable.","roiic":"The matching period one year earlier is unavailable.","roe":"The matching period one year earlier is unavailable.","roa":"The matching period one year earlier is unavailable.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The matching period one year earlier is unavailable.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":9.000170619348232,"operating_margin":-64.0789398851163,"roic":null,"fcf_margin":-70.59375533185462,"sbc_revenue":26.374433638552393},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":21.018267155099103,"operating_margin":-72.74072741545103,"roic":null,"fcf_margin":-62.78782625760451,"sbc_revenue":21.857215280957675},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":26.626609874969624,"operating_margin":-43.5109831413022,"roic":null,"fcf_margin":-26.588555158706505,"sbc_revenue":13.024799754249061},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":34.426943215259584,"operating_margin":-38.02565308350462,"roic":null,"fcf_margin":-53.47400045530152,"sbc_revenue":11.814409794632429},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Trailing EBITDA is zero or negative, so this ratio is undefined.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1819994/000181999426000013/rklb-20251231.htm","publishedAt":"2026-02-26","sha256":"04dfbec8d7553fb0084177e8bb62f505aa6bc0868876b820420ba8d013ab85a5","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1819994/000181999426000062/rklb-20260630.htm","publishedAt":"2026-08-10","sha256":"ab35c67811cf1eb28a96689749fe11ae18efe24c0ef6ba0581134d372b57990b","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1819994/000162828026023922/rklb-20260406.htm","publishedAt":"2026-04-06","sha256":"549325bf0d42cef1344fe5e6d7788cb5acd862f354731c26900a7fb773fafd8c","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}