RKLBRocket Lab Corp

Guided Missiles & Space Vehicles & Parts

Revenue: $602M; 38% YoY
Operating margin: -38.0%; 13% YoY
EBITDA: −$185M; 18% YoY
Market cap: $32.7B
Employees: 1,400; $430K revenue each
Net debt / EBITDA: —; −$2.1B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$963K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
12% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$430K · 59th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 14th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$32.7B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingYes
−$683M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$62M	$211M	$245M	$436M	$602M	38%
Operating income	−$102M	−$135M	−$178M	−$190M	−$229M	21%
Net income	−$117M	−$136M	−$183M	−$190M	−$198M	4.2%
Operating cash flow	−$72M	−$107M	−$99M	−$49M	−$166M	239%
Capex	$26M	$42M	$55M	$67M	$156M	133%
Stock-based comp	$33M	$56M	$53M	$57M	$71M	25%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 30, 2026	Beck Peter	SCHEDULE 13D/A	7.5%	Passive
Feb 17, 2026	VK Services, LLC	SCHEDULE 13D/A	6.5%	Passive
Nov 20, 2025	Khosla Ventures V, L.P.	SCHEDULE 13D/A	21.5%	Passive
Oct 23, 2025	KHOSLA VENTURES SEED B, L.P.	SCHEDULE 13D/A	23.1%	Passive
Sep 4, 2025	KHOSLA VENTURES SEED B, L.P.	SCHEDULE 13D/A	11.3%	Active
Jun 17, 2025	Beck Peter	SCHEDULE 13D/A	10.0%	Passive
Feb 18, 2025	KHOSLA VENTURES SEED B, L.P.	SCHEDULE 13D/A	23.0%	Active
Feb 14, 2025	Bessemer Venture Partners VIII Institutional L.P.	SCHEDULE 13D/A	3.3%	Passive
Jan 10, 2025	Beck Peter	SCHEDULE 13D/A	10.3%	Passive
Dec 5, 2024	Beck Peter	SC 13D/A	10.2%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $683M · 216
Net: −$683M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	$23M	669	141
FY2024	$20M	$22M	244	95
FY2023	$963K	$963K	53	75
FY2022	$838K	$838K	36	60
FY2021	$325K	$325K	118	92