RKTRocket Companies, Inc.
Mortgage Bankers & Loan Correspondents
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $36.4B
- Employees
- 23,500
- Net debt / EBITDA
- —
- $8.0B net debt
- AI in 10-K
- 3.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo18% of assetsOver 40% of assets
- Shareholder dissentYes79% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo3.2 per 10K words · 72nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$36.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes2 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$8M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $308M | $46M | −$16M | $29M | −$68M | 334% |
| Operating cash flow | $7.7B | $10.8B | $111M | −$2.6B | −$3.9B | 49% |
| Capex | $118M | $93M | $60M | $68M | $91M | 34% |
| Stock-based comp | $164M | $216M | $180M | $145M | $343M | 137% |
| Buybacks | $232M | $178M | $0 | $0 | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 15, 2025 | Gilbert Daniel B | SCHEDULE 13D/A | 62.3% | Active |
| Oct 3, 2025 | VA Partners I, LLC | SCHEDULE 13D/A | 4.3% | Passive |
| Aug 4, 2025 | VA Partners I, LLC | SCHEDULE 13D/A | 9.9% | Passive |
| Jul 11, 2025 | VA Partners I, LLC | SCHEDULE 13D/A | 8.9% | Passive |
| Jul 8, 2025 | Gilbert Daniel B | SCHEDULE 13D | 76.5% | Active |
| Jul 3, 2025 | VA Partners I, LLC | SCHEDULE 13D/A | 7.7% | Passive |
| May 15, 2025 | VA Partners I, LLC | SCHEDULE 13D | 9.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $8M · 45
- Net
- −$8M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 114 | 96 |
| FY2024 | — | — | 59 | 120 |
| FY2023 | — | — | 76 | 58 |
| FY2022 | — | — | 37 | 33 |
| FY2021 | — | — | 68 | 64 |