CMI
Cummins Inc.
CMI has the edge over RKLB overall, supported by lower modeled downside and stronger modeled upside.
RKLB
Rocket Lab USA, Inc.
RKLB offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
CMI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
CMI's revenue, profitability, cash flow and balance sheet are all currently healthy.
RKLB Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Under pressure | |
| Weak | |
| Unavailable |
RKLB's revenue is currently strong, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
CMI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $305 | -33% |
| Forward | 14x | $455 | — |
| Fair | 18x | $423 | -7.2% |
| Current | 19x | $455 | — |
| Expensive | 25x | $596 | +31% |
Historical ranges are pointers, not guarantees.
CMI's PE is in its fair range at 19x. If earnings grow as analysts expect, today's price would be 14x next year's earnings, in its cheap range.
RKLB PE Valuation
RKLB has no meaningful PE right now: it lost money over the past year.
CMI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for CMI, with profitability improving.
RKLB Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect RKLB's losses to shrink, with revenue growing. However, they disagree widely on these estimates.
CMI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $32.34 | +35% |
| Q3 2026 | $23.94 | +23% |
| Q2 2026 | $19.55 | -8.9% |
| Q1 2026 | $19.25 | -5.2% |
| Q4 2025 | $20.50 | -28% |
| Q3 2025 | $19.47 | +29% |
| Q2 2025 | $21.47 | +55% |
| Q1 2025 | $20.30 | +49% |
| Q4 2024 | $28.37 | +451% |
CMI has the edge over RKLB on earnings quality, reporting a profit while its opponent remains loss making.
RKLB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.36 | +$0.03 |
| Q2 2026 | -$0.27 | +$0.19 |
| Q1 2026 | -$0.32 | +$0.09 |
| Q4 2025 | -$0.37 | +$0.01 |
| Q3 2025 | -$0.39 | -$0.02 |
| Q2 2025 | -$0.46 | -$0.11 |
| Q1 2025 | -$0.41 | -$0.04 |
| Q4 2024 | -$0.38 | $0.00 |
RKLB is still losing money, but less than at its worst: $0.36 per share over the past year, against $0.46 at its worst in mid-2025.
CMI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $9.4B | +13% |
| Q2 2026 | $9.5B | +9.4% |
| Q1 2026 | $8.4B | +2.7% |
| Q4 2025 | $8.5B | +1.1% |
| Q3 2025 | $8.3B | -1.6% |
| Q2 2025 | $8.6B | -1.7% |
| Q1 2025 | $8.2B | -2.7% |
| Q4 2024 | $8.4B | -1.1% |
CMI's revenue has grown year over year for four quarters in a row: $9.4B last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +5.1 points |
| Q2 2026 | 14% | -0.7 points |
| Q1 2026 | 11% | -2.6 points |
| Q4 2025 | 9.5% | +0.8 points |
| Q3 2025 | 10% | -2.2 points |
| Q2 2025 | 14% | +2.3 points |
| Q1 2025 | 14% | +2.9 points |
| Q4 2024 | 8.7% | +23 points |
CMI has the edge over RKLB on profitability, with a higher operating margin.
RKLB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $267.8M | +73% |
| Q2 2026 | $234.1M | +62% |
| Q1 2026 | $200.3M | +63% |
| Q4 2025 | $179.7M | +36% |
| Q3 2025 | $155.1M | +48% |
| Q2 2025 | $144.5M | +36% |
| Q1 2025 | $122.6M | +32% |
| Q4 2024 | $132.4M | +121% |
RKLB has the edge over CMI on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -30% | +8.5 points |
| Q2 2026 | -25% | +17 points |
| Q1 2026 | -28% | +20 points |
| Q4 2025 | -28% | +11 points |
| Q3 2025 | -38% | +12 points |
| Q2 2025 | -41% | -0.5 points |
| Q1 2025 | -48% | -1.9 points |
| Q4 2024 | -39% | +41 points |
RKLB's operating margin was −30% last quarter, up 8.5 points from the same quarter a year ago.
CMI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +9.4% |
| Q2 2026 | $1.3B | +126% |
| Q1 2026 | $120M | +$285M |
| Q4 2025 | $990M | +12% |
| Q3 2025 | $1B | +164% |
| Q2 2025 | $554M | +$1.6B |
| Q1 2025 | -$165M | -254% |
| Q4 2024 | $882M | -6.2% |
CMI has the edge over RKLB on cash generation, producing positive trailing cash flow while its opponent burns cash.
RKLB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$23.9M | +$45.5M |
| Q2 2026 | -$110.1M | -$54.8M |
| Q1 2026 | -$77.4M | +$5.5M |
| Q4 2025 | -$114.2M | -$90.2M |
| Q3 2025 | -$69.4M | -$27.5M |
| Q2 2025 | -$55.3M | -$26.9M |
| Q1 2025 | -$82.9M | -$61.1M |
| Q4 2024 | -$23.9M | +$28.7M |
RKLB has burned cash in almost every quarter: −$326M over the past year, against −$232M the year before.
CMI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -400K shares |
| 1 year | -0.5% | -700K shares |
| 3 years | -3.3% | -4.7M shares |
| 5 years | -4.6% | -6.6M shares |
| Available history | -12% | -18M shares |
CMI has the edge over RKLB on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $359M |
| Q2 2026 | $225M |
| Q1 2026 | $243M |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | $4M |
RKLB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.6% | +22.6M shares |
| 1 year | +23% | +124M shares |
| 3 years | +35% | +168M shares |
| 5 years | +46% | +204M shares |
RKLB has 652M diluted shares, up 23% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
CMI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.6x | Very low |
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 0.9x | Very low |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 0.9x | Very low |
| Q2 2025 | 1.0x | Healthy |
| Q1 2025 | 1.1x | Healthy |
| Q4 2024 | 1.1x | Healthy |
CMI's net debt is less than a year of its operating earnings (EBITDA).
RKLB Net Leverage
RKLB's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
CMI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 28.0 | Oversold |
| Stochastic | 3.3 | Oversold |
CMI's weekly RSI is 28 (oversold) and its Stochastic is 3 (oversold).
RKLB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.8 | Neutral |
| Stochastic | 27.6 | Neutral |
RKLB's weekly RSI is 47 (neutral) and its Stochastic is 28 (neutral).
CMI PE vs Industrials Sector
| Metric | CMI | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 24x | 21% below |
| PE % | 58 | 58 | Same percentile |
CMI is trading at 19x earnings, a 21% discount to the Industrials sector's median of 24x.
RKLB PE vs Industrials Sector
RKLB has no meaningful PE right now: it lost money over the past year.
CMI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $503.9 | 9.6% below |
| 20 week MA | $569.7 | 20% below |
| 50 week MA | $584.4 | 22% below |
| 100 week MA | $475.1 | 4.2% below |
| 200 week MA | $370.2 | 23% above |
CMI has fallen below most of its moving averages, though it's still 23% above its 200-week average.
RKLB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $61.4 | 4.3% above |
| 20 week MA | $68.1 | 5.9% below |
| 50 week MA | $77.6 | 17% below |
| 100 week MA | $56.5 | 13% above |
| 200 week MA | $31.4 | 104% above |
RKLB has the edge over CMI on trend strength, trading above more of its moving averages.
CMI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $180.7 | $226.5 | +25% |
| 2021 | $226.5 | $214.0 | -5.5% |
| 2022 | $214.0 | $241.3 | +13% |
| 2023 | $241.3 | $239.6 | -0.7% |
| 2024 | $239.6 | $351.2 | +47% |
| 2025 | $351.2 | $519.1 | +48% |
| 2026 YTD | $519.1 | $455.4 | -12% |
CMI has finished higher in four of the last six years. It's down 12% so far in 2026.
RKLB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.82 | $10.3 | +4.9% |
| 2021 | $10.3 | $12.0 | +17% |
| 2022 | $12.0 | $3.77 | -69% |
| 2023 | $3.77 | $5.53 | +47% |
| 2024 | $5.53 | $27.2 | +392% |
| 2025 | $27.2 | $70.7 | +160% |
| 2026 YTD | $70.7 | $64.1 | -9.3% |
RKLB has the edge over CMI on returns for 2026, with the stronger performance.