CNI
Canadian National Railway Company
CNI has the edge over RKLB overall, supported by lower modeled downside.
RKLB
Rocket Lab USA, Inc.
RKLB offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
CNI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Stable |
CNI's profitability and cash flow are currently strong, and its revenue and balance sheet are stable.
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.
CNI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $102 | -20% |
| Fair | 21x | $115 | -10% |
| Current | 23x | $128 | — |
| Expensive | 24x | $134 | +4.7% |
Historical ranges are pointers, not guarantees.
CNI's PE is 23x, but its earnings don't support one, so it isn't a reliable read right now.
RKLB PE Valuation
RKLB has no meaningful PE right now: it lost money over the past year.
CNI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| High |
Analysts expect earnings and revenue growth for CNI, 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.
CNI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $5.48 | +7.5% |
| Q1 2026 | $5.34 | +6.4% |
| Q4 2025 | $5.32 | +7.9% |
| Q3 2025 | $5.18 | -13% |
| Q2 2025 | $5.10 | -14% |
| Q1 2025 | $5.02 | -16% |
| Q4 2024 | $4.93 | -18% |
| Q3 2024 | $5.96 | +15% |
CNI 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.
CNI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3.3B | +11% |
| Q1 2026 | $3.1B | -0.3% |
| Q4 2025 | $3.1B | +2.3% |
| Q3 2025 | $2.9B | +1.5% |
| Q2 2025 | $3B | -1.3% |
| Q1 2025 | $3.1B | +3.6% |
| Q4 2024 | $3.1B | -2.5% |
| Q3 2024 | $2.9B | +3.1% |
CNI's revenue grew through 2022 and has held roughly level since: $3.3B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 37% | -0.9 points |
| Q1 2026 | 35% | -1.2 points |
| Q4 2025 | 39% | +1.5 points |
| Q3 2025 | 39% | +1.6 points |
| Q2 2025 | 38% | +2.4 points |
| Q1 2025 | 37% | +0.2 points |
| Q4 2024 | 37% | -3.3 points |
| Q3 2024 | 37% | -1.2 points |
CNI 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 CNI 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.
CNI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $644.3M | -2.5% |
| Q1 2026 | $582.2M | +28% |
| Q4 2025 | $701.1M | -5.1% |
| Q3 2025 | $568.1M | +35% |
| Q2 2025 | $660.9M | -2.1% |
| Q1 2025 | $453.5M | +19% |
| Q4 2024 | $738.9M | -29% |
| Q3 2024 | $420.4M | +0.5% |
CNI 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.
CNI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -4.4M shares |
| 1 year | -3.3% | -20.5M shares |
| 3 years | -8.4% | -55.6M shares |
| 5 years | -15% | -103M shares |
| Available history | -16% | -113M shares |
CNI has the edge over RKLB on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $327.1M |
| Q1 2026 | $631.5M |
| Q4 2025 | $429.9M |
| Q3 2025 | $730.5M |
| Q2 2025 | $213M |
| Q1 2025 | $113.9M |
| Q4 2024 | $111.1M |
| Q3 2024 | $313.6M |
CNI spent $2.1B buying back its own shares over the past year, up 182% from the year before.
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 | — |
CNI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.5x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 2.4x | Moderate |
| Q3 2025 | 2.4x | Moderate |
| Q2 2025 | 2.3x | Moderate |
| Q1 2025 | 2.4x | Moderate |
| Q4 2024 | 2.4x | Moderate |
| Q3 2024 | 2.3x | Moderate |
CNI's net debt is about 2.5 years of its operating earnings (EBITDA), up from 2.3 years a year ago.
RKLB Net Leverage
RKLB's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
CNI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.4 | Neutral |
| Stochastic | 66.0 | Neutral |
CNI's weekly RSI is 62 (neutral) and its Stochastic is 66 (neutral).
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).
CNI PE vs Industrials Sector
| Metric | CNI | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 24x | 3.1% below |
| PE % | 78 | 58 | 20 pts above |
CNI is trading at 23x earnings, in line with the Industrials sector's median of 24x, though its earnings don't support one.
RKLB PE vs Industrials Sector
RKLB has no meaningful PE right now: it lost money over the past year.
CNI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $122.4 | 4.4% above |
| 20 week MA | $124.2 | 2.9% above |
| 50 week MA | $113.9 | 12% above |
| 100 week MA | $106.5 | 20% above |
| 200 week MA | $112.5 | 14% above |
CNI has the edge over RKLB on trend strength, trading above more of its moving averages.
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's trend is mixed: it's above three of its five weekly moving averages, and 104% above its 200-week average.
CNI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $90.9 | $109.7 | +21% |
| 2021 | $109.7 | $121.7 | +11% |
| 2022 | $121.7 | $120.4 | -1% |
| 2023 | $120.4 | $125.6 | +4.3% |
| 2024 | $125.6 | $102.0 | -19% |
| 2025 | $102.0 | $98.7 | -3.2% |
| 2026 YTD | $98.7 | $127.8 | +29% |
CNI has the edge over RKLB on returns for 2026, with the stronger performance.
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's yearly returns have swung widely, from +392% in 2024 to −69% in 2022. It's down 9.3% so far in 2026.