NAT
Nordic American Tankers Limited
NAT has a slight edge over RKLB overall, supported by stronger fundamentals and lower modeled downside.
RKLB
Rocket Lab USA, Inc.
RKLB offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NAT Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
NAT'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.
NAT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.1x | $4.10 | -39% |
| Forward | 9.7x | $6.72 | — |
| Fair | 11x | $6.51 | -3.1% |
| Current | 12x | $6.72 | — |
| Expensive | 52x | $30.15 | +349% |
Historical ranges are pointers, not guarantees.
NAT's PE is in its fair range at 12x. On analysts' estimates for next year's earnings, today's price would be 9.7x.
RKLB PE Valuation
RKLB has no meaningful PE right now: it lost money over the past year.
NAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Decline | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect NAT's revenue to grow, but its earnings and profitability to decline.
RKLB Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
RKLB has the edge over NAT on the outlook, with more favorable earnings and profitability expectations.
NAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.69 | +20% |
| Q2 2026 | $0.58 | +867% |
| Q1 2026 | $0.26 | +53% |
| Q4 2025 | $0.06 | -73% |
| Q3 2025 | $0.01 | -97% |
| Q2 2025 | $0.06 | -79% |
| Q1 2025 | $0.17 | -47% |
| Q4 2024 | $0.22 | -53% |
| Q3 2024 | $0.29 | -48% |
NAT 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.
NAT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $104.7M | +57% |
| Q1 2026 | $106.5M | +64% |
| Q4 2025 | $85.9M | +15% |
| Q3 2025 | $75M | -8.8% |
| Q2 2025 | $66.7M | -32% |
| Q1 2025 | $64.8M | -32% |
| Q4 2024 | $74.4M | +26% |
| Q3 2024 | $82.2M | +4.8% |
NAT's revenue is recovering but still below its 2020 peak: $105M last quarter, up 57% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 39% | +39 points |
| Q1 2026 | 36% | +34 points |
| Q4 2025 | 24% | +12 points |
| Q3 2025 | 9.1% | -11 points |
| Q2 2025 | 0.7% | -29 points |
| Q1 2025 | 2.1% | -22 points |
| Q4 2024 | 12% | -30 points |
| Q3 2024 | 20% | +1.3 points |
NAT 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 NAT 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.
NAT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $68.8M | +$202.8M |
| Q1 2026 | $29.7M | +$30.9M |
| Q4 2025 | $14.7M | -24% |
| Q3 2025 | $3.9M | -89% |
| Q2 2025 | -$134M | -534% |
| Q1 2025 | -$1.1M | -103% |
| Q4 2024 | $19.4M | +$79.2M |
| Q3 2024 | $34.4M | +28% |
NAT 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.
NAT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -- |
| 3 years | +1.4% | +3M shares |
| 5 years | +36% | +56.2M shares |
| Available history | +49% | +69.4M shares |
NAT has the edge over RKLB on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
NAT hasn't bought back shares in the past year.
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 | — |
NAT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 1.5x | Healthy |
| Q1 2026 | 2.2x | Moderate |
| Q4 2025 | 3.6x | Elevated |
| Q3 2025 | 3.9x | Elevated |
| Q2 2025 | 3.4x | Elevated |
| Q1 2025 | 2.0x | Healthy |
| Q4 2024 | 1.7x | Healthy |
| Q3 2024 | 1.6x | Healthy |
NAT's net debt is about 1.5 years of its operating earnings (EBITDA), down from 3.4 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.
NAT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.1 | Neutral |
| Stochastic | 37.8 | Neutral |
NAT's weekly RSI is 49 (neutral) and its Stochastic is 38 (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).
NAT PE vs Industrials Sector
| Metric | NAT | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 24x | 52% below |
| PE % | 54 | 58 | 4 pts below |
NAT is trading at 12x earnings, a 52% 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.
NAT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.68 | 13% below |
| 20 week MA | $7.12 | 5.6% below |
| 50 week MA | $5.81 | 16% above |
| 100 week MA | $4.34 | 55% above |
| 200 week MA | $4.10 | 64% above |
NAT has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 64% 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's trend is mixed: it's above three of its five weekly moving averages, and 104% above its 200-week average.
NAT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $4.82 | $3.16 | -34% |
| 2021 | $3.16 | $1.79 | -43% |
| 2022 | $1.79 | $3.18 | +78% |
| 2023 | $3.18 | $4.20 | +32% |
| 2024 | $4.20 | $2.47 | -41% |
| 2025 | $2.47 | $3.43 | +39% |
| 2026 YTD | $3.43 | $6.72 | +96% |
NAT 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.