RJET
Republic Airways Holdings Inc.
RJET has the edge over RKLB overall, supported by stronger valuation and lower modeled downside.
RKLB
Rocket Lab USA, Inc.
RKLB offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
RJET Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Stable | |
| Healthy |
RJET's revenue, profitability and balance sheet are currently healthy, and its cash flow is 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.
RJET PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.8x | $19.34 | -4.9% |
| Current | 4x | $20.33 | — |
| Forward | 5.3x | $20.33 | — |
| Fair | 6.7x | $34.63 | +70% |
| Expensive | 11x | $56.19 | +176% |
Historical ranges are pointers, not guarantees.
RJET's PE is in its cheap range at 4.0x. Analysts expect earnings to fall, which would put today's price at 5.3x next year's earnings, in its fair range.
RKLB PE Valuation
RKLB has no meaningful PE right now: it lost money over the past year.
RJET Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Stable | |
| -- | |
| Limited | |
| High |
Analysts expect RJET's earnings to decline, with its revenue and profitability holding steady.
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.
RJET Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.80 | -26% |
| Q3 2026 | $5.14 | +$64.69 |
| Q2 2026 | -$0.71 | +$62.74 |
| Q1 2026 | $6.11 | +$84.26 |
| Q4 2025 | -$15.77 | +$36.88 |
| Q3 2025 | -$59.55 | -$26.40 |
| Q2 2025 | -$63.45 | -$28.20 |
| Q1 2025 | -$78.15 | -$32.55 |
| Q4 2024 | -$52.65 | +$10.35 |
RJET 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.
RJET Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $553.5M | +510% |
| Q2 2026 | $571.1M | +516% |
| Q1 2026 | $527.4M | +457% |
| Q4 2025 | $1.1B | +935% |
| Q3 2025 | $90.7M | -21% |
| Q2 2025 | $92.8M | -16% |
| Q1 2025 | $94.7M | -28% |
| Q4 2024 | $103.2M | -13% |
RJET's revenue has grown year over year for four quarters in a row: $554M last quarter, up 510% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +22 points |
| Q2 2026 | 10% | +10 points |
| Q1 2026 | 10% | +71 points |
| Q4 2025 | 22% | +129 points |
| Q3 2025 | -10% | +4.7 points |
| Q2 2025 | -0.2% | +8 points |
| Q1 2025 | -60% | -69 points |
| Q4 2024 | -107% | -67 points |
RJET 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's revenue has grown year over year every quarter since late 2021: $268M last quarter, up 73% from the same quarter a year ago.
| 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.
RJET Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $28.8M | +$39.3M |
| Q1 2026 | -$35.3M | -$10.7M |
| Q4 2025 | -$35.3M | -$21.6M |
| Q2 2025 | -$10.5M | -240% |
| Q1 2025 | -$24.6M | -348% |
| Q4 2024 | -$13.6M | +$1.1M |
| Q3 2024 | $11.2M | +$26.5M |
| Q2 2024 | $7.5M | +$19.8M |
RJET has the stronger cash trend. Its trailing FCF is down 23% versus its history, compared with RKLB at down 85%.
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.
RJET Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +127K shares |
| 1 year | +1559% | +43.5M shares |
| 3 years | +1660% | +43.7M shares |
| 5 years | +1688% | +43.7M shares |
| Available history | +1874% | +44M shares |
RJET has 46M diluted shares, up 1559% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2023 | $29,000 |
| Q4 2022 | $1,000 |
| Q3 2022 | $41,000 |
| Q2 2022 | $339,000 |
| Q1 2022 | $60,000 |
| Q4 2021 | $15,000 |
| Q3 2021 | $101,000 |
| Q2 2021 | $1.2M |
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 the edge over RJET on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
RJET Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 2.3x | Moderate |
| Q4 2025 | 3.2x | Elevated |
| Q2 2022 | 14.8x | High |
| Q1 2022 | 10.3x | High |
| Q4 2021 | 4.8x | High |
| Q3 2021 | 3.6x | Elevated |
RJET's net debt is about 1.4 years of its operating earnings (EBITDA), down from 15 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.
RJET Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.4 | Neutral |
| Stochastic | 65.5 | Neutral |
RJET's weekly RSI is 55 (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).
RJET PE vs Industrials Sector
| Metric | RJET | Sector median | Relative |
|---|---|---|---|
| PE | 4x | 24x | 84% below |
| PE % | 22 | 58 | 36 pts below |
RJET is trading at 4.0x earnings, a 84% 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.
RJET Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $18.3 | 11% above |
| 20 week MA | $18.7 | 8.8% above |
| 50 week MA | $18.9 | 7.5% above |
| 100 week MA | $18.2 | 12% above |
| 200 week MA | $20.0 | 1.5% above |
RJET 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.
RJET Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $137.1 | $94.4 | -31% |
| 2021 | $94.4 | $86.4 | -8.4% |
| 2022 | $86.4 | $16.7 | -81% |
| 2023 | $16.7 | $15.2 | -9% |
| 2024 | $15.2 | $19.7 | +30% |
| 2025 | $19.7 | $19.7 | +0.4% |
| 2026 YTD | $19.7 | $20.3 | +3% |
RJET 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.