RKLB
Rocket Lab USA, Inc.
RKLB offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
TRC
Tejon Ranch Co.
TRC has the edge over RKLB overall, supported by lower modeled downside and stronger valuation.
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.
TRC Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Healthy | |
| Strong | |
| Weak |
TRC's profitability and cash flow are currently healthy, but its balance sheet is weak. There isn't enough data to rate its revenue.
RKLB PE Valuation
RKLB has no meaningful PE right now: it lost money over the past year.
TRC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 34x | $9.60 | -44% |
| Current | 62x | $17.29 | — |
| Fair | 93x | $25.99 | +50% |
| Expensive | 297x | $83.06 | +380% |
Historical ranges are pointers, not guarantees.
TRC's PE is in its fair range at 62x.
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.
TRC Forward outlook
There aren't enough analyst estimates for TRC to show an outlook.
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.
TRC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.28 | +155% |
| Q2 2026 | $0.22 | +$0.24 |
| Q1 2026 | $0.06 | -25% |
| Q4 2025 | $0.00 | -100% |
| Q3 2025 | $0.11 | +$0.12 |
| Q2 2025 | -$0.02 | -140% |
| Q1 2025 | $0.08 | +300% |
| Q4 2024 | $0.10 | -17% |
TRC has the edge over RKLB on earnings quality, reporting a profit while its opponent remains loss making.
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 TRC 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.
TRC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $22.6M | +89% |
| Q2 2026 | $14.3M | +72% |
| Q1 2026 | $9.5M | +16% |
| Q3 2021 | $15M | +11% |
| Q2 2021 | $16.6M | +248% |
| Q1 2021 | $11.1M | +7.2% |
| Q4 2020 | $9.2M | -54% |
TRC's revenue has grown year over year for four quarters in a row: $23M last quarter, up 89% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 10% | +27 points |
| Q2 2026 | 2.4% | +51 points |
| Q1 2026 | -12% | +39 points |
| Q4 2025 | 11% | N/A |
| Q3 2025 | -17% | N/A |
| Q2 2025 | -49% | N/A |
| Q1 2025 | -51% | N/A |
| Q3 2021 | -8.1% | -2 points |
TRC has the edge over RKLB on profitability, with a higher operating margin.
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.
TRC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.5M | +$16.1M |
| Q2 2026 | -$210K | +$19.8M |
| Q1 2026 | $1.4M | +$20.3M |
| Q4 2025 | $53.1M | +$56.1M |
| Q3 2025 | -$14.6M | +$2.2M |
| Q2 2025 | -$20M | -$4.2M |
| Q1 2025 | -$18.9M | -$11.6M |
| Q4 2024 | -$3M | +$5.9M |
TRC has the edge over RKLB on cash generation, producing positive trailing cash flow while its opponent burns cash.
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 | — |
TRC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +2.4K shares |
| 1 year | +0.5% | +132K shares |
| 3 years | +1% | +274K shares |
| 5 years | +2.1% | +557K shares |
| Available history | +3.5% | +923K shares |
TRC has the edge over RKLB on shareholder dilution, with a more favorable share count trend.
RKLB Net Leverage
RKLB's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
TRC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 8.3x | High |
| Q2 2026 | 14.7x | High |
| Q1 2026 | 58.4x | High |
| Q4 2023 | -28.8x | Net Cash |
| Q3 2023 | 2.0x | Healthy |
| Q2 2023 | 1.6x | Healthy |
| Q1 2023 | 0.7x | Very low |
| Q4 2022 | 0.6x | Very low |
TRC's net debt is about 8.3 years of its operating earnings (EBITDA), up from 2.0 years a year ago.
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).
TRC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.8 | Neutral |
| Stochastic | 60.8 | Neutral |
TRC's weekly RSI is 53 (neutral) and its Stochastic is 61 (neutral).
RKLB PE vs Industrials Sector
RKLB has no meaningful PE right now: it lost money over the past year.
TRC PE vs Industrials Sector
| Metric | TRC | Sector median | Relative |
|---|---|---|---|
| PE | 62x | 24x | 157% above |
| PE % | 41 | 58 | 17 pts below |
TRC is trading at 62x earnings, a 157% premium to the Industrials sector's median of 24x.
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.
TRC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $16.6 | 4.2% above |
| 20 week MA | $16.9 | 2.6% above |
| 50 week MA | $17.5 | 1.3% below |
| 100 week MA | $17.0 | 1.8% above |
| 200 week MA | $17.0 | 1.5% above |
TRC has the edge over RKLB on trend strength, trading above more of its moving averages.
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.
TRC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.2 | $15.2 | -6.4% |
| 2021 | $15.2 | $18.5 | +22% |
| 2022 | $18.5 | $18.8 | +1.4% |
| 2023 | $18.8 | $17.2 | -8.3% |
| 2024 | $17.2 | $15.7 | -8.8% |
| 2025 | $15.7 | $15.9 | +1.2% |
| 2026 YTD | $15.9 | $17.3 | +8.9% |
TRC has the edge over RKLB on returns for 2026, with the stronger performance.