RKLB
Rocket Lab USA, Inc.
RKLB offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
TRI
Thomson Reuters Corporation
TRI has the edge over RKLB overall, supported by lower modeled downside.
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.
TRI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Healthy |
TRI's revenue, profitability, cash flow and balance sheet are all currently healthy.
RKLB PE Valuation
RKLB has no meaningful PE right now: it lost money over the past year.
TRI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 12x | $44.01 | -60% |
| Forward | 25x | $109 | — |
| Current | 29x | $109 | — |
| Fair | 30x | $111 | +1.2% |
| Expensive | 44x | $163 | +49% |
Historical ranges are pointers, not guarantees.
TRI's PE is in its fair range at 29x. If earnings grow as analysts expect, today's price would be 25x next year's earnings, in its cheap range.
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.
TRI Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for TRI, with profitability improving.
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.
TRI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.43 | +18% |
| Q2 2026 | $3.74 | +4.5% |
| Q1 2026 | $3.42 | -28% |
| Q4 2025 | $3.35 | -31% |
| Q3 2025 | $3.85 | -25% |
| Q2 2025 | $3.58 | -32% |
| Q1 2025 | $4.75 | -10% |
| Q4 2024 | $4.85 | -16% |
| Q3 2024 | $5.12 | +6% |
TRI 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 TRI on sales, with stronger typical year-over-year growth.
| 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.
TRI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2B | +9.5% |
| Q1 2026 | $2.1B | +9.8% |
| Q4 2025 | $2B | +5.2% |
| Q3 2025 | $1.8B | +3.4% |
| Q2 2025 | $1.8B | +2.6% |
| Q1 2025 | $1.9B | +0.8% |
| Q4 2024 | $1.9B | +5.2% |
| Q3 2024 | $1.7B | +8.2% |
TRI's revenue has grown year over year every quarter since late 2020: $2B last quarter, up 9.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 29% | +4.1 points |
| Q1 2026 | 30% | +0.8 points |
| Q4 2025 | 19% | -19 points |
| Q3 2025 | 33% | +9.2 points |
| Q2 2025 | 24% | +0.6 points |
| Q1 2025 | 30% | +0.1 points |
| Q4 2024 | 38% | +7.1 points |
| Q3 2024 | 24% | -3.6 points |
TRI 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.
TRI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $722.3M | +21% |
| Q1 2026 | $349M | +19% |
| Q4 2025 | $607.4M | +54% |
| Q3 2025 | $537.3M | -12% |
| Q2 2025 | $597.9M | +8.5% |
| Q1 2025 | $293.1M | +2.6% |
| Q4 2024 | $395M | -33% |
| Q3 2024 | $609.5M | +16% |
TRI 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 | — |
TRI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +820K shares |
| 1 year | -2.8% | -12.6M shares |
| 3 years | -6.8% | -31.8M shares |
| 5 years | -8.5% | -40.7M shares |
| Available history | -9.2% | -44.6M shares |
TRI has the edge over RKLB on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $685.1M |
| Q1 2026 | $262M |
| Q4 2025 | $335.3M |
| Q3 2025 | $672.7M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $5M |
| Q3 2024 | $34,300 |
TRI spent $2B buying back its own shares over the past year, more than ten times what it spent the year before.
RKLB Net Leverage
RKLB's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
TRI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
| Q3 2024 | 0.6x | Very low |
TRI's net debt is less than a year of its operating earnings (EBITDA).
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).
TRI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.0 | Neutral |
| Stochastic | 65.0 | Neutral |
TRI's weekly RSI is 54 (neutral) and its Stochastic is 65 (neutral).
RKLB PE vs Industrials Sector
RKLB has no meaningful PE right now: it lost money over the past year.
TRI PE vs Industrials Sector
| Metric | TRI | Sector median | Relative |
|---|---|---|---|
| PE | 29x | 24x | 21% above |
| PE % | 48 | 58 | 10 pts below |
TRI is trading at 29x earnings, a 21% 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.
TRI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $109.0 | 0.2% above |
| 20 week MA | $102.5 | 6.6% above |
| 50 week MA | $101.7 | 7.4% above |
| 100 week MA | $139.1 | 21% below |
| 200 week MA | $144.0 | 24% below |
TRI has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 24% below its 200-week average.
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 TRI on returns for 2026, with the stronger performance.
TRI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $75.8 | $85.0 | +12% |
| 2021 | $85.0 | $123.2 | +45% |
| 2022 | $123.2 | $119.5 | -3% |
| 2023 | $119.5 | $148.6 | +24% |
| 2024 | $148.6 | $164.6 | +11% |
| 2025 | $164.6 | $135.4 | -18% |
| 2026 YTD | $135.4 | $109.3 | -19% |
TRI has finished higher in four of the last six years. It's down 19% so far in 2026.