RKLB
Rocket Lab USA, Inc.
RKLB has lower modeled downside risk, despite its lower overall score.
VATE
INNOVATE Corp.
VATE has the edge over RKLB overall, supported by stronger fundamentals and stronger modeled upside.
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.
VATE Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Healthy | |
| Weak |
VATE's revenue and cash flow are currently healthy, and its profitability is stable, but its balance sheet is weak.
RKLB PE Valuation
RKLB has no meaningful PE right now: it lost money over the past year.
VATE PE Valuation
VATE has no meaningful PE right now: it lost money over the past year.
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.
VATE Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect VATE's losses to shrink, with revenue growing.
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.
VATE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.05 | +$6.00 |
| Q2 2026 | -$1.86 | +$4.66 |
| Q1 2026 | -$4.24 | -$0.39 |
| Q4 2025 | -$4.84 | -$0.68 |
| Q3 2025 | -$6.05 | -$2.37 |
| Q2 2025 | -$6.52 | -$3.12 |
| Q1 2025 | -$3.85 | +$1.85 |
| Q4 2024 | -$4.16 | +$0.64 |
VATE lost $0.05 per share over the past year, a smaller loss than the year before.
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 VATE 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.
VATE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $495.5M | +43% |
| Q2 2026 | $421.6M | +74% |
| Q1 2026 | $364.8M | +33% |
| Q4 2025 | $382.7M | +62% |
| Q3 2025 | $347.1M | +43% |
| Q2 2025 | $242M | -23% |
| Q1 2025 | $274.2M | -13% |
| Q4 2024 | $236.6M | -34% |
VATE's revenue has grown year over year for five quarters in a row: $496M last quarter, up 43% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6% | +4.2 points |
| Q2 2026 | 8.2% | +6.2 points |
| Q1 2026 | 2.7% | +1.5 points |
| Q4 2025 | 3.7% | +2.7 points |
| Q3 2025 | 1.8% | -0.7 points |
| Q2 2025 | 2% | -7.2 points |
| Q1 2025 | 1.2% | +0.3 points |
| Q4 2024 | 1.1% | -2.8 points |
VATE 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.
VATE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $34.8M | +83% |
| Q2 2026 | -$24.7M | -155% |
| Q1 2026 | $45.3M | +$64.1M |
| Q4 2025 | $101.1M | +196% |
| Q3 2025 | $19M | +$50.5M |
| Q2 2025 | $44.8M | +143% |
| Q1 2025 | -$18.8M | +$12.2M |
| Q4 2024 | $34.2M | -40% |
VATE 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 | — |
VATE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.9% | -264K shares |
| 1 year | +3.3% | +440K shares |
| 3 years | +75% | +5.9M shares |
| 5 years | +78% | +6M shares |
| Available history | +206% | +9.2M shares |
VATE has the edge over RKLB on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
RKLB Net Leverage
RKLB's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
VATE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.3x | High |
| Q2 2026 | 6.0x | High |
| Q1 2026 | 9.2x | High |
| Q4 2025 | 10.4x | High |
| Q3 2025 | 15.2x | High |
| Q2 2025 | 14.6x | High |
| Q1 2025 | 9.6x | High |
| Q4 2024 | 9.4x | High |
VATE's net debt is about 5.3 years of its operating earnings (EBITDA), down from 15 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).
VATE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.5 | Neutral |
| Stochastic | 2.3 | Oversold |
VATE's weekly RSI is 38 (neutral) and its Stochastic is 2 (oversold).
RKLB PE vs Industrials Sector
RKLB has no meaningful PE right now: it lost money over the past year.
VATE PE vs Industrials Sector
VATE has no meaningful PE right now: it lost money over the past year.
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 has the edge over VATE on trend strength, trading above more of its moving averages.
VATE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.21 | 22% below |
| 20 week MA | $7.91 | 39% below |
| 50 week MA | $8.41 | 42% below |
| 100 week MA | $7.38 | 34% below |
| 200 week MA | $10.2 | 52% below |
VATE is in a downtrend: it's below all five of its weekly moving averages, and 52% 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's yearly returns have swung widely, from +392% in 2024 to −69% in 2022. It's down 9.3% so far in 2026.
VATE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.1 | $36.8 | +74% |
| 2021 | $36.8 | $37.3 | +1.4% |
| 2022 | $37.3 | $14.2 | -62% |
| 2023 | $14.2 | $12.3 | -13% |
| 2024 | $12.3 | $5.33 | -57% |
| 2025 | $5.33 | $4.92 | -7.7% |
| 2026 YTD | $4.92 | $4.86 | -1.2% |
VATE has the edge over RKLB on returns for 2026, with the stronger performance.