RKLB
Rocket Lab USA, Inc.
RKLB offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
WAB
Westinghouse Air Brake Technologies Corporation
WAB has the edge over RKLB overall, supported by lower modeled downside and stronger fundamentals.
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.
WAB Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Stable |
WAB's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
RKLB PE Valuation
RKLB has no meaningful PE right now: it lost money over the past year.
WAB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 25x | $301 | — |
| Cheap | 28x | $224 | -25% |
| Fair | 31x | $251 | -16% |
| Expensive | 37x | $302 | +0.4% |
| Current | 37x | $301 | — |
Historical ranges are pointers, not guarantees.
WAB's PE is in its expensive range at 37x. 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.
WAB Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for WAB, 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.
WAB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.90 | +48% |
| Q3 2026 | $8.05 | +17% |
| Q2 2026 | $7.44 | +11% |
| Q1 2026 | $7.07 | +11% |
| Q4 2025 | $6.83 | +13% |
| Q3 2025 | $6.89 | +15% |
| Q2 2025 | $6.71 | +18% |
| Q1 2025 | $6.39 | +25% |
| Q4 2024 | $6.04 | +33% |
WAB 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 WAB 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.
WAB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.1B | +8.1% |
| Q2 2026 | $3.2B | +17% |
| Q1 2026 | $3B | +13% |
| Q4 2025 | $3B | +15% |
| Q3 2025 | $2.9B | +8.4% |
| Q2 2025 | $2.7B | +2.3% |
| Q1 2025 | $2.6B | +4.5% |
| Q4 2024 | $2.6B | +2.3% |
WAB's revenue has grown year over year for 22 quarters in a row: $3.1B last quarter, up 8.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +3 points |
| Q2 2026 | 19% | +1.4 points |
| Q1 2026 | 18% | -0.6 points |
| Q4 2025 | 12% | -0.9 points |
| Q3 2025 | 17% | +0.8 points |
| Q2 2025 | 17% | +1.2 points |
| Q1 2025 | 18% | +1.7 points |
| Q4 2024 | 13% | +0.7 points |
WAB 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.
WAB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $381M | +22% |
| Q2 2026 | $379M | +123% |
| Q1 2026 | $153M | +4.1% |
| Q4 2025 | $870M | +36% |
| Q3 2025 | $312M | -37% |
| Q2 2025 | $170M | -10% |
| Q1 2025 | $147M | -51% |
| Q4 2024 | $639M | +4.9% |
WAB 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 | — |
WAB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -800K shares |
| 1 year | -1.3% | -2.3M shares |
| 3 years | -5.8% | -10.4M shares |
| 5 years | -10% | -19.2M shares |
| Available history | -4.8% | -8.5M shares |
WAB has the edge over RKLB on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $305M |
| Q2 2026 | $215M |
| Q1 2026 | $242M |
| Q4 2025 | $75M |
| Q3 2025 | — |
| Q2 2025 | $50M |
| Q1 2025 | $98M |
| Q4 2024 | $123M |
WAB spent $837M buying back its own shares over the past year, about three 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.
WAB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.2x | Moderate |
| Q2 2026 | 2.4x | Moderate |
| Q1 2026 | 2.6x | Moderate |
| Q4 2025 | 2.1x | Moderate |
| Q3 2025 | 2.1x | Moderate |
| Q2 2025 | 1.5x | Healthy |
| Q1 2025 | 1.5x | Healthy |
| Q4 2024 | 1.6x | Healthy |
WAB's net debt is about 2.2 years of its operating earnings (EBITDA), about the same as 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).
WAB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.3 | Neutral |
| Stochastic | 47.0 | Neutral |
WAB's weekly RSI is 63 (neutral) and its Stochastic is 47 (neutral).
RKLB PE vs Industrials Sector
RKLB has no meaningful PE right now: it lost money over the past year.
WAB PE vs Industrials Sector
| Metric | WAB | Sector median | Relative |
|---|---|---|---|
| PE | 37x | 24x | 55% above |
| PE % | 81 | 58 | 23 pts above |
WAB is trading at 37x earnings, a 55% 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.
WAB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $285.5 | 5.3% above |
| 20 week MA | $284.5 | 5.6% above |
| 50 week MA | $262.2 | 15% above |
| 100 week MA | $228.4 | 32% above |
| 200 week MA | $181.6 | 65% above |
WAB 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.
WAB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $78.6 | $73.3 | -6.7% |
| 2021 | $73.3 | $89.9 | +23% |
| 2022 | $89.9 | $100.5 | +12% |
| 2023 | $100.5 | $126.9 | +26% |
| 2024 | $126.9 | $192.0 | +51% |
| 2025 | $192.0 | $219.3 | +14% |
| 2026 YTD | $219.3 | $300.5 | +37% |
WAB has the edge over RKLB on returns for 2026, with the stronger performance.