Rocket Lab Corporation financial model
This Excel model of Rocket Lab Corporation is a 3-statement model covering the income statement, balance sheet and cash flow, with 10 projected years from Sep-27E to Sep-36E, across the sheets Summary, Main, Ratios, Valuation, Support and Schedules. Skale built it automatically from 4 published financial documents. For the LTM period to Sep-26, the model shows revenue of $881.9 million, growth of 46.5% versus 2025, net income to shareholders of -$236.0 million, earnings per share of $-0.37, an EBITDA margin of -19.2%, net cash of $4.5 billion and unlevered free cash flow of -$448.7 million.
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Rocket Lab Corporation summary financials
USD thousands · historical and projected years 2023–2036. From the model's Summary sheet; every projected figure is a formula in the Excel.
| Historical | Projected | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD thousands | Unit | 2023 | 2024 | 2025 | 2026 | 2027E | 2028E | 2029E | 2030E | 2031E | 2032E | 2033E | 2034E | 2035E | 2036E |
| Income statement | |||||||||||||||
| Revenue | 244,592.0 | 436,214.0 | 601,799.0 | 881,900.0 | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |
| Revenue growth | 78.3% | 38.0% | 46.5% | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | ||
| Gross profit | 51,409.0 | 116,149.0 | 207,181.0 | 319,372.0 | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |
| Gross margin | 21.0% | 26.6% | 34.4% | 36.2% | |||||||||||
| EBITDA | (157,957.0) | (185,513.0) | (169,160.7) | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | ||
| EBITDA margin | (36.2%) | (30.8%) | (19.2%) | ||||||||||||
| EBIT | (177,918.0) | (189,801.0) | (228,838.0) | (243,714.0) | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |
| EBIT margin | (72.7%) | (43.5%) | (38.0%) | (27.6%) | |||||||||||
| Pre-tax income | (178,921.0) | (189,411.0) | (225,897.0) | (217,649.3) | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |
| Income taxes | 3,650.0 | 764.0 | (27,688.0) | 18,316.0 | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |
| Effective tax rate | (2.0%) | (0.4%) | 12.3% | (8.4%) | |||||||||||
| Net income | (182,571.0) | (190,175.0) | (198,209.0) | (235,965.3) | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |
| Net income to shareholders | (182,571.0) | (190,175.0) | (198,209.0) | (235,965.3) | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |
| Net margin | (74.6%) | (43.6%) | (32.9%) | (26.8%) | |||||||||||
| Earnings per share | (0.38) | (0.38) | (0.37) | (0.37) | |||||||||||
| Cash flow | |||||||||||||||
| Cash flow from operations | (201,847.0) | (205,459.7) | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |||
| Capex | 67,093.0 | 340,497.0 | 263,212.0 | 263,212.0 | 263,212.0 | 263,212.0 | 263,212.0 | 263,212.0 | 263,212.0 | 263,212.0 | 263,212.0 | 263,212.0 | 263,212.0 | ||
| Unlevered free cash flow | (566,301.5) | (448,733.7) | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | |||
| FCF margin | (94.1%) | (50.9%) | |||||||||||||
| Balance sheet | |||||||||||||||
| Cash and cash equivalents | 275,302.0 | 833,545.0 | 4,456,079.0 | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | ||
| Financial debt | 401,486.0 | 154,111.0 | 3,005.0 | 3,005.0 | 3,005.0 | 1,695.0 | 1,695.0 | 1,695.0 | 1,695.0 | 1,695.0 | 1,695.0 | 1,695.0 | 1,695.0 | ||
| Lease liabilities | 66,935.0 | 99,844.0 | 117,279.0 | 117,279.0 | 117,279.0 | 117,279.0 | 117,279.0 | 117,279.0 | 117,279.0 | 117,279.0 | 117,279.0 | 117,279.0 | 117,279.0 | ||
| Net debt (financial debt − cash) | 126,184.0 | (679,434.0) | (4,453,074.0) | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | ||
| Total equity | 382,453.0 | 1,721,854.0 | 5,802,570.0 | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | ||
| Balance check (assets − liabilities − equity) | - | - | - | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | #DIV/0! | ||
| Key ratios | |||||||||||||||
| EBITDA margin | (36.2%) | (30.8%) | (19.2%) | ||||||||||||
| ROIC (EBIT × (1 − t) ÷ average invested capital) | (33.0%) | (23.4%) | (18.7%) | ||||||||||||
| FCF margin | (94.1%) | (50.9%) | |||||||||||||
| Net debt ÷ EBITDA | (0.80x) | 3.66x | 26.32x | ||||||||||||
| EBITDA ÷ interest | (6.03x) | (7.00x) | (23.50x) | ||||||||||||
| Minimum DSCR over the projection | - | ||||||||||||||
How revenue is built
Skale reads the documents to decide how each revenue stream is projected, and explains why.
Space Systems product revenue has no volume driver reported with two years of history. The segment backlog covers both products and services, so a backlog build cannot be applied to this stream alone. The current growth build with a held growth rate is kept, and a data request is raised for a backlog-based build.
Launch services revenue is explained in the MD&A by launch cadence and revenue per launch. Launches are reported for several years, so revenue = launches x revenue per launch. Revenue per launch is derived from the reported revenue and launches.
No volume driver is available for the segment's services. The current growth build with a held growth rate is kept, and a data request is raised for a backlog-based build.
The stream is zero in all periods, so growth on zero stays at zero and nothing better is supported.
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