Rocket Lab (RKLB) Stock Surges 192% in Six Months on Strong Sales Growth, But Losses Linger

Rocket Lab USA Inc. (RKLB) shares have catapulted 192% since December 2025, reaching $122.15 on June 2, 2026, as investors reacted to robust revenue growth. The small-satellite launch provider posted a five-year compounded annual sales growth rate of 67.2%, outpacing the average industrial company. However, financial metrics for the trailing 12 months remain deeply in the red: operating margin stood at negative 33.2% and free cash flow margin at negative 46.5%. While both margins expanded sharply over the past five years — free cash flow margin rose 83.9 percentage points — sustained profitability remains elusive. The stock now trades at a forward price-to-sales multiple of 88.3 times, reflecting heightened valuation risk amid persistent losses.