Rocket Lab Corporation
RKLB Industrials Aerospace & Defense
Rocket Lab Corporation’s revenue for fiscal 2025 (year ended December 2025) was $601.8 million, up 38.0% from fiscal 2024. In the quarter to June 2026, revenue grew 62.0%, EPS grew 38.5%, free cash flow fell 99.7% and total debt fell 93.2%, each against the same quarter a year earlier. Member of the Nasdaq 100; revenue growth for five consecutive years.
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Rocket Lab Corporation (RKLB) Beneish M-score
Rocket Lab Corporation's Beneish M-score for fiscal 2025 is −2.24; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.24 | 0.90 |
| FY2024 | −3.13 | (0.07) |
| FY2023 | −3.06 | (1.81) |
| FY2022 | −1.25 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.78 | — | 0.71 | |
| Gross margin index | 0.77 | — | 0.41 | |
| Asset quality index | 1.10 | — | 0.44 | |
| Sales growth index | 1.38 | — | 1.23 | |
| Depreciation index | 1.24 | — | 0.14 | |
| SG&A index | 0.91 | — | −0.16 | |
| Total accruals to total assets | (0.01) | — | −0.07 | |
| Leverage index | 0.34 | — | −0.11 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.24 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| LHX L3Harris Technologies Inc compare | −2.6× |
| CW Curtiss-Wright Corporation compare | −2.5× |
| ESLT Elbit Systems Ltd. compare | −2.5× |
| WWD Woodward, Inc. compare | −2.4× |
| HEI.A Heico Corporation compare | −2.4× |
| HEI Heico Corporation compare | −2.4× |
| TDG Transdigm Group Incorporated compare | −2.3× |
| RKLB Rocket Lab Corporation | −2.2× |
| AXON Axon Enterprise, Inc compare | −2.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI