Rocket Companies, Inc.
RKT Financial Mortgage Finance
Rocket Companies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.7 billion, up 31.2% from fiscal 2024. In the quarter to June 2026, revenue grew 91.9%, EPS grew 900.0%, free cash flow grew 69.2% and total debt rose 56.2%, each against the same quarter a year earlier.
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Rocket Companies, Inc. (RKT) Beneish M-score
Rocket Companies, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Beneish M-score, annual
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.78 | — | 2.56 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.21 | — | 0.49 | |
| Sales growth index | 1.31 | — | 1.17 | |
| Depreciation index | 0.66 | — | 0.08 | |
| SG&A index | 1.12 | — | −0.19 | |
| Total accruals to total assets | 0.06 | — | 0.28 | |
| Leverage index | 0.91 | — | −0.30 | |
| Beneish M-score | n/a — not meaningful for banks, insurers and REITs | — | ||
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 |
|---|---|
| LDI loanDepot, Inc. compare | — |
| GHI Greystone Housing Impact Investors LP compare | — |
| VEL Velocity Financial, Inc. compare | — |
| RKT Rocket Companies, Inc. | — |
| PFSI PennyMac Financial Services, Inc. compare | — |
| WD Walker & Dunlop, Inc. compare | — |
| UWMC UWM Holdings Corporation compare | — |
| ONIT Onity Group Inc. compare | — |
| BETR Better Home & Finance Holding Company compare | — |
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