"Rocket Lab ended 2025 with a $1.85 billion backlog, up 73% year over year. The single largest piece is an $816 million Space Development Agency contract to design and manufacture 18 satellites for the Proliferated Warfighter Space Architecture."
"Non-GAAP gross margin expanded from 34.0% in Q4 2024 to 44.3% in Q4 2025. Full-year 2025 gross profit grew 78.38% year over year, nearly double the 37.96% revenue growth rate."
"At $70.90 per share, Rocket Lab trades well below the consensus analyst price target of $89.88. Of the 15 analysts covering the stock, 10 rate it a buy and 5 rate it a hold."
"The Neutron medium-lift rocket suffered a stage 1 tank test failure, pushing the first launch target to Q4 2026. However, the Electron launch business ran 21 missions in 2025 with a 100% success rate."
Rocket Lab ended 2025 with a $1.85 billion backlog, a 73% increase year over year, indicating strong contracted revenue. Key contracts include an $816 million deal with the Space Development Agency and a $190 million agreement for hypersonic test flights. Non-GAAP gross margin improved from 34.0% to 44.3% in one year, with gross profit growing 78.38%. Analyst consensus shows a price target of $89.88, with 10 buy ratings. Despite a delay in the Neutron rocket launch, the Electron business remains successful with a 100% success rate in 2025.
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