olivLaw · US equity research
Rocket Companies, Inc. RKT
Mortgage Bankers & Loan Correspondents · SIC 6162 · Vertical: Nondepository credit (SIC 616x)
Rocket Companies is a Detroit-based fintech platform combining mortgages, real estate and personal finance in one integrated homeownership ecosystem. It is the largest US mortgage originator by loan units and, after the Mr. Cooper acquisition, also the largest servicer, which makes its performance sensitive to rates and the speed of integration.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Rocket Companies, Inc. (RKT) stock was 14.82 USD (−1.27% on the day), with P/E 32.6 on diluted EPS of 0.45 USD over the last 12 months, beta 1.05, 52-week range 10.53–23.44 USD. Latest reported quarter (Q3 2026): net income of 709.0 m USD, diluted EPS 0.25 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 72.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 9.31 – 14.61
- above the upper band · %B 1.04 · band width 44.3%
- SMA 50 / 200
- 12.40 / 14.51
- mixed trend
- MACD (12, 26, 9)
- 0.58 / 0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +27.9% | −5.9% | +33.8 pp | — |
| 3 months | +12.1% | −4.6% | +16.7 pp | — |
| 6 months | +4.7% | +0.2% | +4.5 pp | — |
| Year to date | −23.5% | +7.4% | −30.9 pp | — |
| 1 year | −9.1% | +8.2% | −17.3 pp | −44.4% |
| 3 years | +81.8% | +68.4% | +13.4 pp | −13.8% |
| 5 years | −13.8% | +56.5% | −70.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Gross profit | 1.0 bn | — | — | — | — | — | — | — |
| Depreciation & amortisation | 5.4 m | 27.0 m | 27.0 m | 79.0 m | -29.0 m | 146.0 m | 145.0 m | 147.0 m |
| Interest expense | — | 109.0 m | 155.0 m | 235.0 m | — | 349.0 m | 374.0 m | 359.0 m |
| Pre-tax income | 674.9 m | -223.0 m | 24.0 m | -185.0 m | 169.0 m | 400.0 m | 281.0 m | 958.0 m |
| Income tax | 26.1 m | -11.0 m | -10.0 m | -61.0 m | 101.0 m | 103.0 m | 52.0 m | 249.0 m |
| Net income | 33.5 m | -10.0 m | -2.0 m | -124.0 m | 68.0 m | 297.0 m | 230.0 m | 709.0 m |
| Diluted EPS | 0.23 ≈ | -0.08 | -0.01 | -0.06 | 0.02 ≈ | 0.10 | 0.08 | 0.25 |
| Operating cash flow | 1.8 bn | -796.0 m | -1.9 bn ≈ | -49.0 m ≈ | -1.2 bn | 1.9 bn | -1.2 bn ≈ | 1.9 bn ≈ |
| Capex | 19.2 m | 14.0 m | 16.0 m ≈ | 21.0 m ≈ | 40.0 m | 43.0 m | 34.0 m ≈ | 43.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 57 percentile of its own 14-quarter history (min 5.2, median 20.4, max 263.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | 0 | 0 | 198.0 m | 308.2 m | 46.4 m | -16.0 m | 29.0 m | -68.0 m |
| Net income YoY | unavailable | unavailable | unavailable | +55.7% | −84.9% | −134.5% | unavailable | −334.5% |
| Diluted EPS | unavailable | unavailable | 1.76 | 2.32 | 0.28 | -0.15 | 0.21 | -0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +31.8% | −87.9% | −153.6% | unavailable | −123.8% |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 1.4 bn | -7.0 bn | -1.8 bn | 7.6 bn | 10.7 bn | 51.0 m | -2.7 bn | -4.0 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.7 bn USD
- Financial debt
- 10.4 bn USD
- Net debt
- 7.7 bn USD
- Equity
- 22.9 bn USD
- Total assets
- 60.7 bn USD
- Debt / equity
- 0.46x
- Current ratio
- unavailable
- ROE
- -0.4%
- ROA
- -0.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Gross profit | 11.1 bn | 8.3 bn | 2.6 bn | 1.3 bn | 2.3 bn | — | SEC (XBRL)· 03 Mar 2025verified |
| Depreciation & amortisation | 74.3 m | 74.7 m | 94.0 m | 88.0 m | 89.0 m | 104.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | 9.5 bn | 6.2 bn | 741.9 m | -403.0 m | 668.0 m | -214.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 132.4 m | 112.7 m | 42.0 m | -13.0 m | 32.0 m | 20.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | 198.0 m | 308.2 m | 46.4 m | -16.0 m | 29.0 m | -68.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | 1.76 | 2.32 | 0.28 | -0.15 | 0.21 | -0.05 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 116.2 m | 2.0 bn | 2.0 bn | 2.0 bn | 141.0 m | 1.3 bn | SEC (XBRL)· 02 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.0 bn | 2.1 bn | 722.3 m | 1.1 bn | 1.3 bn | 2.7 bn | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 211.2 m | 254.4 m | 274.2 m | 250.9 m | 214.0 m | 260.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | 18.0 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 10.6 bn | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 148.0 m | 122.6 m | 100.5 m | 91.0 m | 2.2 bn | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 37.5 bn | 32.8 bn | 20.1 bn | 19.2 bn | 24.5 bn | 60.7 bn | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | — | — | — | — | — | 10.4 bn | SEC (XBRL)· 12 May 2026verified |
| Total liabilities | 29.7 bn | 23.0 bn | 11.6 bn | 10.9 bn | 15.5 bn | 37.8 bn | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 7.9 bn | 9.8 bn | 8.5 bn | 8.3 bn | 9.0 bn | 22.9 bn | SEC (XBRL)· 02 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.7 bn | 7.7 bn | 10.8 bn | 111.0 m | -2.6 bn | -3.9 bn | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 106.3 m | 118.3 m | 93.1 m | 60.0 m | 68.0 m | 91.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | -1.8 bn ≈ | 7.6 bn ≈ | 10.7 bn ≈ | 51.0 m ≈ | -2.7 bn ≈ | -4.0 bn ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | 517.2 m | -664.9 m | 578.7 m | 861.0 m | -496.0 m | -2.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 1.8 bn | -6.9 bn | -12.8 bn | -624.0 m | 3.3 bn | 8.1 bn | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | 0 | 231.6 m | 177.7 m | 0 | 0 | — | SEC (XBRL)· 03 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.41 – 6.85 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.41 – 6.85 (Mid 4.88)5 companies used · median multiple 10.7x · quartiles 3.1x – 15.1xFIGR, FINV, ONIT, PFSI, TREE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 89.0% | 84 (on a fixed band) | 38% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 32.6x | 0 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial84/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Rocket Companies, Inc. (RKT). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: ROE 7.9%.
The estimated value range is 1.41–6.85 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.88 USD, the price of 14.82 USD leaves a potential of -67.1% (value / price − 1) and a margin of safety of -203.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 89.0%
What contradicts it
- P/E (TTM): 32.6x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Nondepository credit (SIC 616x) · same industry group (3-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PFSIPennyMac Financial Services, Inc. | 3.5 bn | 15.1 | 5.6% | 640.7% | −25.2% | −50% / −14% |
| FOAFinance Of America Companies Inc. | 803.7 m | — | -0.1% | -0.1% | +26.1% | −46% / +40% |
| TREELendingTree, Inc. | 543.8 m | 3.1 | 82.8% | 14.3% | +24.1% | −32% / +119% |
| ONITOnity Group Inc. | 263.3 m | 2.3 | 23.0% | 11.1% | +9.3% | −28% / +25% |
| UWMCUWM Holdings Corp | 168.1 m | — | -2.7% | -1.0% | +18.2% | −72% / −70% |
| BLNEBeeline Holdings, Inc. | 20.0 m | — | -41.1% | -215.3% | +600.0% | −70% / −95% |
| FIGRFigure Technology Solutions, Inc. | — | 22.5 | 16.8% | 33.5% | +48.7% | −42% / unavailable |
| FINVFinVolution Group | — | 10.7 | 16.3% | 2,679.2% | +3.9% | −42% / −35% |
| RKTRocket Companies, Inc. | — | 32.6 | 7.9% | — | unavailable | −9% / +82% |
1- and 3-year price returns: for RKT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Rocket Companies is a Detroit-based fintech platform combining mortgages, real estate and personal finance in one integrated homeownership ecosystem. It is the largest US mortgage originator by loan units and, after the Mr. Cooper acquisition, also the largest servicer, which makes its performance sensitive to rates and the speed of integration.
SWOT
Strengths
- Servicing scale and brand recognition give an advantage that the company describes as difficult to replicate.
- An integrated technology platform and accumulated data support digital processes from search to closing.
- High client retention and recapture rates support long relationships with borrowers.
Weaknesses
- The business depends on interest rate levels, which can make revenue volatile when borrowing becomes more expensive.
- Integrating several large acquisitions carries execution risk and possible unexpected costs.
- Reliance on a limited number of investors and government-linked agencies restricts flexibility in selling loans.
Opportunities
- Recapturing clients from the servicing book could generate origination volume at lower acquisition cost.
- Expanding home equity and personal loan products could diversify revenue.
- AI-based tools could raise loan officer productivity and speed up processes.
Threats
- Higher or renewed rate increases could reduce demand for purchases and refinancing.
- Changes in mortgage and AI regulation could raise compliance costs.
- Intense competition from banks and fintech firms could pressure margins.
Risks
- Interest rate sensitivityhigh
The business is strongly influenced by interest rates and monetary policy, and changes in them can affect volume and profitability.
- Reliance on government-linked agencieshigh
Selling and securitizing loans depends on Fannie Mae, Freddie Mac and other agencies; difficulties in this channel could limit origination.
- Regulatory and compliance riskmedium
The company operates in a heavily regulated sector, and regulatory changes could raise costs and complexity.
- Acquisition integration riskmedium
Integrating Redfin and Mr. Cooper could be delayed or could produce weaker results than expected.
- Technology and security riskmedium
Cyberattacks and the use of AI could harm reputation or lead to legal action.
Investment thesis
What would need to be true (bull case)
- If recapture of the servicing book keeps rising, origination could become more stable than in the past.
- Record market share in Q2 2026 suggests the competitive position could be strengthening.
- Diversification into real estate and personal loans could reduce dependence on a single revenue stream.
What would break the thesis
- If rates stay high or rise, origination volume could fall again.
- Integration of large acquisitions could prove more costly than anticipated, affecting profitability.
- Competitive pressure from banks and fintech firms could compress gain on sale margins.
What to watch
- Adjusted revenue against the Q3 outlook rangeQ3 2026
- Recapture rates on the Mr. Cooper servicing book2026
- Purchase and refinance market shareQ3 2026
- Progress of Redfin and Mr. Cooper integration in the annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Rocket Mortgage is the core business and the nation's largest mortgage servicer, with a portfolio unpaid principal balance of 2.1 trillion USD as of 31 December 2025 1. The company added real estate services through Redfin, acquired on 1 July 2025, and servicing through Mr. Cooper, completed on 1 October 2025 1. Its model combines loan origination, loan servicing and revenue from gain on sale and recurring servicing income.
The ecosystem also includes Rocket Close, a title, settlement and appraisal provider, Rocket Money, a personal finance app, and Rocket Loans, which offers personal loans focused on prime borrowers 1. The Rocket brand was unified in 2025 to position the company as an end-to-end homeownership platform 1.
Revenue comes from gain on sale of loans, loan servicing income, interest income and other income, and servicing income recurs over the life of each loan 1. The business is seasonal, with home purchases tending to slow in winter months 1.
Segments
Market context
The market depends on interest rates, housing affordability and the ability of lenders to sell or securitize loans through government-linked channels, so changes in these conditions could alter activity levels 1.
Trends
- Elevated mortgage ratesheadwind
Rates stayed high and volatile, weighing on purchase and refinance activity, and expectations moved from rate cuts toward possible increases 2. If rates remain high, origination volume could stay under pressure.
- Record market sharetailwind
Purchase and refinance market share reached record levels in Q2 2026 according to the company's release 3. If this position holds, it could support volume in a difficult market.
- Recapture from the servicing booktailwind
Migrating all servicing clients to one platform and high recapture rates could turn the servicing portfolio into a steady source of new loans 3. If recapture keeps rising, origination could become more predictable.
- Acquisition integration and AImixed
Integration of Redfin and Mr. Cooper continues, and AI tools are being expanded across origination and servicing 13. The results of these investments are not yet certain and depend on execution.
Competitive position
The company competes with large financial institutions, independent mortgage banks and fintech companies, on factors such as distribution channels, speed of loan approval, service levels, client retention, brand and interest rates 1. The filing describes competition as intense 1.
The company's stated advantages are its servicing scale, its recognised brand and its integrated technology platform, though competitors may partly match these elements 1.
- Large banks
Large financial institutions are named in the filing as competitors across origination and servicing, without specific names in the source text.
- Independent mortgage banks
Independent mortgage lenders compete for the same borrowers and channels, according to the competition section of the filing.
- Fintech companies
Fintech firms offer digital financial solutions that compete for home search and financing customers.
- Wholesale and partner channel brokers
Brokers and partners on the wholesale channel are both partners and competitors for the same borrowers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Rocket Companies Sees Market-Share Gains as Redfin, Mr. Cooper Synergies BuildYahoo Finance — News · 18 Sept 2026 · EN
- Jim Cramer Explains Why He Is Avoiding Big Predictions on Rocket Companies (RKT)Yahoo Finance — News · 05 Sept 2026 · EN
- Rocket Mortgage pushes home equity loans to wipe out credit card debt — here's how that could backfire on homeownersYahoo Finance — News · 23 Aug 2026 · EN
The latest news item in our archive is from 18 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report17 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Jul 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation
- Current report16 Jun 2026Material agreement
- Current report10 Jun 2026Shareholder vote
- Current report10 Jun 2026Other events · Financial statements and exhibits
- Current report09 Jun 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Rocket Companies, Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Rocket Companies, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Rocket Companies, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.