Rocket Companies Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
This rating judges the company, not the share price. There is no documented substance finding: equity is positive at $23,230 million, the equity ratio is about 39 percent, there is no going concern warning, no listing risk, and the first quarter of 2026 produced $297 million of net income. What is open is the decisive operating question — twice over. First, the result hangs on an asset nobody trades: $19,377 million of servicing rights, 83 percent of equity and roughly 1.8 times tangible substance, valued with a model whose method moved from a static discount rate to a stochastic spread in the fourth quarter of 2025. Second, the combination of Rocket, Redfin and Mr. Cooper is unproven: $10,611 million of goodwill sits on the books, and the 2025 assessment of internal control over financial reporting explicitly excluded both acquisitions — 26 percent of total assets and 16 percent of net revenue. Price, valuation, free float and volatility deliberately played no part in this color. Neither did the Altman Z score of 3.98 in our data: the formula was built for manufacturers and retailers and carries no meaning for a mortgage lender. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Two acquisitions in twelve months turned Rocket Companies into the largest mortgage house in the United States: $130,352 million of closed loan volume in 2025, a $2.1 trillion serviced portfolio, 9.44 million loans. Net revenue rose 31.3 percent to $6,695 million in 2025 — and the year still ended with a $234 million loss, because servicing rights lost $1,530 million in value. That is exactly where this stock lives: at $19,377 million as of March 31, 2026 those rights equal 83 percent of equity and roughly 1.8 times tangible substance, valued with a model whose method changed in the fourth quarter of 2025. The first quarter of 2026 shows, with $297 million of net income, that the business works when rates cooperate. It also shows how much the result depends on a variable nobody inside the company can steer. Not investment advice.
Market position and business model
Rocket Mortgage is the largest U.S. mortgage lender by loan units and, since the Mr. Cooper acquisition on October 1, 2025, also the largest servicer of residential mortgages: $2,109,774 million of serviced unpaid principal balance across 9.44 million loans as of March 31, 2026. Net client retention stood at 97 percent as of December 31, 2025 — the back book is simultaneously the most important sales channel for new loans.
Balance sheet quality and model risk
The largest asset is an estimate: $19,377 million of servicing rights as of March 31, 2026 equals 83 percent of $23,230 million in equity and roughly 1.8 times tangible equity of about $10,510 million. The filing quantifies it itself: a 200 basis point adverse move in the option-adjusted spread would cost $1,384 million. On top of that sits goodwill of $10,611 million from the two acquisitions.
Earnings power and volatility
Two loss years out of three: negative $390 million (2023), positive $636 million (2024), negative $234 million (2025) — on steadily rising net revenue of $3,799 million, $5,101 million and $6,695 million. The first quarter of 2026 turned with net income of $297 million after a loss of $212 million, although Mr. Cooper is absent from the comparative period and the gain on sale margin fell from 2.89 percent to 2.74 percent.
Valuation transparency
Rocket discloses the sensitivities of its servicing rights and states expressly in the quarterly report for March 31, 2026 that they are hypothetical and directional only. That is more candor than most. At the same time the valuation method moved from a static discount rate to a stochastic option-adjusted spread in the fourth quarter of 2025, with cost to service per loan added as a new key input — so the year-over-year sensitivity comparison measures two different quantities.
Leverage and covenants
As of March 31, 2026 the balance sheet carried $10,430 million of unsecured and $15,882 million of secured financing. In June 2026 Rocket placed $900 million of 6.125 percent notes due 2031 and $600 million of 6.500 percent notes due 2034, retiring notes at 2.875 and 5.250 percent. Since July 16, 2026 a new $2.5 billion revolving credit facility imposes ongoing financial maintenance covenants, including a floor for tangible net worth.
Ownership and share supply
As of May 4, 2026 there were 980,550,267 listed Class A shares against 1,848,879,455 untraded Class L shares — one vote each, which places roughly 65 percent of the votes outside the exchange. Rocket is a controlled company and relies on exemptions from the New York Stock Exchange independence rules. Class L-1 automatically converted into tradable Class A shares on June 30, 2026 and Class L-2 follows on June 30, 2027 — roughly 924 million shares per tranche.
Worth Noting
Rocket Companies reached our research list through our in-house stock scanner "Turnaround Candidates": rank 26 of 60 U.S. hits on tickerguard.com and rank 27 of 60 on our German sister site, turn check 6 of 8 on both, both lists dated July 26, 2026. These lists are recalculated daily — rank and score are a dated snapshot. On the same day RKT was also a hit in the "Beneish M-Score" warning scanner, an indicator for possible earnings cosmetics; that proves nothing, it is a reason to read the balance sheet carefully.
The scanner rests on two mandatory pillars: at least 50 percent below the all-time high, and an Altman Z score of at least 1.1 with positive equity and no more than one balance sheet warning flag. Pillar 2 is met arithmetically (Altman Z 3.98, equity ratio 39.1 percent) but is not usable as a quality verdict for a mortgage lender. Pillar 1 decides whether the stock stays: the stored distance to the all-time high is negative 57.86 percent, measured at a price of $14.78 in the same data set. Cross-check against the price history since the IPO: the highest dividend-adjusted closing price is $34.95 on March 2, 2021 (raw close $41.60, intraday high $43.00), which implies negative 57.7 percent at $14.78. The deviation is under 0.2 percentage points — the factor-1,000 all-time-high error known for roughly 60 titles in this data set does not apply to RKT. Exit threshold: about $17.50, roughly a third above $13.10.
Do not confuse the two: the "v. Hoch" column in the scanner table shows negative 39.3 percent and measures the distance to the 52-week high, not to the all-time high. Both values sit side by side in the data set and are regularly mixed up.
Price and valuation figures are dated anchors, not buy arguments: $13.10 as of July 26, 2026. Market capitalization of roughly $37 billion is computed from the 2,829,429,722 shares across both classes shown on the cover page of the quarterly report dated May 4, 2026. The fundamental data set itself shows $36.9 billion at the July 24, 2026 closing price of $13.05, and the scanner table shows $42.4 billion from an older pull — all three sit within the usual range of data vintage differences. Data providers that count only the 981 million Class A shares arrive at a materially wrong picture.
The most recent periodic report is the Form 10-Q for March 31, 2026, filed May 12, 2026. Filed after that, through the July 26, 2026 data cut-off: current reports on Form 8-K dated June 9, 2026 (notes offering, conditional redemptions and Mr. Cooper financial information), June 10, 2026 (upsizing and pricing, plus annual meeting results under Item 5.07), June 16, 2026 (closing of the offering) and July 16, 2026 (new $2.5 billion credit facility), together with insider filings on Form 4. The Form NT 10-Q filed May 12, 2026 concerns nothing but a technical transmission delay: the filing states that the quarterly report was accepted by the SEC at 5:39 p.m. on May 11, 2026, shortly after the 5:30 p.m. cut-off. It involves neither the numbers nor the audit.
As of July 26, 2026 no takeover, merger or take-private process is pending. Rocket was itself the buyer most recently: Redfin Corporation on July 1, 2025 and Mr. Cooper Group Inc. on October 1, 2025. Both are complete; the most recent Form 425 is dated August 1, 2025 and the most recent Form S-4/A July 25, 2025. There is no new S-4, no SC 13E3, no Form 25 and no Form 15 on file.
Not to be confused: Rocket Companies, Inc. (RKT) is neither Rocket Lab (RKLB) nor Rocket Pharmaceuticals (RCKT). Mr. Cooper Group Inc. traded under the ticker COOP through September 30, 2025 and has been part of Rocket since October 1, 2025; Redfin Corporation traded under RDFN through June 30, 2025.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at RKT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 12.40 $ to 23.40 $ · Last price: 12.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Mortgage Finance
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Rocket Companies Inc RKT | 36.1 | – | 0.0 | 100.0 | 28.2 | 27.4 | -40.6 |
| PennyMac Finl Svcs Inc PFSI | 3.5 | – | 45.9 | 86.0 | 14.6 | 173.8 | -46.6 |
| UWM Holdings Corp UWMC | 2.1 | 4.1 | 22.1 | 100.0 | – | 65.8 | -79.1 |
| Walker & Dunlop Inc WD | 1.3 | – | 10.4 | 100.0 | 9.2 | 9.0 | -52.3 |
| Guild Holdings Co GHLD | 1.2 | 9.9 | 0.0 | 100.0 | 23.6 | 60.9 | 14.9 |
| Velocity Financial Llc VEL | 0.6 | 5.7 | 0.0 | 75.7 | – | 48.0 | -12.2 |
| Loandepot Inc LDI | 0.5 | – | 0.0 | 88.9 | – | 37.6 | -84.2 |
| Onity Group Inc. ONIT | 0.3 | 1.5 | 54.4 | 93.5 | – | -0.2 | -25.5 |
| Better Home & Finance Holding Company BETR | 0.2 | – | -0.9 | 100.0 | – | 59.4 | -56.4 |
| Median of companies shown | 1.2 | 4.9 | 0.0 | 100.0 | 19.1 | 48.0 | -46.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 4,886 | 2,132 | 1,808 | – | – | – | – |
| 2017 | 4,253 | 772 | 771 | 6.93 | -243 | – | – |
| 2018 | 4,309 | 618 | 607 | 5.60 | 1,431 | 2,781 | 11,553 |
| 2019 | 5,204 | 904 | 894 | 8.24 | -6,979 | 3,503 | 20,077 |
| 2020 | 15,896 | 9,532 | 198 | 1.00 | -1,677 | 7,882 | 37,535 |
| 2021 | 13,176 | 6,185 | 308 | 1.55 | 7,744 | 9,760 | 32,775 |
| 2022 | 6,005 | 742 | 46 | 0.24 | 10,824 | 8,476 | 20,082 |
| 2023 | 4,006 | -403 | -16 | -0.08 | 110 | 8,302 | 19,232 |
| 2024 | 5,401 | 668 | 29 | 0.15 | -2,629 | 9,043 | 24,510 |
| 2025 | 6,880 | 600 | -68 | -0.03 | -3,927 | 22,898 | 60,685 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.24 | – | 1,835 | 138.00 | 1.80 | 1,843 | 1,729 |
| 2025: Q1 | -0.01 | -162.10 | 1,101 | -23.30 | -0.90 | -797 | -867 |
| 2025: Q2 | 0.00 | -234.00 | 1,451 | 5.00 | -0.10 | -1,850 | -1,866 |
| 2025: Q3 | -0.06 | – | 1,790 | 139.10 | -6.90 | -50 | -72 |
| 2025: Q4 | 0.02 | -91.70 | 2,497 | 36.00 | 2.70 | -1,230 | -1,270 |
| 2026: Q1 | 0.10 | – | 2,738 | 148.60 | 10.80 | 1,857 | 1,814 |
| 2026: Q2 | 0.08 | – | – | – | – | -1,212 | -1,246 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.61 | 0.55 – 0.70 | 10,949 | 119.1% | 15 |
| 12/31/2027 | 0.84 | 0.63 – 1.00 | 12,101 | 37.5% | 16 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Rocket setzt KI operativ in Kreditvergabe, Kreditverwaltung und Marketing ein und beschreibt sich in Geschäfts- und Quartalsbericht als „AI-powered“ Plattform — es gibt aber kein KI-Produkt und keine KI-Umsatzquelle: Die Erlöse stammen aus Kreditverkauf, Bedienungsgebühren, Zinsen und Vermittlungsleistungen.
View the full file — quotes, sources, reviewed filings
„We are committed to delivering industry-best client experiences through our AI-powered, vertically integrated homeownership ecosystem."
Wir haben uns verpflichtet, über unser KI-gestütztes, vertikal integriertes Wohneigentums-Ökosystem die branchenbesten Kundenerlebnisse zu liefern.
10-K · 2026-03-02 · View SEC filing
„We have over 30 petabytes of data in our environments and thousands of attributes to establish accurate client profiles. We generate over 160 million calls with clients each year, which help us power AI models and continuously improve client, partner and team member experiences."
Wir haben über 30 Petabyte an Daten in unseren Systemen und Tausende von Merkmalen, um präzise Kundenprofile zu bilden. Wir führen jedes Jahr über 160 Millionen Gespräche mit Kunden, die uns helfen, KI-Modelle zu speisen und die Erfahrung von Kunden, Partnern und Mitarbeitenden laufend zu verbessern.
10-K · 2026-03-02 · View SEC filing
„We currently incorporate AI technology in many of our products and services and in our business operations, and we believe the proliferation of AI will have a significant impact on customer preference and market dynamics in our industry."
Wir setzen derzeit KI-Technologie in vielen unserer Produkte und Dienstleistungen sowie in unserem Geschäftsbetrieb ein, und wir gehen davon aus, dass die Verbreitung von KI erhebliche Auswirkungen auf Kundenpräferenzen und Marktdynamik in unserer Branche haben wird.
10-K · 2026-03-02 · View SEC filing
„We are committed to delivering industry-best client experiences through our AI-powered, vertically integrated homeownership platform."
Wir haben uns verpflichtet, über unsere KI-gestützte, vertikal integrierte Wohneigentums-Plattform die branchenbesten Kundenerlebnisse zu liefern.
10-Q · 2026-05-12 · View SEC filing
Filings Reviewed: 10-Q 2026-05-12 · 10-K 2026-03-02 · 10-Q 2025-11-06 · 10-Q 2025-08-08 · 10-Q 2025-05-09 · 10-K 2025-03-03
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 4.6%
- More than 10% revenue growth is expected for the coming year 9.9%
- Share count grows by less than 3% a year 132.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -31.0%
- Gross margin at 40% or higher and without meaningful erosion 91.6%
- Goodwill from acquisitions does not grow faster than revenue 17.5%
- Net debt below twice EBITDA 32.4 x EBITDA
- Operating cash flow covers the profits of the last three years -6,392 m
- Return on capital at 15% or higher, or up versus two years ago 1.0%
- Insiders hold at least 10% or are net buyers 1.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 3.9%
- Exp. sales growth 3Y > 5% 32.6%
- EBIT growth 10Y > 5% -13.1%
- Exp. EBIT growth 3Y > 5% 32.6%
- Net debt < 4x EBIT 48.1x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -0.7%
- ROCE > 15% 1.0%
- Expected return > 10% 17.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Bray Jesse K | Pres & CEO, Rocket Mortgage | Sell | 225,000 | 13.11 | 2,949,750 |
| Sep 8, 2026 | Brown Brian Nicholas | President & Chief Fin Officer | Other | 14,675 | 14.06 | 206,331 |
| Sep 8, 2026 | Krishna Varun | Chief Executive Officer | Other | 58,259 | 14.06 | 819,122 |
| Sep 7, 2026 | Banfield William D. | Chief Business Officer | Other | 61,315 | 14.06 | 862,089 |
| Sep 7, 2026 | Edwards Noah A. | Chief Accounting Officer | Other | 12,009 | 14.06 | 168,847 |
| Sep 7, 2026 | Brown Brian Nicholas | President & Chief Fin Officer | Other | 44,042 | 14.06 | 619,231 |
| Sep 7, 2026 | Malhotra Shawn | Chief Technology Officer | Other | 37,930 | 14.06 | 533,296 |
| Sep 7, 2026 | Bray Jesse K | Pres & CEO, Rocket Mortgage | Other | 29,279 | 14.06 | 411,663 |
| Sep 7, 2026 | Lovier Heather M. | Chief Operating Officer | Other | 61,669 | 14.06 | 867,066 |
| Sep 7, 2026 | Krishna Varun | Chief Executive Officer | Other | 126,999 | 14.06 | 1,785,606 |
The company
About the Company
Rocket Companies, Inc. ist ein Fintech-Unternehmen, das in den Geschäftsfeldern Hypotheken, Immobilien und Privatfinanzen in den USA und Kanada tätig ist.
- Employees
- 23,500
- Headquarters
- Detroit, MI
- Address
- 1050 Woodward Avenue, 48226 Detroit, United States
- Phone
- 313 373 7990
- Website
- rocketcompanies.com
- IPO Date
- 08/06/2020
- ISIN
- US77311W1018
Management
| Name | Title | Birth Year |
|---|---|---|
| Daniel B. Gilbert | Founder & Chairman of the Board | 1962 |
| Varun Krishna | CEO & Director | 1982 |
| Brian Nicholas Brown | President, CFO & Treasurer | 1979 |
| Heather Lovier | Chief Operating Officer | 1975 |
| William C. Emerson | Director | 1963 |
| William Banfield | Chief Business Officer | 1972 |
| Jesse K. Bray CPA | President & CEO of Rocket Mortgage and Director | 1967 |
| Noah Edwards | Chief Accounting Officer | 1985 |
| Shawn Malhotra | Chief Technology Officer | 1982 |
| Sharon Ng | Vice President of Investor Relations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/17/2026 Rocket Companies, Inc. (RKT): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/06/2026 Rocket Companies, Inc. (RKT): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/16/2026 Rocket Companies, Inc. (RKT): Entry into a Material Definitive Agreement; Termination of a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.