Rocket Companies Inc (RKT)
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Rocket Mortgage is the largest mortgage lender in the United States — and since the Mr. Cooper deal it is also the largest servicer of other people's home loans: $2.1 trillion in serviced unpaid principal balance across 9.4 million loans. Net revenue rose 31 percent to $6,695 million in 2025. The year still ended with a loss of $234 million. The reason sits one line above: the rights to service those loans lost $1,530 million in value — an asset nobody buys, nobody sells and nobody can touch. We read the annual report for 2025 and the quarterly report for March 31, 2026, and look at how those $19.4 billion come together, who actually votes at Rocket, and what quietly happened on June 30, 2026. What waits at the end is not a recommendation but a number you have to weigh yourself.
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Basics
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Valuation
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Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Uses AIRocket 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.
„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.
„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.
„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.
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
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.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.02 | – | 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 | 45.10 | 2,497 | 36.00 | 2.70 | -1,230 | -1,270 |
| 2026: Q1 | 0.10 | – | 2,738 | 148.60 | 10.80 | 1,857 | 1,814 |
- 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.
Assessment: Opportunities & Risks
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.
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.
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.
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.
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.
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.
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.
- Rocket Companies reached our research list through our in-house stock scanner "Turnaround Candidates": rank 26 of 60 U.S. hits on minnowstreet.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.
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 |
| Website | rocketcompanies.com |
| IPO Date | 6. Aug 2020 |
| Next Earnings | 30. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Daniel B. Gilbert | Founder & Chairman of the Board | 1962 |
| Varun Krishna | CEO & Director | 1983 |
| 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 | Group 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.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 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.