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RKT, Rocket Companies Inc.
Rocket Companies operates an integrated ecosystem of mortgage, real estate and financial services businesses centered on enabling AI-fueled homeownership.
Our full suite of products empowers our clients across home search, mortgage finance and servicing, title and closing, financial wellness and personal loans.
Our flagship business, Rocket Mortgage, is the nation's largest mortgage originator by loan units and the nation's largest mortgage servicer with portfolio unpaid principal balance of $2.1 trillion as of December 31, 2025.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~39 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Not enough dataIndustry peers: median 0%
What this means
Net income or equity wasn't found in the filing data.
- Not enough dataIndustry peers: median 0%
What this means
Equity, goodwill or intangibles missing.
- Not enough data
What this means
Noninterest expense or revenue missing.
Is it sound?
- Capital cushion —Not enough data
What this means
Equity or total assets missing.
- Funding —Not enough data
What this means
Deposits or total assets missing.
- Credit cost —Not enough data
What this means
Provision or net interest income missing.
The franchise and the credit cycle
- Not enough data
What this means
The deposit mix isn't cleanly tagged in the filings' structured data; the funding read above carries what is.
- Not enough data
What this means
Not derivable from the filings' structured data — some filers carry recoveries only on segment axes, and a gross figure dressed as net would be a wrong number.
All figures as filed; the source filing is linked above.
Debt maturity
the debt note, SEC EDGAR →Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.
Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.
Against what the business has and earns
Cash on hand as of Jun 30, 2026 comes to $3.1B against the $1.1B due in the twelve months after the Dec 31, 2025 schedule: 2.7 times it.
Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.
Acquisitions & goodwill
from the balance sheet & the 0-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Beside that spending sits $265M of cumulative amortization of acquired intangibles charged against earnings since fiscal 2020 — the purchase price of past deals, expensed over time. The cash figure above counts only cash consideration: goodwill of $10.6B against it says much of the buying was paid for in stock, which never passes through the cash-flow statement.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and amortization summed across the company's full tagged history, write-downs across the 0-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership1.3%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio469:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Peers, Mortgage & Specialty Finance
The same industry, side by side on the bank lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | ROEmedian over the record | ROTCEmedian over the record | NII / assetsmedian over the record |
|---|---|---|---|---|
| BETRBetter Home & Finance Holding Company | $165M | -442%2y | -2488%2y | 1.0% |
| ARRARMOUR Residential REIT Inc. | $158M | — | — | 0.8%1y |
| RWTRedwood Trust Inc. | $155M | — | — | 0.3%1y |
| TRTXTPG RE Finance Trust Inc. | $146M | 6% | 6% | 2.4% |
| RKTRocket Companies Inc. | $125M | — | — | 0.2%1y |
| DXDynex Capital Inc. | $114M | — | — | 0.7%1y |
| KREFKKR Real Estate Finance Trust Inc. | $113M | 0% | 0% | 2.4% |
| ORCOrchid Island Capital Inc. | $108M | — | — | 0.9%1y |
| Group median | — | — | — | 0.8% |
The price
What a price has to assume.
What the price implies
reverse-DCFA bank / financial isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Manual order: ← RKLB its page in the Manual RL →
Industry order: ← PFSI the Mortgage & Specialty Finance chapter RWT →