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PL vs RKLB
Planet Labs PBC (PL) vs Rocket Lab USA (RKLB) Earnings Recap: Record Revenue Growth and Surging Backlogs
Key Takeaways
- Planet Labs PBC (PL) reported Q4 FY2026 revenue of $86.8 million, up 41% YoY, and full-year revenue of $307.7 million, up 26% YoY, achieving first full-year adjusted EBITDA profitability of $15.5 million.
- Rocket Lab USA (RKLB) delivered Q4 2025 revenue of $180 million, up 36% YoY, and full-year revenue of $602 million, up 38% YoY, with backlog expanding 73% to $1.85 billion.
- Both companies showcased robust demand in the space sector, with PL RPO at $852 million (up 106% YoY) and backlog over $900 million, while RKLB executed 21 launches at 100% success rate.
- PL generated positive free cash flow of $52.9 million for FY2026; RKLB guided Q1 2026 revenue to $185-200 million.
- GAAP losses persisted: PL Q4 EPS ($0.48), FY EPS ($0.80); RKLB Q4 EPS ($0.09).
- Future outlook strong, with PL FY2027 revenue guidance $415-440 million and RKLB Neutron launch targeted for Q4 2026.
Earnings Context and Why This Comparison Matters
Planet Labs PBC (PL) and Rocket Lab USA (RKLB) represent complementary players in the burgeoning space economy. PL specializes in daily Earth observation via its satellite constellation, delivering geospatial analytics for defense, agriculture, and environmental monitoring. RKLB focuses on launch services with its Electron rocket, spacecraft manufacturing, and systems for satellite deployment. Their recent earnings highlight surging demand for space infrastructure amid geopolitical tensions, climate tracking needs, and commercial satellite constellations. Comparing them reveals synergies—RKLB enables satellite liftoffs, while PL monetizes the data—offering investors insight into sector momentum and execution risks.
Planet Labs PBC Focus
Planet Labs PBC (PL) released fiscal Q4 and full-year 2026 earnings on March 19, 2026, for the period ended January 31, 2026. Q4 revenue hit a record $86.8 million, surging 41% year-over-year, driven by satellite services and defense contracts including a low nine-figure deal with Sweden's Armed Forces. Full-year revenue reached $307.7 million, up 26% YoY. GAAP net loss was $152.5 million in Q4 ($0.48 EPS) and $246.9 million for the year ($0.80 EPS), impacted by warrant liability revaluations. Non-GAAP EPS was breakeven at $0.00 in Q4. Adjusted EBITDA turned profitable at $2.3 million in Q4 and $15.5 million annually—the company's first full-year non-GAAP profitability. Free cash flow was positive $52.9 million for FY2026. RPO climbed 106% to $852 million, backlog 79% to over $900 million, with 98% recurring annual contract value. Cash stood at $640.1 million. Guidance includes FY2027 revenue of $415-440 million.
Rocket Lab USA Context
Rocket Lab USA (RKLB) reported calendar Q4 and full-year 2025 results on February 26, 2026, for the period ended December 31, 2025. Q4 revenue achieved a record $180 million, up 36% YoY, fueled by 21 launches at 100% success and space systems growth. Full-year revenue set a new high at $602 million, rising 38% YoY. GAAP EPS was ($0.09) in Q4. Backlog expanded 73% YoY to $1.85 billion, bolstered by an $816 million Space Development Agency contract. Key wins included hypersonics testing via HASTE and progress on Neutron, despite a stage 1 tank test setback pushing first launch to Q4 2026. Q1 2026 guidance projects revenue of $185-200 million, reflecting 57% YoY growth at midpoint. Fundamentals show scaling operations amid R&D investments, positioning RKLB for constellation deployment demand.
Head-to-Head Earnings and Market Comparison
Both firms demonstrated explosive revenue growth, with RKLB doubling PL's scale at $602 million vs. $307.7 million annually, reflecting launch cadence advantages. PL edges in profitability milestones, achieving adjusted EBITDA and free cash flow positivity, while RKLB burns cash on Neutron development. Growth drivers diverge: PL's AI-enhanced analytics and defense wins fuel RPO surge; RKLB's vertical integration supports backlog via SDA and hypersonics. Risks include execution delays—Neutron for RKLB, satellite replenishment for PL—and GAAP losses amid high capex. Sentiment favors both amid space economy expansion, with PL's recurring revenue (98% ACV) offering stability versus RKLB's higher growth trajectory.
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Tickeron AI Verdict
Tickeron AI favors RKLB with 65% probability over the next 12 months, citing superior revenue scale, 38% YoY growth, massive $1.85 billion backlog, and launch reliability amid constellation demand. While PL excels in profitability inflection and recurring revenue stability, RKLB's vertical integration and Neutron upside offer stronger trend momentum despite higher execution risks.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer. Disclaimers and Limitations
To compare these two companies we present long-term analysis, their fundamental ratings and make comparative short-term technical analysis which are presented below. The conclusion is PL is a StrongBuy and RKLB is a Hold.
Long-Term Analysis
It is best to consider a long-term outlook for a ticker by using Fundamental Analysis (FA) ratings. The rating of 1 to 100, where 1 is best and 100 is worst, is divided into thirds. The first third (a green rating of 1-33) indicates that the ticker is undervalued; the second third (a grey number between 34 and 66) means that the ticker is valued fairly; and the last third (red number of 67 to 100) reflects that the ticker is undervalued. We use an FA Score to show how many ratings show the ticker to be undervalued (green) or overvalued (red).
PL’s FA Score shows that 0 FA rating(s) are green whileRKLB’s FA Score has 0 green FA rating(s).
- PL’s FA Score: 0 green, 5 red.
- RKLB’s FA Score: 0 green, 5 red.
Short-Term Analysis
It is best to consider a short-term outlook for a ticker by using Technical Analysis (TA) indicators. We use Odds of Success as the percentage of outcomes which confirm successful trade signals in the past.
If the Odds of Success (the likelihood of the continuation of a trend) for each indicator are greater than 50%, then the generated signal is confirmed. A green percentage from 90% to 51% indicates that the ticker is in a bullish trend. A red percentage from 90% - 51% indicates that the ticker is in a bearish trend. All grey percentages are below 50% and are considered not to confirm the trend signal.
PL’s TA Score shows that 4 TA indicator(s) are bullish while RKLB’s TA Score has 6 bullish TA indicator(s).
- PL’s TA Score: 4 bullish, 4 bearish.
- RKLB’s TA Score: 6 bullish, 2 bearish.
Price Growth
PL (@Aerospace & Defense) experienced а -3.37% price change this week, while RKLB (@Aerospace & Defense) price change was +0.47% for the same time period.
The average weekly price growth across all stocks in the @Aerospace & Defense industry was +4.88%. For the same industry, the average monthly price growth was +0.84%, and the average quarterly price growth was +27.47%.
Reported Earning Dates
PL is expected to report earnings on Jun 04, 2026.
Industries' Descriptions
@Aerospace & Defense (+4.88% weekly)Aerospace & Defense is one of largest industries in the U.S., mainly comprising the following areas: commercial airliners, military aircraft, missiles, space, and general aviation. Focused heavily on research & development, it is also one of the fastest growing industries. Military aircraft has the largest market share in the industry’s sales, followed by space systems, civil aircraft, and missiles. Aerospace exports, directly and indirectly, support more jobs than the export of any other commodity, according to a study by the U.S. Department of Commerce. Boeing Company, Lockheed Martin Corporation and General Electric Company are some of the most prominent players in this space.
| PL | RKLB | PL / RKLB | |
| Capitalization | 12B | 39.2B | 31% |
| EBITDA | -79.47M | -155.47M | 51% |
| Gain YTD | 75.811 | -2.451 | -3,093% |
| P/E Ratio | N/A | N/A | - |
| Revenue | 282M | 602M | 47% |
| Total Cash | 677M | 1.02B | 67% |
| Total Debt | 461M | 254M | 181% |
| PL | RKLB | |
|---|---|---|
| RSI ODDS (%) | 1 day ago 86% | N/A |
| Stochastic ODDS (%) | 1 day ago 78% | 1 day ago 82% |
| Momentum ODDS (%) | 1 day ago 71% | 1 day ago 90% |
| MACD ODDS (%) | 1 day ago 71% | 1 day ago 80% |
| TrendWeek ODDS (%) | 1 day ago 72% | 1 day ago 87% |
| TrendMonth ODDS (%) | 1 day ago 76% | 1 day ago 79% |
| Advances ODDS (%) | 4 days ago 79% | 10 days ago 86% |
| Declines ODDS (%) | 13 days ago 75% | 5 days ago 83% |
| BollingerBands ODDS (%) | 1 day ago 76% | 1 day ago 86% |
| Aroon ODDS (%) | 1 day ago 80% | 1 day ago 85% |
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