Rocket Companies, Inc.

RKT

Rocket Companies, Inc. engages in the tech-driven real estate, mortgage, and e-Commerce businesses in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company's solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; Rocket Auto, an automotive retail marketplace that provides centralized and virtual car sales support to online car purchasing platforms; and Rocket Loans, an online-based personal loans business. It also offer Core Digital Media, a digital social and display advertiser in the mortgage, insurance, and education sectors; Rocket Solar, which connect homeowners with digital financing solutions through a team of trained solar advisors; Truebill, a personal finance app that helps clients manage every aspect of their financial lives; Lendesk, a technology services company that provides a point of sale system for mortgage professionals and a loan origination system for private lenders; and Edison Financial, a digital mortgage broker. In addition, the company originates, closes, sells, and services agency-conforming loans. Rocket Companies, Inc. was founded in 1985 and is headquartered in Detroit, Michigan. Rocket Companies, Inc. operates as a subsidiary of Rock Holdings, Inc.

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📊 Valuation

Key valuation metrics

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 Growth

Revenue, earnings, and per-share growth metrics

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 Profitability

Profit margins and return on equity

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 Cash Quality

Cash flow quality and conversion metrics

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ Leverage & Liquidity

Debt, liquidity, and financial health

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ Ops & Cap Efficiency

Asset utilization, working capital, ROIC, and capital efficiency

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 Shareholder Returns

Dividends, share buybacks, dilution, and insider trading activity

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

Profit Waterfall Analysis

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Profitability Margins

Operating Income Margini

-2.27%

Operating Income = $-0.11B

Revenue = $4.65B

Pre-tax Profit Margini

2.18%

Income Before Tax = $0.10B

Revenue = $4.65B

Net Profit Margini

-1.25%

Net Income = $-0.06B

Revenue = $4.65B

Tax Metrics

Effective Tax Ratei

60.05%

Income Tax Expense = $0.06B

Income Before Tax = $0.10B

Cash Tax Rate (TTM)i

0.00%

Income Taxes Paid = $0.00B

Income Before Tax = $-0.28B

Financial Sector PPNR Metrics

PPNRi

$3.67B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $0.19B | non interest income: $4.56B | non interest expense: $1.09B

PPNR Margini

78.82%

PPNR = $3.67B

Revenue = $4.65B

PPNR / Avg Assetsi

8.61%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $3.67B | avg total assets: $42.60B

Cost Efficiency Metrics

Efficiency Ratioi

23.40%

Non-Interest Expense = $1.09B

Revenue = $4.65B

Cost-to-Incomei

23.40%

Operating Expenses = $1.09B

Revenue = $4.65B

Cost-to-Assetsi

2.56%

Operating Expenses = $1.09B

Avg Total Assets = $42.60B

Operating Leverage Metrics

Operating JAWSi

148.89%

Revenue Growth = 153.47%

Expense Growth = 4.57%

Operating Margin Expansioni

-39.04pp

Current Operating Margin = -2.27%

Prior Operating Margin = 36.77%

Earnings Quality Metrics

Earnings Qualityi

0.87x

Operating Cash Flow = $-0.05B

Net Income = $-0.06B

Accruals / Avg Assetsi

-0.02%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $-0.06B | operating cash flow: $-0.05B | avg total assets: $42.60B

Volatility Metrics

PPNR Volatilityi

2.46x

Core Revenue Volatilityi

0.63x

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $8.99B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $5.26B | employee count: N/A

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Capital Adequacy

Tangible Common Equity (TCE)i

$10.06B

Tangible Assets (TA)i

$47.85B

TCE / TA Ratioi

21.03%

✅ Healthy

TCE = $10.06B

TA = $47.85B

Leverage

Equity / Assets (E/A)i

37.73%

Total Equity = $22.90B

Total Assets = $60.69B

Assets / Equity (A/E)i

2.65x

Total Assets = $60.69B

Total Equity = $22.90B

Capital Quality

AOCI / TCEi

0.00%

✅ Healthy

AOCI = $0.00B

TCE = $10.06B

(Goodwill + Intangibles) / Equityi

56.05%

⚠️ Warning

GW+Intangibles = $12.84B

Total Equity = $22.90B

Liquidity

Liquidity Buffer (HQLA proxy)i

4.44%

🔴 Risk

Cash+ST Inv = $2.70B

Total Assets = $60.69B

Funding Structure

Wholesale Funding Ratio (Core)i

0.00%

✅ Healthy

ST+LT Debt = $0.00B

Total Liabilities = $37.79B

Securities / Assetsi

0.00%

✅ Healthy

ST+LT Inv = $0.00B

Total Assets = $60.69B

Risk-Adjusted

Risk-Adjusted TCE (ATCE)i

$10.06B

ATCE / TAi

21.03%

TCE ATCE = $10.06B

TA = $47.85B

ATCE Scissor Spreadi

0 bps

✅ Healthy

TCE/TA = 2103.00%

ATCE/TA = 2103.00%

Cash Flow Waterfall Chart

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Inflow

Outflow

Subtotal

Start/End

Cash Generation Capability

Earnings Cash Contenti

8.36x

TTM Operating Cash Flow = $-0.85B

TTM Net Income = $-0.10B

Cash Flow ROA (CFROA)i

-2.67%

TTM Operating Cash Flow = $-0.85B

Average Total Assets = $31.97B

Liquidity / Solvency

Cash Flow Adequacyi

-0.38x

TTM Operating Cash Flow = $-0.85B

CapEx + 债务偿还 + 分红 CapEx + Debt Repayment + Dividends = $2.23B

OCF / Short-Term Debti

-0.07x

TTM Operating Cash Flow = $-0.85B

Short-Term Debt = $12.86B

Sustainability / Stability

OCF Growth Rate (YoY)i

96.24%

Current Quarter OCF = $-0.05B

Same Quarter Last Year OCF = $-1.34B

OCF Volatility (CV)i

4.10x

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Rocket Companies, Inc.

🔍 Business Model Analysis (DuPont Model)

Financial Metrics

📊 Valuation

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 Growth

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 Profitability

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 Cash Quality

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ Leverage & Liquidity

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ Ops & Cap Efficiency

ROIC (TTM)

Asset Turnover (TTM)

SG&A/Revenue - SG&A Efficiency (TTM)

Operating Expense Ratio (TTM)

Cost-to-Income Ratio (TTM)

Revenue per Employee (Quarterly)

🎁 Shareholder Returns

Dividend Yield (TTM)

Buyback Yield (TTM)

TSR - Total Shareholder Return (1Y)

Dividend Growth CAGR (3Y)

Income Statement Analysis

Profit Waterfall Analysis

Balance Sheet Analysis

Cash Flow Statement Analysis