RDW · Redwire Corp
Key customers — 46.9% of revenue (fiscal year ended December 31, 2025)
“During our fiscal year ended December 31, 2025, we generated 46.9% of our revenue from national security customers, 21.6% of our revenue from civil customers, and 31.5% of our revenue from commercial customers.”
Key customers — 31.5% of revenue (fiscal year ended December 31, 2025)
“During our fiscal year ended December 31, 2025, we generated 46.9% of our revenue from national security customers, 21.6% of our revenue from civil customers, and 31.5% of our revenue from commercial customers.”
Key customers — 21.6% of revenue (fiscal year ended December 31, 2025)
“During our fiscal year ended December 31, 2025, we generated 46.9% of our revenue from national security customers, 21.6% of our revenue from civil customers, and 31.5% of our revenue from commercial customers.”
Price & Indicators
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TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Research
our published analysis of this company-
Research ThesisRocket Lab's $2.2B backlog makes the bull case bigger than Neutron
Rocket Lab's record Q1 and $2.2B backlog show the bull case no longer rests on Neutron alone. The proposed Iridium merger could add a recurring-services engine, while financing, dilution and execution remain the price of that upside.
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Research ThesisRocket Lab: Backlog is converting, but the $39B market cap is paying for a Neutron debut the company has yet to validate
Rocket Lab enters Q2 2026 with record backlog of $2,219.8M and guided revenue of $225.0M–$240.0M, yet the stock trades at -55.2% from its $150.23 high on a $39.0B market cap against $679.6M of trailing revenue — a gap the equity-funded growth model and the un-flown Neutron debut have to close.
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| Reportable Segment Adjusted EBITDA non-GAAP | $9.88M | Three Months Ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Reportable segment income (loss) from operations -$1.81M
-$729K Other (income) expense, net
+$10.61M Depreciation and amortization expense
+$279K Severance costs
+$1.06M Equity-based compensation expense
+$259K Acquisition integration cost
+$209K Disposal of long-lived assets
= Reportable Segment Adjusted EBITDA $9.88M
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| Total book-to-bill ratio | 1.42 | Three Months Ended June 30, 2026 filing | — |
| Adjusted EBITDA non-GAAP | -$12.43M | Six Months Ended June 30, 2026 | — |
| Adjusted EPS non-GAAP | -$0.09 | Three Months Ended June 30, 2026 | — |
| Adjusted Gross Margin non-GAAP | 27.3% | Six Months Ended June 30, 2026 | — |
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| Adjusted Gross Profit non-GAAP | $58.35M | Six Months Ended June 30, 2026 | — |
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| Backlog | 542.1M | second quarter of 2026 | — |
| Book-to-bill ratio | 1.52 | Last Twelve Months Ended June 30, 2026 | — |
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| Contracted backlog, ending balance | $542.13M | As of June 30, 2026 | — |
| Contracts awarded | $646.99M | Last Twelve Months Ended June 30, 2026 | — |
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| Free Cash Flow non-GAAP | -$48.04M | Six Months Ended June 30, 2026 | — |
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| Organic backlog, ending balance | $542.13M | As of June 30, 2026 | — |
| total liquidity | $607.8M | second quarter of 2026 | — |
| Total Segment Adjusted EBITDA non-GAAP | $13.75M | Six Months Ended June 30, 2026 | — |
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| Acquisition-related backlog | 104.38M | As of March 31, 2026 | — |
| Organic backlog | 393.7M | As of March 31, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Aerospace & Defense — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
RDW
this stock
Redwire Corp
|
$2.84B | +51.1% | +10.3% | — | 15.9% |
|
SPCX
Space Exploration Technologies Corp
|
$1.78T | — | — | — | 1.4% |
|
GE
General Electric Co
|
$361.46B | +13.5% | +18.5% | 41.0 | 1.3% |
|
RTX
RTX Corp
|
$281.98B | +14.7% | +17.1% | 36.8 | 1.0% |
|
EADSF
Airbus SE/ADR
|
$190.75B | +2.2% | — | — | 0.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| RDW | -11.3% | +34.0% | +23.7% | +33.2% | +51.1% |
| SPY | -0.2% | +3.4% | +11.8% | +2.5% | +12.3% |
| vs SPY | -11.1% | +30.6% | +11.9% | +30.7% | +38.7% |