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Rocket Companies, Inc.
$17.3B
Market Cap
53.6
P/E
0.92
PEG
ROCE
-1.5%
ROE
0.46
D/E
OPM
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🌏 Global Investor Returns
Currency-adjusted total returns for RKT including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
Shareholding
About

Rocket Companies, Inc., a fintech company, engages in the mortgage, real estate, and personal finance businesses in the United States and Canada.

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📈 Growth Pattern
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⭐ Superinvestors Holding RKT
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Manager Shares Value % of Fund Period
Jeff Ubben ValueAct Holdings 28.21M $402.1M 7.04% Mar 2026
Steve Cohen Point72 Asset Management 11.12M $158.5M 0.20% Mar 2026
Jim Simons Renaissance Technologies LLC 2.19M $31.1M 0.05% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →
Good quarter Investor Presentation One-Pager? Q1 2026
Adjusted Revenue
$2.822B
+107% YoY
Adjusted Net Income
$422M
+428% YoY
Adjusted EBITDA Margin
26%
+3pp QoQ
Net Rate Lock Volume
$49B
+19% QoQ
What Went Right
  • Adjusted revenue of $2.822B exceeded high end of guidance range
  • Net rate lock volume grew 19% QoQ to $49B, with market share gains in purchase and refinance
  • Mr. Cooper expense synergies pulled forward one year, full $400M expected by end of 2026
What to Watch
  • March rate reversal (30-year fixed rose to 6.5%) tightened affordability and slowed spring season
  • Q2 outlook cautious: midpoint revenue guided flat QoQ despite seasonal expectations, reflecting tougher market
  • Conflict in Middle East driving energy price rise and inflation concerns, pressuring consumer sentiment
Management Guidance
  • Q2 adjusted revenue between $2.7B and $2.9B
  • Q2 total expenses (midpoint of revenue range) ~$2.43B, including $110M amortization, $100M SBC, $20M one-time costs; adjusted expenses ~$2.2B
  • Mr. Cooper expense synergies: $75M annualized realized in Q1, expect additional $100M by end of Q2, remaining $225M in H2 2026
Investor Lens
The thesis is stronger after this call. Rocket delivered a beat on the top and bottom lines, demonstrating the durability of its platform across volatile markets. AI-driven productivity gains (closings per team member up 75% in two years) and accelerated synergy realization validate management's ability to execute. The 70% recurring/less rate-sensitive revenue mix provides downside protection, while rising capacity ($300B origination capacity two years ahead of schedule) sets up well for a rate relief scenario.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Solid beat, margin expansion, and AI momentum drive conviction
Revenue
Adjusted revenue came in at $2.822B, above the high end of guidance, versus $1.360B in Q1 2025. Performance was driven by strength across all origination channels, with home equity and jumbo loans doubling year over year.
Profitability
Adjusted net income was $422M (adjusted EPS $0.15) versus $80M in Q1 2025. GAAP net income was $297M versus a GAAP net loss of $212M in the prior year. Adjusted EBITDA rose to $738M from $169M a year ago.
Margins
Adjusted EBITDA margin expanded to 26% from 23% in Q4 2025, supported by fixed cost discipline and AI-driven efficiencies. Gain on sale margin (excluding correspondent) was 322 bps, the highest since Q1 2021.
Balance Sheet
Total liquidity stood at $9.4B as of March 31, 2026, including $2.7B cash and cash equivalents, $2.3B undrawn lines of credit, and $4.4B undrawn MSR/advance lines. Servicing portfolio UPB was $2.1 trillion across 9.4 million loans.
Key Risks
Management flagged that Q2 may be weaker than typical seasonality due to the 50bp rise in mortgage rates from February lows and a slow spring buying season (homes averaging 51 days on market). Rising energy prices from the Middle East conflict add inflation uncertainty. Analysts also probed the sustainability of gain-on-sale margins given mix shift toward the pro channel.
Outlook
For Q2, Rocket expects adjusted revenue of $2.7B-$2.9B, with volumes similar to Q1 but in a tougher rate environment. Expenses (adjusted) are expected to decline ~$60M from Q1 due to synergy realization and AI benefits, implying higher profitability.
Generated by AI · Q1 2026 results · Not investment advice
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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