RKLB Debt Stress Test: Can High Leverage Withstand SpaceX Competition?

Core Judgment

RKLB is facing significant long-term debt repayment pressure, not a short-term liquidity crisis. Although its current ratio of 4.1 is far above the industry average of 1.5, and short-term cash can cover short-term debt, its debt-to-equity ratio is as high as 15.4 — 1666% of the historical average of 0.9 and 1611% of the industry average of 0.9 — indicating an abnormally high level of leverage.