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RKT Stock Analysis: The Most Complete Rocket Mortgage Breakdown

Sep 25, 2026 Rocket Companies (NYSE: RKT) 28:16 video

By a former derivatives trader with 10 years experience at three of the world's largest investment banks.

1 IN 6 LOANS RKT
Stock $11.93, a new 52-week low Watch on YouTube, 28:16

The full breakdown runs 28:16. The written version below covers the numbers.

Rocket Companies closed the largest mortgage acquisition since the financial crisis, now services 1 in 6 mortgages in America, printed record purchase and refinance market share in Q2 2026, and closed at a new 52-week low of $11.93 on September 24, 2026, with mortgage rates back above 7%.

1 in 6
US mortgages Rocket services

~$17B
Real price of Mr. Cooper, not $9.4B

$12.6B
Goodwill, about half of book value

Two acquisitions

Rocket bought Redfin for $1.75 billion, a 63% premium, and Mr. Cooper, the largest servicer. Paid in stock, the share count is up sharply and existing holders were diluted about 42%.

How Rocket makes money

It originates loans, sells them, and keeps the servicing. The servicing rights are a natural rate hedge: they gain value when rates rise, while originations fall.

The recapture engine

The point of owning 1 in 6 mortgages is recapturing those borrowers when they refinance or move. That only pays off when rates fall.

The risk

$12.6 billion of goodwill is about half of book value. If the recapture thesis doesn't deliver, that is the number that gets written down.

UWM, the rival, is in UWMC Stock Analysis.

Sources: Rocket Companies Q2 2026 10-Q and 8-K, FY2025 10-K, 2026 proxy (SEC EDGAR); FHFA statement on the Mr. Cooper acquisition; Freddie Mac PMMS; UWM Q2 2026 results. Nothing here is investment advice.

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