Analysis Notes

  • MWH — Q2 Pre Earnings

    If MWH breaks out operations and margins in upcoming earnings, and SCADA and O&M operations show the 70% margins separately from solar, valuation could shift from EPC multiples toward software multiples.

  • RKLB — Q2 Pre Earnings

    Rocket Lab enters Q2 with a $2.2B backlog, while Neutron’s first launch has been pushed to Q4 2026. If the Neutron delay requires additional CapEx, earnings could show whether space systems growth is sufficient to offset the additional capital required before Neutron contributes revenue.