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Rigetti Computing, Inc. (RGTI)

NASDAQ / Technology / Computer Hardware

Share price

12.63 USD Market dataClose of Oct 15, 2026

Market capitalisation

4.21B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 4, 2026
Ratios computed
Oct 15, 2026
Filed years
5, FY2021 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

-39.6% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

7.16x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-2.0% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2019 Revenue: 735.5K USDFY2019 Net income: -53.8M USDFY2020 Revenue: 5.5M USDFY2020 Net income: -26.1M USDFY2021 Net income: -23.2M USDFY2022 Revenue: 13.1M USDFY2022 Net income: -71.5M USDFY2023 Revenue: 12.0M USDFY2023 Net income: -75.1M USDFY2024 Revenue: 10.8M USDFY2024 Net income: -201.0M USDFY2025 Revenue: 7.1M USDFY2025 Net income: -216.2M USD
Revenue Net income7 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -39.6% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Technology sector (671 companies), -39.6% sits at the 20th percentile; the middle half of that group runs from -27.9% to 14.5%.

Is it safe

Current ratio was 37.42 in FY2025, in the band labelled "At or above Graham's requirement" (2.00 and above), on lines anchored on Graham's defensive-investor criteria, suggesting short-term assets well above short-term obligations.

Today, against the Computer Hardware industry (33 companies), 37.42 sits at the 94th percentile; the middle half of that group runs from 1.57 to 10.02.

Year by year against peers
Whether Rigetti Computing, Inc.'s return on equity stayed above the median of the Technology sector, year by year. (FY2022 to FY2025, 4 fiscal years of Rigetti Computing, Inc. with a comparable figure)
The direction
Which way Rigetti Computing, Inc.'s gross margin has moved, and how steadily. (FY2019 to FY2025, 6 filed years of Rigetti Computing, Inc.)
What could explain it
What in Rigetti Computing, Inc.'s filed statements could explain the movements. (6 readings drawn from the statement lines Rigetti Computing, Inc. filed)
What to check next
What to check next on Rigetti Computing, Inc., and where in its filings. (5 questions for Rigetti Computing, Inc.)
In one paragraph
One paragraph on Rigetti Computing, Inc.'s returns, cash, balance sheet and price. (8 of sixteen figures read for Rigetti Computing, Inc.)

These are RGTI’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research RGTIPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 4, 2026, accession 0001104659-26-023454.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Rigetti Computing, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Return on equity-39.6% ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Return on capital employed, pre-tax-12.9% ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Return on assets-32.4% ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Gross margin29.1% ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Operating margin-1194.4% ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Net margin-3050.4% ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
RGTI -3050.4%
QBTS -1444.1%ONDS -260.7%APLD -30.1%NAVN -56.7%RUM -81.3%
-3050.4%-30.1%
Net margin: RGTI against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Rigetti Computing, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Current ratio37.42 ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Quick ratio37.42 ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Interest coverage
Why n/a

The filing states no interest expense for this year, so coverage is not computed: with no interest bill there is nothing to cover.

n/a ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Altman Z-score18.27 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Net debt
Why n/a

The FY2025 balance sheet carries no net debt we could read.

n/a ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Total assets 666.6MTotal liabilities 120.4MShareholders' equity 546.2MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Rigetti Computing, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 4, 2026, 0001104659-26-023454).

Rigetti Computing, Inc: balance sheet position
Total assets666.6M FiledFY2025 10-K, filed Mar 4, 2026
Total liabilities120.4M FiledFY2025 10-K, filed Mar 4, 2026
Shareholders' equity546.2M FiledFY2025 10-K, filed Mar 4, 2026
Cash44.9M FiledFY2025 10-K, filed Mar 4, 2026
Total debtn/a FiledFY2025 10-K, filed Mar 4, 2026
Net debtn/a
Current ratio37.42
Debt to equityn/a
  • Debt to equity: FY2025: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Interest cover: FY2025: The filing states no interest expense for this year, so coverage is not computed: with no interest bill there is nothing to cover.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Rigetti Computing, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
P/E on trailing twelve months
Why n/a

Fewer than twenty trading days carry a meaningful trailing price to earnings ratio, so no range is stated.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book7.16x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Price to sales551.96x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Enterprise value to EBITDA
Why n/m

EBITDA is zero or negative, so a multiple of it is not meaningful.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Diluted earnings per share-0.70 USD FiledFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454

We publish no fair value or price target of our own. Value RGTI on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Rigetti Computing, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Rigetti Computing, Inc: valuation
Share price12.63 USD
Market capitalisation4.21B USD
Enterprise value to EBITDAn/m
Graham numbern/m
Diluted earnings per share, FY2025-0.70 USD

Price to earnings on trailing twelve months: Fewer than twenty trading days carry a meaningful trailing price to earnings ratio, so no range is stated.

Companies like Rigetti Computing, Inc

  1. D-Wave Quantum Inc. (QBTS)Market cap 4.82B USD
  2. Ondas Holdings Inc. (ONDS)Market cap 3.69B USD
  3. Applied Digital Corporation (APLD)Market cap 6.17B USD
  4. Navan, Inc. (NAVN)Market cap 6.18B USD
  5. Rumble Inc. (RUM)Market cap 2.67B USD

Same sector (Technology) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Rigetti Computing, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-2.0% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Free cash flow-77.2M USD ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Free cash flow margin-1089.4% ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
FY2019 Free cash flow: -40.0M USDFY2019 Net income: -53.8M USDFY2020 Free cash flow: -34.5M USDFY2020 Net income: -26.1M USDFY2021 Net income: -23.2M USDFY2022 Free cash flow: -85.4M USDFY2022 Net income: -71.5M USDFY2023 Free cash flow: -59.6M USDFY2023 Net income: -75.1M USDFY2024 Free cash flow: -61.7M USDFY2024 Net income: -201.0M USDFY2025 Free cash flow: -77.2M USDFY2025 Net income: -216.2M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Rigetti Computing, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
7.16xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of.
-2.0%FY2025Oct 15, 2026
n/aFY2025Mar 4, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
n/aFY2025Mar 4, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
37.42FY2025Mar 4, 2026
551.96xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
18.27FY2025Oct 15, 2026
0.53FY2025Mar 4, 2026
3/9FY2025Mar 4, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 5 filed fiscal years on record, FY2021 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

7 fiscal years, FY2019 to FY2025. 5 read from the annual reports Rigetti Computing, Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Rigetti Computing, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20257.1M-84.7M-216.2M-0.70-77.2M-1194.4%-39.6%10-K, Mar 4, 20260001104659-26-023454
FY202410.8M-68.5M-201.0M-1.09-61.7M-634.9%-158.8%10-K, Mar 7, 20250001558370-25-002499
FY202312.0M-72.3M-75.1M-0.57-59.6M-602.1%-68.5%10-K, Mar 14, 20240001558370-24-003234
FY202213.1M-109.1M-71.5M-0.70-85.4M-832.5%-47.6%10-K, Mar 27, 20230001193125-23-080486
FY2021n/a-4.9M-23.2Mn/an/an/an/m10-K, Feb 23, 20220001564590-22-006345
FY20205.5M-35.1M-26.1M-0.40-34.5M-633.1%n/mMarket data, supplied Oct 15, 2026accession n/a
FY2019735.5K-47.7M-53.8M-0.47-40.0M-6485.8%n/mMarket data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2019 to FY2025: 45.9%
  • Earnings: Earnings was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2019 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Rigetti Computing, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score0.53 ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Piotroski F-score3/9 ComputedFY2025 10-K, filed Mar 4, 2026, 0001104659-26-023454
Named tests met0 of 30 Computed
Beta2.81 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 21 not met, 9 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); EV/EBITDA and coverage; ROIC at or above WACC; Z-score and coverage (Edward Altman); P/E times P/B (Benjamin Graham); Cash-covered dividend; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(14)
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: EBITDA is zero or negative, so a multiple of it is not meaningful.
  • Interest Coverage: The filing states no interest expense for this year, so coverage is not computed: with no interest bill there is nothing to cover.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 14 figures could not be read on this company, among them Debt to Equity, P/E Ratio, EV/EBIT. Each blank in the table above names the rest, with its reason. 9 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 5 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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