RGTI Technology

Rigetti Computing, Inc.

$11.09+3.89%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Technology
Industry: Computer Hardware
Country: United States
Market cap: 3.7B USD
Enterprise value: 3.3B USD
Full-time employees: 162

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.01 vs a peer median of 0.87)bigger price swings (beta 2.01 vs peers 0.87)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,196 of 1,612 technology companies (bottom 26%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 166% from December 2022 to August 2026.
Rigetti Computing had 166% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Rigetti Computing had 166% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 248% of revenue in 2025.
Rigetti Computing paid employees $18M in stock in 2025, 248% of its $7M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Investment surge. Capital spending 263% of revenue, up from 174% in 2022.
Rigetti Computing is spending 263% of revenue on facilities and equipment, up from 174% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.
Rigetti Computing's fiscal-year revenue declined in each of the three years to 2025.

StockQuotient Score

38/ 100

Oct 5 38 → Nov 4 38

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-6.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-2.6%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-2.4%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield14.5%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

73/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 33.3%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.13Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth-2.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.92Sector median: 0.0483 · MAD: 0.0793

Revenue growth68.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.89Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

4/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-727.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -7.12Sector median: 0.0631 · MAD: 0.0710

Return on assets-36.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.92Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-15.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.55Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin34.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-44.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Debt / equity
▲ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.01

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.08Sector median: 0.8710 · MAD: 0.3700

Current ratio3.94×

SEC filings · latest balance sheetReported value33% base weight · Z-score 3.09Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.01×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.04Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Rigetti Computing

Is Rigetti Computing getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 38/100 since Oct 28, 2026.
How is Rigetti Computing valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -6.5% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -6.5% vs peers 2.2% (weaker than 100% of peers).
Is Rigetti Computing growing?: Yes, faster than most of its peers. Growth scores 73/100 against 1,711 technology peers. Revenue growth 68.5% vs a peer median of 8.5% (stronger than 95% of peers).Revenue growth 68.5% vs peers 8.5% (stronger than 95% of peers). 3-year revenue growth -2.5% vs a peer median of 4.8% (weaker than 74% of peers).3-year revenue growth -2.5% vs peers 4.8% (weaker than 74% of peers).
How profitable is Rigetti Computing?: Less profitable than most of its peers. Profitability scores 4/100 against 1,711 technology peers. Operating margin -727.6% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -727.6% vs peers 6.3% (weaker than 100% of peers).
How risky is Rigetti Computing?: Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.01× vs a peer median of 0.25× (stronger than 88% of peers).Debt / equity 0.01× vs peers 0.25× (stronger than 88% of peers). Beta 2.01 vs a peer median of 0.87 (weaker than 93% of peers).Beta 2.01 vs peers 0.87 (weaker than 93% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Rigetti Computing is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	10.0M USD	13.4M USD	+33.3%
Net income (12 months)	−225.7M USD	−238.7M USD	+5.7%
Operating margin	-888.4%	-727.6%	+160.7 pts
Free cash flow (12 months)	−81.6M USD	−87.6M USD	+7.3%
Cash	48.1M USD	27.8M USD	−42.3%
Shares outstanding	332.4M	333.8M	+0.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Technology · 320 companies

Valuations in Technology are above their usual range since 2016.

70% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +5% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +68% vs the whole market, against a usual +58%.

2016Shaded: most expensive fifth of its range2026

Shown for Technology: too few Computer Hardware companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	78.1%	76.7%	52.8%	29.1%	▼ 24 pts
Operating margin	—	-832.5%	-602.1%	-634.9%	-1194.4%	▼ 559 pts
Net margin	—	-545.9%	-625.5%	-1862.7%	-3050.4%	▼ >999 pts
Return on assets (ROA)	-49.9%	-35.2%	-47.0%	-70.6%	-32.4%	▲ 38 pts
Return on equity (ROE)	—	-47.6%	-68.5%	-158.8%	-39.6%	▲ 119 pts
Free cash flow margin	—	-652.0%	-496.7%	-572.1%	-1089.4%	▼ 517 pts
Current ratio	2.39×	7.10×	3.71×	17.42×	37.42×	▲ 115%
Debt to equity	—	0.19×	0.20×	0.00×	—	—
Interest coverage	—	-20.64×	-12.51×	-21.05×	—	—

RGTI price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.01 vs a peer median of 0.87)bigger price swings (beta 2.01 vs peers 0.87)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #1,196 of 1,612 technology companies (bottom 26%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 166% from December 2022 to August 2026.

Rigetti Computing had 166% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Rigetti Computing had 166% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 248% of revenue in 2025.

Rigetti Computing paid employees $18M in stock in 2025, 248% of its $7M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Investment surge. Capital spending 263% of revenue, up from 174% in 2022.

Rigetti Computing is spending 263% of revenue on facilities and equipment, up from 174% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.

Rigetti Computing's fiscal-year revenue declined in each of the three years to 2025.

Questions investors ask about Rigetti Computing

Is Rigetti Computing getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 38/100 since Oct 28, 2026.

How is Rigetti Computing valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -6.5% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -6.5% vs peers 2.2% (weaker than 100% of peers).

Is Rigetti Computing growing?

Yes, faster than most of its peers. Growth scores 73/100 against 1,711 technology peers. Revenue growth 68.5% vs a peer median of 8.5% (stronger than 95% of peers).Revenue growth 68.5% vs peers 8.5% (stronger than 95% of peers). 3-year revenue growth -2.5% vs a peer median of 4.8% (weaker than 74% of peers).3-year revenue growth -2.5% vs peers 4.8% (weaker than 74% of peers).

How profitable is Rigetti Computing?

Less profitable than most of its peers. Profitability scores 4/100 against 1,711 technology peers. Operating margin -727.6% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -727.6% vs peers 6.3% (weaker than 100% of peers).

How risky is Rigetti Computing?

Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.01× vs a peer median of 0.25× (stronger than 88% of peers).Debt / equity 0.01× vs peers 0.25× (stronger than 88% of peers). Beta 2.01 vs a peer median of 0.87 (weaker than 93% of peers).Beta 2.01 vs peers 0.87 (weaker than 93% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

10.0M USD

13.4M USD

+33.3%

Net income (12 months)

−225.7M USD

−238.7M USD

+5.7%

Operating margin

-888.4%

-727.6%

+160.7 pts

Free cash flow (12 months)

−81.6M USD

−87.6M USD

+7.3%

Cash

48.1M USD

27.8M USD

−42.3%

Shares outstanding

332.4M

333.8M

+0.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

78.1%

76.7%

52.8%

29.1%

▼ 24 pts

Operating margin

—

-832.5%

-602.1%

-634.9%

-1194.4%

▼ 559 pts

Net margin

—

-545.9%

-625.5%

-1862.7%

-3050.4%

▼ >999 pts

Return on assets (ROA)

-49.9%

-35.2%

-47.0%

-70.6%

-32.4%

▲ 38 pts

Return on equity (ROE)

—

-47.6%

-68.5%

-158.8%

-39.6%

▲ 119 pts

Free cash flow margin

—

-652.0%

-496.7%

-572.1%

-1089.4%

▼ 517 pts

Current ratio

2.39×

7.10×

3.71×

17.42×

37.42×

▲ 115%

Debt to equity

—

0.19×

0.20×

0.00×

—

Interest coverage

—

-20.64×

-12.51×

-21.05×

—