Rigetti Computing

RGTI · Nasdaq · Information Technology · Financials, fiscal 2021 to 2025

RGTI · Last close · October 26, 2026

$11.44

Rigetti Computing's revenue fell 34.3% to $7 million in fiscal 2025. Its operating margin was −1,194.4%, down from −634.9% a year earlier. Free cash flow was −$77 million. The diluted share count rose 67.7%.

RIGETTI COMPUTING, INC. Latest fiscal year ended December 31, 2025 10-K filed March 4, 2026 · 0001104659-26-023454 Updated October 24, 2026

Revenue

$7M

34.3%

Operating margin

−1,194.4%

559.5 pts

Net income

−$216M

Free cash flow

−$77M

Return on equity

−64.3%

105.9 pts

Market cap

$3.8B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Rigetti reports no interest expense for 2025 and an operating loss, so interest coverage is left blank for that year.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Rigetti Computing lost money in fiscal 2025: a net loss of $216 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Rigetti Computing yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Rigetti Computing's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Rigetti Computing's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Rigetti Computing's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 12% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $11.44
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Rigetti Computing's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	12	143	100	192	444
Debt incl. finance leases	—	21	10	0	0
Net debt (negative means net cash)	—	−122	−90	−192	−444
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	0.1x	0.1x	0.0x	0.0x
Interest coverage	−13.8x	−20.6x	−12.5x	−21.1x	—
Current ratio	2.4x	7.1x	3.7x	17.4x	37.4x
Quick ratio	2.4x	7.1x	3.7x	17.4x	37.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Rigetti Computing shares on the open market, and 7 insiders sold $30.1 million, $12.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 9, 2026	Subodh K KulkarniPresident and CEO, Director	Sold plan	120,000	$15.68	$1.9 million	Form 4
Sep 3, 2026	Jeffrey A. BertelsenChief Financial Officer	Sold plan	25,000	$15.00	$375,000	Form 4
Aug 20, 2026	David RivasChief Operating Officer	Sold	9,038	$16.79	$151,748	Form 4
Aug 20, 2026	Andrew Joseph BestwickChief Technology Officer	Sold	5,791	$16.81	$97,347	Form 4
Aug 20, 2026	Jeffrey A. BertelsenChief Financial Officer	Sold	3,860	$16.89	$65,195	Form 4
Jun 22, 2026	Ray O JohnsonDirector	Sold plan	84,944	$20.55	$1.7 million	Form 4
Jun 8, 2026	Ray O JohnsonDirector	Sold plan	122,188	$21.30	$2.6 million	Form 4
Jun 1, 2026	Subodh K KulkarniPresident and CEO, Director	Sold	61,000	$24.38	$1.5 million	Form 4
May 29, 2026	David RivasChief Technology Officer	Sold	499,328	$25.40	$12.7 million	Form 4
May 28, 2026	Subodh K KulkarniPresident and CEO, Director	Sold	43,190	$26.23	$1.1 million	Form 4
May 22, 2026	David RivasChief Technology Officer	Sold	18,759	$22.95	$430,599	Form 4
May 22, 2026	Jeffrey A. BertelsenChief Financial Officer	Sold	3,682	$22.95	$84,500	Form 4

The latest 12 of 18 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Fail	Pass	Fail
F-score	3 of 9	4 of 9	3 of 9
Accruals ratio	−13.5%	−67.6%	−33.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Rigetti Computing side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Rigetti Computing	FY25	−34.3%	−1,194.4%	−1,089.4%	—	—	3
IonQ	FY25	201.8%	−487.4%	−230.4%	−68.3%	—	3	Compare
Everpure	FY26	15.6%	3.1%	16.8%	—	−6.1x	7	Compare
Logitech	FY26	6.3%	16.0%	20.1%	121.9%	−2.0x	7	Compare
NetApp	FY26	5.4%	24.2%	27.0%	—	−0.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

5 years of figures

Fiscal year	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	8	13	12	11	7
Revenue growth	—	59.9%	−8.3%	−10.1%	−34.3%
Gross profit	7	10	9	6	2
Research and development	27	60	53	50	61
Operating income	−34	−109	−72	−68	−85
Net income	−38	−72	−75	−201	−216
Diluted EPS (US$)	−1.64	−0.70	−0.57	−1.09	−0.70
Diluted shares (millions)	23	102	132	185	310
Cash flow
Cash from operations	−29	−63	−51	−51	−58
Capital expenditure	7	23	9	11	19
Free cash flow	−36	−85	−60	−62	−77
Dividends paid	0	0	0	0	0
Share buybacks	0	0	0	0	0
Acquisitions	0	0	0	0	0
Stock-based compensation	2	45	12	13	18
Balance sheet at fiscal year end
Cash and short-term investments	12	143	100	192	444
Debt incl. finance leases	—	21	10	0	0
Total assets	46	203	160	285	667
Total liabilities	36	53	50	158	120
Shareholders' equity	−72	150	110	127	546
Margins and ratios
Gross margin	80.2%	78.1%	76.7%	52.8%	29.1%
Operating margin	−416.4%	−832.5%	−602.1%	−634.9%	−1,194.4%
Net margin	−466.6%	−545.9%	−625.5%	−1,862.7%	−3,050.4%
Free cash flow margin	−439.9%	−652.0%	−496.6%	−572.1%	−1,089.4%
Return on capital	—	—	−240.0%	—	—
Return on equity	—	−181.8%	−57.8%	−170.2%	−64.3%
Return on assets	—	−57.2%	−41.3%	−90.4%	−45.5%
Net debt to EBITDA	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Rigetti Computing's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Rigetti Computing.