Forensic Analysis · Technology / Software · as of Jun 27, 2026
Rigetti Computing, Inc. (RGTI)
A forensic read on Rigetti Computing, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
4.5
Altman Z-score
Clean
Earnings quality
6
Forensic signals
-43.9%
ROE
$6.1B
Market cap
Rigetti Computing, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 4.5, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+157.9%Accruals ratio.Net operating assets grew +157.9% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -56% of net operating assets.
131d DSOReceivables vs revenue.Days sales outstanding moved from 82 to 131 days FY2024→FY2025 (receivables +5% vs revenue -34%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-11%Return on invested capital.Return on invested capital is -11% and rising from -65% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+67.6%/yrShare-count dilution.Diluted share count changed +203% over the last 3 years to FY2025 (+67.6%/yr). The count is GROWING — existing holders are being diluted. That's ~67.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~203%.
248% of revStock-based comp load.Stock-based compensation ran 248% of revenue in FY2025 — about $0.06 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$5MGoodwill impairments.Took $5M of goodwill writedowns across 1 year(s) (FY2022 ($5M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-3050.4%
Debt / Equity0.00x
Free Cash Flow$-77.2M
Latest Revenue$7.1M
Return on Equity-39.6%
Revenue Growth YoY-34.3%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Rigetti Computing, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RGTI's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown