Forensic Analysis · Technology / Software · as of Sep 25, 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
Grey Zone
Financial health
12.3
Distress distance
Clean
Earnings quality
4
Forensic signals
-21.4
P / E (ttm)
-39.6%
ROE
$5.3B
Market cap
0.00%
Dividend yield
-34.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Rigetti Computing, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 12.3, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+157.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +157.9% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +28% against revenue -34%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 56% of net operating assets, against an accruals ratio of 157.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
131d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 82 to 131 days FY2024→FY2025 (receivables +5% vs revenue -34%). Across FY2023–FY2025 the day count ran 153 → 82 → 131 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Receivables grew, but deferred revenue grew +91% over the same period too — rising alongside rising unearned revenue reads as upfront billing on multi-period contracts, not slipping collections. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
n/m (stock split)
FY2023–FY2025
Share count (stock split).Diluted share count changed +135% over the last 2 years to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +53.2%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$7.1M
Revenue Growth YoY-34.3%
Revenue CAGR (2yr)-23.2%
Net Margin-3050.4%
Free Cash Flow-$77.2M
Return on Equity-39.6%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Rigetti Computing, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
248% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 248% of revenue in FY2025 — about $0.06 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 39.9% a year, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Rigetti Computing, Inc. (RGTI) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy