Forensic Analysis · Technology / Software · as of Aug 11, 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.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
12.3
Distress distance
Clean
Earnings quality
4
Forensic signals
-23.5
P / E (ttm)
-39.6%
ROE
$5.9B
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). 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 an F (Poor — capital at risk) 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 build is led by PP&E up +28% against revenue -34%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 56% of net operating assets, diverging from the balance-sheet accrual read.
248% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 248% of revenue in FY2025 — about $0.06 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 34.5% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +203% over the last 3 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 +44.7%/yr figure isn't a real buyback/dilution read here.
$5M
FY2022–FY2022
Goodwill impairments.Took $5M of goodwill writedowns across 1 year (FY2022 ($5M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$7.1M
Revenue Growth YoY-34.3%
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?