Rigetti Computing, Inc. (RGTI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-101.1%

-$0.12

vs $10.67 price

Levered DCF

-$0.24

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

16.96

Safe zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-31.64×	-14×	-1.73×	-1.04×	-4.9×	-24.75×	-21.06×
P/B	12.56×	22.26×	1.19×	0.5×	18.76×	-12.05×	-8.77×
P/S	968.01×	261.17×	10.82×	5.69×	22.88×	77.03×	1,531.95×
EV / EBITDA	-32.8×	-14.46×	-2.25×	-0.94×	-6.44×	-13.14×	-26.36×
Gross margin	-86.1%	52.8%	76.7%	78.1%	23.5%	73.1%	60.8%
Operating margin	-1194.4%	-634.9%	-602.1%	-832.5%	-416.4%	-633.1%	-6485.8%
Net margin	-3050.4%	-1862.7%	-625.5%	-545.9%	-466.6%	-471.4%	-7317.1%
Current ratio	37.42×	17.42×	3.71×	7.1×	1.93×	7.4×	0.05×
Debt / equity	0.01×	0.07×	0.28×	0.26×	2.48×	0×	-0.21×
Interest coverage	0×	-21.05×	-12.51×	-20.64×	-13.85×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-39.6%	-158.8%	-68.5%	-47.6%	-382.6%	73.8%	41.9%
Return on invested capital	-12.9%	-24.9%	-49.8%	-56.7%	-86.5%	-75.5%	-243.7%
Return on assets	-32.4%	-70.6%	-47.0%	-35.2%	-82.4%	-52.6%	-195.8%
Free cash flow yield	-1.1%	-2.2%	-45.9%	-114.5%	-19.4%	-8.1%	-3.5%
Earnings yield	-3.2%	-7.1%	-57.8%	-95.9%	-20.4%	-6.1%	-4.8%
Enterprise value	$6.8B	$2.8B	$139.2M	$55.9M	$200.6M	$404.7M	$1.2B
Net debt / EBITDA	0.18×	0.31×	-0.15×	0.32×	-0.42×	0.72×	-0.61×
Cash conversion cycle (days)	35	-32	-600	-73	-46	-240	-3,837