Latest Ratios: P/E Ratio -21.8x · EV/EBITDA N/A · ROE -64.3%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.1B | $6.9B | $2.8B | $130M | $75M | $187M | — | — |
| Enterprise Value | $5.0B | $6.8B | $2.8B | $139M | $56M | $201M | — | — |
| P/E Ratio → | -21.79 | — | — | — | — | — | — | — |
| P/S Ratio | 715.16 | 968.01 | 261.17 | 10.82 | 5.69 | 22.88 | — | — |
| P/B Ratio | 8.65 | 12.56 | 22.26 | 1.19 | 0.50 | 18.76 | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 962.69 | 255.71 | 11.59 | 4.26 | 24.47 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -86.1% | -86.1% | 52.8% | 76.7% | 78.1% | 23.5% | 73.1% | 60.8% |
| Operating Margin | -1194.4% | -1194.4% | -634.9% | -602.1% | -832.5% | -416.4% | -633.1% | -6485.8% |
| Net Profit Margin | -3050.4% | -3050.4% | -1862.7% | -625.5% | -545.9% | -466.6% | -310.4% | -7317.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -64.3% | -64.3% | -170.2% | -57.8% | -89.3% | -382.6% | — | — |
| ROA | -45.5% | -45.5% | -90.4% | -41.3% | -57.2% | -79.6% | -44.6% | -195.8% |
| ROIC | -22.0% | -22.0% | -55.1% | -43.3% | -105.9% | — | — | — |
| ROCE | -18.3% | -18.3% | -33.9% | -46.3% | -98.9% | -80.0% | -179.2% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.07 | 0.28 | 0.26 | 2.48 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.07 | -0.47 | 0.08 | -0.12 | 1.31 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -60.75 | -12.00 | -12.53 | -14.51 | — | — |
Net cash position: cash ($45M) exceeds total debt ($7M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 37.42 | 37.42 | 17.42 | 3.71 | 7.10 | 1.93 | 7.40 | 0.05 |
| Quick Ratio | 37.42 | 37.42 | 17.42 | 3.71 | 6.96 | 1.93 | 7.40 | 0.05 |
| Cash Ratio | 36.50 | 36.50 | 16.19 | 3.44 | 6.57 | 1.55 | 6.93 | 0.01 |
| Asset Turnover | — | 0.01 | 0.04 | 0.08 | 0.06 | 0.18 | 0.11 | 0.03 |
| Inventory Turnover | — | — | — | — | 0.97 | — | — | — |
| Days Sales Outstanding | — | 131.37 | 82.10 | 152.86 | 173.70 | 68.72 | 31.57 | 93.78 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $310M | $185M | $132M | $102M | $18M | $43M | $114M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RGTI stock.
Rigetti Computing, Inc.'s current P/E ratio is -21.8x. This places it at the 50th percentile of its historical range.
Rigetti Computing, Inc.'s return on equity (ROE) is -64.3%. The historical average is -152.8%.
Based on historical data, Rigetti Computing, Inc. is trading at a P/E of -21.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rigetti Computing, Inc. has -86.1% gross margin and -1194.4% operating margin.
Key Metrics
Top Statement Risk
Cash burn and dilution
Metrics are mathematically derived from official filings.
Speculative Pricing on Minimal Revenue
RGTI trades at a P/S of 827.71, implying extreme growth expectations despite only $5.1M quarterly revenue, as per recent filings. This valuation appears to price in substantial future commercialization.
The P/S multiple of 827.71 is astronomically high, even for a pre-revenue quantum computing company, and suggests the market is pricing in a massive revenue ramp. Compared to peers like IONQ (P/S ~ 100) and QBTS (P/S ~ 50), RGTI's multiple is several times higher, indicating a premium for its perceived technology leadership. However, with negative earnings and EBITDA, traditional valuation metrics are inapplicable, and the stock's value rests entirely on future cash flows that are highly uncertain. Investors should monitor whether revenue growth can justify this multiple, as any disappointment could lead to severe de-rating.
Gross Margin Volatility Masks Cost Structure
Gross margin swung from -92.1% in 2025Q4 to 42.6% in 2026Q2, per financial statements, reflecting erratic product mix and production inefficiencies. Operating margin remains deeply negative at -5.5%, indicating ongoing losses.
The extreme volatility in gross margin, ranging from -92.1% to 42.6% over the past year, suggests that the company's cost of goods sold is highly variable and not yet under control. This may indicate that revenue is still too small to absorb fixed production costs, and the positive margin in 2026Q2 could be due to a favorable product mix or one-time items. Operating margin has improved from -12.1% in 2025Q4 to -5.5% in 2026Q2, but this is still a significant loss, and the company's net margin is distorted by non-operating gains and losses, as seen in the swing from -103.2% to +7.5%. The underlying earning power is weak, and investors should focus on gross margin stability as a key indicator of scalability.
Negative Returns on Invested Capital
ROIC has been consistently negative, ranging from -3.6% to -14.4% over the last ten quarters, as reported in financial statements, indicating that the company is destroying value on its capital base.
ROIC has remained negative throughout the period, with a slight improvement from -14.4% in 2024Q4 to -4.0% in 2026Q2, but this is still far below the cost of capital. The improvement appears to be driven by a larger capital base from equity raises rather than operational efficiency, as asset turnover is extremely low at 0.01. ROE has been volatile, swinging from -122.6% to +25.5%, but this is largely due to non-operating items and the small equity base. The company is not compounding returns; it is burning through investor capital, and the negative ROIC suggests that even the invested capital is not generating adequate returns. This is typical for early-stage quantum companies, but the magnitude of losses warrants caution.
Working Capital Efficiency Deteriorates
DSO has improved from 178 days in 2024Q4 to 73 days in 2026Q2, per balance sheet data, but DPO has surged to 279 days, indicating stretched supplier payments. Cash conversion cycle remains negative due to high DPO.
The improvement in DSO from 178 to 73 days suggests better collection practices, but the sharp increase in DPO to 279 days in 2026Q2 may indicate that the company is delaying payments to suppliers to conserve cash. This could strain supplier relationships and may not be sustainable. The cash conversion cycle is negative, which is typical for companies with high DPO, but it also reflects the company's limited bargaining power as it grows. Asset turnover is extremely low at 0.01, meaning the company generates very little revenue relative to its asset base, which is expected given the heavy investment in quantum hardware. Efficiency metrics are not yet meaningful at this stage, but the trend in DPO warrants monitoring for potential liquidity issues.
Minimal Debt, Equity-Funded Operations
Debt-to-equity is 0.01, with total debt of $7.7M as of 2026Q2, per balance sheet data, indicating negligible leverage. Interest coverage is not applicable due to minimal interest expense.
RGTI's balance sheet shows minimal debt, with D/E at 0.01, and the company has reduced total debt from $27.4M in 2024Q1 to $7.7M in 2026Q2. This suggests that the company is not reliant on debt financing and has been funding operations through equity raises. The lack of debt provides financial flexibility, but it also means that the company is highly dependent on equity markets for capital. Given the significant cash burn, the company will likely need to raise additional capital, which could lead to dilution. The interest coverage ratio is not meaningful because interest expense is minimal, but the company's ability to service debt is not a concern. The real risk is the need for future equity financing, which could dilute existing shareholders.
Liquidity Buffer Thins Despite High Current Ratio
Current ratio stands at 3.94 as of 2026Q2, per balance sheet data, but cash has dropped to $27.8M from $67.7M in 2024Q4, indicating a shrinking runway.
The current ratio of 3.94 appears healthy, but it is inflated by the large equity raises and the fact that most assets are current. However, cash has declined significantly from $67.7M in 2024Q4 to $27.8M in 2026Q2, and with an operating cash burn of around $48M per quarter, the cash runway is only a few quarters. The quick ratio is the same as the current ratio, indicating that inventory is not a significant component, which is typical for a hardware company with low inventory. The liquidity position is adequate in the short term, but the rapid cash depletion suggests that the company will need to raise capital soon. Investors should monitor the cash balance and the company's ability to access capital markets.
Misapplied P/S Multiple in Pre-Revenue Stage
The P/S ratio is often misapplied to RGTI because revenue is minimal and not indicative of future potential, as per financial data. A more appropriate metric is EV/Invested Capital or price-to-book.
The P/S ratio of 827.71 is misleading because RGTI's revenue is only $5.1M per quarter, and the company is still in the early stages of commercialization. Using P/S to value the company implies that current revenue is a meaningful base, which it is not. A more appropriate metric would be EV/Invested Capital, which compares the company's enterprise value to the capital invested in the business, or price-to-book, which at 10.01 still reflects a premium but is more grounded in the asset base. Investors should focus on the company's progress in achieving technological milestones and the potential for future revenue, rather than current sales. The P/S multiple is likely to remain elevated until revenue scales, but it does not provide a reliable valuation anchor.