Does Rigetti Computing, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Rigetti Computing, Inc. (RGTI) 40.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 70, returns on capital 0, balance-sheet safety 55, capital discipline 44.

How has RGTI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 40.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Rigetti Computing, Inc.

RGTI · Technology · $4.7B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power70

Median gross margin 64.7% over 4y, variable.

Returns on capital0

Median ROIC -61.4%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $14.11
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

6 years of fundamentals

The business, in plain English

Rigetti Computing, Inc. booked $7.1M of revenue in FY2025 in the Technology sector and kept 29.1% of it as gross profit — a moderate-margin business by that measure. After every other cost, −3050.4% of each revenue dollar reached the bottom line.

It earned −13.3% on invested capital in FY2025, with a median of −61.4% across 4 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $0 of total debt in FY2024. Balance-Sheet Safety scores it 55/100.

Put together: Pricing Power is the strongest of the four filters (70/100) and Returns on Capital the weakest (0/100), which is how RGTI lands at 41/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$7.1M FY2025

Gross marginRevenue kept after cost of goods29.1% FY2025

Return on invested capitalOperating profit on the capital employed−13.3% FY2025

Owner earningsCash an owner could take out−$216.2M FY2025

Gaps in a line mean that item isn’t in RGTI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale40.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — RGTI has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#306 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#304SKIL Skillsoft Corp.41.0 out of 100, Shallow moatShallow moat
#305XTIA XTI AEROSPACE, INC.40.8 out of 100, Shallow moatShallow moat
#307BGSF BGSF, INC.40.7 out of 100, Shallow moatShallow moat
#308ALGM Allegro MicroSystems, Inc.40.6 out of 100, Shallow moatShallow moat

Compare RGTI with its nearest peers →All Technology companies on the Index →

Common questions about RGTI

Does Rigetti Computing, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Rigetti Computing, Inc. (RGTI) 40.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 70, returns on capital 0, balance-sheet safety 55, capital discipline 44.
How has RGTI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 40.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell RGTI. See the disclaimer.