D-Wave Quantum
QBTS
15.22
-0.57
-3.61%
D-Wave Quantum
US · QBTS
#1944 by market cap
Listed 1970
15.22
-0.57
-3.61%
Live - 5344 symbols - heartbeat 101s ago
· 2026-10-08 08:40
Pre-market
14.97
-1.64%
After-hours
15.21
-0.07%
Overnight
15.08
-0.92%
- Market cap
- 5.67B
- P/E (TTM)i
- -21.74
- P/Bi
- 5.23
- EPSi
- -1.11
- Div yieldi
- 0.00%
- 52W posi
- 7%
Reader sentiment
Are you bullish or bearish on QBTS?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Good
- Altman Z-Score is 52.80, above the 3.0 "safe zone" threshold.
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 6 years
Latest year +178.54% YoY
Margins
- Gross margin
- 82.59%
- Operating margin
- -408.22%
- Net margin
- -1,444.10%
Key ratios & quality
- Enterprise valuei
- 4.82B
- Altman Z-Scorei
- 52.80
Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 5.16M | 6.28M | 7.17M | 8.76M | 8.83M | 24.59M |
| Gross profit | 4.25M | 4.53M | 4.25M | 4.62M | 5.56M | 20.31M |
| Selling & admin expenses | 15.30M | 18.08M | 31.61M | 47.29M | 47.49M | 69.94M |
| Research & development | 20.41M | 25.40M | 32.10M | 37.88M | 35.30M | 50.73M |
| Operating profit | -31.47M | -38.95M | -59.46M | -80.55M | -77.22M | -100.37M |
| Pretax profit | -21.97M | -40.97M | -53.70M | -82.72M | -143.88M | -355.06M |
| Tax | -- | -- | -- | -- | -- | -- |
| Net profit | -21.97M | -40.97M | -53.70M | -82.72M | -143.88M | -355.06M |
| Basic EPS | 0 | 0 | 0 | -1 | -1 | -1 |
| Diluted EPS | -0.20 | -0.37 | -0.45 | -0.60 | -0.75 | -1.11 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 15.00M | 3.10M | 3.74M | 2.75M | 2.86M | 3.08M |
| Gross profit | 13.88M | 1.98M | 2.67M | 1.78M | 1.82M | 1.70M |
| Selling & admin expenses | 14.88M | 15.78M | 16.33M | 22.95M | 30.75M | 26.74M |
| Research & development | 10.29M | 12.69M | 14.08M | 13.68M | 25.79M | 28.24M |
| Operating profit | -11.29M | -26.50M | -27.74M | -34.84M | -54.73M | -53.28M |
| Pretax profit | -5.42M | -167.33M | -139.99M | -42.33M | -46.81M | -48.02M |
| Tax | 0 | 0 | -- | -- | -28.45M | 8.00K |
| Net profit | -5.42M | -167.33M | -139.99M | -42.33M | -18.36M | -48.03M |
| Basic EPS | 0 | -1 | 0 | 0 | 0 | 0 |
| Diluted EPS | -0.02 | -0.55 | -0.41 | -0.12 | -0.05 | -0.13 |
Balance sheet
| Line item | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Total current assets | 41.28M | 16.02M | 13.93M | 47.05M | 185.04M | 896.23M |
| Cash & ST investments | 21.34M | 9.48M | 7.07M | 41.31M | 177.98M | 884.48M |
| Inventory | 2.52M | 2.11M | 2.20M | 2.08M | 1.69M | 2.78M |
| Total assets | 47.46M | 29.47M | 26.95M | 59.36M | 199.85M | 915.81M |
| Total current liabilities | 11.97M | 10.45M | 16.04M | 11.25M | 30.15M | 21.15M |
| Short-term debt | 1.90M | 2.12M | 3.82M | 1.77M | 1.86M | 1.58M |
| Long-term debt | 1.32M | 30.31M | 31.17M | 63.85M | 30.13M | 35.83M |
| Total liabilities | 14,732,000.00 | 47,824,000.00 | 56,410,000.00 | 83,837,000.00 | 137,207,000.00 | 63,583,000.00 |
| Total equity | 32.73M | -18.36M | -29.46M | -24.48M | 62.65M | 852.23M |
| Retained earnings | -293.72M | -346.64M | -400.35M | -483.06M | -626.94M | -982.00M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 310.87M | 828.54M | 848.14M | 896.23M | 607.11M | 560.59M |
| Cash & ST investments | 304.32M | 819.31M | 836.23M | 884.48M | 588.40M | 546.22M |
| Inventory | 1.70M | 2.45M | 2.83M | 2.78M | 2.92M | 3.49M |
| Total assets | 325.60M | 843.60M | 865.82M | 915.81M | 1.20B | 1.16B |
| Total current liabilities | 15.00M | 19.27M | 15.51M | 21.15M | 28.36M | 27.29M |
| Short-term debt | 1.87M | 1.60M | 1.64M | 1.58M | 1.69M | 1.40M |
| Long-term debt | 30.37M | 32.06M | 32.05M | 35.83M | 35.42M | 34.89M |
| Total liabilities | 118,211,000.00 | 149,348,000.00 | 195,266,000.00 | 63,583,000.00 | 75,563,000.00 | 75,320,000.00 |
| Total equity | 207.39M | 694.25M | 670.55M | 852.23M | 1.12B | 1.08B |
| Retained earnings | -632.36M | -799.69M | -939.68M | -982.00M | -1.00B | -1.05B |
Cash flow
| Line item | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -29.29M | -34.80M | -45.23M | -60.65M | -42.64M | -71.98M |
| Depreciation & amortization | 2.73M | 2.60M | 2.33M | 1.85M | 1.93M | 2.31M |
| Free cash flow | -30.08M | -36.80M | -45.72M | -61.28M | -45.04M | -76.29M |
| Dividends paid | 0 | 0 | 0 | -- | -- | -- |
| Stock buybacks / issuance | 0 | 0 | 40.00M | 63.68M | 214.19M | 574.53M |
| Ending cash balance | 21.34M | 9.48M | 7.07M | 41.31M | 177.98M | 635.35M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | -19.28M | -15.29M | -19.05M | -18.37M | -44.96M | -28.50M |
| Depreciation & amortization | 553.00K | 507.00K | 568.00K | 678.00K | 4.15M | 5.09M |
| Free cash flow | -19.78M | -16.10M | -20.26M | -20.15M | -46.20M | -33.14M |
| Dividends paid | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | 146.11M | 527.74M | -99.32M | 0 | 0 | 0 |
| Ending cash balance | 304.32M | 819.31M | 836.23M | 635.35M | 338.20M | 296.64M |
Returns & efficiency
| Line item | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| ROE %i | -- | -- | -- | -- | -753.98 | -77.62 |
| ROA %i | -46.28 | -78.79 | -173.04 | -191.69 | -111.01 | -63.65 |
| ROIC %i | -- | -- | -- | -- | -187.65 | -75.28 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | -325.37 | -474.87 | -653.79 | -944.03 | -1,585.84 | -1,427.78 |
| FCF / sales %i | -- | -- | -- | -- | -- | -- |
| Current ratioi | 3.45 | 1.53 | 0.87 | 4.18 | 6.14 | 42.38 |
| Quick ratioi | 3.13 | 1.11 | 0.51 | 3.82 | 5.96 | 42.04 |
| Debt / assetsi | 9.82 | 133.78 | 156.92 | 122.40 | 19.20 | 4.75 |
| LT debt / equityi | -- | -- | -- | -- | 58.29 | 4.91 |
| Interest coveragei | -3.24 | -17.26 | -10.12 | -2,234.54 | -35.92 | -87.48 |
| Revenue CAGR (3Y) %i | -- | -- | -- | 19.28 | 12.02 | 50.78 |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | -154.89 | -83.70 | -122.03 | -77.62 | -55.27 | -27.98 |
| ROA %i | -70.54 | -62.19 | -87.14 | -63.65 | -48.25 | -24.84 |
| ROIC %i | -91.91 | -71.20 | -106.35 | -75.28 | -55.16 | -29.17 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | -603.87 | -1,254.81 | -1,647.46 | -1,427.78 | -3,153.36 | -2,197.55 |
| FCF / sales %i | -- | -- | -- | -- | -- | -- |
| Current ratioi | 20.73 | 42.99 | 54.68 | 42.38 | 21.41 | 20.55 |
| Quick ratioi | 20.36 | 42.64 | 54.19 | 42.04 | 21.13 | 20.20 |
| Debt / assetsi | 11.81 | 4.74 | 4.60 | 4.75 | 3.90 | 4.15 |
| LT debt / equityi | 17.64 | 5.53 | 5.69 | 4.91 | 4.01 | 4.31 |
| Interest coveragei | -43.25 | -137.76 | -378.82 | -87.48 | -96.99 | -66.68 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Lead segment, long tail
- Quantum Computing as a Service (QCaaS) is the largest reported line at 60.47% of revenue, across 4 reported segments.
- Professional services follows at 30.20%, so the top line still matters most but isn’t the whole story.
Revenue breakdown most recent period
Business
Quantum Computing as a Service (QCaaS)60.47%
Professional services30.20%
System sales8.29%
Other revenue1.04%
Quote time 2026-10-08 08:40:16 · For reference only, not investment advice and not tailored to your situation.