QBTS Technology

D-Wave Quantum Inc.

$10.37+2.78%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Technology
Industry: Computer Hardware
Country: United States
Market cap: 3.9B USD
Enterprise value: 3.8B USD
Full-time employees: 382

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.14 vs a peer median of 0.87)bigger price swings (beta 2.14 vs peers 0.87)

Ranks #1,232 of 1,612 technology companies (bottom 24%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 226% from December 2022 to August 2026.
D-Wave Quantum had 226% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.D-Wave Quantum had 226% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 92% of revenue in 2025.
D-Wave Quantum paid employees $23M in stock in 2025, 92% of its $25M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Investment surge. Capital spending 16% of revenue, up from 5.9% in 2022.
D-Wave Quantum is spending 16% of revenue on facilities and equipment, up from 5.9% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Not profitable yet. Reported a loss in the 12 months to June 2026.
D-Wave Quantum reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

36/ 100

Oct 5 36 → Nov 4 36

Valuation

Is the price right?

10/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-6.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield-4.9%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-3.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield28.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

38/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.30Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth19.0%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.78Sector median: 0.0483 · MAD: 0.0793

Revenue growth-44.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.04Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

4/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-1372.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -7.12Sector median: 0.0631 · MAD: 0.0710

Return on assets-21.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.92Sector median: 0.0293 · MAD: 0.0362

Return on invested capital-16.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.70Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin64.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-23.0%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 92 → 91

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.14

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.43Sector median: 0.8710 · MAD: 0.3700

Current ratio20.55×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 8.42Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.03×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.96Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about D-Wave Quantum

Is D-Wave Quantum getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 36/100 since Oct 28, 2026.
How is D-Wave Quantum valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -6.5% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -6.5% vs peers 2.2% (weaker than 100% of peers).
Is D-Wave Quantum growing?: More slowly than most of its peers. Growth scores 38/100 against 1,711 technology peers. 3-year revenue growth 19.0% vs a peer median of 4.8% (stronger than 85% of peers).3-year revenue growth 19.0% vs peers 4.8% (stronger than 85% of peers). Revenue growth -44.2% vs a peer median of 8.5% (weaker than 100% of peers).Revenue growth -44.2% vs peers 8.5% (weaker than 100% of peers).
How profitable is D-Wave Quantum?: Less profitable than most of its peers. Profitability scores 4/100 against 1,711 technology peers. Operating margin -1372.9% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -1372.9% vs peers 6.3% (weaker than 100% of peers).
How risky is D-Wave Quantum?: Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 20.55× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 20.55× vs peers 1.83× (stronger than 95% of peers). Beta 2.14 vs a peer median of 0.87 (weaker than 95% of peers).Beta 2.14 vs peers 0.87 (weaker than 95% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: D-Wave Quantum is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	12.4M USD	12.4M USD	−0.2%
Net income (12 months)	−368.0M USD	−248.7M USD	−32.4%
Operating margin	-1155.6%	-1372.9%	−217.3 pts
Free cash flow (12 months)	−102.2M USD	−119.1M USD	+16.5%
Debt	35.4M USD	34.9M USD	−1.5%
Cash	338.2M USD	296.6M USD	−12.3%
Shares outstanding	366.7M	369.3M	+0.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Technology · 320 companies

Valuations in Technology are above their usual range since 2016.

70% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +5% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +68% vs the whole market, against a usual +58%.

2016Shaded: most expensive fifth of its range2026

Shown for Technology: too few Computer Hardware companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	72.1%	59.2%	52.8%	63.0%	82.6%	▲ 20 pts
Operating margin	-620.3%	-828.9%	-919.7%	-874.8%	-408.2%	▲ 467 pts
Net margin	-652.5%	-748.7%	-944.5%	-1630.0%	-1444.1%	▲ 186 pts
Return on assets (ROA)	-139.0%	-199.3%	-139.4%	-72.0%	-38.8%	▲ 33 pts
Return on equity (ROE)	—	—	—	-229.7%	-41.7%	▲ 188 pts
Free cash flow margin	-582.5%	-636.4%	-699.2%	-507.0%	-308.5%	▲ 198 pts
Current ratio	1.53×	0.87×	4.18×	6.14×	42.38×	▲ 590%
Quick ratio	1.33×	0.73×	4.00×	6.08×	42.25×	▲ 595%
Debt to equity	—	—	—	0.48×	0.04×	▼ 91%
Interest coverage	-22.54×	-12.83×	—	-19.82×	-25.01×	▼ 26%

QBTS price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.14 vs a peer median of 0.87)bigger price swings (beta 2.14 vs peers 0.87)

Ranks #1,232 of 1,612 technology companies (bottom 24%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 226% from December 2022 to August 2026.

D-Wave Quantum had 226% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.D-Wave Quantum had 226% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 92% of revenue in 2025.

D-Wave Quantum paid employees $23M in stock in 2025, 92% of its $25M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Investment surge. Capital spending 16% of revenue, up from 5.9% in 2022.

D-Wave Quantum is spending 16% of revenue on facilities and equipment, up from 5.9% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Not profitable yet. Reported a loss in the 12 months to June 2026.

D-Wave Quantum reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about D-Wave Quantum

Is D-Wave Quantum getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 36/100 since Oct 28, 2026.

How is D-Wave Quantum valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers. Earnings yield -6.5% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -6.5% vs peers 2.2% (weaker than 100% of peers).

Is D-Wave Quantum growing?

More slowly than most of its peers. Growth scores 38/100 against 1,711 technology peers. 3-year revenue growth 19.0% vs a peer median of 4.8% (stronger than 85% of peers).3-year revenue growth 19.0% vs peers 4.8% (stronger than 85% of peers). Revenue growth -44.2% vs a peer median of 8.5% (weaker than 100% of peers).Revenue growth -44.2% vs peers 8.5% (weaker than 100% of peers).

How profitable is D-Wave Quantum?

Less profitable than most of its peers. Profitability scores 4/100 against 1,711 technology peers. Operating margin -1372.9% vs a peer median of 6.3% (weaker than 100% of peers).Operating margin -1372.9% vs peers 6.3% (weaker than 100% of peers).

How risky is D-Wave Quantum?

Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Current ratio 20.55× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 20.55× vs peers 1.83× (stronger than 95% of peers). Beta 2.14 vs a peer median of 0.87 (weaker than 95% of peers).Beta 2.14 vs peers 0.87 (weaker than 95% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

12.4M USD

12.4M USD

−0.2%

Net income (12 months)

−368.0M USD

−248.7M USD

−32.4%

Operating margin

-1155.6%

-1372.9%

−217.3 pts

Free cash flow (12 months)

−102.2M USD

−119.1M USD

+16.5%

Debt

35.4M USD

34.9M USD

−1.5%

Cash

338.2M USD

296.6M USD

−12.3%

Shares outstanding

366.7M

369.3M

+0.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

72.1%

59.2%

52.8%

63.0%

82.6%

▲ 20 pts

Operating margin

-620.3%

-828.9%

-919.7%

-874.8%

-408.2%

▲ 467 pts

Net margin

-652.5%

-748.7%

-944.5%

-1630.0%

-1444.1%

▲ 186 pts

Return on assets (ROA)

-139.0%

-199.3%

-139.4%

-72.0%

-38.8%

▲ 33 pts

Return on equity (ROE)

—

-229.7%

-41.7%

▲ 188 pts

Free cash flow margin

-582.5%

-636.4%

-699.2%

-507.0%

-308.5%

▲ 198 pts

Current ratio

1.53×

0.87×

4.18×

6.14×

42.38×

▲ 590%

Quick ratio

1.33×

0.73×

4.00×

6.08×

42.25×

▲ 595%

Debt to equity

—

0.48×

0.04×

▼ 91%

Interest coverage

-22.54×

-12.83×

—

-19.82×

-25.01×

▼ 26%