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D-Wave Quantum Inc.

QBTS

$20.77 ▲ +1.36 (+7.01%) at close

7 Visible periods

31 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Poor

Moderately Bearish

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Analytical Summary

D-Wave Quantum Inc. faces fundamental challenges with weakness in Return on Common Equity (%). Investors should exercise caution and monitor for improvement in key metrics.

Market Cap $6.7B

Dividend Yield —

Revenue Growth 178.5% ↗

Op. Margin -408.2%

ROIC -11.3% ↗

FCF / Share $-0.24 →

Trailing P/E —

Price / Book 8.7x

FCF Yield —

Debt / Equity 0.04

info Valuation on last close. End-of-day price, Aug 7, 2026.

7-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$24.59M

↑ +178.5% —

Net Income Profit after all expenses

$-355.06M

↓ -146.8% —

FCF / Share Free cash flow per share

$-0.24

↓ -1.4% —

Long-Term Debt Long-term obligations

$35.83M

↑ +18.9% —

trending_up

Bullish Indicators

Debt to EquityDebt to Equity is in the top quartile (lower is better)

warning

Bearish Risks

Operating Margin (%)Operating Margin (%) is in the bottom quartile
Return on Common Equity (%)Return on Common Equity (%) is in the bottom quartile

Health Breakdown

Profitability

Returns ↓

Financial Health ↓

Cash Quality ↓

Financial view

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📈 Is growth accelerating? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Revenue Growth YoY (%)	178.5% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1388%)	0.8% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-93%)	22.1% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+84%)	14.2% Good Good Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+19%)	21.7% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+81%)	—	—
EPS Growth YoY (%)	-48.0% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-25.0% Weak ↑ Weak Improving Year-over-year change in earnings per share Optimal: > 10%	-39.5% Weak ↑ Weak Improving Year-over-year change in earnings per share Optimal: > 10%	-72.0% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	-212.5% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	-146.8% Weak ↓ Weak Declining Year-over-year change in net income	-73.9% Weak ↑ Weak Improving Year-over-year change in net income	-60.5% Weak ↑ Weak Improving Year-over-year change in net income	-63.4% Weak Weak Year-over-year change in net income	-214.9% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%)	-1.4% Weak ↓ Weak Declining Year-over-year change in free cash flow	47.5% Excellent ↑ Excellent Improving Year-over-year change in free cash flow	-16.3% Weak ↑ Weak Improving Year-over-year change in free cash flow	-30.8% Weak Weak Year-over-year change in free cash flow	-23.6% Weak Weak Year-over-year change in free cash flow	—	—
Revenue CAGR 3Y (%)	50.8% Excellent ↑ Excellent Improving Compound annual revenue growth over 3 years	12.0% Good Good Compound annual revenue growth over 3 years	19.3% Excellent Excellent Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	36.7% Excellent Excellent Compound annual revenue growth over 5 years	—	—	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Operating Margin (%) (%)	-408.2% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-2141%)	—	—	—	—	—	—
Effective Tax Rate (%) (%)	0.0% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—
Profit Margin (%) (%)	—	—	—	—	—	-194.2% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1394%)	—
FCF Margin (%) (%)	-308.5% Weak Weak Free cash flow as a percentage of revenue Optimal: > 10%	—	—	—	—	—	—
FCF / Net Income (x)	0.21x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.31x Weak ↓ Weak Declining Free cash flow relative to reported net income Optimal: > 1x	0.74x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	0.89x Caution ↓ Caution Declining Free cash flow relative to reported net income Optimal: > 1x	1.16x Fair Fair Free cash flow relative to reported net income Optimal: > 1x	3.00x Excellent Excellent Free cash flow relative to reported net income Optimal: > 1x	—

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Return on Invested Capital (%)	-11.3% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-65.8% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-161.6% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-1316.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-198.9% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	-76.0% Weak Weak Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	-11.0% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-38.6% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-135.7% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-220.6% Weak Weak Operating profit relative to total assets Optimal: > 10%	-119.4% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	-41.7% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-325%)	-229.7% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-1341%)	—	—	—	-30.6% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-265%)	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Debt to Equity (x)	0.04x Excellent ↑ Excellent Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-91%)	0.48x Good ↑ Good Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+7%)	-2.61x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-680%)	-1.60x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-456%)	4.12x Weak Weak Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+816%)	—	—
Interest Coverage (x)	-4014.72x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	-14.90x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	—	-12.83x Weak ↑ Weak Improving Operating income divided by interest expense Optimal: > 5x	-22.54x Weak Weak Operating income divided by interest expense Optimal: > 5x	-5.99x Weak Weak Operating income divided by interest expense Optimal: > 5x	—
Net Debt (USD)	$-599.52M	$-147.85M	$22.54M	$9.48M	$12.45M	—	—
Debt / EBITDA (x)	-0.36x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.40x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.80x Excellent ↓ Excellent Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.16x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.33x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—

📊 What does each share earn? 6 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Revenue per Share (USD)	$0.08	$0.05	$0.06	$0.06	$0.05	$0.04	—
Basic EPS, GAAP (USD)	$-1.11	$-0.75	$-0.60	$-0.43	$-0.25	$-0.08	—
Free Cash Flow per Share (USD)	$-0.24	$-0.23	$-0.44	$-0.38	$-0.29	$-0.24	—
Book Value per Share (USD)	$2.38	$0.23	$-0.15	$-0.05	$1.07	$0.26	—
Tangible Book Value per Share (USD)	$2.37	$0.23	$-0.15	$-0.06	$0.98	$0.26	—
Basic Weighted Avg Shares (shares)	321.20M	192.13M	137.99M	119.65M	125.34M	127.16M	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Working Capital (USD)	$875.08M	$154.90M	$35.80M	$-1.92M	$8.86M	—	—
LT Debt (USD)	$35.83M	$30.13M	$63.85M	$9.48M	$12.45M	—	—
Total Equity (USD)	$852.23M	$62.65M	$-24.48M	$-5.91M	$3.02M	$32.73M	$-103.87M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗
Sales/Revenue/Turnover (USD)	$24.59M	$8.83M	$8.76M	$7.17M	$6.28M	$5.16M	—
Depreciation Expense (USD)	$1.56M	$1.11M	$1.05M	$1.42M	$1.53M	$1.89M	—
Net Income, GAAP (USD)	$-355.06M	$-143.88M	$-82.72M	$-51.53M	$-31.55M	$-10.02M	—
Operating Cash Flow (USD)	$-71.98M	$-42.64M	$-60.65M	$-45.23M	$-34.80M	$-29.29M	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 1 week ago 7 years · 23 quarters

D-Wave Quantum Inc.

Analytical Summary

7-Year Financial Trajectory

Bullish Indicators

Bearish Risks

Health Breakdown

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