(QBTS) D-Wave Quantum - Overview

Sector: Technology | Industry: Computer Hardware | Exchange: NYSE (USA) | Market Cap: 5.142m USD | Total Return: 89.9% in 12m

Stock Quantum Computers, Hybrid Solvers, Cloud Service, Developer Tools
Total Rating 29
Risk 35
Buy Signal -0.74
Computer Hardware -3.3
Electronic Equipment & Instruments -9.4
Market Cap: 5,142m
Avg Trading Vol: 354M USD
ATR: 9.71%
Peers RS (IBD): 31.5
Risk 5d forecast
Volatility112%
Rel. Tail Risk-17.3%
Reward TTM
Sharpe Ratio1.05
Alpha55.96
Character TTM
Beta2.134
Beta Downside-0.614
Drawdowns 3y
Max DD79.18%
CAGR/Max DD2.11
EPS (Earnings per Share) EPS (Earnings per Share) of QBTS over the last years for every Quarter: "2021-03": 0.4106, "2021-06": 0.41, "2021-09": 0.28, "2021-12": -0.01, "2022-03": -0.1, "2022-06": -0.12, "2022-09": -0.11, "2022-12": -0.13, "2023-03": -0.16, "2023-06": -0.2, "2023-09": -0.11, "2023-12": -0.1, "2024-03": -0.12, "2024-06": -0.09, "2024-09": -0.096, "2024-12": -0.1, "2025-03": -0.0198, "2025-06": -0.08, "2025-09": -0.05, "2025-12": -0.09, "2026-03": 0,
EPS CAGR: 25.35%
EPS Trend: 72.7%
Last SUE: 2.46
Qual. Beats: 1
Revenue Revenue of QBTS over the last years for every Quarter: 2021-03: 1.41, 2021-06: 1.137, 2021-09: 1.307, 2021-12: 2.426, 2022-03: 1.713, 2022-06: 1.371, 2022-09: 1.695, 2022-12: 2.395, 2023-03: 1.695, 2023-06: 1.707, 2023-09: 2.562, 2023-12: 2.906, 2024-03: 2.465, 2024-06: 2.183, 2024-09: 1.87, 2024-12: 2.309, 2025-03: 15.001, 2025-06: 3.095, 2025-09: 3.739, 2025-12: 2.752, 2026-03: null,
Rev. CAGR: 13.48%
Rev. Trend: 71.0%
Last SUE: -0.55
Qual. Beats: 0
Risks
Technicals: volatile
Description: QBTS D-Wave Quantum March 02, 2026

D-Wave Quantum Inc. (NYSE: QBTS) designs, manufactures, and services quantum annealing computers, offering hardware such as the Advantage and Advantage 2 systems, the Ocean open-source software suite, and the Leap cloud platform that delivers real-time access to quantum processors and hybrid quantum-classical solvers for enterprise-scale problems.

In its most recent fiscal year (2023), D-Wave generated roughly $46 million in revenue and held about $120 million in cash and short-term investments, giving it a market capitalization near $1.2 billion. The Advantage 2 processor now supports over 5,000 qubits, and the company announced a new multi-year partnership with a major automotive supplier to optimize vehicle routing and supply-chain logistics.

The quantum-computing sector is being propelled by a projected 30% compound annual growth rate through 2030, driven by rising demand for AI-enhanced optimization, increased federal R&D funding (the U.S. allocated ~$1.5 billion to quantum research in FY 2024), and expanding enterprise adoption in finance, pharma, and manufacturing.

For a deeper dive into QBTS valuation and how it fits into a broader portfolio, you might explore the analysis on ValueRay.

Headlines to Watch Out For
  • Quantum computer sales drive revenue growth
  • Cloud service subscriptions expand recurring income
  • Research and development costs impact profitability
  • Competition from classical computing solutions
  • Government funding for quantum research influences demand
Piotroski VR‑10 (Strict, 0-10) 1.0
Net Income: -355.1m TTM > 0 and > 6% of Revenue
FCF/TA: -0.08 > 0.02 and ΔFCF/TA 14.25 > 1.0
NWC/Revenue: 3.56k% < 20% (prev 1.75k%; Δ 1.80k% < -1%)
CFO/TA -0.08 > 3% & CFO -72.0m > Net Income -355.1m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 42.38 > 1.5 & < 3
Outstanding Shares: last quarter (352.9m) vs 12m ago 51.48% < -2%
Gross Margin: 82.59% > 18% (prev 0.63%; Δ 8.20k% > 0.5%)
Asset Turnover: 4.41% > 50% (prev 4.42%; Δ -0.01% > 0%)
Interest Coverage Ratio: -87.48 > 6 (EBITDA TTM -348.9m / Interest Expense TTM 4.01m)
Altman Z'' -15.00
A: 0.96 (Total Current Assets 896.2m - Total Current Liabilities 21.1m) / Total Assets 915.8m
B: -1.07 (Retained Earnings -982.0m / Total Assets 915.8m)
C: -0.63 (EBIT TTM -351.0m / Avg Total Assets 557.8m)
D: -15.59 (Book Value of Equity -991.0m / Total Liabilities 63.6m)
Altman-Z'' Score: -17.82 = D
Beneish M -3.17
DSRI: 0.40 (Receivables 1.59m/1.42m, Revenue 24.6m/8.83m)
GMI: 0.76 (GM 82.59% / 63.02%)
AQI: 0.33 (AQ_t 0.01 / AQ_t-1 0.02)
SGI: 2.79 (Revenue 24.6m / 8.83m)
TATA: -0.31 (NI -355.1m - CFO -72.0m) / TA 915.8m)
Beneish M-Score: -3.17 (Cap -4..+1) = AA
What is the price of QBTS shares? As of April 01, 2026, the stock is trading at USD 14.43 with a total of 24,860,246 shares traded.
Over the past week, the price has changed by -9.42%, over one month by -23.81%, over three months by -44.82% and over the past year by +89.87%.
Is QBTS a buy, sell or hold? D-Wave Quantum has received a consensus analysts rating of 4.50. Therefore, it is recommended to buy QBTS.
  • StrongBuy: 3
  • Buy: 3
  • Hold: 0
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the QBTS price?
ISSUER TARGET UP/DOWN
Wallstreet Target Price 37.4 159.2%
Analysts Target Price 37.4 159.2%
QBTS Fundamental Data Overview March 29, 2026
P/S = 209.1268
P/B = 6.0333
Revenue TTM = 24.6m USD
EBIT TTM = -351.0m USD
EBITDA TTM = -348.9m USD
Long Term Debt = 35.8m USD (from longTermDebt, last quarter)
Short Term Debt = 1.58m USD (from shortTermDebt, last quarter)
Debt = 7.63m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -627.7m USD (from netDebt column, last quarter)
Enterprise Value = 4.26b USD (5.14b + Debt 7.63m - CCE 884.5m)
Interest Coverage Ratio = -87.48 (Ebit TTM -351.0m / Interest Expense TTM 4.01m)
EV/FCF = -56.23x (Enterprise Value 4.26b / FCF TTM -75.8m)
FCF Yield = -1.78% (FCF TTM -75.8m / Enterprise Value 4.26b)
 FCF Margin = -308.5% (FCF TTM -75.8m / Revenue TTM 24.6m)
 Net Margin = -1.44k% (Net Income TTM -355.1m / Revenue TTM 24.6m)
 Gross Margin = 82.59% ((Revenue TTM 24.6m - Cost of Revenue TTM 4.28m) / Revenue TTM)
Gross Margin QoQ = 64.83% (prev 71.38%)
Tobins Q-Ratio = 4.66 (Enterprise Value 4.26b / Total Assets 915.8m)
Interest Expense / Debt = 44.29% (Interest Expense 3.38m / Debt 7.63m)
Taxrate = 21.0% (US default 21%)
NOPAT = -277.3m (EBIT -351.0m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 42.38 (Total Current Assets 896.2m / Total Current Liabilities 21.1m)
Debt / Equity = 0.01 (Debt 7.63m / totalStockholderEquity, last quarter 852.2m)
 Debt / EBITDA = 1.80 (negative EBITDA) (Net Debt -627.7m / EBITDA -348.9m)
 Debt / FCF = 8.28 (negative FCF - burning cash) (Net Debt -627.7m / FCF TTM -75.8m)
 Total Stockholder Equity = 606.1m (last 4 quarters mean from totalStockholderEquity)
RoA = -63.65% (Net Income -355.1m / Total Assets 915.8m)
RoE = -58.58% (Net Income TTM -355.1m / Total Stockholder Equity 606.1m)
RoCE = -54.69% (EBIT -351.0m / Capital Employed (Equity 606.1m + L.T.Debt 35.8m))
 RoIC = -43.41% (negative operating profit) (NOPAT -277.3m / Invested Capital 638.8m)
 WACC = 13.52% (E(5.14b)/V(5.15b) * Re(13.49%) + D(7.63m)/V(5.15b) * Rd(44.29%) * (1-Tc(0.21)))
Discount Rate = 13.49% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 52.52%
 [DCF] Fair Price = unknown (Cash Flow -75.8m)
 EPS Correlation: 72.71 | EPS CAGR: 25.35% | SUE: 2.46 | # QB: 1
Revenue Correlation: 70.99 | Revenue CAGR: 13.48% | SUE: -0.55 | # QB: 0
EPS next Quarter (2026-06-30): EPS=-0.09 | Chg7d=-0.001 | Chg30d=-0.026 | Revisions Net=-8 | Analysts=11
EPS current Year (2026-12-31): EPS=-0.33 | Chg7d=-0.009 | Chg30d=-0.111 | Revisions Net=-10 | Growth EPS=-26.3% | Growth Revenue=+77.5%
EPS next Year (2027-12-31): EPS=-0.37 | Chg7d=-0.021 | Chg30d=-0.170 | Revisions Net=-7 | Growth EPS=-12.4% | Growth Revenue=+93.2%
[Analyst] Revisions Ratio: -1.00 (0 Up / 8 Down within 30d for Next Quarter)
Additional Sources for QBTS Stock Fund Manager Positions: Dataroma · Stockcircle