QBTS Stock Analysis: D-Wave Quantum Common Stock | NYSE
Computer Hardware | NYSE, USA | Market Cap: 5.937m USD | 12M Return: -64.1% | US26740W1099 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 249M
Qual. Beats: 0
Rev. Trend: 63.2%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 5.8 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
D-Wave Quantum Inc. is a quantum computing company that develops and delivers quantum systems, software, and services globally. Its product portfolio includes the Advantage and Advantage 2 annealing quantum computers, the Ocean open-source developer toolkit, and the Leap quantum cloud service, which provides real-time access to quantum processors and hybrid solvers. The company also offers the Leap Hybrid Solver Service, combining quantum and classical compute resources, and D-Wave Launch, a phased program for building in-production quantum hybrid applications. Its solutions are applied across use cases such as resource and factory scheduling, vehicle routing, logistics optimization, drug discovery, portfolio optimization, and maintenance and repair operations. Founded in 1999 and headquartered in Palo Alto, California, D-Wave went public on the NYSE in August 2022 under the ticker QBTS and is classified within the Information Technology sector.
Quantum computing remains an emerging and capital-intensive technology sector, with D-Wave distinguishing itself through its focus on quantum annealing, an approach tailored for optimization problems rather than the gate-based model pursued by many peers. Like other players in the space, the company sells to enterprise customers and research institutions via a mix of hardware sales, cloud-based access, and professional services, while continuing to invest heavily in R&D relative to current revenue.
- Advantage 2 system sales accelerate quantum hardware revenue
- Enterprise cloud subscriptions on Leap platform drive recurring revenue
- Capital raises continue to fund heavy R&D cash burn
| Net Income: -248.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.19 > 0.02 and ΔFCF/TA 12.57 > 1.0 |
| NWC/Revenue: 4.29k% < 20% (prev 3.63k%; Δ 659.1% < -1%) |
| CFO/TA -0.10 > 3% & CFO -110.9m > Net Income -248.7m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 20.55 > 1.5 & < 3 |
| Outstanding Shares: last quarter (370.8m) vs 12m ago 25.97% < -2% |
| Gross Margin: 64.19% > 18% (prev 82.46%; Δ -18.28% > 0.5%) |
| Asset Turnover: 1.24% > 50% (prev 2.64%; Δ -1.40% > 0%) |
| Interest Coverage Ratio: -28.38 > 6 (EBIT TTM -273.0m / Interest Expense TTM 9.62m) |
| A: 0.46 (Total Current Assets 560.6m - Total Current Liabilities 27.3m) / Total Assets 1.16b |
| B: -0.91 (Retained Earnings -1.05b / Total Assets 1.16b) |
| C: -0.27 (EBIT TTM -273.0m / Avg Total Assets 1.00b) |
| D: 14.38 (Book Value of Equity 1.08b / Total Liabilities 75.3m) |
| Altman-Z'' = 13.34 = AAA |
| DSRI: 1.49 (Receivables 2.02m/2.44m, Revenue 12.4m/22.3m) |
| GMI: 1.28 (GM 82.46% / 64.19%) |
| AQI: 112.7 (AQ_t 0.49 / AQ_t-1 0.00) |
| SGI: 0.56 (Revenue 12.4m / 22.3m) |
| TATA: -0.12 (NI -248.7m - CFO -110.9m) / TA 1.16b) |
| Beneish M = 63.53 (Cap -4..+1) = D |
As of October 13, 2026, the stock is trading at USD 13.74 with a total of 13,896,293 shares traded. Over the past week, the price has changed by -7.61%, over one month by -13.27%, over three months by -21.92% and over the past year by -64.13%.
Current recommended Stop Loss: 12.60 (which is 8.3% or 1.2 ATR below the current price).
D-Wave Quantum Common Stock has received a consensus analysts rating of 4.71. Therefore, it is recommended to buy QBTS.
- StrongBuy: 14
- Buy: 1
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 34.7 | 152.2% |
P/S = 477.856
P/B = 5.8919
Revenue TTM = 12.4m USD
EBIT TTM = -273.0m USD
EBITDA TTM = -259.3m USD
Long Term Debt = 34.9m USD (from longTermDebt, last quarter)
Short Term Debt = 1.25m USD (from shortTermDebt, last quarter)
Debt = 49.2m USD (corrected: LT Debt 34.9m + ST Debt 1.25m) + Leases 13.1m
Net Debt = -497.0m USD (calculated: Debt 49.2m - CCE 546.2m)
Enterprise Value = 5.44b USD (5.94b + Debt 49.2m - CCE 546.2m)
Interest Coverage Ratio = -28.38 (Ebit TTM -273.0m / Interest Expense TTM 9.62m)
EV/FCF = -25.19x (Enterprise Value 5.44b / FCF TTM -216.0m)
FCF Yield = -3.97% (FCF TTM -216.0m / Enterprise Value 5.44b)
FCF Margin = -1.74k% (FCF TTM -216.0m / Revenue TTM 12.4m)
Net Margin = -2.00k% (Net Income TTM -248.7m / Revenue TTM 12.4m)
Gross Margin = 64.19% ((Revenue TTM 12.4m - Cost of Revenue TTM 4.45m) / Revenue TTM)
Gross Margin QoQ = 55.40% (prev 63.61%)
Tobins Q-Ratio = 4.70 (Enterprise Value 5.44b / Total Assets 1.16b)
Interest Expense / Debt = 19.55% (Interest Expense 9.62m / Debt 49.2m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -215.7m (EBIT -273.0m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 17.62 (Total Current Assets 560.6m / Total Current Liabilities 31.8m)
Debt / Equity = 0.05 (Debt 49.2m / totalStockholderEquity, last quarter 1.08b)
Debt / EBITDA = 1.92 (negative EBITDA) (Net Debt -497.0m / EBITDA -259.3m)
Debt / FCF = 2.30 (negative FCF - burning cash) (Net Debt -497.0m / FCF TTM -216.0m)
Total Stockholder Equity = 932.5m (last 4 quarters mean from totalStockholderEquity)
RoA = -24.84% (Net Income -248.7m / Total Assets 1.16b)
RoE = -26.67% (Net Income TTM -248.7m / Total Stockholder Equity 932.5m)
RoCE = -28.22% (EBIT -273.0m / Capital Employed (Equity 932.5m + L.T.Debt 34.9m))
RoIC = -19.06% (negative operating profit) (NOPAT -215.7m / Invested Capital 1.13b)
WACC = 16.21% (E(5.94b)/V(5.99b) * Re(16.22%) + D(49.2m)/V(5.99b) * Rd(19.55%) * (1-Tc(0.21)))
Discount Rate = 16.22% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 98.16 | Cagr: 44.77%
[DCF] Fair Price = unknown (Cash Flow -216.0m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.06 | # QB: 0
Revenue Correlation: 63.20 | Revenue CAGR: 35.60% | SUE: -0.51 | # QB: 0
EPS current Quarter (2026-09-30): EPS=-0.09 | Chg30d=+0.21% | Revisions=-12% | Analysts=16
EPS current Year (2026-12-31): EPS=-0.29 | Chg30d=+0.00% | Revisions=+0% | GrowthEPS=-12.7% | GrowthRev=+72.7%
EPS next Year (2027-12-31): EPS=-0.38 | Chg30d=+0.13% | Revisions=+25% | GrowthEPS=-28.9% | GrowthRev=+89.8%
[Analyst] Revisions Ratio: +0% (up=6, down=6)