(QBTS) D-Wave Quantum - NYSE

Sector: Technology | Industry: Computer Hardware | Exchange: NYSE (USA) | Market Cap: 8.657m USD | Total Return: 54.1% in 12m

Quantum Computers, Cloud Services, Software Tools, Hybrid Solvers
Total Rating 21
Safety 28
Buy Signal -1.57
Computer Hardware
Industry Rotation: -28.6
Market Cap: 8.66B
Avg Turnover: 913M
Risk 3d forecast
Volatility120%
VaR 5th Pctl17.7%
VaR vs Median-10.5%
Reward TTM
Sharpe Ratio0.84
Rel. Str. IBD76.5
Rel. Str. Peer Group54.2
Character TTM
Beta2.894
Beta Downside-0.025
Hurst Exponent0.463
Drawdowns 3y
Max DD79.18%
CAGR/Max DD1.69
CAGR/Mean DD3.09
EPS (Earnings per Share) EPS (Earnings per Share) of QBTS over the last years for every Quarter: "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": -0.05,
Last SUE: 0.51
Qual. Beats: 0
Revenue Revenue of QBTS over the last years for every Quarter: 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: 2.858,
Rev. CAGR: 49.32%
Rev. Trend: 77.9%
Last SUE: -0.72
Qual. Beats: 0

Warnings

Share dilution 28.3% YoY

High Debt while negative Cash Flow

Interest Coverage Ratio -15.0 is critical

Beneish M-Score 1.00 > -1.5 - likely earnings manipulation

Choppy Below Avwap Earnings

Tailwinds

No distinct edge detected

Description: QBTS D-Wave Quantum

D-Wave Quantum Inc. (NYSE: QBTS) specializes in the development and delivery of quantum computing hardware, software, and cloud-based services. The company’s primary offerings include the Advantage and Advantage 2 quantum annealing systems, the Leap quantum cloud platform, and the Ocean software development kit. These tools are designed to facilitate real-time access to quantum-classical hybrid solvers for enterprise-scale optimization problems.

The company focuses on commercial applications such as logistics optimization, drug discovery, and financial portfolio management. Unlike gate-model quantum computers, D-Wave’s annealing technology is specifically engineered to solve complex combinatorial optimization tasks by finding the lowest energy state of a given system. The quantum computing sector is currently characterized by a transition from experimental research to quantum utility, where systems are integrated into existing classical workflows to improve computational efficiency.

Investors can find further data-driven insights on these industry trends at ValueRay. Founded in 1999 and headquartered in Palo Alto, California, D-Wave operates as a pure-play provider in the emerging quantum infrastructure market.

Headlines to Watch Out For
  • Leap cloud service subscription growth drives recurring revenue and margin expansion
  • Enterprise adoption of annealing quantum systems for industrial logistics optimization
  • Federal government funding and procurement cycles for high-performance computing infrastructure
  • Cash burn rate and liquidity position influence equity dilution risk
  • Commercial deployment milestones for Advantage 2 system validate technological roadmap
Piotroski VR-10 (Strict) 0.0
Net Income: -368.0m TTM > 0 and > 6% of Revenue
FCF/TA: -0.28 > 0.02 and ΔFCF/TA 7.30 > 1.0
NWC/Revenue: 4.65k% < 20% (prev 1.38k%; Δ 3.27k% < -1%)
CFO/TA -0.08 > 3% & CFO -97.7m > Net Income -368.0m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 21.41 > 1.5 & < 3
Outstanding Shares: last quarter (367.5m) vs 12m ago 28.30% < -2%
Gross Margin: 66.27% > 18% (prev 83.23%; Δ -16.96% > 0.5%)
Asset Turnover: 1.63% > 50% (prev 6.56%; Δ -4.93% > 0%)
Interest Coverage Ratio: -15.02 > 6 (EBIT TTM -143.8m / Interest Expense TTM 9.57m)
Altman Z'' 10.00
A: 0.48 (Total Current Assets 607.1m - Total Current Liabilities 28.4m) / Total Assets 1.20b
B: -0.83 (Retained Earnings -1.00b / Total Assets 1.20b)
C: -0.19 (EBIT TTM -143.8m / Avg Total Assets 762.7m)
D: 14.88 (Book Value of Equity 1.12b / Total Liabilities 75.6m)
Altman-Z'' = 14.80 = AAA
Beneish M 1.00
DSRI: 3.0 (Receivables 10.6m/1.05m, Revenue 12.4m/21.4m)
GMI: 1.26 (GM 83.23% / 66.27%)
AQI: 42.16 (AQ_t 0.47 / AQ_t-1 0.01)
SGI: 0.58 (Revenue 12.4m / 21.4m)
TATA: -0.23 (NI -368.0m - CFO -97.7m) / TA 1.20b)
Beneish M = 22.93 (Cap -4..+1) = D
What is the price of QBTS shares?

As of June 14, 2026, the stock is trading at USD 23.37 with a total of 26,226,159 shares traded.
Over the past week, the price has changed by -2.01%, over one month by +9.00%, over three months by +33.16% and over the past year by +54.05%.

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?
Analysts Target Price 36.4 55.9%
D-Wave Quantum (QBTS) - Fundamental Data Overview as of 14 June 2026
Market Cap USD = 8.66b (8.66b USD * 1.0 USD.USD)
P/S = 695.7011
P/B = 7.8488
Revenue TTM = 12.4m USD
EBIT TTM = -143.8m USD
EBITDA TTM = -137.9m USD
Long Term Debt = 35.4m USD (from longTermDebt, last quarter)
Short Term Debt = 1.69m USD (from shortTermDebt, last quarter)
Debt = 58.1m USD (from shortLongTermDebtTotal, last quarter) + Leases 11.3m
Net Debt = -530.3m USD (calculated: Debt 58.1m - CCE 588.4m)
Enterprise Value = 8.13b USD (8.66b + Debt 58.1m - CCE 588.4m)
Interest Coverage Ratio = -15.02 (Ebit TTM -143.8m / Interest Expense TTM 9.57m)
EV/FCF = -23.88x (Enterprise Value 8.13b / FCF TTM -340.3m)
FCF Yield = -4.19% (FCF TTM -340.3m / Enterprise Value 8.13b)
 FCF Margin = -2.73k% (FCF TTM -340.3m / Revenue TTM 12.4m)
 Net Margin = -2.96k% (Net Income TTM -368.0m / Revenue TTM 12.4m)
 Gross Margin = 66.27% ((Revenue TTM 12.4m - Cost of Revenue TTM 4.20m) / Revenue TTM)
Gross Margin QoQ = 63.61% (prev 64.83%)
Tobins Q-Ratio = 6.77 (Enterprise Value 8.13b / Total Assets 1.20b)
Interest Expense / Debt = 16.48% (Interest Expense 9.57m / Debt 58.1m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -113.6m (EBIT -143.8m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 20.19 (Total Current Assets 607.1m / Total Current Liabilities 30.1m)
Debt / Equity = 0.05 (Debt 58.1m / totalStockholderEquity, last quarter 1.12b)
 Debt / EBITDA = 3.85 (negative EBITDA) (Net Debt -530.3m / EBITDA -137.9m)
 Debt / FCF = 1.56 (negative FCF - burning cash) (Net Debt -530.3m / FCF TTM -340.3m)
 Total Stockholder Equity = 835.3m (last 4 quarters mean from totalStockholderEquity)
RoA = -48.25% (Net Income -368.0m / Total Assets 1.20b)
RoE = -44.05% (Net Income TTM -368.0m / Total Stockholder Equity 835.3m)
RoCE = -16.52% (EBIT -143.8m / Capital Employed (Equity 835.3m + L.T.Debt 35.4m))
 RoIC = -9.69% (negative operating profit) (NOPAT -113.6m / Invested Capital 1.17b)
 WACC = 16.14% (E(8.66b)/V(8.72b) * Re(16.16%) + D(58.1m)/V(8.72b) * Rd(16.48%) * (1-Tc(0.21)))
Discount Rate = 16.16% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 91.11 | Cagr: 54.45%
 [DCF] Fair Price = unknown (Cash Flow -340.3m)
 EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.51 | # QB: 0
Revenue Correlation: 77.92 | Revenue CAGR: 49.32% | SUE: -0.72 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.09 | Chg30d=-6.08% | Revisions=-38% | Analysts=14
EPS next Quarter (2026-09-30): EPS=-0.08 | Chg30d=+1.87% | Revisions=-27% | Analysts=13
EPS current Year (2026-12-31): EPS=-0.31 | Chg30d=+5.42% | Revisions=+33% | GrowthEPS=-18.7% | GrowthRev=+72.5%
EPS next Year (2027-12-31): EPS=-0.38 | Chg30d=-3.97% | Revisions=+8% | GrowthEPS=-24.6% | GrowthRev=+100.9%
[Analyst] Revisions Ratio: -38%