Overview Dividends

(QBTS) D-Wave Quantum - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US26740W1099

Quantum Systems, Cloud Service, Hybrid Solvers, Developer Tools

QBTS EPS (Earnings per Share)

EPS Growth (3Y CAGR): 42.04%
EPS Trend (3Y Correlation): 82.0%

QBTS Revenue

Revenue Growth (3Y CAGR): 24.48%
Revenue Trend (3Y Correlation): 53.7%

Description: QBTS D-Wave Quantum November 05, 2025

D-Wave Quantum Inc. (NASDAQ: QBTS) designs, manufactures, and services quantum-annealing computers, delivering hardware (Advantage and Advantage 2 systems), software (the Ocean open-source toolkit), and cloud-based access via its Leap platform. The company’s offerings combine quantum annealers with classical resources to tackle optimization problems in logistics, scheduling, drug discovery, and portfolio management.

Key operational metrics (as of FY 2023) include roughly $30 million in annual revenue, a cash balance of about $85 million, and a research-and-development spend representing ~45 % of revenue-reflecting the capital-intensive nature of quantum-hardware development. D-Wave’s flagship Advantage system features a 5,000-qubit annealer, positioning it as the most powerful commercially available quantum-annealing device.

The quantum-computing market is still nascent but is projected by IDC to grow at a compound annual growth rate of ~30 % through 2034, driven by increasing enterprise interest in hybrid quantum-classical solvers for complex optimization. D-Wave’s focus on annealing differentiates it from gate-model competitors (e.g., IBM, Rigetti), targeting a niche where quantum advantage can be demonstrated earlier, though it also narrows its addressable addressable market to annealing-friendly workloads.

For a deeper quantitative assessment of QBTS’s valuation metrics, the ValueRay platform offers a concise dashboard of peer-adjusted multiples and forward cash-flow scenarios.

QBTS Stock Overview

Market Cap in USD	12,350m
Sub-Industry	Electronic Equipment & Instruments
IPO / Inception	2022-08-08

QBTS Stock Ratings

Growth Rating	73.2%
Fundamental	52.4%
Dividend Rating	10.2%
Return 12m vs S&P 500	2,293%
Analyst Rating	4.50 of 5

QBTS Dividends

Dividend Yield 12m	0.03%
Yield on Cost 5y	0.10%
Annual Growth 5y	%
Payout Consistency	100.0%
Payout Ratio	0.0%

QBTS Growth Ratios

Growth Correlation 3m	83.5%
Growth Correlation 12m	91.1%
Growth Correlation 5y	-20.6%
CAGR 5y	132.40%
CAGR/Max DD 3y (Calmar Ratio)	1.56
CAGR/Mean DD 3y (Pain Ratio)	2.97
Sharpe Ratio 12m	0.12
Alpha	971.23
Beta	1.482
Volatility	150.14%
Current Volume	31598.7k
Average Volume 20d	58521.7k
Stop Loss	28.8 (-7.2%)
Signal	-0.79

Piotroski VR‑10 (Strict, 0-10) 1.0

Net Income (-281.5m TTM) > 0 and > 6% of Revenue (6% = 1.34m TTM)

FCFTA -0.06 (>2.0%) and ΔFCFTA 90.46pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 3633 % (prev 39.20%; Δ 3594 pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA -0.06 (>3.0%) and CFO -50.6m > Net Income -281.5m (YES >=105%, WARN >=100%)

NO Net Debt/EBITDA fails (EBITDA <= 0)

Current Ratio 42.99 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (294.4m) change vs 12m ago 71.02% (target <= -2.0% for YES)

Gross Margin 82.46% (prev 64.68%; Δ 17.78pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 4.92% (prev 16.37%; Δ -11.45pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio -137.8 (EBITDA TTM -277.4m / Interest Expense TTM 2.03m) >= 6 (WARN >= 3)

Altman Z'' -6.63

(A) 0.96 = (Total Current Assets 828.5m - Total Current Liabilities 19.3m) / Total Assets 843.6m

(B) -0.95 = Retained Earnings (Balance) -799.7m / Total Assets 843.6m

(D) -5.42 = Book Value of Equity -808.9m / Total Liabilities 149.3m

Total Rating: -6.63 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 52.41

1. Piotroski 1.0pt = -4.0

2. FCF Yield -0.46% = -0.23

3. FCF Margin data missing

4. Debt/Equity 0.06 = 2.50

5. Debt/Ebitda 2.81 = -1.48

7. RoE -118.9% = -2.50

8. Rev. Trend 53.72% = 4.03

9. EPS Trend 82.00% = 4.10

What is the price of QBTS shares?

As of November 06, 2025, the stock is trading at USD 31.02 with a total of 31,598,675 shares traded.
Over the past week, the price has changed by -9.46%, over one month by -11.42%, over three months by +69.51% and over the past year by +2745.87%.

Is D-Wave Quantum a good stock to buy?

Neither. Based on ValueRay´s Fundamental Analyses, D-Wave Quantum is currently (November 2025) neither a good nor a bad stock to buy. It has a ValueRay Fundamental Rating of 52.41 and therefor a neutral outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of QBTS is around 30.71 USD . This means that QBTS is currently overvalued and has a potential downside of -1%.

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.

Strong Buy: 3
Buy: 3
Hold: 0
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the QBTS price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	26.3	-15.2%
Analysts Target Price	26.3	-15.2%
ValueRay Target Price	35.2	13.3%

QBTS Fundamental Data Overview November 01, 2025

Market Cap USD = 12.35b (12.35b USD * 1.0 USD.USD)
P/S = 554.4459
P/B = 14.3901
Beta = 1.482
Revenue TTM = 22.3m USD
EBIT TTM = -279.5m USD
EBITDA TTM = -277.4m USD
Long Term Debt = 32.1m USD (from longTermDebt, last quarter)
Short Term Debt = 1.60m USD (from shortTermDebt, last quarter)
Debt = 40.0m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -779.3m USD (from netDebt column, last quarter)
Enterprise Value = 11.57b USD (12.35b + Debt 40.0m - CCE 819.3m)
Interest Coverage Ratio = -137.8 (Ebit TTM -279.5m / Interest Expense TTM 2.03m)
FCF Yield = -0.46% (FCF TTM -53.1m / Enterprise Value 11.57b)
FCF Margin = -238.6% (FCF TTM -53.1m / Revenue TTM 22.3m)
Net Margin = -1264 % (Net Income TTM -281.5m / Revenue TTM 22.3m)
Gross Margin = 82.46% ((Revenue TTM 22.3m - Cost of Revenue TTM 3.91m) / Revenue TTM)
Gross Margin QoQ = 63.84% (prev 92.51%)
Tobins Q-Ratio = 13.72 (Enterprise Value 11.57b / Total Assets 843.6m)
Interest Expense / Debt = 0.52% (Interest Expense 206.0k / Debt 40.0m)
Taxrate = 100.0% (out of range, set to none) (-143.9m / -143.9m)
NOPAT = unknown (EBIT/Op.Income or Taxrate missing)
Current Ratio = 42.99 (Total Current Assets 828.5m / Total Current Liabilities 19.3m)
Debt / Equity = 0.06 (Debt 40.0m / totalStockholderEquity, last quarter 694.3m)
Debt / EBITDA = 2.81 (negative EBITDA) (Net Debt -779.3m / EBITDA -277.4m)
Debt / FCF = 14.67 (negative FCF - burning cash) (Net Debt -779.3m / FCF TTM -53.1m)
Total Stockholder Equity = 236.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -33.37% (Net Income -281.5m / Total Assets 843.6m)
RoE = -118.9% (Net Income TTM -281.5m / Total Stockholder Equity 236.8m)
RoCE = -103.9% (out of range, set to none) (EBIT -279.5m / Capital Employed (Equity 236.8m + L.T.Debt 32.1m))
RoIC = -5572 % (out of range, set to none) (EBIT -279.5m / (Assets 843.6m - Curr.Liab 19.3m - Cash 819.3m))
WACC = 11.44% (E(12.35b)/V(12.39b) * Re(11.48%) + (debt cost/tax rate unavailable))
Discount Rate = 11.48% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 36.13%
Fair Price DCF = unknown (Cash Flow -53.1m)
EPS Correlation: 82.00 | EPS CAGR: 42.04% | SUE: 2.54 | # QB: 1
Revenue Correlation: 53.72 | Revenue CAGR: 24.48% | SUE: 0.29 | # QB: 0

Additional Sources for QBTS Stock

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