QBTS Stock Analysis: D-Wave Quantum Common Stock | NYSE
Computer Hardware | NYSE, USA | Market Cap: 6.175m USD | 12M Return: 1.7% | US26740W1099 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 268M
Qual. Beats: 0
Rev. Trend: 63.2%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 5.6 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. (NYSE: QBTS) develops and supplies quantum computing systems, software, and services to customers worldwide. Its core offerings include the Advantage and Advantage 2 quantum computers, the open-source Ocean developer toolkit, and the Leap quantum cloud service, which provides remote access to quantum hardware and hybrid solvers. The company also supports customers through D-Wave Launch, a phased program for building production-grade quantum hybrid applications. Founded in 1999 and headquartered in Palo Alto, California, D-Wave is a publicly traded U.S. firm in the Information Technology sector.
Quantum computing is an emerging subsector of IT focused on using quantum-mechanical phenomena to perform certain types of calculations that are impractical for classical computers. D-Wave is notable for specializing in annealing-based quantum computing, an approach aimed primarily at optimization problems across industries such as logistics, manufacturing, drug discovery, and finance, rather than the gate-based model pursued by several larger technology peers.
- Government and defense quantum contracts drive near-term revenue visibility
- Competition intensifies from gate-based rivals IBM Google and IonQ
- Capital raises and dilution risk as cash burn outpaces revenue growth
| 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 September 14, 2026, the stock is trading at USD 16.80 with a total of 11,903,926 shares traded. Over the past week, the price has changed by -0.12%, over one month by -16.96%, over three months by -29.47% and over the past year by +1.69%.
Current recommended Stop Loss: 15.50 (which is 7.7% or 1.2 ATR below the current price).
D-Wave Quantum Common Stock 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
| Analysts Target Price | 35.2 | 109.8% |
P/S = 496.9863
P/B = 5.6875
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 = 5.68b USD (6.18b + Debt 49.2m - CCE 546.2m)
Interest Coverage Ratio = -28.38 (Ebit TTM -273.0m / Interest Expense TTM 9.62m)
EV/FCF = -26.29x (Enterprise Value 5.68b / FCF TTM -216.0m)
FCF Yield = -3.80% (FCF TTM -216.0m / Enterprise Value 5.68b)
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 = 4.90 (Enterprise Value 5.68b / 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 = 16.31% (E(6.18b)/V(6.22b) * Re(16.32%) + D(49.2m)/V(6.22b) * Rd(19.55%) * (1-Tc(0.21)))
Discount Rate = 16.32% (= 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=-11.40% | Revisions=-12% | Analysts=16
EPS current Year (2026-12-31): EPS=-0.29 | Chg30d=+4.87% | Revisions=+0% | GrowthEPS=-12.7% | GrowthRev=+72.7%
EPS next Year (2027-12-31): EPS=-0.38 | Chg30d=+4.42% | Revisions=+44% | GrowthEPS=-29.1% | GrowthRev=+90.4%
[Analyst] Revisions Ratio: +15% (up=10, down=7)