QBTS Stock Analysis: D-Wave Quantum | NYSE
Computer Hardware | NYSE, USA | Market Cap: 7.839m USD | 12M Return: 17.9% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 569M
Qual. Beats: 0
Rev. Trend: 77.9%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 5.5 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: -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: -40.99 > 6 (EBIT TTM -392.4m / Interest Expense TTM 9.57m) |
| 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: -0.51 (EBIT TTM -392.4m / Avg Total Assets 762.7m) |
| D: 14.88 (Book Value of Equity 1.12b / Total Liabilities 75.6m) |
| Altman-Z'' = 12.61 = AAA |
| 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 |
As of July 14, 2026, the stock is trading at USD 18.66 with a total of 16,919,850 shares traded. Over the past week, the price has changed by -17.29%, over one month by -28.94%, over three months by +27.37% and over the past year by +17.88%.
Current recommended Stop Loss: 15.70 (which is 15.9% or 1.5 ATR below the current price).
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
| Analysts Target Price | 37.4 | 100.4% |
P/S = 629.9116
P/B = 6.801
Revenue TTM = 12.4m USD
EBIT TTM = -392.4m USD
EBITDA TTM = -386.7m 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 = 7.31b USD (7.84b + Debt 58.1m - CCE 588.4m)
Interest Coverage Ratio = -40.99 (Ebit TTM -392.4m / Interest Expense TTM 9.57m)
EV/FCF = -21.48x (Enterprise Value 7.31b / FCF TTM -340.3m)
FCF Yield = -4.66% (FCF TTM -340.3m / Enterprise Value 7.31b)
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 = 6.09 (Enterprise Value 7.31b / Total Assets 1.20b)
Interest Expense / Debt = 16.48% (Interest Expense 9.57m / Debt 58.1m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -310.0m (EBIT -392.4m * (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 = 1.37 (negative EBITDA) (Net Debt -530.3m / EBITDA -386.7m)
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 = -45.07% (EBIT -392.4m / Capital Employed (Equity 835.3m + L.T.Debt 35.4m))
RoIC = -26.44% (negative operating profit) (NOPAT -310.0m / Invested Capital 1.17b)
WACC = 15.94% (E(7.84b)/V(7.90b) * Re(15.96%) + D(58.1m)/V(7.90b) * Rd(16.48%) * (1-Tc(0.21)))
Discount Rate = 15.96% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 98.44 | Cagr: 45.16%
[DCF] Fair Price = unknown (Cash Flow -340.3m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.08 | # 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=-3.42% | Revisions=-42% | Analysts=14
EPS next Quarter (2026-09-30): EPS=-0.08 | Chg30d=-1.70% | Revisions=-30% | Analysts=13
EPS current Year (2026-12-31): EPS=-0.31 | Chg30d=-1.96% | Revisions=+0% | GrowthEPS=-18.2% | GrowthRev=+73.2%
EPS next Year (2027-12-31): EPS=-0.39 | Chg30d=-3.01% | Revisions=-40% | GrowthEPS=-26.9% | GrowthRev=+102.4%
[Analyst] Revisions Ratio: -43% (up=5, down=15)