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D-WAVE QUANTUM INC (1QBTS.MI) Stock Fundamental Analysis

Europe - BIT:1QBTS - US26740W1099 - Common Stock

31.29 EUR
-3.86 (-10.98%)
Last: 10/17/2025, 7:00:00 PM
Fundamental Rating

3

Taking everything into account, 1QBTS scores 3 out of 10 in our fundamental rating. 1QBTS was compared to 110 industry peers in the Software industry. The financial health of 1QBTS is average, but there are quite some concerns on its profitability. 1QBTS is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

1QBTS had negative earnings in the past year.
In the past year 1QBTS has reported a negative cash flow from operations.
In the past 5 years 1QBTS always reported negative net income.
1QBTS had a negative operating cash flow in each of the past 5 years.
1QBTS.MI Yearly Net Income VS EBIT VS OCF VS FCF1QBTS.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2020 2021 2022 2023 2024 -50M -100M

1.2 Ratios

1QBTS has a worse Return On Assets (-40.54%) than 90.91% of its industry peers.
1QBTS has a Return On Equity of -63.64%. This is amonst the worse of the industry: 1QBTS underperforms 84.55% of its industry peers.
Industry RankSector Rank
ROA -40.54%
ROE -63.64%
ROIC N/A
ROA(3y)-134.18%
ROA(5y)-104.08%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
1QBTS.MI Yearly ROA, ROE, ROIC1QBTS.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2020 2021 2022 2023 2024 0 500 -500 -1K

1.3 Margins

With a decent Gross Margin value of 83.23%, 1QBTS is doing good in the industry, outperforming 79.09% of the companies in the same industry.
1QBTS's Gross Margin has declined in the last couple of years.
1QBTS does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 83.23%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-4.4%
GM growth 5YN/A
1QBTS.MI Yearly Profit, Operating, Gross Margins1QBTS.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2020 2021 2022 2023 2024 0 -500 -1K -1.5K

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6

2. Health

2.1 Basic Checks

1QBTS does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for 1QBTS has been increased compared to 1 year ago.
Compared to 1 year ago, 1QBTS has an improved debt to assets ratio.
1QBTS.MI Yearly Shares Outstanding1QBTS.MI Yearly Shares OutstandingYearly Shares Outstanding 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M
1QBTS.MI Yearly Total Debt VS Total Assets1QBTS.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2020 2021 2022 2023 2024 50M 100M 150M

2.2 Solvency

1QBTS has an Altman-Z score of 61.17. This indicates that 1QBTS is financially healthy and has little risk of bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 61.17, 1QBTS belongs to the top of the industry, outperforming 98.18% of the companies in the same industry.
A Debt/Equity ratio of 0.15 indicates that 1QBTS is not too dependend on debt financing.
The Debt to Equity ratio of 1QBTS (0.15) is better than 67.27% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.15
Debt/FCF N/A
Altman-Z 61.17
ROIC/WACCN/A
WACC11.04%
1QBTS.MI Yearly LT Debt VS Equity VS FCF1QBTS.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2020 2021 2022 2023 2024 0 20M -20M 40M -40M 60M -60M

2.3 Liquidity

A Current Ratio of 20.73 indicates that 1QBTS has no problem at all paying its short term obligations.
1QBTS has a Current ratio of 20.73. This is amongst the best in the industry. 1QBTS outperforms 98.18% of its industry peers.
1QBTS has a Quick Ratio of 20.61. This indicates that 1QBTS is financially healthy and has no problem in meeting its short term obligations.
1QBTS has a better Quick ratio (20.61) than 98.18% of its industry peers.
Industry RankSector Rank
Current Ratio 20.73
Quick Ratio 20.61
1QBTS.MI Yearly Current Assets VS Current Liabilites1QBTS.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2020 2021 2022 2023 2024 50M 100M 150M

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6

3. Growth

3.1 Past

1QBTS shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 42.00%, which is quite impressive.
1QBTS shows a strong growth in Revenue. In the last year, the Revenue has grown by 120.24%.
The Revenue has been growing by 12.02% on average over the past years. This is quite good.
EPS 1Y (TTM)42%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%10.11%
Revenue 1Y (TTM)120.24%
Revenue growth 3Y12.02%
Revenue growth 5YN/A
Sales Q2Q%41.78%

3.2 Future

Based on estimates for the next years, 1QBTS will show a quite strong growth in Earnings Per Share. The EPS will grow by 16.18% on average per year.
The Revenue is expected to grow by 90.35% on average over the next years. This is a very strong growth
EPS Next Y33.27%
EPS Next 2Y15.83%
EPS Next 3Y12.74%
EPS Next 5Y16.18%
Revenue Next Year172.69%
Revenue Next 2Y106.19%
Revenue Next 3Y99.02%
Revenue Next 5Y90.35%

3.3 Evolution

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
1QBTS.MI Yearly Revenue VS Estimates1QBTS.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 100M 200M 300M
1QBTS.MI Yearly EPS VS Estimates1QBTS.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 0.2 -0.2 -0.4 -0.6

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0

4. Valuation

4.1 Price/Earnings Ratio

1QBTS reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for 1QBTS. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
1QBTS.MI Price Earnings VS Forward Price Earnings1QBTS.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 50 -50 -100 -150

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
1QBTS.MI Per share data1QBTS.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 0.2 -0.2 0.4

4.3 Compensation for Growth

A more expensive valuation may be justified as 1QBTS's earnings are expected to grow with 12.74% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y15.83%
EPS Next 3Y12.74%

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0

5. Dividend

5.1 Amount

1QBTS does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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D-WAVE QUANTUM INC

BIT:1QBTS (10/17/2025, 7:00:00 PM)

31.29

-3.86 (-10.98%)

Chartmill FA Rating
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)08-07 2025-08-07/bmo
Earnings (Next)11-06 2025-11-06/bmo
Inst Owners45.86%
Inst Owner ChangeN/A
Ins Owners0.57%
Ins Owner ChangeN/A
Market Cap10.70B
Analysts82.5
Price TargetN/A
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr YearsN/A
Div Non Decr YearsN/A
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)23.68%
Min EPS beat(2)14.34%
Max EPS beat(2)33.03%
EPS beat(4)3
Avg EPS beat(4)11.76%
Min EPS beat(4)-0.88%
Max EPS beat(4)33.03%
EPS beat(8)5
Avg EPS beat(8)1.46%
EPS beat(12)7
Avg EPS beat(12)-3.84%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)17.33%
Min Revenue beat(2)-4.07%
Max Revenue beat(2)38.73%
Revenue beat(4)1
Avg Revenue beat(4)-4.33%
Min Revenue beat(4)-27.66%
Max Revenue beat(4)38.73%
Revenue beat(8)1
Avg Revenue beat(8)-14.82%
Revenue beat(12)1
Avg Revenue beat(12)-17.77%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)N/A
PT rev (3m)N/A
EPS NQ rev (1m)0%
EPS NQ rev (3m)3.03%
EPS NY rev (1m)-11%
EPS NY rev (3m)-44.51%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-2.21%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.7%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 585.16
P/FCF N/A
P/OCF N/A
P/B 60.28
P/tB 60.43
EV/EBITDA N/A
EPS(TTM)-0.21
EYN/A
EPS(NY)-0.2
Fwd EYN/A
FCF(TTM)-0.13
FCFYN/A
OCF(TTM)-0.12
OCFYN/A
SpS0.05
BVpS0.52
TBVpS0.52
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -40.54%
ROE -63.64%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 83.23%
FCFM N/A
ROA(3y)-134.18%
ROA(5y)-104.08%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-4.4%
GM growth 5YN/A
F-Score5
Asset Turnover0.07
Health
Industry RankSector Rank
Debt/Equity 0.15
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 95.39%
Cap/Sales 10.07%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 20.73
Quick Ratio 20.61
Altman-Z 61.17
F-Score5
WACC11.04%
ROIC/WACCN/A
Cap/Depr(3y)59.45%
Cap/Depr(5y)70.18%
Cap/Sales(3y)12.68%
Cap/Sales(5y)17.04%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)42%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%10.11%
EPS Next Y33.27%
EPS Next 2Y15.83%
EPS Next 3Y12.74%
EPS Next 5Y16.18%
Revenue 1Y (TTM)120.24%
Revenue growth 3Y12.02%
Revenue growth 5YN/A
Sales Q2Q%41.78%
Revenue Next Year172.69%
Revenue Next 2Y106.19%
Revenue Next 3Y99.02%
Revenue Next 5Y90.35%
EBIT growth 1Y3.24%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year-31.49%
EBIT Next 3Y-15.22%
EBIT Next 5YN/A
FCF growth 1Y-4.47%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-1.04%
OCF growth 3YN/A
OCF growth 5YN/A