D-WAVE QUANTUM INC (QBTS) Stock Fundamental Analysis

NYSE:QBTS • US26740W1099

19.38 USD
+0.31 (+1.63%)
At close: Feb 19, 2026
19.2805 USD
-0.1 (-0.51%)
After Hours: 2/19/2026, 8:26:55 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

3

Taking everything into account, QBTS scores 3 out of 10 in our fundamental rating. QBTS was compared to 276 industry peers in the Software industry. The financial health of QBTS is average, but there are quite some concerns on its profitability. QBTS is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

1

1. Profitability

1.1 Basic Checks

  • QBTS had negative earnings in the past year.
  • In the past year QBTS has reported a negative cash flow from operations.
  • QBTS had negative earnings in each of the past 5 years.
  • QBTS had a negative operating cash flow in each of the past 5 years.
QBTS Yearly Net Income VS EBIT VS OCF VS FCFQBTS 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

  • The Return On Assets of QBTS (-46.06%) is worse than 85.51% of its industry peers.
  • QBTS has a Return On Equity of -59.48%. This is in the lower half of the industry: QBTS underperforms 72.83% of its industry peers.
Industry RankSector Rank
ROA -46.06%
ROE -59.48%
ROIC N/A
ROA(3y)-136.88%
ROA(5y)-119.19%
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
QBTS Yearly ROA, ROE, ROICQBTS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2020 2021 2022 2023 2024 0 200 -200 -400

1.3 Margins

  • The Gross Margin of QBTS (82.82%) is better than 86.96% of its industry peers.
  • In the last couple of years the Gross Margin of QBTS has declined.
  • QBTS 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 82.82%
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
QBTS Yearly Profit, Operating, Gross MarginsQBTS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2020 2021 2022 2023 2024 0 -500 -1K -1.5K

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

6

2. Health

2.1 Basic Checks

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

2.2 Solvency

  • An Altman-Z score of 21.19 indicates that QBTS is not in any danger for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 21.19, QBTS belongs to the top of the industry, outperforming 96.74% of the companies in the same industry.
  • A Debt/Equity ratio of 0.05 indicates that QBTS is not too dependend on debt financing.
  • The Debt to Equity ratio of QBTS (0.05) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.05
Debt/FCF N/A
Altman-Z 21.19
ROIC/WACCN/A
WACC11.03%
QBTS Yearly LT Debt VS Equity VS FCFQBTS 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 54.68 indicates that QBTS has no problem at all paying its short term obligations.
  • The Current ratio of QBTS (54.68) is better than 99.28% of its industry peers.
  • QBTS has a Quick Ratio of 54.49. This indicates that QBTS is financially healthy and has no problem in meeting its short term obligations.
  • Looking at the Quick ratio, with a value of 54.49, QBTS belongs to the top of the industry, outperforming 99.28% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 54.68
Quick Ratio 54.49
QBTS Yearly Current Assets VS Current LiabilitesQBTS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2020 2021 2022 2023 2024 50M 100M 150M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. Growth

3.1 Past

  • QBTS shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 45.24%, which is quite impressive.
  • The Revenue has grown by 156.20% in the past year. This is a very strong growth!
  • The Revenue has been growing by 12.02% on average over the past years. This is quite good.
EPS 1Y (TTM)45.24%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%37.5%
Revenue 1Y (TTM)156.2%
Revenue growth 3Y12.02%
Revenue growth 5YN/A
Sales Q2Q%99.95%

3.2 Future

  • QBTS is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 10.82% yearly.
  • The Revenue is expected to grow by 95.09% on average over the next years. This is a very strong growth
EPS Next Y32.05%
EPS Next 2Y13.88%
EPS Next 3Y11.05%
EPS Next 5Y10.82%
Revenue Next Year184.77%
Revenue Next 2Y109.95%
Revenue Next 3Y111.73%
Revenue Next 5Y95.09%

3.3 Evolution

  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
QBTS Yearly Revenue VS EstimatesQBTS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 200M 400M 600M
QBTS Yearly EPS VS EstimatesQBTS Yearly EPS VS EstimatesYearly EPS VS Estimates 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 -0.2 -0.4 -0.6

More info and screens

Find the best growth stocksShow best growing peers

0

4. Valuation

4.1 Price/Earnings Ratio

  • The Price/Earnings Ratio is negative for QBTS. In the last year negative earnings were reported.
  • Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for QBTS. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
QBTS Price Earnings VS Forward Price EarningsQBTS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 -20 40 -40 -60 -80

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
QBTS Per share dataQBTS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 0.5 1 1.5

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y13.88%
EPS Next 3Y11.05%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. Dividend

5.1 Amount

  • QBTS does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

More info and screens

Find the best dividend stocksShow peers with best dividend

D-WAVE QUANTUM INC

NYSE:QBTS (2/19/2026, 8:26:55 PM)

After market: 19.2805 -0.1 (-0.51%)

19.38

+0.31 (+1.63%)

Chartmill FA Rating
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)11-06
Earnings (Next)02-26
Inst Owners52.76%
Inst Owner Change2.29%
Ins Owners0.48%
Ins Owner Change-1.48%
Market Cap7.23B
Revenue(TTM)24.14M
Net Income(TTM)-398.81M
Analysts81.9
Price Target39.75 (105.11%)
Short Float %15.69%
Short Ratio1.62
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-18.07%
Min EPS beat(2)-63.4%
Max EPS beat(2)27.25%
EPS beat(4)3
Avg EPS beat(4)2.8%
Min EPS beat(4)-63.4%
Max EPS beat(4)33.03%
EPS beat(8)5
Avg EPS beat(8)-1.25%
EPS beat(12)6
Avg EPS beat(12)-8.79%
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)20.59%
Min Revenue beat(2)20.33%
Max Revenue beat(2)20.85%
Revenue beat(4)3
Avg Revenue beat(4)18.96%
Min Revenue beat(4)-4.07%
Max Revenue beat(4)38.73%
Revenue beat(8)3
Avg Revenue beat(8)-4.64%
Revenue beat(12)3
Avg Revenue beat(12)-9.3%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)3%
PT rev (3m)48.17%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-1.68%
EPS NY rev (1m)-2.07%
EPS NY rev (3m)-1.83%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)9.64%
Revenue NY rev (1m)0%
Revenue NY rev (3m)4.43%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 299.41
P/FCF N/A
P/OCF N/A
P/B 10.78
P/tB 10.79
EV/EBITDA N/A
EPS(TTM)-0.21
EYN/A
EPS(NY)-0.25
Fwd EYN/A
FCF(TTM)-0.15
FCFYN/A
OCF(TTM)-0.14
OCFYN/A
SpS0.06
BVpS1.8
TBVpS1.8
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -46.06%
ROE -59.48%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 82.82%
FCFM N/A
ROA(3y)-136.88%
ROA(5y)-119.19%
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
ROICexgc growth 3YN/A
ROICexgc 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 Turnover0.03
Health
Industry RankSector Rank
Debt/Equity 0.05
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 225.38%
Cap/Sales 13.06%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 54.68
Quick Ratio 54.49
Altman-Z 21.19
F-Score5
WACC11.03%
ROIC/WACCN/A
Cap/Depr(3y)94.89%
Cap/Depr(5y)91.36%
Cap/Sales(3y)12.66%
Cap/Sales(5y)17.02%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)45.24%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%37.5%
EPS Next Y32.05%
EPS Next 2Y13.88%
EPS Next 3Y11.05%
EPS Next 5Y10.82%
Revenue 1Y (TTM)156.2%
Revenue growth 3Y12.02%
Revenue growth 5YN/A
Sales Q2Q%99.95%
Revenue Next Year184.77%
Revenue Next 2Y109.95%
Revenue Next 3Y111.73%
Revenue Next 5Y95.09%
EBIT growth 1Y-16.63%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year-30.5%
EBIT Next 3Y-4.94%
EBIT Next 5Y14.91%
FCF growth 1Y4.21%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y9.16%
OCF growth 3YN/A
OCF growth 5YN/A

D-WAVE QUANTUM INC / QBTS FAQ

What is the ChartMill fundamental rating of D-WAVE QUANTUM INC (QBTS) stock?

ChartMill assigns a fundamental rating of 3 / 10 to QBTS.


Can you provide the valuation status for D-WAVE QUANTUM INC?

ChartMill assigns a valuation rating of 0 / 10 to D-WAVE QUANTUM INC (QBTS). This can be considered as Overvalued.


Can you provide the profitability details for D-WAVE QUANTUM INC?

D-WAVE QUANTUM INC (QBTS) has a profitability rating of 1 / 10.


How financially healthy is D-WAVE QUANTUM INC?

The financial health rating of D-WAVE QUANTUM INC (QBTS) is 6 / 10.