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D-WAVE QUANTUM INC (QBTS) Stock Fundamental Analysis

NYSE:QBTS - New York Stock Exchange, Inc. - US26740W1099 - Common Stock - Currency: USD

16.53  -0.4 (-2.36%)

After market: 16.6101 +0.08 (+0.48%)

Fundamental Rating

3

QBTS gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 284 industry peers in the Software industry. While QBTS seems to be doing ok healthwise, there are quite some concerns on its profitability. While showing a medium growth rate, QBTS is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

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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.
In the past 5 years QBTS always reported negative net income.
In the past 5 years QBTS always reported negative operating cash flow.
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

QBTS's Return On Assets of -40.54% is on the low side compared to the rest of the industry. QBTS is outperformed by 80.63% of its industry peers.
Looking at the Return On Equity, with a value of -63.64%, QBTS is doing worse than 71.13% of the companies in the same industry.
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
QBTS Yearly ROA, ROE, ROICQBTS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2020 2021 2022 2023 2024 0 500 -500 -1K

1.3 Margins

With an excellent Gross Margin value of 83.23%, QBTS belongs to the best of the industry, outperforming 91.55% of the companies in the same industry.
In the last couple of years the Gross Margin of QBTS has declined.
The Profit Margin and Operating Margin are not available for QBTS so they could not be analyzed.
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
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

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6

2. Health

2.1 Basic Checks

QBTS does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, QBTS has more shares outstanding
The debt/assets ratio for QBTS has been reduced compared to a year ago.
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 22.83 indicates that QBTS is not in any danger for bankruptcy at the moment.
The Altman-Z score of QBTS (22.83) is better than 94.72% of its industry peers.
QBTS has a Debt/Equity ratio of 0.15. This is a healthy value indicating a solid balance between debt and equity.
QBTS has a Debt to Equity ratio (0.15) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.15
Debt/FCF N/A
Altman-Z 22.83
ROIC/WACCN/A
WACC9.9%
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 20.73 indicates that QBTS has no problem at all paying its short term obligations.
QBTS's Current ratio of 20.73 is amongst the best of the industry. QBTS outperforms 97.89% of its industry peers.
A Quick Ratio of 20.61 indicates that QBTS has no problem at all paying its short term obligations.
With an excellent Quick ratio value of 20.61, QBTS belongs to the best of the industry, outperforming 97.89% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 20.73
Quick Ratio 20.61
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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3. Growth

3.1 Past

QBTS shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 52.45%, which is quite impressive.
The Revenue has grown by 121.58% in the past year. This is a very strong growth!
QBTS shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 12.02% yearly.
EPS 1Y (TTM)52.45%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%80.83%
Revenue 1Y (TTM)121.58%
Revenue growth 3Y12.02%
Revenue growth 5YN/A
Sales Q2Q%508.56%

3.2 Future

The Earnings Per Share is expected to grow by 13.14% on average over the next years. This is quite good.
Based on estimates for the next years, QBTS will show a very strong growth in Revenue. The Revenue will grow by 82.04% on average per year.
EPS Next Y42.33%
EPS Next 2Y22.52%
EPS Next 3Y15.51%
EPS Next 5Y13.14%
Revenue Next Year167.94%
Revenue Next 2Y96.95%
Revenue Next 3Y88.18%
Revenue Next 5Y82.04%

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 50M 100M 150M 200M 250M
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

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0

4. Valuation

4.1 Price/Earnings Ratio

QBTS 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 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 50 -50

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 0.2 -0.2 0.4 0.6

4.3 Compensation for Growth

A more expensive valuation may be justified as QBTS's earnings are expected to grow with 15.51% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y22.52%
EPS Next 3Y15.51%

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0

5. Dividend

5.1 Amount

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

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D-WAVE QUANTUM INC

NYSE:QBTS (6/11/2025, 8:12:06 PM)

After market: 16.6101 +0.08 (+0.48%)

16.53

-0.4 (-2.36%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)05-08 2025-05-08/bmo
Earnings (Next)08-06 2025-08-06/bmo
Inst Owners20.89%
Inst Owner Change3.3%
Ins Owners0.72%
Ins Owner Change6.76%
Market Cap4.83B
Analysts81.82
Price Target12.85 (-22.26%)
Short Float %18.49%
Short Ratio0.75
Dividend
Industry RankSector Rank
Dividend Yield N/A
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)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)-14.83%
Revenue beat(12)1
Avg Revenue beat(12)-17.76%
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)27.27%
PT rev (3m)65.79%
EPS NQ rev (1m)-2.53%
EPS NQ rev (3m)10.99%
EPS NY rev (1m)-7.64%
EPS NY rev (3m)17.55%
Revenue NQ rev (1m)-29.2%
Revenue NQ rev (3m)-15.34%
Revenue NY rev (1m)8.34%
Revenue NY rev (3m)63.35%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 226.09
P/FCF N/A
P/OCF N/A
P/B 23.29
P/tB 23.35
EV/EBITDA N/A
EPS(TTM)-0.25
EYN/A
EPS(NY)-0.17
Fwd EYN/A
FCF(TTM)-0.18
FCFYN/A
OCF(TTM)-0.17
OCFYN/A
SpS0.07
BVpS0.71
TBVpS0.71
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 171.34%
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 22.83
F-Score5
WACC9.9%
ROIC/WACCN/A
Cap/Depr(3y)94.96%
Cap/Depr(5y)91.48%
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)52.45%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%80.83%
EPS Next Y42.33%
EPS Next 2Y22.52%
EPS Next 3Y15.51%
EPS Next 5Y13.14%
Revenue 1Y (TTM)121.58%
Revenue growth 3Y12.02%
Revenue growth 5YN/A
Sales Q2Q%508.56%
Revenue Next Year167.94%
Revenue Next 2Y96.95%
Revenue Next 3Y88.18%
Revenue Next 5Y82.04%
EBIT growth 1Y3.24%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year152.96%
EBIT Next 3Y1.68%
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