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D-WAVE QUANTUM INC (QBTS) Stock Fundamental Analysis

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

18.39  -0.26 (-1.39%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to QBTS. QBTS was compared to 283 industry peers in the Software industry. The financial health of QBTS is average, but there are quite some concerns on its profitability. QBTS 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

In the past year QBTS has reported negative net income.
QBTS had a negative operating cash flow in the past year.
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

QBTS's Return On Assets of -40.54% is on the low side compared to the rest of the industry. QBTS is outperformed by 81.63% of its industry peers.
Looking at the Return On Equity, with a value of -63.64%, QBTS is doing worse than 73.14% 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

Looking at the Gross Margin, with a value of 83.23%, QBTS belongs to the top of the industry, outperforming 91.52% of the companies in the same industry.
QBTS's Gross Margin has declined in the last couple of years.
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.
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 27.30 indicates that QBTS is not in any danger for bankruptcy at the moment.
QBTS's Altman-Z score of 27.30 is amongst the best of the industry. QBTS outperforms 94.70% of its industry peers.
A Debt/Equity ratio of 0.15 indicates that QBTS is not too dependend on debt financing.
QBTS has a Debt to Equity ratio of 0.15. This is comparable to the rest of the industry: QBTS outperforms 49.47% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.15
Debt/FCF N/A
Altman-Z 27.3
ROIC/WACCN/A
WACC10.53%
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 has a better Current ratio (20.73) than 98.23% of its industry peers.
A Quick Ratio of 20.61 indicates that QBTS has no problem at all paying its short term obligations.
QBTS has a better Quick ratio (20.61) than 98.23% of its industry peers.
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 42.00%, which is quite impressive.
Looking at the last year, QBTS shows a small growth in Revenue. The Revenue has grown by 0.79% in the last year.
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)42%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%10.11%
Revenue 1Y (TTM)0.79%
Revenue growth 3Y12.02%
Revenue growth 5YN/A
Sales Q2Q%41.78%

3.2 Future

Based on estimates for the next years, QBTS will show a quite strong growth in Earnings Per Share. The EPS will grow by 13.14% on average per year.
The Revenue is expected to grow by 82.04% on average over the next years. This is a very strong growth
EPS Next Y53.82%
EPS Next 2Y25.78%
EPS Next 3Y15.51%
EPS Next 5Y13.14%
Revenue Next Year169.53%
Revenue Next 2Y105.4%
Revenue Next 3Y91.27%
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

The Price/Earnings Ratio is negative for QBTS. In the last year negative earnings were reported.
Also next year QBTS is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
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 -100

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 2Y25.78%
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 (8/14/2025, 9:38:09 AM)

18.39

-0.26 (-1.39%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)08-07 2025-08-07/bmo
Earnings (Next)11-12 2025-11-12/bmo
Inst Owners34.87%
Inst Owner Change0.29%
Ins Owners0.61%
Ins Owner Change2.5%
Market Cap5.75B
Analysts81.43
Price Target20.51 (11.53%)
Short Float %18.1%
Short Ratio0.77
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)32.31%
PT rev (3m)103.14%
EPS NQ rev (1m)3.03%
EPS NQ rev (3m)8.87%
EPS NY rev (1m)0%
EPS NY rev (3m)13.82%
Revenue NQ rev (1m)-2.21%
Revenue NQ rev (3m)-32.23%
Revenue NY rev (1m)-0.47%
Revenue NY rev (3m)9.05%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 268.98
P/FCF N/A
P/OCF N/A
P/B 27.71
P/tB 27.78
EV/EBITDA N/A
EPS(TTM)-0.24
EYN/A
EPS(NY)-0.15
Fwd EYN/A
FCF(TTM)-0.17
FCFYN/A
OCF(TTM)-0.16
OCFYN/A
SpS0.07
BVpS0.66
TBVpS0.66
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 27.3
F-Score5
WACC10.53%
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 Y53.82%
EPS Next 2Y25.78%
EPS Next 3Y15.51%
EPS Next 5Y13.14%
Revenue 1Y (TTM)0.79%
Revenue growth 3Y12.02%
Revenue growth 5YN/A
Sales Q2Q%41.78%
Revenue Next Year169.53%
Revenue Next 2Y105.4%
Revenue Next 3Y91.27%
Revenue Next 5Y82.04%
EBIT growth 1Y3.24%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year-4.79%
EBIT Next 3Y0.64%
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