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D-WAVE QUANTUM INC (QBTS) Stock Fundamental Analysis

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

16.56  +3.41 (+25.93%)

Premarket: 19.43 +2.87 (+17.33%)

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 quite expensive at the moment. 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.
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 81.27% of its industry peers.
The Return On Equity of QBTS (-63.64%) is worse than 73.14% 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
QBTS Yearly ROA, ROE, ROICQBTS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2020 2021 2022 2023 2024 0 500 -500 -1K

1.3 Margins

The Gross Margin of QBTS (83.23%) is better than 91.17% of its industry peers.
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
Compared to 1 year ago, QBTS has an improved debt to assets ratio.
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

QBTS has an Altman-Z score of 22.21. This indicates that QBTS is financially healthy and has little risk of bankruptcy at the moment.
QBTS's Altman-Z score of 22.21 is amongst the best of the industry. QBTS outperforms 95.05% 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.
Looking at the Debt to Equity ratio, with a value of 0.15, QBTS is in line with its industry, outperforming 49.47% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.15
Debt/FCF N/A
Altman-Z 22.21
ROIC/WACCN/A
WACC9.62%
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

QBTS has a Current Ratio of 20.73. This indicates that QBTS is financially healthy and has no problem in meeting its short term obligations.
QBTS's Current ratio of 20.73 is amongst the best of the industry. QBTS outperforms 99.29% of its industry peers.
QBTS has a Quick Ratio of 20.61. 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 20.61, QBTS belongs to the top of the industry, outperforming 99.29% 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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6

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 52.45% over the past year.
Looking at the last year, QBTS shows a very strong growth in Revenue. The Revenue has grown by 121.58%.
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

QBTS is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 15.20% yearly.
The Revenue is expected to grow by 75.52% on average over the next years. This is a very strong growth
EPS Next Y42.33%
EPS Next 2Y22.52%
EPS Next 3Y15.51%
EPS Next 5Y15.2%
Revenue Next Year160.33%
Revenue Next 2Y95.29%
Revenue Next 3Y88.18%
Revenue Next 5Y75.52%

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
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
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.
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

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

QBTS's earnings are expected to grow with 15.51% in the coming years. This may justify a more expensive valuation.
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 (5/20/2025, 8:04:01 PM)

Premarket: 19.43 +2.87 (+17.33%)

16.56

+3.41 (+25.93%)

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 Change2.85%
Ins Owners0.72%
Ins Owner Change5.48%
Market Cap4.82B
Analysts81.82
Price Target10.1 (-39.01%)
Short Float %19.89%
Short Ratio0.92
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)0%
PT rev (3m)37.5%
EPS NQ rev (1m)-12.64%
EPS NQ rev (3m)2.21%
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)5.37%
Revenue NY rev (3m)58.71%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 225.85
P/FCF N/A
P/OCF N/A
P/B 23.26
P/tB 23.32
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 22.21
F-Score5
WACC9.62%
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 5Y15.2%
Revenue 1Y (TTM)121.58%
Revenue growth 3Y12.02%
Revenue growth 5YN/A
Sales Q2Q%508.56%
Revenue Next Year160.33%
Revenue Next 2Y95.29%
Revenue Next 3Y88.18%
Revenue Next 5Y75.52%
EBIT growth 1Y3.24%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year5.1%
EBIT Next 3Y11.99%
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