QBTS Fundamental Analysis - D-WAVE QUANTUM INC

Fundamental Rating

We assign a fundamental rating of 3 out of 10 to QBTS. QBTS was compared to 278 industry peers in the Software industry. While QBTS seems to be doing ok healthwise, there are quite some concerns on its profitability. QBTS is valied quite expensively at the moment, while it does show a decent growth rate.

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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.

QBTS had a negative operating cash flow in each of the past 5 years.

1.2 Ratios

QBTS has a worse Return On Assets (-46.06%) than 84.17% of its industry peers.

QBTS has a worse Return On Equity (-59.48%) than 71.94% of its industry peers.

		Industry Rank	Sector 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

1.3 Margins

Looking at the Gross Margin, with a value of 82.82%, QBTS belongs to the top of the industry, outperforming 88.13% of the companies in the same industry.

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 Rank	Sector 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

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ROA

ROE

ROIC

Operating and Profit Margin

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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.

2.2 Solvency

QBTS has an Altman-Z score of 28.94. This indicates that QBTS is financially healthy and has little risk of bankruptcy at the moment.

The Altman-Z score of QBTS (28.94) is better than 95.68% of its industry peers.

QBTS has a Debt/Equity ratio of 0.05. This is a healthy value indicating a solid balance between debt and equity.

The Debt to Equity ratio of QBTS (0.05) is comparable to the rest of the industry.

		Industry Rank	Sector Rank
Debt/Equity	0.05
Debt/FCF	N/A
Altman-Z	28.94

ROIC/WACCN/A

WACC11.01%

2.3 Liquidity

QBTS has a Current Ratio of 54.68. This indicates that QBTS is financially healthy and has no problem in meeting its short term obligations.

Looking at the Current ratio, with a value of 54.68, QBTS belongs to the top of the industry, outperforming 99.28% of the companies in the same industry.

A Quick Ratio of 54.49 indicates that QBTS has no problem at all paying its short term obligations.

QBTS has a Quick ratio of 54.49. This is amongst the best in the industry. QBTS outperforms 99.28% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	54.68
Quick Ratio	54.49

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 45.24% over the past year.

Looking at the last year, QBTS shows a very strong growth in Revenue. The Revenue has grown by 156.20%.

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)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

Based on estimates for the next years, QBTS will show a quite strong growth in Earnings Per Share. The EPS will grow by 12.96% on average per year.

QBTS is expected to show a strong growth in Revenue. In the coming years, the Revenue will grow by 85.17% yearly.

EPS Next Y33.75%

EPS Next 2Y15.86%

EPS Next 3Y13.35%

EPS Next 5Y12.96%

Revenue Next Year182.89%

Revenue Next 2Y110.23%

Revenue Next 3Y106.63%

Revenue Next 5Y85.17%

3.3 Evolution

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.

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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 Rank	Sector Rank
PE	N/A
Fwd PE	N/A

4.2 Price Multiples

		Industry Rank	Sector Rank
P/FCF	N/A
EV/EBITDA	N/A

4.3 Compensation for Growth

QBTS's earnings are expected to grow with 13.35% in the coming years. This may justify a more expensive valuation.

PEG (NY)N/A

PEG (5Y)N/A

EPS Next 2Y15.86%

EPS Next 3Y13.35%

More info and screens

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5. Dividend

5.1 Amount

QBTS does not give a dividend.

		Industry Rank	Sector Rank
Dividend Yield	0%

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D-WAVE QUANTUM INC

NYSE:QBTS (12/26/2025, 8:11:23 PM)

After market: 25.1328 -0.16 (-0.62%)

25.29

-2.23 (-8.1%)

Chartmill FA Rating

GICS SectorInformation Technology

GICS IndustryGroupSoftware & Services

GICS IndustrySoftware

Earnings (Last)11-06 2025-11-06/bmo

Earnings (Next)N/A N/A

Inst Owners52.4%

Inst Owner Change17.44%

Ins Owners0.48%

Ins Owner Change-1.81%

Market Cap8.85B

Revenue(TTM)24.14M

Net Income(TTM)-398.81M

Analysts80

Price Target37.81 (49.51%)

Short Float %11.78%

Short Ratio0.85

Dividend

		Industry Rank	Sector 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)40.93%

PT rev (3m)66.96%

EPS NQ rev (1m)3.08%

EPS NQ rev (3m)10.57%

EPS NY rev (1m)0.73%

EPS NY rev (3m)-10.19%

Revenue NQ rev (1m)-0.7%

Revenue NQ rev (3m)1.97%

Revenue NY rev (1m)3.74%

Revenue NY rev (3m)3.74%

Valuation

		Industry Rank	Sector Rank
PE	N/A
Fwd PE	N/A
P/S	366.74
P/FCF	N/A
P/OCF	N/A
P/B	13.2
P/tB	13.22
EV/EBITDA	N/A

EPS(TTM)-0.21

EYN/A

EPS(NY)-0.23

Fwd EYN/A

FCF(TTM)-0.16

FCFYN/A

OCF(TTM)-0.15

OCFYN/A

SpS0.07

BVpS1.92

TBVpS1.91

PEG (NY)N/A

PEG (5Y)N/A

Graham NumberN/A

Profitability

		Industry Rank	Sector 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 Rank	Sector 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	28.94

F-Score5

WACC11.01%

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 Y33.75%

EPS Next 2Y15.86%

EPS Next 3Y13.35%

EPS Next 5Y12.96%

Revenue 1Y (TTM)156.2%

Revenue growth 3Y12.02%

Revenue growth 5YN/A

Sales Q2Q%99.95%

Revenue Next Year182.89%

Revenue Next 2Y110.23%

Revenue Next 3Y106.63%

Revenue Next 5Y85.17%

EBIT growth 1Y-16.63%

EBIT growth 3YN/A

EBIT growth 5YN/A

EBIT Next Year-30.42%

EBIT Next 3Y-3%

EBIT Next 5Y7.51%

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.

What is the valuation status for QBTS stock?

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.

Can you provide the expected EPS growth for QBTS stock?

The Earnings per Share (EPS) of D-WAVE QUANTUM INC (QBTS) is expected to grow by 33.75% in the next year.

D-WAVE QUANTUM INC (QBTS) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

More info and screens

D-WAVE QUANTUM INC / QBTS FAQ

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

What is the valuation status for QBTS stock?

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

Can you provide the expected EPS growth for QBTS stock?