D-Wave Quantum (QBTS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

D-Wave Quantum

NasdaqGS•Technology•Computer Hardware

$16.58-0.24(-0.01%)Market closed

Market Cap

$6.56B

P/S

528.0x

P/B

6.1x

D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide. It provides Advantage and Advantage 2 quantum computers; Ocean, a suite of open-source tools; and Leap quantum cloud service, a cloud-based service that provides real-time access to quantum computers and quantum hybrid solvers; and secure access and data protection services, as well as Ocean software development kit (SDK), a Python-based SDK for developers to learn and build applications on company's server. The company also provides Leap hybrid solver service that offers a combination of quantum and classical computation resources and advanced algorithms to solve problems of enterprise scale; and D-Wave Launch, a phased approach to identify and build in-production quantum hybrid applications, including training sessions and quantum computing access. In addition, the company offers D-Wave Advantage annealing quantum computing systems; and Ocean developer tools. Its quantum solutions are used in allocation, resource scheduling, factory scheduling, vehicle routing, logistics optimization, drug discovery, industrial construction design, portfolio optimization and maintenance, repair, and overhaul optimization. D-Wave Quantum Inc. was founded in 1999 and is based in Palo Alto, California.

How this company scores

AverageMetricSide Score: 51/100

Strongest: Balance Sheet & Red Flags (21/25); weakest: Cash & Earnings Quality (5/25).

Profitability17/25

Growth8/25

Balance Sheet & Red Flags21/25

Cash & Earnings Quality5/25

Strengths

Long cash runwayLow leverageProfit converts from growthImproving leverage

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 528.0x5y range 7.3x – 528.0x

Currently above its 14-quarter median.

P/B · 6.1x5y range 4.2x – 28.5x

Currently below its 8-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $6.56B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $12.43M
Q. Revenue: $3.08M
TTM EBITDA: $-161.19M
TTM Op. Income: $-170.58M
Q. Op. Income: $-53.28M
TTM Net Income: $-248.70M
Q. Net Income: $-48.03M
EPS: $-0.13
Shares Out.: $370.84M

$12.43M in TTM revenue declined 44.2% YoY, reaching $3.08M last quarter. TTM EBITDA of $-161.19M and TTM operating income of $-170.58M show growth is flowing through to the bottom line. However, net income is negative at $248.70M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -1578.2%
Op. Margin: -1732.1%
Net Margin: -1561.4%

Op. margin of -1732.1% is down 875.8% YoY — costs are rising relative to revenue. Net margin at -1561.4% Over the past year, operating margin is down 102% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 528.0x
P/B Ratio: 6.1x

P/S of 528.0x and P/B of 6.1x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.16B
Cash: $296.64M
Long-Term Debt: $34.89M
Book Value: $1.08B
D/E Ratio: 0.0
Debt/EBITDA: N/A

With $1.16B in assets and $34.89M in long-term debt, D/E is 0.0and book value is $1.08B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 30% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-28.50M
TTM Free Cash Flow: $-119.08M
FCF Margin: -958.4%
FCF / Net Income: 0.5

TTM FCF of $-119.08M on $-28.50M in operating cash flow. The FCF / Net Income ratio of 0.5x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 6 consecutive quarters — a weakening trend.