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Sunday 1 November 2026
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D-Wave Quantum Inc.
QBTS Technology Computer Hardware
D-Wave Quantum Inc.’s revenue for fiscal 2025 (year ended December 2025) was $24.6 million, up 178.5% from fiscal 2024.
- Revenue
- −0.61%
- EPS
- +76.4%
- Free cash flow
- −105.8%
- Total debt
- +9.27%
Quarter to June 2026, against a year earlier
10.65
0.91
−7.87%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 5 | 6 | 7 | 9 | 9 | 25 | 12 | +36.7% | 42 | 81 | 148 | +82.0% | |
| Gross margin, % | — | — | — | — | 82.27 | 72.13 | 59.25 | 52.77 | 63.02 | 82.59 | 64.19 | +0.3 pt | ||||||
| EBT | — | — | — | — | (22) | (41) | (54) | (83) | (144) | (355) | (277) | +74.5% | ||||||
| EBT margin, % | — | — | — | — | (425.72) | (652.54) | (748.67) | (944.45) | (1,629.99) | (1,444.10) | (2,230.51) | (1,018.4) pt | ||||||
| Net income | — | 0 | — | — | (22) | (41) | (54) | (83) | (144) | (355) | (249) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.04 | 0.05 | 0.06 | 0.06 | 0.05 | 0.08 | 0.03 | +13.5% | |||||
| Earnings | — | — | — | — | (0.17) | (0.33) | (0.43) | (0.60) | (0.75) | (1.11) | (0.71) | +45.1% | ||||||
| Cash flow | — | — | — | — | (0.23) | (0.28) | (0.38) | (0.44) | (0.22) | (0.22) | (0.30) | (0.5%) | ||||||
| Capex | — | — | — | — | (0.01) | (0.02) | 0.00 | 0.00 | (0.01) | (0.01) | (0.02) | +16.7% | ||||||
| Free cash flow | — | — | — | — | (0.24) | (0.29) | (0.38) | (0.44) | (0.23) | (0.24) | (0.32) | +0.1% | ||||||
| Book value | — | — | — | — | (0.38) | (0.15) | (0.25) | (0.18) | 0.33 | 2.65 | 2.92 | n/m | ||||||
| Shares, m | — | — | — | — | 127 | 125 | 120 | 138 | 192 | 321 | 350 | +20.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | 0.00 | 0.00 | 24.02 | 12.92 | 182.83 | 341.62 | 317.27 | 93.6 | ||||||
| P/B | — | — | — | — | 1.55 | 0.00 | 0.00 | 0.00 | 25.76 | 9.86 | 3.64 | 6.2 | ||||||
| EV/Sales | — | — | — | — | 0.00 | 0.00 | 27.64 | 15.54 | 166.12 | 307.11 | 276.12 | 86.1 | ||||||
| EV/FCF | — | — | — | — | 0.00 | (35.98) | (4.34) | (2.22) | (32.43) | (98.76) | (28.61) | (29.0) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | (29) | (35) | (45) | (61) | (43) | (72) | (111) | +19.7% | |||||
| Capex | — | — | — | — | (1) | (2) | 0 | (1) | (2) | (4) | (9) | +40.4% | ||||||
| Free cash flow | — | — | — | — | (30) | (37) | (46) | (61) | (45) | (76) | (120) | +20.5% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 1 | 6 | (2) | 36 | 155 | 875 | 533 | +273.5% | |||||
| Net debt | — | — | — | — | (1) | 21 | 26 | 23 | (148) | (849) | (511) | +279.0% | ||||||
| Shareholders’ equity | — | — | — | — | (48) | (18) | (29) | (24) | 63 | 852 | 1,083 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | (14.57) | (24.76) | (190.38) | (191.69) | (111.01) | (63.65) | (24.84) | (49.1) pt | |||||
| ROIC | — | — | — | — | 0.00 | (848.76) | 0.00 | 0.00 | 0.00 | (1,691.75) | (18.64) | (1,691.7) pt | ||||||
| ROE | — | — | — | — | (8.32) | 31.99 | 45.18 | 306.67 | (753.99) | (77.62) | (27.98) | (69.3) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | 215 | 200 | 220 | 388 | — | +21.7% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.03 | 0.04 | 0.04 | 0.06 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
D-Wave Quantum Inc. vs peers in Computer Hardware (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| IONQ IonQ, Inc. | $13.6B | — (loss-making) | — (loss-making) | +286.83% (above 0%: growing) | n/m | −110.77% (below 0%: shrinking) | 24.91% | (421.29%) | Compare |
| LOGI Logitech International S.A. | $13.6B | 17.3× | — | +6.93% (above 0%: growing) | +65.66% (above 0%: growing) | +37.82% (above 0%: growing) | 49.54% | 21.07% | Compare |
| QBTS D-Wave Quantum Inc. | $4.4B | — (loss-making) | — (loss-making) | −0.61% (below 0%: shrinking) | n/m | −105.81% (below 0%: shrinking) | 55.40% | (1,732.05%) | |
| RGTI Rigetti Computing, Inc. | $4.0B | — (loss-making) | — (loss-making) | +185.29% (above 0%: growing) | n/m | −27.18% (below 0%: shrinking) | 42.58% | (546.17%) | Compare |
| IQMX IQM Quantum Computers Oyj | $1.7B | — (loss-making) | — | — | n/m | 0.00% | — | 0.00% | Compare |
| QUBT Quantum Computing Inc. | $1.5B | — (loss-making) | — (loss-making) | +34.04% (above 0%: growing) | n/m | −62.17% (below 0%: shrinking) | (8,323.61%) | 0.00% | Compare |
| CRSR Corsair Gaming, Inc. | $1.5B | 40.8× | 48.8× | −1.80% (below 0%: shrinking) | n/m | +162.25% (above 0%: growing) | 33.18% | 2.42% | Compare |
| ADIG ADI Global Distribution Inc | $1.3B | — | — | — | — | — | 22.71% | 1.94% | Compare |
| CRCT Cricut, Inc. | $1.3B | 14.2× | — (loss-making) | −9.20% (below 0%: shrinking) | +58.33% (above 0%: growing) | +34.12% (above 0%: growing) | 74.48% | 30.34% | Compare |
| Median of peers | $1.6B | 17.3× | — | +20.48% | — | 0.00% | 33.18% | 0.97% |