Monday 12 October 2026 Export all QBTS data to Excel Powerpack

D-Wave Quantum Inc.

D-Wave Quantum Inc.’s revenue for fiscal 2025 (year ended December 2025) was $24.6 million, up 178.5% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 76.4%, free cash flow fell 105.8% and total debt rose 9.27%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.

13.74 0.83 −5.70%

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Market cap: $5.5B
P/E: 0.0×
Fwd P/E: −59.8×
Dividend yield: —
F-score: 5/9
Altman Z: 78.57
Beneish M: −2.93
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

	Dec '17	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
P/E ratio Full definition →	—	0.00	0.00	0.00	0.00	0.00	0.00
Piotroski F-Score Full definition →	—	—	—	3	2	5	5
Altman Z-Score Full definition →	—	1.73	(4.95)	(26.08)	(14.13)	2.36	78.57
P/S ratio Full definition →	—	0.00	0.00	24.02	12.92	182.83	341.62
P/FCF ratio Full definition →	—	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z″-Score (non-manufacturers) Full definition →	—	(1.34)	(46.39)	(64.32)	(32.00)	(7.26)	16.11
P/Operating CF Full definition →	—	(843.87)	(171.31)	(15.83)	(7.68)	800.14	(457.19)
Beneish M-Score Full definition →	—	—	—	(4.36)	(3.83)	(5.05)	(2.93)
P/B ratio Full definition →	—	1.55	0.00	0.00	0.00	25.76	9.86
Price to Tangible BV Full definition →	—	1.55	0.00	0.00	0.00	25.97	9.87
EV/Sales Full definition →	—	0.00	0.00	27.64	15.54	166.12	307.11
EV/EBITDA Full definition →	—	0.00	0.00	0.00	0.00	0.00	0.00
EV/Operating CF Full definition →	—	0.00	(35.98)	(4.38)	(2.24)	(34.39)	(104.90)
EV/FCF Full definition →	—	0.00	(35.98)	(4.34)	(2.22)	(32.43)	(98.76)
Quick Ratio Full definition →	—	4.02	1.10	0.50	3.82	5.95	41.90
Current Ratio Full definition →	—	5.46	1.53	0.87	4.18	6.14	42.38
Net Debt/EBITDA Full definition →	—	0.04	(0.58)	(0.45)	(0.29)	1.96	8.65
Debt/Assets Full definition →	0.00%	0.00%	104.20%	122.58%	108.24%	15.25%	3.93%
Debt/Equity Full definition →	—	0.00	(1.67)	(1.12)	(2.62)	0.49	0.04
Asset Turnover Full definition →	—	0.03	0.04	0.25	0.20	0.07	0.04
Operating CF/Net income Full definition →	—	1.33	0.85	0.84	0.73	0.30	0.20
Capex/Depreciation Full definition →	—	(0.29)	(0.77)	(0.23)	(0.37)	(1.24)	(1.87)
Interest Coverage Full definition →	—	(6.08)	(9.71)	(25.46)	(2,176.92)	(19.82)	(25.01)
ROE Full definition →	—	(8.32%)	31.99%	45.18%	306.67%	(753.99%)	(77.62%)
ROA Full definition →	—	(14.57%)	(24.76%)	(190.38%)	(191.69%)	(111.01%)	(63.65%)
ROIC Full definition →	—	0.00%	(848.76%)	0.00%	0.00%	0.00%	(1,691.75%)
Return on Tangible Assets Full definition →	—	(1,824.65%)	(464.70%)	(30,001.12%)	(215.70%)	(90.47%)	(40.21%)
Average Days of Receivables Full definition →	—	0.00	119.34	51.95	68.85	58.72	23.56
Research and Development Expense of Revenue Full definition →	—	395.56%	404.54%	447.53%	432.50%	399.91%	206.34%
Selling, General and Administrative Expense of Revenue Full definition →	—	296.53%	287.88%	440.64%	539.96%	537.96%	284.46%
Intangible Assets out of Total Assets Full definition →	0.00	0.00	0.01	0.01	0.00	0.00	0.00
Share Based Compensation of Revenue Full definition →	—	57.93%	27.70%	127.76%	250.27%	177.42%	92.15%
Graham Net Nets Full definition →	—	(0.12)	(0.03)	(0.25)	(0.33)	0.03	0.10
Graham Number Full definition →	—	0.00	3.50	1.57	1.57	0.00	0.00
Earnings Yield Full definition →	—	(0.10%)	(3.33%)	(30.70%)	(75.61%)	(8.21%)	(4.21%)
Free Cash Flow Yield Full definition →	—	0.00%	(2.83%)	(26.54%)	(54.25%)	(2.80%)	(0.91%)
Revenue per Share Full definition →	—	0.04	0.05	0.06	0.06	0.05	0.08
Operating CF per Share Full definition →	—	(0.23)	(0.28)	(0.38)	(0.44)	(0.22)	(0.22)
Capex per Share Full definition →	—	(0.01)	(0.02)	0.00	0.00	(0.01)	(0.01)
Free Cash Flow per Share Full definition →	—	(0.24)	(0.29)	(0.38)	(0.44)	(0.23)	(0.24)
Cash per Share Full definition →	—	0.01	0.08	0.06	0.30	0.93	2.75
Shareholders Equity per Share Full definition →	—	(0.38)	(0.15)	(0.25)	(0.18)	0.33	2.65
Interest Debt per Share Full definition →	—	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	—	(0.38)	(0.15)	(0.25)	(0.18)	0.33	2.65
Free Cash Flow Full definition →	—	(30.08)	(36.80)	(45.72)	(61.33)	(45.04)	(76.29)
Working Capital Full definition →	—	1.20	5.57	(2.11)	35.80	154.90	875.08
Capital Expenditures Full definition →	—	(0.79)	(2.00)	(0.50)	(0.68)	(2.39)	(4.31)
Net Current Asset Value Full definition →	—	(348.00)	(31.81)	(42.48)	(36.79)	47.83	832.65
EV/EBIT Full definition →	—	0.00	0.00	0.00	0.00	0.00	0.00
Capex to Sales Full definition →	—	0.15	0.32	0.07	0.08	0.27	0.18
Price to Operating Income Full definition →	—	0.00	0.00	0.00	0.00	0.00	0.00
Other line items
Depreciation/Fixed assets Full definition →	—	0.00	0.80	0.94	0.72	0.47	0.29
Cash ROIC Full definition →	—	64.19%	(168.54%)	(430.02%)	(75.64%)	(16.61%)	(4.30%)
Accounts Receivable Turnover Full definition →	—	0.00	0.00	4.67	6.55	5.75	16.35
Accounts Payable Turnover Full definition →	—	0.00	1.47	1.00	1.58	2.86	4.85
Inventory Turnover Full definition →	—	0.00	0.00	1.36	1.94	1.73	1.92
Average Days of Payables Full definition →	—	107.74	439.88	469.02	129.29	91.14	81.00
Days of Inventory on Hand Full definition →	—	0.00	440.92	274.22	183.38	188.54	236.68
Average Receivables Full definition →	—	—	—	1.54	1.34	1.54	1.50
Average Payables Full definition →	—	—	1.19	2.93	2.61	1.14	0.88
Average Inventory Full definition →	—	—	—	2.16	2.14	1.88	2.23
Average Assets Full definition →	—	150.77	165.50	28.21	43.15	129.60	557.83
Average Common Equity Full definition →	—	264.19	(128.09)	(118.85)	(26.97)	19.08	457.44

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