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. 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.
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D-Wave Quantum Inc. (QBTS) Altman Z-score
D-Wave Quantum Inc.'s Altman Z-score for fiscal 2025 is 78.57, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 78.57 | 76.21 |
| FY2024 | 2.36 | 16.50 |
| FY2023 | −14.13 | 11.94 |
| FY2022 | −26.08 | (21.13) |
| FY2021 | −4.95 | (6.68) |
| FY2020 | 1.73 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.96 | — | 1.15 | |
| Retained earnings / total assets | (1.07) | — | −1.50 | |
| EBIT / total assets | (0.11) | — | −0.36 | |
| Market value of equity / total liabilities | 132.10 | — | 79.26 | |
| Sales / total assets | 0.03 | — | 0.03 | |
| Altman Z-score | Safe zone | 78.57 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 16.11 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| QBTS D-Wave Quantum Inc. | 78.6× |
| RGTI Rigetti Computing, Inc. compare | 33.0× |
| LOGI Logitech International S.A. compare | 8.6× |
| CRCT Cricut, Inc. compare | 5.0× |
| SMCI Super Micro Computer, Inc. compare | 3.4× |
| IONQ IonQ, Inc. compare | 2.6× |
| CRSR Corsair Gaming, Inc. compare | 1.9× |
| QMCO Quantum Corporation compare | −8.7× |
| QUBT Quantum Computing Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets