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.

13.75 0.82 −5.63%

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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

Insider Decisions trades per month

Total buys 0.00

Total sells 107.11

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	—	—	—	—	—	—	—	—	—	—	—
Sell	5	8	3	1	4	1	3	6	1	—	1	—

Insider Ownership 1.32%

Capital & Financial Ratios $m

Market Cap 5,530.00

Revenue 12.43

Net Income (248.70)

Free Cash Flow (119.75)

Net Debt (511.18)

Current Ratio 20.55

Debt/Equity 0.03

P/E ratio 0.00

Fwd P/E (59.80)

P/S ratio 434.86

P/B ratio 4.99

Past 5Y EPS Growth —

This Y EPS Growth (13.53%)

Next Y EPS Growth (27.13%)

Next Y revenue growth 72.73%

Next 5Y EPS Growth (11.11%)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 87.06%

10-year low 10-year high

EV/Sales against its own 10 years 87.06%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	41	178	884	546
Receivables	2	1	2	2
Inventory	2	2	3	3
Other	—	—	—	—
	47	185	896	561

	2023	2024	2025	Q'26
Payables	1	1	1	5
ST’ Debt	0	0	0	0
Other	—	—	—	—
	11	30	21	27

Compound Annual Growth %

	10y	5y	3y
Sales	—	36.65%	50.78%
Cash Flow	—	0.00%	0.00%
Earnings	—	0.00%	0.00%
Book Value	—	0.00%	0.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	3	3	—	—	—
’25	15	3	4	3	25
’24	2	2	2	2	9
’23	2	2	3	3	9
’22	2	1	2	2	7
’21	—	—	1	5	6

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(45)	(29)	—	—	—
’25	(19)	(15)	(19)	(18)	(72)
’24	(12)	(14)	(18)	2	(43)
’23	(14)	(15)	(17)	(15)	(61)
’22	(10)	(12)	(13)	(11)	(45)
’21	0	(1)	(27)	(7)	(35)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(46)	(33)	—	—	—
’25	(20)	(16)	(20)	(20)	(76)
’24	(13)	(15)	(18)	1	(45)
’23	(14)	(15)	(17)	(15)	(61)
’22	(10)	(12)	(13)	(11)	(46)
’21	0	(1)	(29)	(7)	(37)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.05)	(0.13)	—	—	—
’25	(0.02)	(0.55)	(0.41)	(0.12)	(1.11)
’24	(0.11)	(0.10)	(0.11)	(0.37)	(0.75)
’23	(0.20)	(0.20)	(0.12)	(0.10)	(0.60)
’22	(0.09)	(0.12)	(0.11)	(0.12)	(0.43)
’21	2.05	(0.18)	(0.03)	(2.17)	(0.33)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	10.00	9.65	1.33	0.40	0.68	3.74	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	11.07	11.96	13.23	3.20	11.41	46.75
People
People	Employees	—	—	—	—	—	—	215	200	220	388
	Revenue/emp, $m	—	—	—	—	0.00	0.00	0.03	0.04	0.04	0.06
Income, $m
Income, $m	Revenue	—	—	—	—	5	6	7	9	9	25
	Gross margin, %	—	—	—	—	82.27	72.13	59.25	52.77	63.02	82.59
	EBT	—	—	—	—	(22)	(41)	(54)	(83)	(144)	(355)
	EBT margin, %	—	—	—	—	(425.72)	(652.54)	(748.67)	(944.45)	(1,629.99)	(1,444.10)
	Net income	—	0	—	—	(22)	(41)	(54)	(83)	(144)	(355)
	Depreciation	—	—	—	—	3	3	2	2	2	2
Per share, $
Per share, $	Revenue	—	—	—	—	0.04	0.05	0.06	0.06	0.05	0.08
	Earnings	—	—	—	—	(0.17)	(0.33)	(0.43)	(0.60)	(0.75)	(1.11)
	Cash flow	—	—	—	—	(0.23)	(0.28)	(0.38)	(0.44)	(0.22)	(0.22)
	Capex	—	—	—	—	(0.01)	(0.02)	0.00	0.00	(0.01)	(0.01)
	Free cash flow	—	—	—	—	(0.24)	(0.29)	(0.38)	(0.44)	(0.23)	(0.24)
	Book value	—	—	—	—	(0.38)	(0.15)	(0.25)	(0.18)	0.33	2.65
	Shares, m	—	—	—	—	127	125	120	138	192	321
Valuation, ×
Valuation, ×	P/E	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	—	—	—	—	0.00	0.00	24.02	12.92	182.83	341.62
	P/B	—	—	—	—	1.55	0.00	0.00	0.00	25.76	9.86
	EV/Sales	—	—	—	—	0.00	0.00	27.64	15.54	166.12	307.11
	EV/FCF	—	—	—	—	0.00	(35.98)	(4.34)	(2.22)	(32.43)	(98.76)
Cash, $m
Cash, $m	Operating cash flow	—	—	—	—	(29)	(35)	(45)	(61)	(43)	(72)
	Capex	—	—	—	—	(1)	(2)	0	(1)	(2)	(4)
	Free cash flow	—	—	—	—	(30)	(37)	(46)	(61)	(45)	(76)
Balance, $m
Balance, $m	Working capital	—	—	—	—	1	6	(2)	36	155	875
	Total debt	—	—	—	—	—	31	33	64	30	36
	Net debt	—	—	—	—	(1)	21	26	23	(148)	(849)
	Shareholders’ equity	—	—	—	—	(48)	(18)	(29)	(24)	63	852
Returns, %
Returns, %	ROA	—	—	—	—	(14.57)	(24.76)	(190.38)	(191.69)	(111.01)	(63.65)
	ROIC	—	—	—	—	0.00	(848.76)	0.00	0.00	0.00	(1,691.75)
	ROE	—	—	—	—	(8.32)	31.99	45.18	306.67	(753.99)	(77.62)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
SMCI Super Micro Computer, Inc.	$28.1B	11.7×	14.6×	+93.16% (above 0%: growing)	+454.55% (above 0%: growing)	−12.95% (below 0%: shrinking)	17.47%	13.38%	Compare
IONQ IonQ, Inc.	$16.0B	— (loss-making)	172×	+286.83% (above 0%: growing)	n/m	−110.77% (below 0%: shrinking)	24.91%	(421.29%)	Compare
LOGI Logitech International S.A.	$14.6B	17.9×	—	+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.	$5.5B	— (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.	$4.7B	— (loss-making)	— (loss-making)	+185.29% (above 0%: growing)	n/m	−27.18% (below 0%: shrinking)	42.58%	(546.17%)	Compare
QUBT Quantum Computing Inc.	$1.7B	— (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.	$1.4B	40.6×	69.3×	−1.80% (below 0%: shrinking)	n/m	+162.25% (above 0%: growing)	33.18%	2.42%	Compare
CRCT Cricut, Inc.	$1.3B	15.0×	— (loss-making)	−9.20% (below 0%: shrinking)	+58.33% (above 0%: growing)	+34.12% (above 0%: growing)	74.48%	30.34%	Compare
QMCO Quantum Corporation	$1.2B	— (loss-making)	— (loss-making)	+25.69% (above 0%: growing)	n/m	+103.05% (above 0%: growing)	39.26%	6.23%	Compare
Median of peers	$3.2B	16.4×	69.3×	+29.86%	+65.66%	+10.59%	36.22%	4.33%

All 38 Computer Hardware stocks →

D-Wave Quantum Inc. (QBTS) key facts

Strength: D-Wave Quantum Inc.’s revenue for fiscal 2025 (year ended December 2025) was $24.6 million, up 178.5% from fiscal 2024.
D-Wave Quantum Inc. (QBTS) is a Computer Hardware company in the Technology sector, listed on Nasdaq.
As of October 12, 2026, QBTS traded at $13.78, a market capitalization of $5.5 billion.
Return on equity was −77.6% and debt-to-equity 0.03.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 78.57 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.