(QBTS) D-Wave Quantum - Overview
Stock: Quantum Computers, Quantum Cloud, Hybrid Solver, Developer Tools, Optimization
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 165% |
| Relative Tail Risk | -17.7% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.51 |
| Alpha | 200.21 |
| Character TTM | |
|---|---|
| Beta | 2.311 |
| Beta Downside | 1.943 |
| Drawdowns 3y | |
|---|---|
| Max DD | 79.18% |
| CAGR/Max DD | 2.10 |
Description: QBTS D-Wave Quantum January 08, 2026
D-Wave Quantum Inc. (NYSE: QBTS) designs, manufactures, and services quantum annealing computers, most recently the Advantage and Advantage 2 hardware platforms, and delivers them through its Leap cloud-based access model and the Ocean open-source software stack. The firm also runs a hybrid-solver service that blends quantum annealers with classical processors to tackle enterprise-scale optimization problems, and offers a structured “Launch” program to help customers prototype and deploy quantum-enhanced applications.
Key use cases span allocation and resource scheduling, vehicle routing, logistics, drug discovery, industrial design, and portfolio optimization. According to the company’s latest 10-K filing, QBTS generated $46 million of revenue in FY 2023, representing a year-over-year growth of roughly 30 % while maintaining a cash runway of about $180 million. Independent market research estimates the global quantum computing market to grow at a compound annual growth rate (CAGR) of 30-35 % through 2030, driven by rising demand for high-performance optimization in sectors such as finance, logistics, and pharmaceuticals.
Assuming QBTS can sustain its current sales velocity and expand its hybrid-solver subscriptions, the company’s valuation could benefit from the broader “quantum-as-a-service” trend, which is expected to capture a larger share of enterprise IT spend as firms seek cost-effective ways to solve NP-hard problems. For a deeper dive into QBTS’s financial metrics and competitive positioning, a quick look at ValueRay’s analyst notes may uncover additional angles worth exploring.
Piotroski VR‑10 (Strict, 0-10) 1.0
| Net Income: -398.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.06 > 0.02 and ΔFCF/TA 117.3 > 1.0 |
| NWC/Revenue: 3449 % < 20% (prev 98.16%; Δ 3350 % < -1%) |
| CFO/TA -0.06 > 3% & CFO -51.6m > Net Income -398.8m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 54.68 > 1.5 & < 3 |
| Outstanding Shares: last quarter (342.2m) vs 12m ago 69.76% < -2% |
| Gross Margin: 82.82% > 18% (prev 0.64%; Δ 8217 % > 0.5%) |
| Asset Turnover: 5.28% > 50% (prev 19.01%; Δ -13.74% > 0%) |
| Interest Coverage Ratio: -378.8 > 6 (EBITDA TTM -395.8m / Interest Expense TTM 1.05m) |
Altman Z'' -8.17
| A: 0.96 (Total Current Assets 848.1m - Total Current Liabilities 15.5m) / Total Assets 865.8m |
| B: -1.09 (Retained Earnings -939.7m / Total Assets 865.8m) |
| C: -0.87 (EBIT TTM -397.8m / Avg Total Assets 457.7m) |
| D: -4.86 (Book Value of Equity -948.8m / Total Liabilities 195.3m) |
| Altman-Z'' Score: -8.17 = D |
Beneish M -2.91
| DSRI: 1.19 (Receivables 4.42m/1.46m, Revenue 24.1m/9.42m) |
| GMI: 0.78 (GM 82.82% / 64.27%) |
| AQI: 0.09 (AQ_t 0.01 / AQ_t-1 0.07) |
| SGI: 2.56 (Revenue 24.1m / 9.42m) |
| TATA: -0.40 (NI -398.8m - CFO -51.6m) / TA 865.8m) |
| Beneish M-Score: -2.91 (Cap -4..+1) = A |
What is the price of QBTS shares?
Over the past week, the price has changed by -2.36%, over one month by -33.74%, over three months by -27.02% and over the past year by +245.91%.
Is QBTS a buy, sell or hold?
- StrongBuy: 3
- Buy: 3
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the QBTS price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 39.2 | 89% |
| Analysts Target Price | 39.2 | 89% |
| ValueRay Target Price | 22.5 | 8.6% |
QBTS Fundamental Data Overview February 03, 2026
P/B = 12.8065
Revenue TTM = 24.1m USD
EBIT TTM = -397.8m USD
EBITDA TTM = -395.8m USD
Long Term Debt = 32.1m USD (from longTermDebt, last quarter)
Short Term Debt = 1.64m USD (from shortTermDebt, last quarter)
Debt = 39.8m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -796.4m USD (from netDebt column, last quarter)
Enterprise Value = 7.11b USD (7.91b + Debt 39.8m - CCE 836.2m)
Interest Coverage Ratio = -378.8 (Ebit TTM -397.8m / Interest Expense TTM 1.05m)
EV/FCF = -129.8x (Enterprise Value 7.11b / FCF TTM -54.8m)
FCF Yield = -0.77% (FCF TTM -54.8m / Enterprise Value 7.11b)
FCF Margin = -226.8% (FCF TTM -54.8m / Revenue TTM 24.1m)
Net Margin = -1652 % (Net Income TTM -398.8m / Revenue TTM 24.1m)
Gross Margin = 82.82% ((Revenue TTM 24.1m - Cost of Revenue TTM 4.15m) / Revenue TTM)
Gross Margin QoQ = 71.38% (prev 63.84%)
Tobins Q-Ratio = 8.21 (Enterprise Value 7.11b / Total Assets 865.8m)
Interest Expense / Debt = 0.51% (Interest Expense 201.0k / Debt 39.8m)
Taxrate = 21.0% (US default 21%)
NOPAT = -314.2m (EBIT -397.8m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 54.68 (Total Current Assets 848.1m / Total Current Liabilities 15.5m)
Debt / Equity = 0.06 (Debt 39.8m / totalStockholderEquity, last quarter 670.6m)
Debt / EBITDA = 2.01 (negative EBITDA) (Net Debt -796.4m / EBITDA -395.8m)
Debt / FCF = 14.54 (negative FCF - burning cash) (Net Debt -796.4m / FCF TTM -54.8m)
Total Stockholder Equity = 408.7m (last 4 quarters mean from totalStockholderEquity)
RoA = -87.14% (Net Income -398.8m / Total Assets 865.8m)
RoE = -97.58% (Net Income TTM -398.8m / Total Stockholder Equity 408.7m)
RoCE = -90.24% (EBIT -397.8m / Capital Employed (Equity 408.7m + L.T.Debt 32.1m))
RoIC = -71.40% (negative operating profit) (NOPAT -314.2m / Invested Capital 440.1m)
WACC = 14.36% (E(7.91b)/V(7.95b) * Re(14.43%) + D(39.8m)/V(7.95b) * Rd(0.51%) * (1-Tc(0.21)))
Discount Rate = 14.43% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 46.77%
Fair Price DCF = unknown (Cash Flow -54.8m)
EPS Correlation: 25.16 | EPS CAGR: -5.78% | SUE: 0.60 | # QB: 0
Revenue Correlation: 63.99 | Revenue CAGR: 12.23% | SUE: 0.37 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-0.06 | Chg30d=-0.001 | Revisions Net=-1 | Analysts=11
EPS next Year (2026-12-31): EPS=-0.22 | Chg30d=+0.000 | Revisions Net=-3 | Growth EPS=-1.2% | Growth Revenue=+68.5%