# D-Wave Quantum Inc. (QBTS) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Technology / Software. Price $16.58, market value $6.2 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). D-Wave Quantum Inc. reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 497.0×**. Each dollar of revenue is priced at 497.0×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 5.7×**. The shares trade at 5.7× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **Free-cash-flow yield: -1.9%** (5-yr avg -16.7%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 64.2%**. D-Wave Quantum Inc. keeps 64.2% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Return on equity: -41.7%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -53.3%**. Return on all capital, debt included, is -53.3%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -27.2%**. Each dollar of assets produces -27.2% of profit.

## Growth
- **Revenue growth (1 yr): 178.5%** (3-yr 50.8%/yr, 5-yr 36.7%/yr). Revenue grew 178.5% over the last year, against 36.7% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -48.0%**. Earnings per share fell 48.0%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.04**. Debt is 0.04 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 3.7×**. It would take 3.7 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Altman Z-score: 59.24**. A Z-score of 59.24 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. D-Wave Quantum Inc. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: strong_buy** (16 analysts). 16 analysts cover D-Wave Quantum Inc.; the consensus is strong_buy, with an average price target of $35.24 (+113% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 8.4%** (YTD -36.6%, 3-mo -30.5%). The shares are up 8.4% over twelve months including dividends.
- **From 52-week high: -64.5%** (30.0% above the low). Trading 65% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 44**. An RSI of 44 is neutral.
- **Beta (1 yr): 3.79** (volatility 112%). Beta of 3.79 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=QBTS · Page: https://foliofundamentals.com/stocks/qbts

Not investment advice.