D-Wave Quantum QBTS
United StatesTechnology · Computer HardwareUSD
34.65 USD (+127.6%)
16 analysts
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D-Wave Quantum is a quantum computing company that develops and commercializes quantum annealing systems and quantum software solutions for enterprise applications, with a business model based on hardware sales, cloud access and consulting services.
Key points
from its scores- ✕Demanding valuation0.3
- ✕Poor share-price trend0.3
- ✕Little or no dividend0.5
AI analysis
bottom line, main risk, context and newsThe combination of growing operating losses, extreme valuation and maximum sensitivity to rising rates makes the risk far outweigh any short-term upside potential.
D-Wave Quantum presents very weak fundamentals: deeply negative operating margins (-1732%), very negative ROE and ROIC (-27.98% and -18.66%), negative revenue growth (-0.60%) and extreme valuation (P/S of 465). The rising rate environment in the US worsens its situation by making the capital it needs to finance its R&D more expensive, without the high liquidity (20.55) offsetting the operational deterioration.
The main risk is cash burn without a clear path to profitability: with an operating margin of -1732% and negative FCF yield, the company depends on continuous external financing in a rising rate environment that makes capital more expensive, potentially requiring significant dilution for current shareholders.
Context and risks
D-Wave operates in the quantum computing sector, a dual-use technology area with growing regulatory scrutiny in the US over the export of advanced technology. Although its US domicile offers a stable institutional framework, the potential inclusion of quantum technologies in export control lists could limit its access to key international markets.
Is D-Wave Quantum stock cheap or expensive?
at the analysis dateOn Price / sales, it trades 8,709% above the Technology median.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| Price / book | 5.2 | 6.3 | −17% |
| Price / sales | 465.0 | 5.3 | +8,709% |
Sector: median of the 283 Technology companies analysed. In bold, the multiples used for the comparison.
Valuation score: 0.3 out of 10 (median for Technology: 5.3).
Average analyst target: 34.65 USD, +127.6% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 3.0 (sector 6.4), Growth 3.7 (sector 7.5).
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Technology medianValuation
- Forward P/E
- −40.3
- EV / EBITDA
- −32.1
- Price / book
- 5.2
- Price / sales
- 465.0
- Market cap
- 5.8B USD
- Enterprise value
- 5.2B USD
Profitability
- ROE
- −28.0%
- ROA
- −10.7%
- ROIC (approx.)
- −18.7%
- Gross margin
- 64.2%
- Operating margin
- −1,732.1%
- Net margin
- 0.0%
- Free cash flow
- −73.4M USD
- FCF yield
- −1.3%
Solvency
- Total debt
- 48.1M USD
- Net debt
- −498.1M USD
- Cash
- 546.2M USD
- EBITDA
- −161.2M USD
- Net debt / EBITDA
- 3.09
- Debt / equity
- 4.44
- Current ratio
- 20.55
- Quick ratio
- 20.20
Growth
- Revenue growth
- −0.6%
- EPS (TTM)
- −0.69 USD
- EPS (forward)
- −0.38 USD
Dividend
- Dividend yield
- 0.0%
Risk and market
- Beta
- 2.17
- Analyst consensus
- Strong buy (16)
- Target price
- 34.65 USD
- 52-week range
- 12.75 – 46.75
Recent news
All QBTS news →Compare it with its sector
All 283 in Technology →Frequently asked questions about D-Wave Quantum
Is D-Wave Quantum stock cheap or expensive?
On Price / sales, it trades 8,709% above the Technology median. Valuation score: 0.3 out of 10 (median for Technology: 5.3). Average analyst target: 34.65 USD, +127.6% versus the price. This is not investment advice.
What score does D-Wave Quantum get on MeridIAn Screener?
It scores 2.1 out of 10, rank 2,121 of 2,130 (better than 0% of the companies analysed). Its strongest category is Financial health (4.4) and its weakest, Valuation (0.3). Analysis of 08/10/2026.
How much is D-Wave Quantum worth on the stock market?
Its market capitalisation is 5.8B USD and its enterprise value, debt included, is 5.2B USD.
How much debt does D-Wave Quantum have?
It has more cash than debt: net cash of 498.1M USD.
Does D-Wave Quantum pay a dividend?
It pays no dividend, or almost none.
How has D-Wave Quantum stock performed over the last year?
It has fallen 53.9% over the last year, excluding dividends. Over the last 52 weeks it has traded between 12.75 and 46.75 USD. Past performance does not guarantee future results.
What do analysts think of D-Wave Quantum?
16 analysts cover it; their average recommendation is “Strong buy” and their average target is 34.65 USD (+127.6% versus the price). It is an estimate, not market data.