QBTS
Chart
Ratings & dials
1m · 5m · 15m · 1h · 4h · 1DAnalyst & Morningstar ratings
Consensus · Targets · MorningstarThird-party ratings, not Coteau's views.
Health check
See the tests
- ✗Positive net income
- ✗Positive operating cash flow
- ✓Return on assets improved
- ✓Cash flow above net income
- ✓Long-term debt / assets fell
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Computed by Coteau from the company's SEC filings (latest balance sheet Jun 30, 2026). Descriptive, not a forecast.
Key stats & company
What they do
D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide. It provides Advantage and Advantage 2 quantum computers; Ocean, a suite of open-source tools. The company also provides Leap hybrid solver service that offers a combination of quantum and classical computation resources and advanced algorithms to solve problems of enterprise scale.
Valuation and fundamentals
Valuation & fundamentals
Discounted cash flow
Edit assumptions · recalculates instantly
Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-06-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 2.17 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.
Multiples vs sector
Forward EPS $-0.38 vs trailing $-0.69. Forward P/E uses analysts' next-12-month estimate.
Backlog (remaining performance obligations)
Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).
Quality & financial health
Piotroski F-score 5/9 · last two fiscal years
Altman Z-score 34.1 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.
Analysts
Annual history
| FY | Revenue | Net income | Free cash flow |
|---|---|---|---|
| 2025 | $24.6M | $-355.1M | $-75.8M |
| 2024 | $8.8M | $-143.9M | $-44.7M |
| 2023 | $8.8M | $-82.7M | $-61.2M |
| 2022 | $7.2M | $-53.7M | $-45.6M |
| 2021 | $6.3M | $-41.0M | $-36.6M |
| 2020 | $5.2M | $-22.0M | $-30.0M |
From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +50.8%.
For information only · Important disclosures
Grades vs sector
No sector grades for QBTS yet. Grades rank S&P 1500 stocks within their sector and refresh after each daily data run, so a stock outside that index or newly covered has none.
Systematic Models
Not held by any of our 7 live models right now.
Earnings & events
In line = within 1% of the estimate.
Quarterly revenue
| Quarter | Revenue | YoY |
|---|---|---|
| 2026-06-30 | $3.1M | -0.6% |
| 2026-03-31 | $2.9M | – |
| 2025-12-31 | $2.8M | – |
| 2025-09-30 | $3.7M | – |
| 2025-06-30 | $3.1M | – |
News & catalysts
More newsRating changes
Third-party analyst actions, not Coteau's views. All rating changes
Stats refreshed 2026-10-24 23:11:44 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now
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Independent research · Not investment advice · Hypothetical unless marked Live · Data: Yahoo Finance (15-min delayed), SEC EDGAR, House Clerk · Important disclosures · Contact desk@coteau.app
Coteau 0.9 · Oct 21, 2026