D-Wave Quantum Inc QBTS Stock Analysis
- NYSE
- Stock
- Market closed · opens Monday 9:30 AM ET
$10.68 up $1.63, 18.01% at close Nov 6
Last close · Previous close $9.05
- Market cap
- $3.95BAt the Nov 6 close
- P/E ratio
- n/mLoss over last 12 months
- Diluted EPS
- −$0.69Last 12 months
- Dividend yield
- NoneLast 12 months
Price chart
$10.68up $1.63, 18.01%Fri, Nov 6 session
Use the left and right arrow keys to move along the chart.
Price data
Trading
- Previous close$9.05Nov 5
- Volume26.49MNov 6 session
Shares traded on all US exchanges in the last completed session. Live intraday volume covers IEX only, so it is left out.
- Avg. volume14.90MLast 21 sessions
The average daily shares traded over the last 21 trading sessions, about one calendar month.
- 52-week range: $8.48 to $32.39; now $10.68
The lowest and highest trades over the past 52 weeks, adjusted for splits. The marker shows the latest price.
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Performance
Past performance, measured to the Nov 6 close. Total return includes reinvested dividends.Price change only, without dividends. Compared with the S&P 500, using SPY.
QBTS beat the S&P 500 in 1 of 5 periods.
| Period | QBTS and S&P 500 | vs S&P 500 |
|---|---|---|
| Short term | ||
| 1M | QBTS: down 32.4% S&P 500: down 5.6% | QBTS trailed the S&P 500 by 26.8 percentage points Trailed |
| 3M | QBTS: down 45.0% S&P 500: down 4.1% | QBTS trailed the S&P 500 by 40.9 percentage points Trailed |
| YTD | QBTS: down 59.2% S&P 500: up 8.7% | QBTS trailed the S&P 500 by 67.9 percentage points Trailed |
| 1Y | QBTS: down 62.4% S&P 500: up 10.9% | QBTS trailed the S&P 500 by 73.3 percentage points Trailed |
| Long term | ||
| 3Y | QBTS: up 1,264.3% S&P 500: up 75.0% +138.9% vs +20.5% a year | QBTS beat the S&P 500 by 1,189.3 percentage points Beat |
$10,000 invested in QBTS a year ago (Nov 6, 2025) would be worth about $3,762 at the close on , with dividends reinvested. The same amount in the S&P 500 would be worth about $11,088.
QBTS beat the S&P 500 in 1 of 5 periods.
| Period | QBTS and S&P 500 | vs S&P 500 |
|---|---|---|
| Short term | ||
| 1M | QBTS: down 32.4% S&P 500: down 5.6% | QBTS trailed the S&P 500 by 26.8 percentage points Trailed |
| 3M | QBTS: down 45.0% S&P 500: down 4.3% | QBTS trailed the S&P 500 by 40.7 percentage points Trailed |
| YTD | QBTS: down 59.2% S&P 500: up 7.8% | QBTS trailed the S&P 500 by 67.0 percentage points Trailed |
| 1Y | QBTS: down 62.4% S&P 500: up 9.7% | QBTS trailed the S&P 500 by 72.1 percentage points Trailed |
| Long term | ||
| 3Y | QBTS: up 1,264.3% S&P 500: up 68.8% +138.9% vs +19.1% a year | QBTS beat the S&P 500 by 1,195.5 percentage points Beat |
$10,000 invested in QBTS a year ago (Nov 6, 2025) would be worth about $3,762 at the close on , not counting dividends. The same amount in the S&P 500 would be worth about $10,969.
All-time high
$44.78
Closing high on . Now 76.2% below that record.
Split-adjusted daily closes since Aug 8, 2022.
Stock splits
QBTS hasn’t split since its price history begins in 2022.
Valuation
The Nov 6 close compared with the last 12 months of reported results (the four quarters to Jun 30, 2026). Tap a metric to see how it’s calculated.
Price-to-earnings (P/E)
n/mDiluted EPS of −$0.69 over the last 12 months
A P/E ratio isn’t meaningful while earnings over the last 12 months are negative. How to read P/E
Other valuation measures
- 318.0×Last 12 months’ revenue
Market value divided by revenue over the last 12 months. Useful when earnings are small or negative.
P/S = Market cap ÷ Revenue (last 12 months)Price-to-sales ratio - 3.6×Book value as of Jun 30, 2026
Price relative to accounting equity (book value) per share on the Jun 30, 2026 balance sheet. Asset-light companies often trade far above book value.
P/B = Price ÷ Book value per sharePrice-to-book ratio - −3.03%Last 12 months’ free cash flow
Free cash flow over the last 12 months as a share of the company’s market value: the cash the business generated for each dollar of stock.
FCF yield = Free cash flow (last 12 months) ÷ Market capFree cash flow - $3.45BAt the Nov 6 close
What it would cost to buy the whole business: the market cap at the Nov 6 close, plus debt, minus cash and short-term investments from the Jun 30, 2026 balance sheet.
EV = Market cap + Debt − Cash and short-term investmentsEV/EBITDA explained
Build your own QBTS DCF in Excel. Value D-Wave Quantum with your own growth and margin assumptions.Browse DCF models Free DCF calculator
Financials
Reported results, not forecasts. From company filings via Tiingo; the latest report is Q2 FY26, the quarter ended Jun 30, 2026. “Last 12 months” means the four quarters from Jul 1, 2025 to Jun 30, 2026, and balance-sheet figures are as of Jun 30, 2026.
Revenue and net income
Last 12 months, with the change from the 12 months before
- Revenue
- $12.43Mdown 44.2%
- Net income
- −$248.70M
- Diluted EPS
- −$0.69
Data table
| Period | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| Q3 FY24 (Sep 30, 2024) | $1.87M | −$22.71M | −$0.11 |
| Q4 FY24 (Dec 31, 2024) | $2.31M | −$86.08M | −$0.43 |
| Q1 FY25 (Mar 31, 2025) | $15.00M | −$5.42M | −$0.02 |
| Q2 FY25 (Jun 30, 2025) | $3.10M | −$167.33M | −$0.55 |
| Q3 FY25 (Sep 30, 2025) | $3.74M | −$139.99M | −$0.41 |
| Q4 FY25 (Dec 31, 2025) | $2.75M | −$42.33M | −$0.10 |
| Q1 FY26 (Mar 31, 2026) | $2.86M | −$18.36M | −$0.05 |
| Q2 FY26 (Jun 30, 2026) | $3.08M | −$48.03M | −$0.13 |
| Period | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| FY21 (Dec 31, 2021) | $6.28M | −$31.55M | −$0.25 |
| FY22 (Dec 31, 2022) | $7.17M | −$53.70M | −$0.45 |
| FY23 (Dec 31, 2023) | $8.76M | −$82.72M | −$0.60 |
| FY24 (Dec 31, 2024) | $8.83M | −$143.88M | −$0.75 |
| FY25 (Dec 31, 2025) | $24.59M | −$355.06M | −$1.11 |
Margins
- Gross 64.2%
- Operating −1,372.9%
- Net −2,001.6%
The percentages above the chart cover the last 12 months; the lines show each quarter. What margins tell you
Cash flow
- −$119.76MLast 12 months
Cash from operations minus capital spending: the cash left after the business maintains and grows its assets.
FCF = Operating cash flow − Capital spendingFree cash flow - Operating cash flow−$110.88MLast 12 months
- Capital spending$8.88MLast 12 months
- −963.8%Last 12 months
Free cash flow as a share of revenue, both over the last 12 months.
Shareholder returns
- $110.99MLast 12 months
Cash spent repurchasing shares, net of shares issued. Buybacks shrink the share count, so each remaining share owns more of the company.
- Dividends paid$0.00Last 12 months
- Total returned$0.00Last 12 months
Balance sheet
- $546.22MAs of Jun 30, 2026
Cash plus short- and long-term marketable securities on the Jun 30, 2026 balance sheet.
- Total debt$48.11MAs of Jun 30, 2026
- Net cash$498.11MAs of Jun 30, 2026
- 20.55As of Jun 30, 2026
Current assets divided by current liabilities on the Jun 30, 2026 balance sheet. Above 1 means short-term assets cover the bills due within a year.
Current ratio = Current assets ÷ Current liabilitiesCurrent ratio - 0.04As of Jun 30, 2026
Total debt divided by shareholders’ equity on the Jun 30, 2026 balance sheet: a measure of financial leverage.
D/E = Total debt ÷ Shareholders’ equityDebt-to-equity ratio
Financial strength
- 3 of 9Last 12 months
vs the 12 beforeA 0–9 checklist from accounting professor Joseph Piotroski. Each test compares the last 12 months with the 12 months before and scores a point if it passes. 8–9 is strong; 0–2 is weak.
- ✗Net income was positive: not passed
- ✗Operating cash flow was positive: not passed
- ✓Return on assets improved: passed
- ✓Operating cash flow exceeded net income: passed
- ✓Long-term debt fell relative to assets: passed
- ✗Current ratio improved: not passed
- ✗Share count didn’t rise: not passed
- ✗Gross margin improved: not passed
- ✗Asset turnover (revenue ÷ assets) improved: not passed
- −26.7%Last 12 months
Over the last 12 months, D-Wave Quantum lost money: its net loss was 26.7% of its shareholders’ equity (averaged over the last four quarter-ends). It describes the past year, not an expected return.
ROE = Net income (last 12 months) ÷ Average equityReturn on equity - −24.0%Last 12 months
Over the last 12 months, D-Wave Quantum’s net loss was 24.0% of its total assets (averaged over the last four quarter-ends).
ROA = Net income (last 12 months) ÷ Average total assets
About D-Wave Quantum Inc
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. We are the world’s first commercial supplier of quantum computers, and the only company building both annealing and gate-model quantum computers. Our mission is to help customers realize the value of quantum, today. Our quantum computers, the world’s largest, are available on-premises or via the cloud, supported by 99.9% availability and uptime. More than 100 organizations trust D-Wave with their toughest computational challenges. With over 200 million problems submitted to our quantum systems to date, our customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more.
- Sector
- Technology
- Industry
- Computer Hardware
- Headquarters
- British Columbia, Canada
- SEC filings
- EDGAR (opens in a new tab)
- Exchange
- NYSE
- Asset type
- Common stock
- Price history since
QBTS news
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QBTS stock FAQ
What is QBTS stock’s price today?
D-Wave Quantum (QBTS) traded at $10.68 at the close on , up $1.63 (18.01%) from the previous close of $9.05. Over the past 52 weeks it has traded between $8.48 and $32.39.
What is D-Wave Quantum’s market cap?
D-Wave Quantum’s market capitalization is about $4.0 billion. That’s Tiingo’s daily market cap for , at that day’s closing price of $10.68 (how market cap works). D-Wave Quantum reported 369.91M shares outstanding at the end of its latest quarter ().
What is QBTS’s P/E ratio?
QBTS’s P/E ratio isn’t meaningful right now because its earnings over the four quarters to are negative (diluted EPS of −$0.69).
How much revenue does D-Wave Quantum make?
D-Wave Quantum reported $12.4 million of revenue over the four quarters to , down 44.2% from the twelve months before. In its latest quarter (Q2 FY26, ended ) revenue was $3.1 million, down 0.6% from a year earlier.
Is D-Wave Quantum profitable?
Not over the four quarters to . D-Wave Quantum reported a net loss of $248.7 million across those four quarters on $12.4 million of revenue.
What are QBTS’s earnings per share?
QBTS’s diluted earnings per share were −$0.69 over the four quarters to , compared with −$1.11 in the twelve months before. The latest quarter (Q2 FY26) brought −$0.13 per share, against −$0.55 a year earlier (how EPS works).
Does QBTS pay a dividend?
D-Wave Quantum hasn’t paid a dividend in the last twelve months.
What is QBTS’s 52-week high and low?
Over the past 52 weeks QBTS has traded as low as $8.48 and as high as $32.39. At $10.68 at the close on , it is 67.0% below that high and 25.9% above the low.
What is QBTS’s all-time high?
QBTS’s highest closing price was $44.78 on , adjusted for stock splits. At $10.68 at the close on , it is 76.2% below that record.
Has QBTS stock ever split?
No. QBTS hasn’t split since its price history begins in 2022.
How has QBTS stock performed?
Including dividends and measured to the close on , QBTS has returned −59.2% so far this year and −62.4% over the past year. Over the same periods the S&P 500, measured by SPY, returned +8.7% and +10.9%. Past performance doesn’t predict future returns.
What sector and industry is D-Wave Quantum in?
D-Wave Quantum is in the Technology sector and the Computer Hardware industry, and is headquartered in British Columbia, Canada.
What exchange does QBTS trade on?
D-Wave Quantum trades on the NYSE under the ticker symbol QBTS. Its price history on this dashboard begins on .
Member SIPC.Low CommissionsLearn More (opens in a new tab)Sponsored. Affiliate link: I may earn a commission. The inclusion of Interactive Brokers’ (IBKR) name, logo or weblink is present pursuant to an advertising arrangement only. IBKR is not a contributor, reviewer, provider or sponsor of content published on this site, and is not responsible for the accuracy of any products or services discussed.
About this data. Data sourced by Tiingo (opens in a new tab). The live price is Tiingo’s real-time price, based on IEX trades and quotes; intraday charts show IEX trades, and volume figures are consolidated totals for completed sessions. Prices are split-adjusted, and total returns assume dividends are reinvested. Financials come from company filings and can lag new reports. Times are Eastern.
This page is for education, not investment advice. Past performance doesn't predict future returns. Logos provided by Logo.dev (opens in a new tab).
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