Fundamental analysis · SEC EDGAR · TTM through 31/03/2026
QBTS · NYSE · Technology
Fundamental quality
59
out of 100
D-Wave Quantum Inc. is in full growth mode but not yet profitable: revenue is growing strongly (18.3% a year), but it doesn't translate into earnings yet. On fundamental quality it scores 59 out of 100, profiling it as a company of reasonable quality. Its weakest area is its profitability (ROE -32.7%). Whether it's cheap or expensive depends on the current price, which you can compute in the tool.
D-Wave is the veteran of commercial quantum computing, specialized in quantum annealing, a different approach aimed at optimization problems. It has real customers, but revenue is still small and losses continue.
Revenue growth: 18.3%
ROE: -32.7%
Net debt/EBITDA: 1.96x
Source: SEC EDGAR · TTM through 31/03/2026
The score combines growth, profitability and financial strength. Here its growth weighs in its favor, while its profitability drags it down the most.
Key concepts
What do these metrics mean? Fundamental analysis · What is the P/E · What is EPS · What is ROE · Net & gross margin · Free cash flow
| Year | Revenue | Net income | Free cash flow | Net debt |
|---|---|---|---|---|
| 2020 | 5 | -22 | -30 | — |
| 2021 | 6 | -41 | -37 | 3 |
| 2022 | 7 | -54 | -46 | — |
| 2023 | 9 | -83 | -61 | 23 |
| 2024 | 9 | -144 | -45 | -148 |
| 2025 | 25 | -355 | -76 | -600 |
Between 2020 and 2025, revenue went from $5M to $25M (+376%) and net income went from -$22M to -$355M (-1516%).
Annual figures in millions of U.S. dollars ($M) per SEC filings. Net debt is total debt minus cash.
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Is D-Wave Quantum Inc. cheap or expensive?
That depends on the current price. Look it up, enter it in the tool and get the full valuation verdict (P/E against its sector).
Compute the valuation →Is D-Wave Quantum Inc. a good company to invest in?
In terms of business quality, D-Wave Quantum Inc. scores 59 out of 100 in our analysis, placing it as a company of reasonable quality. That said, this isn't a recommendation: whether it's a good investment also depends on its current price and your goals.
Does D-Wave Quantum Inc. have a lot of debt?
A moderate level: its net debt is 1.96 times its EBITDA.
Is D-Wave Quantum Inc. growing?
Its revenue has grown 18.3% annualized in recent years, and without interruption since 2020.
The thresholds are general and the system doesn't judge qualitative factors. See the full methodology and use this analysis as a first filter, never as a final decision.
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