D-Wave Quantum Inc. (QBTS) Financial Ratios
6 years of historical data (2020–2025) · Technology · Computer Hardware
EV/EBITDA
N/A
—
5yr avg: N/A
P/FCF
N/A
—
5yr avg: N/A
P/B Ratio
↓
8.99
↓-50% vs avg
5yr avg: 17.81
30Y Low9.9·High34.9
ROE
↑
-77.6%
↓+83% vs avg
5yr avg: -467.2%
30Y Low-78%·High-67%
Debt/EBITDA
N/A
—
5yr avg: N/A
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
QBTS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
D-Wave Quantum Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $8.5B | $8.4B | $1.6B | $121M | $172M | $1.2B | $1.1B |
| Enterprise Value | $7.8B | $7.8B | $1.5B | $153M | $208M | $1.3B | $1.1B |
| P/E Ratio → | -21.48 | — | — | — | — | — | — |
| P/S Ratio | 344.76 | 341.62 | 182.83 | 13.87 | 24.02 | 196.03 | 221.40 |
| P/B Ratio | 8.99 | 9.86 | 25.76 | — | — | — | 34.91 |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
QBTS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 316.09 | 167.02 | 17.45 | 28.93 | 200.80 | 218.17 |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
QBTS Profitability
Margins and return-on-capital ratios measuring operating efficiency
D-Wave Quantum Inc. earns an operating margin of -408.2%. Operating margins have expanded from -919.7% to -408.2% over the past 3 years, signaling improving operational efficiency. A negative ROE of -77.6% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 82.6% | 82.6% | 63.0% | 52.8% | 59.3% | 72.1% | 82.3% |
| Operating Margin | -408.2% | -408.2% | -874.8% | -919.7% | -828.9% | -620.3% | -609.8% |
| Net Profit Margin | -1444.1% | -1444.1% | -1630.0% | -944.5% | -748.7% | -652.5% | -425.7% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -77.6% | -77.6% | -754.0% | — | — | -570.1% | -67.1% |
| ROA | -63.7% | -63.7% | -111.0% | -191.7% | -190.4% | -106.5% | -46.3% |
| ROIC | -102.0% | -102.0% | — | -957.4% | -514.3% | -211.4% | — |
| ROCE | -18.9% | -18.9% | -70.9% | -273.0% | -397.4% | -142.9% | -88.7% |
QBTS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $635M exceeds total debt of $8M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.61 | — | — | — | 0.14 |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.74 | -2.23 | — | — | — | -0.51 |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | -19.82 | -37.38 | -25.46 | -9.71 | -6.08 |
Net cash position: cash ($635M) exceeds total debt ($8M)
QBTS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
D-Wave Quantum Inc.'s current ratio of 42.38x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 4.18x to 42.38x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 42.38 | 42.38 | 6.14 | 4.18 | 0.87 | 1.53 | 3.45 |
| Quick Ratio | 42.25 | 42.25 | 6.08 | 4.00 | 0.73 | 1.33 | 3.24 |
| Cash Ratio | 41.82 | 41.82 | 5.90 | 3.67 | 0.44 | 0.91 | 1.78 |
| Asset Turnover | — | 0.03 | 0.04 | 0.15 | 0.27 | 0.21 | 0.11 |
| Inventory Turnover | 1.54 | 1.54 | 1.94 | 1.99 | 1.33 | 0.83 | 0.36 |
| Days Sales Outstanding | — | 23.56 | 58.72 | 68.85 | 54.91 | 120.33 | 1144.87 |
QBTS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
D-Wave Quantum Inc. returns 0.4% to shareholders annually primarily through share buybacks.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.4% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.4% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $321M | $192M | $138M | $120M | $125M | $110M |
Peer Comparison
Compare QBTS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 QBTSYou | $8B | -21.5 | — | — | 82.6% | -408.2% | -77.6% | -102.0% | — |
 IONQ | $19B | -28.9 | — | — | 40.4% | -487.4% | -28.6% | -30.1% | — |
 RGTI | $7B | -28.7 | — | — | 29.1% | -1194.4% | -64.3% | -22.0% | — |
 QUBT | $2B | -95.1 | — | — | 9.8% | -7489.3% | -2.2% | -8.6% | — |
 ARQQ | $79M | -6.1 | — | — | -43.4% | -7271.5% | -181.0% | — | — |
 IBM | $212B | 20.2 | 17.3 | 18.3 | 59.5% | 15.3% | 35.2% | 9.8% | 4.4 |
 GOOGL | $4.8T | 36.8 | 32.2 | 65.7 | 59.7% | 32.1% | 35.7% | 25.1% | 0.4 |
 MSFT | $3.1T | 30.3 | 19.4 | 42.9 | 68.8% | 45.6% | 33.3% | 24.9% | 0.7 |
 NVDA | $5.0T | 42.4 | 37.9 | 52.2 | 71.1% | 60.4% | 101.5% | 81.8% | 0.1 |
 INTC | $567B | -1918.7 | 51.3 | — | 34.8% | -0.0% | -0.2% | -0.0% | 4.0 |
 AMZN | $3.0T | 38.3 | 20.7 | 384.3 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
| Technology Median | — | 27.2 | 17.3 | 19.8 | 48.9% | -0.6% | 2.5% | 3.0% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Quick answers to the most common questions about buying QBTS stock.
What is D-Wave Quantum Inc.'s P/E ratio?
D-Wave Quantum Inc.'s current P/E ratio is -21.5x. This places it at the 50th percentile of its historical range.
What is D-Wave Quantum Inc.'s ROE?
D-Wave Quantum Inc.'s return on equity (ROE) is -77.6%. The historical average is -72.4%.
Is QBTS stock overvalued?
Based on historical data, D-Wave Quantum Inc. is trading at a P/E of -21.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are D-Wave Quantum Inc.'s profit margins?
D-Wave Quantum Inc. has 82.6% gross margin and -408.2% operating margin.