Latest Ratios: P/E Ratio -14.2x · EV/EBITDA N/A · ROE -77.6%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $5.8B | $8.4B | $1.6B | $121M | $172M | $1.2B | $1.1B |
| Enterprise Value | $5.2B | $7.8B | $1.5B | $153M | $208M | $1.3B | $1.1B |
| P/E Ratio → | -14.21 | — | — | — | — | — | — |
| P/S Ratio | 235.56 | 341.62 | 182.83 | 13.87 | 24.02 | 196.03 | 221.40 |
| P/B Ratio | 5.94 | 9.86 | 25.76 | — | — | — | 34.91 |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
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 | — | 317.55 | 167.02 | 17.45 | 28.93 | 200.80 | 218.17 |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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 | -82.1% | -82.1% | — | -957.4% | -514.3% | -211.4% | — |
| ROCE | -18.9% | -18.9% | -70.9% | -273.0% | -397.4% | -142.9% | -88.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.61 | — | — | — | 0.14 |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.69 | -2.23 | — | — | — | -0.51 |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -87.48 | -87.48 | -35.92 | -38.37 | -22.00 | -9.21 | -3.24 |
Net cash position: cash ($635M) exceeds total debt ($43M)
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | 69.48 | 72.74 | 68.85 | 54.91 | 120.33 | 1144.87 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $321M | $192M | $138M | $120M | $125M | $110M |
Includes 30+ ratios · 6 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying QBTS stock.
D-Wave Quantum Inc.'s current P/E ratio is -14.2x. This places it at the 50th percentile of its historical range.
D-Wave Quantum Inc.'s return on equity (ROE) is -77.6%. The historical average is -72.4%.
Based on historical data, D-Wave Quantum Inc. is trading at a P/E of -14.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
D-Wave Quantum Inc. has 82.6% gross margin and -408.2% operating margin.
Key Metrics
Top Statement Risk
Cash runway and dilution risk
Metrics are mathematically derived from official filings.
Gross Margin Hides Deep Operating Losses
According to the latest quarterly data, QBTS's gross margin remains high at 55.4%, but operating margin is -17.3%, indicating that revenue growth is not covering escalating R&D and SG&A costs.
The 82.59% TTM gross margin suggests a software-like incremental cost structure for cloud access, yet the -408.22% operating margin reveals that fixed costs for hardware development and maintenance are overwhelming gross profits. The gap between gross and operating margins has narrowed from -75.3% in 2025Q1 to -17.3% in 2026Q2, but this is due to a one-time revenue spike rather than sustainable cost discipline. Investors should monitor whether operating leverage can materialize as revenue scales, or if the hyper-burn phase persists.
Returns on Capital Deeply Negative
ROIC has improved from -182.0% in 2024Q1 to -4.9% in 2026Q2, per the ratio data, but remains deeply negative, indicating that the company is destroying value as it scales.
The improvement in ROIC is largely a denominator effect from massive equity raises, not operational efficiency. ROE also improved from -37.1% in 2025Q2 to -4.4% in 2026Q2, but this masks the fact that the equity base is entirely funded by external capital, with retained earnings at -$1.0B. The company is not compounding returns; it is burning capital to fund growth, and the negative returns suggest that the business model has yet to prove it can generate positive returns on invested capital.
Working Capital Cycle Lengthens
Based on the quarterly data, QBTS's cash conversion cycle has extended from 156 days in 2024Q1 to 193 days in 2026Q2, driven by rising DSO and DIO, indicating deteriorating working capital efficiency.
DSO has climbed from 63 days to 187 days over the period, suggesting that customers are taking longer to pay, possibly due to the lumpy nature of professional services contracts. DIO has also increased from 235 to 212 days, reflecting inventory build-up for hardware components. The negative FCF margin of -10.7% in 2026Q2 indicates that the company is not converting revenue into cash, and the lengthening CCC suggests that working capital is absorbing more cash, which is concerning given the deep operating losses.
Minimal Debt but Negative Interest Coverage
As reported in the balance sheet data, QBTS's debt-to-equity ratio has fallen to 0.01, but interest coverage is -187.31, indicating that the company cannot service its debt from operating earnings.
The company has reduced total debt from $71.8M to $13.1M, which is a positive sign, but the negative interest coverage reflects that operating losses are far greater than interest expense. This suggests that the company is not reliant on debt financing, but it also means that any future debt issuance would be risky given the lack of earnings. The low leverage provides some cushion, but the company's reliance on equity financing and the persistent cash burn indicate that refinancing risk is minimal but dilution risk is high.
Liquidity Buffer Appears Strong but Questionable
The current ratio stands at 20.55 in 2026Q2, per the ratio data, but the reported cash balance of $635M contradicts historical filings, warranting verification before relying on this liquidity cushion.
The current ratio has improved dramatically from 1.09 in 2024Q2 to 20.55, driven by massive equity raises. However, the cash balance discrepancy is a red flag; if the actual cash is closer to $100M, the liquidity runway would be significantly shorter. The quick ratio of 20.42 indicates that the company is not dependent on inventory for liquidity, but the negative FCF margin suggests that cash burn is accelerating. Investors should verify the cash balance in the next 10-Q to assess true liquidity risk.
P/S Multiple Misleads on Growth
The P/S ratio of 316.23, based on TTM revenue, is often misapplied to QBTS because it ignores the lumpy revenue and the company's early-stage losses, making it appear more expensive than it is.
The P/S multiple is commonly used for pre-revenue or early-stage companies, but for QBTS, it obscures the fact that revenue is highly volatile, with a one-time spike in 2025Q1. A more appropriate metric would be EV/Sales adjusted for the cash balance and the potential for dilution, or a forward revenue multiple that accounts for the 178.5% growth rate. However, even with growth, the absolute revenue base is tiny, and the P/S ratio implies that the market is pricing in a massive TAM that may not materialize. Investors should focus on cash burn and the path to profitability rather than the P/S multiple.