Last 20 quarters of trend data · Technology · Computer Hardware
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -19.82 | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 318.15 | 838.41 | 565.38 | 348.14 | 36.28 | 211.91 | 26.49 | 22.47 | 33.37 | 12.03 | 12.54 | 38.98 | 12.92 |
| — | +295.6% | +2034.4% | +1449.1% | +8.7% | +1661.7% | +111.2% | -42.3% | +158.4% | -32.2% | -90.7% | -80.3% | -91.8% | |
| P/B Ratio | 8.29 | 10.83 | 12.61 | 6.21 | 10.50 | 31.24 | — | — | — | — | 14.61 | — | — |
| — | -65.3% | — | — | — | — | — | — | — | — | — | — | — | |
| P/FCF | — | — | — | — | — | 464.23 | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
D-Wave Quantum Inc.'s operating margin was -1266.0% in Q4 2025, down 524.1 pp QoQ and down 389.7 pp YoY. The trailing four-quarter average of -734.8% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.6% | 64.8% | 71.4% | 63.8% | 92.5% | 63.8% | 55.8% | 63.6% | 67.3% | 67.7% | 59.7% | 41.3% | 26.6% |
| — | +1.6% | +28.0% | +0.4% | +37.5% | -5.8% | -6.5% | +54.0% | +153.1% | +29.7% | -2.8% | -24.6% | -58.5% | |
| Operating Margin | -408.2% | -1266.0% | -741.8% | -856.3% | -75.3% | -876.2% | -1103.5% | -863.0% | -710.6% | -569.2% | -718.5% | -1224.8% | -1559.7% |
| — | -44.5% | +32.8% | +0.8% | +89.4% | -53.9% | -53.6% | +29.5% | +54.4% | +36.8% | +19.7% | -35.4% | -144.0% | |
| Net Margin | -1444.1% | -1538.0% | -3743.9% | -5406.4% | -36.1% | -3727.9% | -1214.5% | -814.4% | -702.3% | -563.7% | -628.6% | -1534.2% | -1541.8% |
| — | +58.7% | -208.3% | -563.9% | +94.9% | -561.4% | -93.2% | +46.9% | +54.4% | +1.2% | +8.5% | -71.1% | -128.6% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -77.6% | -5.6% | -20.5% | -37.1% | -4.0% | -376.4% | — | — | — | — | -183.1% | — | — |
| — | +98.5% | — | — | — | — | — | — | — | — | — | — | — | |
| ROA | -63.7% | -4.8% | -16.4% | -28.6% | -2.1% | -69.0% | -40.8% | -32.2% | -32.1% | -25.3% | -33.9% | -100.0% | -89.7% |
| — | +93.1% | +59.8% | +11.1% | +93.6% | -172.9% | -20.4% | +67.8% | +64.3% | +39.4% | -7.8% | -210.9% | -172.7% | |
| ROIC | -102.0% | -53.0% | — | — | — | — | -167.6% | -160.5% | -182.0% | -252.3% | -3526.2% | — | -488.9% |
| — | — | — | — | — | — | +95.2% | — | +62.8% | -13.5% | -3101.8% | — | -583.5% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The current ratio has improved 590.4% YoY to 42.38x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.06 | 0.06 | 0.19 | 0.61 | — | — | — | — | 5.40 | — | — |
| — | -98.5% | — | — | — | — | — | — | — | — | — | — | — | |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 42.38 | 42.38 | 54.68 | 42.99 | 20.73 | 6.14 | 1.36 | 1.09 | 3.10 | 4.18 | 1.34 | 0.38 | 0.82 |
| — | +590.4% | +3925.8% | +3835.4% | +568.2% | +46.8% | +1.1% | +186.2% | +276.2% | +381.7% | -25.5% | -40.2% | -14.9% | |
| Quick Ratio | 42.25 | 42.25 | 54.49 | 42.86 | 20.61 | 6.08 | 1.28 | 1.04 | 2.91 | 4.00 | 1.29 | 0.31 | 0.70 |
| — | +594.6% | +4142.5% | +4010.0% | +608.2% | +52.2% | -0.5% | +233.6% | +315.4% | +446.6% | -20.7% | -46.1% | -21.9% | |
| Interest Coverage | — | — | -137.99 | -128.65 | -49.96 | -48.52 | -17.49 | -16.24 | -15.36 | — | -10.46 | -10.62 | -116.46 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 20 years · Updated daily
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D-Wave Quantum Inc.'s current P/E is -19.8x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
D-Wave Quantum Inc.'s current operating margin is -408.2%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking D-Wave Quantum Inc.'s business trajectory between earnings reports.