Technology · Computer Hardware
Price
$22.76
Market Cap
$8.4B
Employees
216
Beta
2.06
Avg Volume
34,735,209
CEO
Alan E. Baratz
Business Description
Operating globally, D-Wave Quantum Inc. specializes in developing and supplying quantum computing systems, software, and related services. Their offerings include Advantage, a pioneering fifth-generation quantum computer, and Launch, an onboarding service designed for quantum computing adoption. The company also provides Ocean, a comprehensive suite of open-source programming tools. Furthermore, Leap is a cloud-based service that enables real-time interaction with a live quantum computer. This service further provides access to Advantage, along with hybrid problem-solving tools, the Ocean Software Development Kit, live code samples, demonstrations, learning resources, and a vibrant developer community. Additionally, D-Wave provides a dedicated "D-Wave Launch" professional service, guiding enterprises from initial problem identification through to production deployment of quantum applications. Their quantum solutions are leveraged across various domains such as artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. They serve industries including manufacturing, logistics, financial services, and life sciences, among others. D-Wave Quantum Inc. is headquartered in Burnaby, Canada.
Business History
Price Overview
Last updated: Jun 27, 2026 10:03am (just now)$22.76
+0.85 (+3.88%)
Day Range
$20.93 – $22.78
52-Week Range
$12.75 – $46.75
50-Day MA
$23.18
200-Day MA
$24.03
Volume
18,473.00
Analyst Price Targets
Low
$22.00
Consensus
$33.25
High
$41.00
(20 analysts)
Share Structure
Outstanding
367,269,074.00
Float
357,288,097.00
Free Float
97.3%
High free float
— 97.3% of shares trade freely, ~2.7% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-20.50
Stock Price: $22.76
EPS (Diluted): -1.11
EPS (Diluted): -1.11
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
9.86
Stock Price: $22.76
Total Equity: $852.23M
Shares: 321,202,025
Total Equity: $852.23M
Shares: 321,202,025
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-20.86
Market Cap: $8.36B
Total Debt: $35.96M
Cash: $635.35M
EBITDA: -$348.74M
Total Debt: $35.96M
Cash: $635.35M
EBITDA: -$348.74M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$7.8B
Market Cap: $8.36B
Total Debt: $35.96M
Cash: $635.35M
Total Debt: $35.96M
Cash: $635.35M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
341.62
Stock Price: $22.76
Revenue: $24.59M
Shares: 321,202,025
Revenue: $24.59M
Shares: 321,202,025
EV/Sales (Total value vs revenue — works when P/E can't)
API317.55
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
82.6%
Gross Profit: $20.31M
Revenue: $24.59M
Revenue: $24.59M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-408.2%
Operating Income: -$100.37M
Revenue: $24.59M
Revenue: $24.59M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-1,444.1%
Net Income: -$355.06M
Revenue: $24.59M
Revenue: $24.59M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-44.1%
Net Income: -$355.06M
Total Equity: $852.23M
Total Equity: $852.23M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-11.4%
Operating Income: -$100.37M
Tax Rate: 0.0%
Equity: $852.23M
Total Debt: $35.96M
Cash: $635.35M
Tax Rate: 0.0%
Equity: $852.23M
Total Debt: $35.96M
Cash: $635.35M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
42.38
Current Assets: $896.23M
Current Liabilities: $21.15M
Current Liabilities: $21.15M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.04
Short-Term Debt: $134,000
Long-Term Debt: $35.83M
Total Debt: $35.96M
Total Equity: $852.23M
Long-Term Debt: $35.83M
Total Debt: $35.96M
Total Equity: $852.23M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$0.08
Revenue: $24.59M
Shares: 321,202,025
Shares: 321,202,025
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$2.65
Total Equity: $852.23M
Shares: 321,202,025
Shares: 321,202,025
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.24
Operating CF: -$71.98M
CapEx: -$3.86M
Shares: 321,202,025
CapEx: -$3.86M
Shares: 321,202,025
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $22.76
Stock Price: $22.76
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$355.06M
Net Income: -$355.06M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares QBTS against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 24, 2026 3:50pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.3M | $7.2M | $8.8M | $8.8M | $24.6M |
| Cost of Revenue | $1.8M | $2.9M | $4.1M | $3.3M | $4.3M |
| Gross Profit | $4.5M | $4.3M | $4.6M | $5.6M | $20.3M |
| Operating Expenses | $43.5M | $63.7M | $85.2M | $82.8M | $120.7M |
| Operating Income | -$38.9M | -$59.5M | -$80.5M | -$77.2M | -$100.4M |
| Net Income | -$41.0M | -$53.7M | -$82.7M | -$143.9M | -$355.1M |
| EBITDA | -$34.4M | -$49.0M | -$80.8M | -$138.1M | -$348.7M |
| EPS | $-0.33 | $-0.45 | $-0.60 | $-0.75 | $-1.11 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 3:50pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $9.5M | $7.1M | $41.3M | $178.0M | $635.3M |
| Total Current Assets | $16.0M | $13.9M | $47.0M | $185.0M | $896.2M |
| Total Assets | $29.5M | $26.9M | $59.4M | $199.9M | $915.8M |
| Current Liabilities | $10.4M | $16.0M | $11.3M | $30.1M | $21.1M |
| Long-Term Debt | $30.3M | $31.2M | $63.9M | $30.1M | $35.8M |
| Total Liabilities | $47.8M | $56.4M | $83.8M | $137.2M | $63.6M |
| Total Equity | -$18.4M | -$29.5M | -$24.5M | $62.6M | $852.2M |
| Retained Earnings | -$346.6M | -$400.3M | -$483.1M | -$626.9M | -$982.0M |
Cash Flow (Annual)
Last updated: Jun 24, 2026 3:50pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$34.8M | -$45.2M | -$60.6M | -$42.6M | -$72.0M |
| Capital Expenditure | -$2.0M | $-498,000 | $-630,000 | -$2.1M | -$3.9M |
| Free Cash Flow | -$36.8M | -$45.7M | -$61.3M | -$44.7M | -$75.8M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$11.9M | -$2.4M | $34.2M | $136.7M | $457.4M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 6:31am (3h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$85.8M $52.3M – $135.2M
|
$143.4M $100.3M – $217.8M
|
$269.6M $188.6M – $409.4M
|
$428.3M $299.6M – $650.4M
|
| EBITDA |
-$85.8M -$135.2M – -$52.3M
|
-$143.4M -$217.8M – -$100.3M
|
-$269.6M -$409.4M – -$188.6M
|
-$428.3M -$650.4M – -$299.6M
|
| Net Income |
-$92.0M -$156.0M – -$28.0M
|
-$121.4M -$203.2M – -$74.0M
|
-$87.4M -$146.3M – -$53.2M
|
-$33.7M -$56.5M – -$20.6M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 3:50pm (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +14.2% | +22.1% | +0.8% | +178.5% |
| Gross Profit Growth | -6.2% | +8.8% | +20.4% | +265.0% |
| Operating Income Growth | -52.7% | -35.5% | +4.1% | -30.0% |
| Net Income Growth | -31.1% | -54.0% | -73.9% | -146.8% |
| EBITDA Growth | -42.7% | -64.9% | -70.8% | -152.6% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 6:31am (3h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-15 | Ghai Rohit | S-Sale | 13,518.00 | $26.41 | $357,055 |
| 2026-06-12 | Markovich John M. | S-Sale | 46,043.00 | $24.01 | $1.1M |
| 2026-06-15 | Markovich John M. | S-Sale | 100,000.00 | $25.75 | $2.6M |
| 2026-06-15 | Markovich John M. | S-Sale | 100,000.00 | $25.68 | $2.6M |
| 2026-06-15 | Markovich John M. | F-InKind | 10,584.00 | $23.37 | $247,348 |
| 2026-06-15 | Nguyen Diane | F-InKind | 3,191.00 | $23.37 | $74,574 |
| 2026-06-15 | BLACK STANLEY T | F-InKind | 1,535.00 | $23.37 | $35,873 |
| 2026-06-15 | AMES SOPHIE C | F-InKind | 1,544.00 | $23.37 | $36,083 |
| 2026-06-08 | BARATZ ALAN E | M-Exempt | 213,232.00 | $0.85 | $180,394 |
| 2026-06-08 | BARATZ ALAN E | M-Exempt | 474,395.00 | $0.91 | $431,699 |
| 2026-06-08 | BARATZ ALAN E | S-Sale | 687,627.00 | $26.13 | $18.0M |
| 2026-06-08 | BARATZ ALAN E | M-Exempt | 474,395.00 | $0.91 | $431,699 |
| 2026-06-08 | BARATZ ALAN E | M-Exempt | 213,232.00 | $0.85 | $180,394 |
| 2026-06-08 | Markovich John M. | S-Sale | 50,979.00 | $26.24 | $1.3M |
| 2026-06-09 | Markovich John M. | S-Sale | 70.00 | $26.54 | $1,858 |
| 2026-06-04 | Biscay Roger | A-Award | 9,357.00 | $0.00 | $0 |
| 2026-06-05 | DiLullo John D | S-Sale | 7,850.00 | $24.43 | $191,809 |
| 2026-06-04 | Holt Sharon E | A-Award | 9,357.00 | $0.00 | $0 |
| 2026-06-04 | WEST STEVEN M | A-Award | 9,357.00 | $0.00 | $0 |
| 2026-06-04 | Nielsen Kirstjen | A-Award | 9,357.00 | $0.00 | $0 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for QBTS — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30