Stocks · Technology · Computer Hardware
D-Wave Quantum Inc. QBTS
$15.64 -0.82% Close, Oct 5, 2026 · NASDAQ · Market cap $5.79B
Weak trendExpensive vs sectorHigh risk
Next earnings report: Nov 5, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Operating margin narrowed to -1372.9% from -353.1% a year earlier.
- The diluted share count rose 26.0% in a year.
- Revenue over the last four quarters was $12.4M, down 44.2% from a year earlier, slowing from -41.7% a quarter earlier.
PromtFinance scores
Each score is a percentile within the Technology sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 6, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Bottom 1%
- Revenue growth, 3-year CAGRTop 6%
- Revenue growth accelerationBottom 21%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalBottom 17%
- Gross marginTop 34%
- Operating marginBottom 3%
- Accruals (lower is better)Top 29%
- Interest coverBottom 15%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 23%
- Free-cash-flow yieldBottom 20%
- EBITDA / enterprise valueBottom 16%
- Sales / enterprise valueBottom 1%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthBottom 13%
- 6-month returnBottom 37%
- 1-year return vs S&P 500Bottom 13%
- Distance from 52-week highBottom 8%
- Trend checklist (0–4)Bottom 10%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersBottom 5%
- Consecutive EPS beatsBottom 12%
- Share of analysts rating BuyTop 5%
- Upside to consensus price targetTop 10%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Bottom 18%
- Maximum drawdown, 3 yearsBottom 31%
- Beta vs S&P 500 (lower is better)Bottom 7%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | -41.7% | -44.2% | ↓ |
| Gross margin | 82.5% | 64.2% | ↓ |
| Operating margin | -353.1% | -1372.9% | ↓ |
| FCF margin | -238.6% | -958.4% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | -44.2% | -41.7% | ↓ | Bottom 1% |
| Gross margin | 64.2% | 82.5% | ↓ | Top 34% |
| Operating margin | -1372.9% | -353.1% | ↓ | Bottom 3% |
| Net margin | -2001.6% | -1263.9% | ↓ | — |
| Free-cash-flow margin | -958.4% | -238.6% | ↓ | — |
| Return on invested capital | -13.5% | — | Bottom 17% | |
| Revenue growth, 3-year CAGR | 50.8% | — | Top 6% |
Quality of earnings and balance sheet
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -11.9%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 250.5%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- +27.1 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- Net cash
- Interest cover (operating income / interest)How many times operating profit covers interest.
- -17.7×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- -1.79%
- Shareholder yield
- -1.79%
- Share count change, 1 year
- +26.0%
- Share count change, 3-year CAGR
- +42.8%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Aug 6, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 0
- Beats in the last 8 reports
- 2 of 8
- Average EPS surprise, last 4
- -100.0%
- Average 2-day reaction, last 8
- +6.3%
- Positive 20 days after report
- 3 of 8
Analysts
- Consensus price target
- $34.38
- Target vs current price
- +119.8%
- Analysts with a rating
- 13
- Share rating Buy or Strong Buy
- 100%
- Consensus rating
- Buy
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Aug 6, 2026 | -18.1% | -9.3% | -3.0% | -22.9% | — |
| May 12, 2026 | +34.7% | -7.0% | -20.7% | -2.1% | -19.2% |
| Feb 26, 2026 | -140.0% | +2.5% | -3.8% | -17.6% | +31.0% |
| Nov 6, 2025 | -525.1% | -8.5% | -14.9% | -7.4% | -31.0% |
| Aug 7, 2025 | -816.7% | -2.3% | +6.1% | -13.0% | +105.4% |
| May 8, 2025 | +60.0% | +51.2% | +60.8% | +139.0% | +149.3% |
| Mar 13, 2025 | -311.1% | +18.7% | +82.1% | +23.7% | +219.9% |
| Nov 14, 2024 | +0.0% | +5.1% | -6.2% | +119.7% | +239.3% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Aug 6, 2026 | -$0.10 | -$0.08 | -18.1% | $3.1M |
| May 12, 2026 | -$0.05 | -$0.08 | +34.7% | $2.9M |
| Feb 26, 2026 | -$0.12 | -$0.05 | -140.0% | $2.8M |
| Nov 6, 2025 | -$0.41 | -$0.07 | -525.1% | $3.7M |
| Aug 7, 2025 | -$0.55 | -$0.06 | -816.7% | $3.1M |
| May 8, 2025 | -$0.02 | -$0.05 | +60.0% | $15.0M |
| Mar 13, 2025 | -$0.37 | -$0.09 | -311.1% | $2.3M |
| Nov 14, 2024 | -$0.08 | -$0.08 | +0.0% | $1.9M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| EV / Sales | 443.32× | — | — | Bottom 1% |
| Free-cash-flow yield | -2.06% | — | — | Bottom 20% |
| Earnings yield | -4.54% | — | — | Bottom 23% |
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✗ Price above 200-day average
- ✗ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 0
- 50-day average slope (20 days)
- -6.2%
- 200-day average slope (20 days)
- -3.5%
- Distance from 50-day average
- -13.7%
- Distance from 200-day average
- -24.6%
- RSI (14)
- 38.3
- Relative volume
- 0.98×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 86.9%
- Volatility vs own 5-year history
- 31th percentile · Normal for this stock
- Beta vs S&P 500 (2 years, weekly)
- 2.77
- Correlation with S&P 500
- 0.26
- Current drawdown from 1-year high
- -65.1%
- Maximum drawdown, 3 years
- -71.0%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Aug 9, 2022 | May 12, 2023 | -96.7% | 191 days | 505 days (May 19, 2025) |
| Oct 15, 2025 | Mar 30, 2026 | -71.0% | 113 days | Not yet recovered |
| Jul 23, 2025 | Aug 21, 2025 | -27.0% | 21 days | 18 days (Sep 17, 2025) |
| May 22, 2025 | Jun 27, 2025 | -26.4% | 24 days | 13 days (Jul 17, 2025) |
| Feb 5, 2021 | Aug 2, 2022 | -25.4% | 374 days | 5 days (Aug 9, 2022) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $5.79B
- EPS, diluted (TTM)
- -$0.71
- Revenue (TTM)
- $12.4M
- 52-week range
- $12.75 – $46.75
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $6.3M | $7.2M | $8.8M | $8.8M | $24.6M |
| Gross profit | $4.5M | $4.3M | $4.6M | $5.6M | $20.3M |
| Operating income | -$38.9M | -$59.5M | -$80.5M | -$77.2M | -$100.4M |
| Net income | -$41.0M | -$53.7M | -$82.7M | -$143.9M | -$355.1M |
| EPS (diluted) | -$0.33 | -$0.45 | -$0.60 | -$0.75 | -$1.11 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9M | $2.3M | $15.0M | $3.1M | $3.7M | $2.8M | $2.9M | $3.1M |
| Net income | -$22.7M | -$86.1M | -$5.4M | -$167.3M | -$140.0M | -$42.3M | -$18.4M | -$48.0M |
| EPS (diluted) | -$0.11 | -$0.37 | -$0.02 | -$0.57 | -$0.41 | -$0.12 | -$0.05 | -$0.13 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 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 |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Net share buybacks | $85,000 | $40.0M | $63.7M | $214.2M | $789.7M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $546.2M
- Total assets
- $1.16B
- Total liabilities
- $75.3M
- Total debt
- $13.1M
- Net debt
- -$283.6M
- Shareholders’ equity
- $1.08B
As of Jun 30, 2026 (filed Aug 6, 2026).
Short interest
- Shares sold short
- 67,980,668
- Days to cover
- 4.69
- Change vs previous report
- -4.9%
FINRA short interest, settlement date Sep 15, 2026.