D-Wave Quantum Inc. (QBTS) Key Metrics
QBTS valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $4.47B
- Enterprise value
- $5.88B
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 359.9 10-yr median 189.4
- Price / book
- 5.9 10-yr median 25.8
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- 2.17
QBTS key metrics, 2020–2025
Fiscal year ended December 31, 2025 · U.S. dollarsQBTS valuation Price multiples at each fiscal year-end price.
Price / sales+86.8%
341.6
2025 · hover or tap a bar for each year
20202025
Price / book−61.7%
9.9
2025 · hover or tap a bar for each year
20202025
Free cash flow yield+1.9 pts
−0.9%
2025 · hover or tap a bar for each year
20202025
QBTS returns How much profit the business earns on the capital it uses.
Return on equity+676.4 pts
−77.6%
2025 · hover or tap a bar for each year
20202025
Return on assets+47.4 pts
−63.7%
2025 · hover or tap a bar for each year
20202025
Free cash flow margin+198.5 pts
−308.5%
2025 · hover or tap a bar for each year
20202025
Asset turnover−35.3%
0.04
2025 · hover or tap a bar for each year
20202025
QBTS per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+66.6%
$0.08
2025 · hover or tap a bar for each year
20202025
Earnings per share
−$1.11
2025 · hover or tap a bar for each year
20202025
Free cash flow per share
−$0.24
2025 · hover or tap a bar for each year
20202025
Book value per share+713.7%
$2.65
2025 · hover or tap a bar for each year
20202025
Shares outstanding+67.2%
321.2M
2025 · hover or tap a bar for each year
20202025
QBTS financial health Debt, liquidity and how easily interest is covered.
Debt / equity−91.7%
0.05
2025 · hover or tap a bar for each year
20202025
Net debt−$701.4M
−$841.0M
2025 · hover or tap a bar for each year
20202025
Current ratio+590.4%
42.38
2025 · hover or tap a bar for each year
20202025
Interest coverage
-25.0
2025 · hover or tap a bar for each year
20202025
Debt / assets−75.3%
0.05
2025 · hover or tap a bar for each year
20202025
QBTS efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−23 days
48 days
2025 · hover or tap a bar for each year
20202025
Days of inventory−20 days
190 days
2025 · hover or tap a bar for each year
20202025
Days payables outstanding−52 days
75 days
2025 · hover or tap a bar for each year
20202025
Cash conversion cycle+9 days
163 days
2025 · hover or tap a bar for each year
20202025
Capex / revenue−8.2 pts
15.7%
2025 · hover or tap a bar for each year
20202025
QBTS valuation history
Fiscal year-endToday6-year median
QBTS returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
QBTS debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
QBTS cash returned to shareholders
DividendsBuybacksFree cash flow
QBTS price vs earnings per share
Share price at year-endEPS (right axis)
QBTS key metrics
2020–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Valuation | ||||||
| Market capitalization | $8.40B | $1.61B | $121.4M | $172.3M | $1.23B | $1.14B |
| Enterprise value | $7.56B | $1.47B | $152.8M | $207.5M | $1.26B | $1.13B |
| Price / sales | 341.6 | 182.8 | 13.9 | 24.0 | 196.0 | 221.4 |
| Price / book | 9.9 | 25.8 | — | — | — | 34.9 |
| EV / sales | 307.4 | 167.0 | 17.4 | 28.9 | 200.8 | 218.2 |
| Earnings yield | −4.2% | −8.9% | −68.1% | −31.2% | −3.3% | −1.9% |
| Free cash flow yield | −0.9% | −2.8% | −50.5% | −26.5% | −3.0% | −2.6% |
| Dividend yield | — | — | 0.4% | 0.0% | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% |
| Share price at fiscal year-end | $26.15 | $8.40 | $0.88 | $1.44 | $9.82 | $10.41 |
| Per share | ||||||
| Revenue per share | $0.08 | $0.05 | $0.06 | $0.06 | $0.05 | $0.05 |
| Earnings per share | −$1.11 | −$0.75 | −$0.60 | −$0.45 | −$0.33 | −$0.20 |
| Operating cash flow per share | −$0.22 | −$0.22 | −$0.44 | −$0.38 | −$0.28 | −$0.27 |
| Free cash flow per share | −$0.24 | −$0.23 | −$0.44 | −$0.38 | −$0.29 | −$0.27 |
| Cash per share | $2.75 | $0.93 | $0.30 | $0.06 | $0.08 | $0.19 |
| Book value per share | $2.65 | $0.33 | −$0.18 | −$0.25 | −$0.15 | $0.30 |
| Tangible book value per share | $2.65 | $0.32 | −$0.18 | −$0.25 | −$0.15 | $0.30 |
| Dividends per share | — | — | $0.00 | $0.00 | $0.00 | $0.00 |
| Capex per share | $0.01 | $0.01 | $0.00 | $0.00 | $0.02 | $0.01 |
| Debt per share | $0.14 | $0.20 | $0.53 | $0.35 | $0.31 | $0.04 |
| Shares outstanding | 321.2M | 192.1M | 138.0M | 119.6M | 125.3M | 109.7M |
| Change in shares outstanding | +67.2% | +39.2% | +15.3% | −4.5% | +14.2% | — |
| Returns & profitability | ||||||
| Return on equity (ROE) | −77.6% | −754.0% | — | — | — | −67.1% |
| Return on invested capital (ROIC) | — | — | — | −541.7% | −222.7% | −154.8% |
| Return on assets (ROA) | −63.7% | −111.0% | −191.7% | −190.4% | −106.5% | −46.3% |
| Return on tangible assets | −38.8% | −72.2% | −139.8% | −201.1% | −140.3% | −46.4% |
| Free cash flow margin | −308.5% | −507.0% | −699.7% | −637.4% | −586.1% | −582.9% |
| Financial health | ||||||
| Total debt | $43.5M | $38.4M | $72.7M | $42.3M | $39.4M | $4.7M |
| Cash & short-term investments | $884.5M | $178.0M | $41.3M | $7.1M | $9.5M | $21.3M |
| Net debt | −$841.0M | −$139.6M | $31.3M | $35.2M | $29.9M | −$16.7M |
| Debt / equity | 0.05 | 0.61 | — | — | — | 0.14 |
| Debt / assets | 0.05 | 0.19 | 1.22 | 1.57 | 1.34 | 0.10 |
| Current ratio | 42.38 | 6.14 | 4.18 | 0.87 | 1.53 | 3.45 |
| Quick ratio | 42.25 | 6.08 | 4.00 | 0.73 | 1.33 | 3.24 |
| Interest coverage | -25.0 | -19.8 | -37.4 | -25.5 | -9.7 | -6.1 |
| Working capital | $875.1M | $154.9M | $35.8M | −$2.1M | $5.6M | $29.3M |
| Invested capital | $11.2M | −$77.0M | $6.9M | $5.8M | $11.6M | $16.1M |
| Tangible asset value | $851.3M | $62.2M | −$24.7M | −$29.7M | −$18.6M | $32.6M |
| Net current asset value | $832.6M | $47.8M | −$36.8M | −$42.5M | −$31.8M | $26.6M |
| Graham net-net per share | $2.57 | $0.22 | −$0.29 | −$0.40 | −$0.29 | $0.18 |
| Capital allocation | ||||||
| Dividends paid | — | — | $491,000 | $0 | $0 | $0 |
| Share buybacks (net) | $0 | $0 | $416,000 | $0 | — | — |
| Capex / revenue | 15.7% | 23.9% | 7.2% | 6.9% | 31.8% | 15.3% |
| Capex / depreciation | 1.67 | 1.09 | 0.34 | 0.21 | 0.77 | 0.29 |
| Stock-based compensation / revenue | 92.2% | 177.4% | 250.3% | 127.8% | 27.7% | 57.9% |
| R&D / revenue | 206.3% | 399.9% | 432.5% | 447.5% | 404.5% | 395.6% |
| SG&A / revenue | 284.5% | 538.0% | 540.0% | 440.6% | 287.9% | 296.5% |
| Efficiency | ||||||
| Days sales outstanding | 47.8 | 70.5 | 56.9 | 80.1 | 530.6 | 1,144.9 |
| Days of inventory on hand | 190.2 | 210.5 | 188.6 | 269.1 | 483.4 | 1,005.6 |
| Days payables outstanding | 75.2 | 127.5 | 230.4 | 366.2 | 446.9 | 868.0 |
| Cash conversion cycle (days) | 162.8 | 153.5 | 15.1 | -17.0 | 567.1 | 1,282.5 |
| Receivables turnover | 7.64 | 5.18 | 6.41 | 4.56 | 0.69 | 0.32 |
| Payables turnover | 4.85 | 2.86 | 1.58 | 1.00 | 0.82 | 0.42 |
| Inventory turnover | 1.92 | 1.73 | 1.94 | 1.36 | 0.76 | 0.36 |
| Asset turnover | 0.04 | 0.07 | 0.20 | 0.25 | 0.16 | 0.11 |
| Average receivables | $3.2M | $1.7M | $1.4M | $1.6M | $9.1M | $16.2M |
| Average payables | $882,500 | $1.1M | $2.6M | $2.9M | $2.1M | $2.2M |
| Average inventory | $2.2M | $1.9M | $2.1M | $2.2M | $2.3M | $2.5M |
| Intangibles / total assets | 0.1% | 0.2% | 0.3% | 0.9% | 0.9% | 0.3% |
Computed from QBTS's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
QBTS valuation and financial ratios
D-Wave Quantum earned a return on equity of −77.6% in fiscal 2025. It ended the year with $43.5 million of debt and $884.5 million in cash and short-term investments, a net cash position of $841.0 million. The share count rose 192.7% from 109.7M to 321.2M over 5 years.
See the QBTS income statement, the QBTS chart for price history, or the QBTS stock overview for the latest quote and news.
QBTS key metrics FAQ
What is D-Wave Quantum's return on equity?
D-Wave Quantum's return on equity (ROE) was −77.6% in fiscal 2025: net income of -$355.1 million on average shareholders' equity of $457.4 million.
How much debt does D-Wave Quantum have?
D-Wave Quantum had total debt of $43.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.05 and more cash than debt.
What is D-Wave Quantum's free cash flow yield?
D-Wave Quantum generated -$75.8 million of free cash flow in fiscal 2025, a free cash flow yield of −0.9% on its market value at year-end ($8.4 billion).
What is D-Wave Quantum's current ratio?
D-Wave Quantum's current ratio was 42.38 at the end of fiscal 2025: current assets were 42.38 times current liabilities.