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D-Wave Quantum Inc. (QBTS)

Subavaliada
TechnologyComputer HardwareUnited States

Fundamental

29

Preço

$16.57

Capitalização de Mercado

$6.64B

Parte 1 · Quanto vale a empresa

Visão Geral

D-Wave builds quantum computers that use a physical technique called quantum annealing, tuned for optimization problems — finding the best arrangement among a huge number of possibilities, such as scheduling or routing. Customers reach the machines mostly over the cloud rather than buying one outright, though some research institutions and government labs do buy systems for on-site use. In January 2026 the company agreed to acquire Quantum Circuits to add a second, gate-model quantum computing approach.

Como gera receita

Revenue comes from three sources: cloud subscription access to its quantum computers through the Leap platform, professional services helping customers build quantum applications, and outright sales of on-premises Advantage2 systems to research institutions and government buyers. System sales are large but infrequent, so revenue is described as lumpy — a single contract can move a quarter's results — rather than a smooth recurring stream.

Vantagem competitiva

Patentes e licenças · Estreita

D-Wave describes itself as the first company to deliver commercial-grade annealing quantum computing and the only vendor offering both annealing and, after the Quantum Circuits deal, gate-model systems. That head start is backed by patents, but the company itself lists patent validity and third-party infringement claims as risks, and warns that global competition — from both quantum and classical computing rivals — is intense.

O que impulsiona a procura

Cíclico

Much of the revenue comes from large, infrequent system sales and multi-year research or government contracts rather than steady recurring usage, so results swing with the timing of a handful of deals. The company itself has flagged that if even one expected contract slips, it changes the picture for that period, making revenue more lumpy than tied to a broad economic cycle.

Principais riscos

  • History of losses — The company states it has a history of losses and expects significant expenses and continuing losses for the foreseeable future as it builds out its technology and commercial base.
  • May need more capital sooner than planned — The company warns it may need additional financing sooner than expected and cannot guarantee it will be available on acceptable terms.
  • Intense global competition — The industry is competitive on a global scale from both quantum computing rivals and classical computing alternatives that can solve some of the same problems.
  • Unproven market adoption — Cloud-based quantum computing is a relatively new and unproven market, and the company cannot be certain that demand will develop as expected.
  • Intellectual property protection — The company may be unable to obtain, maintain or defend its patents, and third parties could bring infringement claims that are costly to fight regardless of outcome.

Os argumentos a favor

Buyers argue that being first to commercial-grade annealing quantum computing, now paired with a gate-model capability through the Quantum Circuits acquisition, gives D-Wave a technology lead just as government and enterprise interest in quantum computing accelerates, and that a fully funded cash position removes near-term financing risk.

Os argumentos contra

Sellers fear that revenue still depends on a small number of large, unpredictable system sales and research contracts, that commercial demand for quantum computing remains unproven at scale, and that a long history of losses means the business has yet to show it can fund itself from operations rather than continued equity raises.

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

Balanço & Liquidez

Receita

$12M

Últimos 12 meses (até 30/06/2026)

Resultado Líquido

$-249M

Últimos 12 meses (até 30/06/2026)

Fluxo de Caixa Livre

$-76M

Capital Próprio Total

$852M

Passivo Total

$64M

Rácio de Liquidez

20.55

Cobertura de Juros

25.01

Dívida/EBITDA

-

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Caso geralSubvalorizada

Valor Justo

$34.65

Preço Atual

$16.57

Margem de Segurança

+52.2%

Intervalo de Valor Justo

$32.92 - $36.38

Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.

Métodos de Estimativa

Preço-alvo dos analistas:$34.65
Fluxo de caixa descontado (DCF):Dados insuficientes para o calcular
Multiplicador de lucros (P/E):Dados insuficientes para o calcular
Fórmula de crescimento de Graham:Dados insuficientes para o calcular
Valor da capacidade de gerar lucro (EPV):Dados insuficientes para o calcular
P/B justificado:Dados insuficientes para o calcular
Desconto de dividendos (Gordon):Dados insuficientes para o calcular
P/FFO, fundos de operações:Dados insuficientes para o calcular
Lucros de meio de ciclo:Dados insuficientes para o calcular
Multiplicador sobre as receitas:$0.17
Consenso dos Analistas:Compra Forte (21B / 2H / 1S)
Última Surpresa de Resultados:-14.19%

Métricas de Avaliação

Rácio P/E

-

ROE

-41.7%

Rácio P/B

5.65

P/FCF

-

Margem Bruta

64.2%

ROIC

-11.9%

Radar de Rentabilidade

Criação de Valor (Vantagem Competitiva)

ROIC

-11.9%

WACC

16.9%

ROIC − WACC

-28.8 pp

O ROIC está abaixo do custo do capital — a empresa está a destruir valor a cada dólar investido.

Critérios de Análise Fundamental

Aprovado (9)

  • Price CAGR 8.32%
  • Gross Margin 64.2%
  • Debt/Equity ratio
  • Current Ratio
  • Interest Coverage
  • Revenue Growth 5Y 36.6%
  • Analyst Consensus 88% Buy
  • Earnings Surprise avg 16.8%
  • Piotroski F-Score 5/9

Reprovado (11)

  • EPS shows upward trend
  • ROIC -11.9%
  • P/B Ratio 5.65
  • Operating Margin -1372.9%
  • Positive Free Cash Flow
  • Return on Tangible Assets
  • Low reliance on intangibles
  • DCF valuation (Unknown)
  • ROE -26.7%
  • Share Dilution 66.7%
  • Net Margin Trend -2001.6% vs -1263.9%

Indisponível (7)

  • P/FCF NaN
  • Dividend Payout NaN%
  • CapEx intensity
  • Debt/EBITDA
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Earnings Quality (OCF/Net Income)

Piotroski F-Score

5/9

Sinais mistos: algumas áreas requerem atenção

score
criteria

Qualidade dos Resultados

-

Baixa qualidade: investigar a contabilidade

Diluição de Ações

66.7%

A emitir novas ações, diluindo a participação

Participações institucionais

Governação

Equipa Executiva

NomeCargoIdade
Dr. Alan E. Baratz Ph.D.President, CEO & Director70
Ms. Diane NguyenExecutive VP, Chief Legal Officer & General Counsel40
Mr. Eric LadizinskyCo-Founder & Chief Scientist-
Mr. Greg GolkovActing CFO and Principal Financial & Accounting Officer48
Mr. Stanley T. Black CISSPExecutive VP & Chief Information Security Officer59
Mr. Kevin M. HuntSenior Director of Investor Relations-
Ms. Allison SchwartzSenior Vice President of Global Government Relations & Public Affairs-
Ms. Michelle MaggsSenior Vice President of Marketing-
Ms. Sophie C. AmesExecutive VP & Chief Human Resources Officer60
Mr. Trevor LantingChief Development Officer-

Risco de Auditoria

2

Risco do Conselho

4

Risco de Remuneração

8

Risco dos Direitos dos Acionistas

8

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Documentos

  • Relatório anual (10-K)

    Uma visão anual do negócio, dos resultados financeiros e dos riscos da empresa.

    Arquivado em 2026-02-26

    Ver documento
  • Relatório trimestral (10-Q)

    Uma atualização sobre o desempenho financeiro dos últimos três meses.

    Arquivado em 2026-08-06

    Ver documento
  • Relatório de fato relevante (8-K)

    Um aviso sobre um fato relevante, como uma mudança na liderança ou um grande anúncio.

    Arquivado em 2026-10-01

    Ver documento

via SEC EDGAR

Histórico de Resultados

via SEC EDGAR

Latest News

Recent headlines for QBTS, sourced from Markets Gazette.

  • 6/5/2026POSITIVE
    D-Wave CEO Says Quantum Computing Is Moving Into Daily Business Operations After $10 Million Deal With Fortune 100 Firm

    D-Wave Quantum Inc. has secured a significant $10 million deal with an unnamed Fortune 100 company, marking a pivotal moment for quantum computing's integration into daily business operations. This agreement is expected to unlock an additional $120 million in active Quantum Computing as a Service (QCaaS) revenue capacity. The deal validates the tangible return on investment (ROI) for quantum computing solutions, signaling a maturation of the technology from theoretical applications to practical enterprise use. Investors should note this development as a key indicator of D-Wave's market traction and the broader potential for quantum computing adoption.

  • 5/22/2026NEUTRAL
    D-Wave Vice President Sophie Ames Sells $437,000 Worth Of Shares: QBTS Stock Is Trending Overnight

    D-Wave Quantum Inc. (QBTS) saw its shares trending overnight following reports of potential quantum funding from Donald Trump and an insider stock sale. Vice President Sophie Ames sold $437,000 worth of shares. While insider selling can sometimes signal a lack of confidence, the concurrent news of potential government quantum initiatives provides a counterbalancing factor. Investors are weighing the implications of both events, leading to mixed sentiment and increased trading activity.

  • 5/13/2026POSITIVE
    D-Wave Quantum Bookings Surge 16x To $32 Million In Q1

    D-Wave Quantum Inc. reported a significant surge in Q1 bookings, reaching $32 million, a 16-fold increase. Analyst John McPeake from Rosenblatt maintained a $43 price target, underscoring the company's strong performance. The upcoming Analyst Day on June 1st is also a key event to watch. This substantial growth in bookings indicates strong market demand for D-Wave's quantum computing solutions and suggests positive future revenue potential, which is a key indicator for investors in the high-growth technology sector.

  • 2/27/2026NEGATIVE
    Why D-Wave Quantum Computing Stock Crashed Today

    D-Wave Systems Inc., a pioneer in the quantum computing sector, experienced a significant stock price crash, reflecting growing investor concerns about its financial performance. The company continues to face operational losses and shrinking orders, signals that point to persistent market challenges. Despite the current situation, management has expressed cautious optimism, suggesting that positive free cash flow could be just around the corner. This future outlook, however, was not enough to mitigate the impact of the immediate negative news, prompting investors to liquidate positions. The market now awaits concrete evidence of D-Wave's ability to turn the tide.

  • 2/26/2026POSITIVE
    Why D-Wave Quantum Stock Popped Thursday Morning

    D-Wave Quantum Inc. has kicked off 2026 with a significant boost, securing a substantial $20 million order. This contract, announced Thursday morning, has fueled investor optimism, leading to a notable surge in the stock price. For market participants, an order of this magnitude not only strengthens the company's near-term revenue prospects in the quantum computing sector but also signals growing confidence and adoption of its innovative technologies. This development suggests a solid foundation for future growth and could attract further interest from institutional and retail investors, positioning D-Wave for a promising fiscal year.

  • 2/26/2026NEUTRAL
    D-Wave (QBTS) Q4 2025 Earnings Call Transcript

    D-Wave (QBTS) has announced the release of the Q4 2025 earnings call transcript. While specific details are not yet available, this event is crucial for investors seeking to delve into the company's financial performance and future outlook within the quantum computing sector. Analyzing such transcripts allows investors to grasp management strategies, challenges faced, and growth opportunities, providing essential insights for evaluating an investment in D-Wave and its competitive positioning in a rapidly evolving market.

  • 2/25/2026NEGATIVE
    Software Bear Market: Should You Buy the Dip in D-Wave Quantum Stock Right Now?

    The software sector is currently experiencing a significant downturn, marked by a historic drop in stock prices. Despite rising artificial intelligence infrastructure budgets and breakthroughs in generative AI models, which might otherwise be seen as positive catalysts, the market is reacting with a broad contraction. This "bear market" environment raises questions about the advisability of buying stocks like D-Wave Quantum Inc. at this time. Investors must carefully assess whether the current decline represents a long-term buying opportunity or a signal of further challenges for the sector, given the ongoing downward pressure.

  • 2/23/2026NEGATIVE
    Down 60%, Should You Buy the Dip on D-Wave Quantum?

    Shares of D-Wave Quantum (QBTS), a pioneer in quantum computing, have plummeted by 60%, raising questions about a potential 'buy the dip' opportunity. However, a deeper analysis reveals a complex picture. Even after the dramatic pullback, the stock continues to trade at a 'hefty premium.' This indicates that the company's valuation remains elevated relative to its current fundamentals, suggesting the market had previously priced in extremely optimistic growth expectations. For investors, this serves as a cautionary signal. The steep drop may not be enough to justify an entry, as the risk of further downside remains tangible until the valuation aligns with more realistic prospects. While the technology is promising, the stock's price is still considered too high.

via Markets Gazette