D-Wave Quantum Inc.
QBTSAbout the company
D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide. It provides Advantage and Advantage 2 quantum computers; Ocean, a suite of open-source tools; and Leap quantum cloud service, a cloud-based service that provides real-time access to quantum computers and quantum hybrid solvers; and secure access and data protection services, as well as Ocean software development kit (SDK), a Python-based SDK for developers to learn and build applications on company's server.
Investment snapshot
Positive
2
BUY / PASS
Neutral / negative
1 / 13
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 17
Positive margin of safety
Strongest signal
10 of 12 pass — Buffett and Marks object
Key risk
No clean pass — all 16 investors flag at least one profitability criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | FAIL · Rank #2315 (Top 74.7%) | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Annual history · FY 2025 Latest source filing: 2026-08-06 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-06-30 · TTM ended 2026-06-30 vs 2025-06-30 · TTM ended 2026-06-30 Latest source filing: 2026-08-06 Score computed: 2026-11-14 | TTM ended 2026-06-30 Latest source filing: 2026-08-06 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01 Latest source filing: 2026-08-06 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-06 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-06 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01 Latest source filing: 2026-08-06 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-06 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-26 Score computed: 2026-11-14 | TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-08-06 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 Latest source filing: 2026-08-06 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-06 Score computed: 2026-11-14 | TTM ended 2026-06-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-08-06 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage83% pass✓ 13✗ 2▾
10 of 12 pass — Buffett and Marks object
LT Debt vs Net Current AssetsLT Debt $34.9M vs NCA $533.3M✓GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.04, IC: -4014.7x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.03✓Lynch< 0.33Cash - Long-term Debt$261.8M✓LynchPositive preferredLT Debt / Total Assets Change15.08% -> 3.91%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities20.55✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.03✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0.03✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-4014.7x, D/EBITDA=N/A✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.03✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0322; #871/4210 (top 20.7%)✓AsnessTop 30% of eligible cross-section
Where It Falls Short
- Profitability0% pass✓ 4✗ 31▾
No clean pass — all 16 investors flag at least one profitability criterion
Positive EPS (10 years)0/7 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)0/7 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-125.7%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-408.2% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-355.1M✗BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-23.0%✗Lynch> 15%EBIT / Enterprise Value-5.1%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-5.1%, ROC=-65.9%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-38.77%✗PiotroskiROA > 0ROA Change YoY-71.99% -> -38.77% (delta: +33.22%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-7.86%, ROA=-38.77%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY63.0% -> 82.6%✓PiotroskiImproved YoYPre-Tax Income / Revenue-1444.1%✗Dreman>= 8%Net Income / Shareholders' Equity-23.0%✗Dreman> 12%Margin of SafetyP/B=4.0x✗PabraiP/B < 1.5 or P/E < 15Return on Equity-125.7% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePositive Net Income Frequency0/6 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-1372.9%✗Ackman>= 15%Net Income / Shareholders Equity-23.0%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-919.7% (2023) -> -408.2% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 52.8% -> 82.6%, operating margin -919.7% -> -408.2%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-6.85%; #4007/6340 (top 63.2%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+0.69%; #3380/3702 (top 91.3%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity-22.96%; #3756/5226 (top 71.9%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.5639; #5007/5884 (top 85.1%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years0/6 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Valuation0% pass✓ 1✗ 27▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio4.0x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-5.1%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-5.1%, ROC=-65.9%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xPrice / Book Value per Share4.0x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=-10.4%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=-2.1%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=4.0x✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low174% of trailing low ($5.48)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-6.85%; #4007/6340 (top 63.2%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.2984; #3702/6449 (top 57.4%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share4.03x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change+1353.7%✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.0034; #4955/5247 (top 94.4%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-3.28%; #2853/4519 (top 63.1%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-52.86%; #5236/6202 (top 84.4%)✗OshaughnessyTop 10% of eligible cross-section - Cash Flow0% pass✓ 1✗ 11▾
No clean pass — all 10 investors flag at least one cash flow criterion
Free Cash Flow Proxy$-355.1M✗BuffettPositive and growingFCF Positive and Growing$-119.1M✗LynchPositive and growingOperating Cash Flow$-72.0M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-7.86%, ROA=-38.77%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldFCF Yield=-2.1%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive0/6 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-3.5%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency0/6 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-119.1M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-3.28%; #2853/4519 (top 63.1%)✗OshaughnessyTop 10% of eligible cross-section - Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: 42.5% vs Rev: -44.2%✗LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency0/6 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth22.1%✓Ackman>= 5%Positive EPS Growth Frequency✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 52.8% -> 82.6%, operating margin -919.7% -> -408.2%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR36.7%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Verdicts13% pass✓ 2✗ 14▾
Split decision: 13 FAIL · 2 PASS · 1 NEUTRAL
Overall verdict✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2315✓PiotroskiPASS (F-Score 5)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✓AckmanPASS (4/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #2201/2370 (Top 92.9%))✗NeffFAIL (1/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked) - Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag QBTS's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio20.55✓Graham>= 2.0ROIC (3-5 yr avg)-1177.2%✗Buffett> 10%ROIC - WACC-1187.2%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-65.9%✗Greenblatt> 25%Current Ratio Change YoY6.14 -> 42.38✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.04x -> 0.03x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities20.55✓Dreman> 1.5Return on Invested Capital-12.1%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-161.6%; FY2024: ROIC=-65.8%; FY2025: ROIC=-8.9%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -8.9%)✗SleepROIC > 12% in a majority of years
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 34.6% of shares last year.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-06-30 2025-07-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex, revenue, net income, operating income, gross profit, ebit. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6Bcurrent | -- | -- | $7.6Best. | $1.6Best. | $98.7Mest. | $100.5Mest. | $1.2Best. |
| Revenue | $12.4M↓44% | $3.1M↓1% | $2.9M↓81% | $24.6M↑179% | $8.8M↑1% | $8.8M↑22% | $7.2M↑14% | $6.3M |
| Operating Income | -$170.6M↓117% | -$53.3M↓101% | -$54.7M↓385% | -$100.4M↓30% | -$77.2M↑4% | -$80.5M↓35% | -$59.5M↓53% | -$38.9M |
| Net Income | -$248.7M↑12% | -$48.0M↑71% | -$18.4M↓239% | -$355.1M↓147% | -$143.9M↓74% | -$82.7M↓54% | -$53.7M↓31% | -$41.0M |
| EPS (Diluted) | -- | $-0.13↑76% | $-0.05↓150% | $-1.11↓48% | $-0.75↓25% | $-0.60↓40% | $-0.43↓72% | $-0.25 |
| Gross Margin | 64.2%↓22% | 55.4%↓13% | 63.6%↓31% | 82.6%↑31% | 63.0%↑19% | 52.8%↓11% | 59.2%↓18% | 72.1% |
| Operating Margin | -1372.9%↓289% | -1732.1%↓102% | -1914.9%↓2444% | -408.2%↑53% | -874.8%↑5% | -919.7%↓11% | -828.9%↓34% | -620.3% |
| ROE | -23.0%↑43% | — | — | -41.7%↑82% | -229.7%↓168% | 337.9%↑85% | 182.3%↓18% | 223.2% |
| Total Debt | $34.9M↑9% | $34.9M↑9% | $35.4M↑17% | $35.8M↑19% | $30.1M↓53% | $63.9M↑94% | $32.8M↑8% | $30.5M |
| Shareholders' Equity | $1.1B↑56% | $1.1B↑56% | $1.1B↑442% | $852.2M↑1260% | $62.6M↑356% | -$24.5M↑17% | -$29.5M↓61% | -$18.4M |
| Current Ratio | 20.55↓52% | 20.55↓52% | 21.41↑3% | 42.38↑590% | 6.14↑47% | 4.18↑382% | 0.87↓43% | 1.53 |
| Debt / Equity | 0.03↓30% | 0.03↓30% | 0.03↓78% | 0.04↓91% | 0.48↑118% | -2.61↓134% | -1.11↑33% | -1.66 |
| Operating Cash Flow | -$110.9M↓119% | -$28.5M↓86% | -$45.0M↓133% | -$72.0M↓69% | -$42.6M↑30% | -$60.6M↓34% | -$45.2M↓30% | -$34.8M |
| Free Cash Flow | -$119.1M↓124% | -$32.9M↓105% | -$46.0M↓134% | -$75.8M↓69% | -$44.7M↑27% | -$61.2M↓34% | -$45.6M↓25% | -$36.6M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Business Services
QBTS vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AUTOMATIC DATA PROCESSING INCADP | $122.3B | $309.93 | $21.9B | $4.4B | 73.2% | 0.82 | 24.2% | 1.05 | 4/9 | 5/9 | 3/7 | 0/3 | F-Score 6 | 5/11 |
| ELECTRONIC ARTS INC.EA | $52.9B | $209.70 | $7.5B | $887.0M | 13.1% | 0.22 | 15.4% | 1.05 | 1/9 | 4/9 | 4/7 | 0/3 | F-Score 6 | 6/11 |
| Rubrik, Inc.RBRK | $22.6B | $109.88 | $1.3B | $348.8M | 67.1% | — | -26.2% | 1.69 | 1/9 | 0/9 | 2/7 | 0/3 | F-Score 6 | 2/11 |
| AECOMACM | $9.1B | $70.50 | $16.1B | $561.8M | 22.5% | 1.09 | 6.4% | 1.14 | 1/9 | 3/9 | 3/7 | 1/3 | F-Score 8 | 2/11 |
| COMMVAULT SYSTEMS INCCVLT | $6.2B | $152.07 | $1.2B | $70.7M | 942.8% | — | 6.3% | 1.95 | 1/9 | 2/9 | 4/7 | 0/3 | F-Score 6 | 6/11 |
| WPP plcWPP | $6.0B | $27.79 | $18.2B | $289.5M | -8.5% | 1.94 | 2.8% | 0.89 | 1/9 | 2/9 | 1/7 | 0/3 | F-Score 3 | 2/11 |
| VARONIS SYSTEMS INCVRNS | $5.6B | $48.94 | $623.5M | $129.3M | -21.6% | 0.76 | -23.5% | 1.97 | 1/9 | 0/9 | 1/7 | 0/3 | F-Score 5 | 1/11 |
| ROBERT HALF INC.RHI | $4.3B | $42.00 | $5.4B | $133.0M | 10.4% | — | 1.4% | 1.53 | 2/9 | 5/9 | 1/7 | 0/3 | F-Score 5 | 2/11 |