Rankings Tech hardware & optics D-Wave Quantum
D-Wave Quantum
26
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Multiples vs own history and peers−34
- Margin−12
- Cash flow and dilution−8
Strengths
- Net cash+2
- Order backlog+2
How the score is built
From 100 to 26, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 10.09 USD
- Median analyst target
- 36.00 USD
- Upside to median
- +256.8%
- Analysts
- 17
- Target range
- 18.36 – 43.00 USD
- 52-week change
- −73%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−23 of −30
- −12MarginOperating result is −$170.6m TTM on revenue of $12.4m (operating margin −1,373% vs −408% in 2025); the loss has grown every year from −$39m in 2021. Gross margin fell from 82.6% (2025) to 64.2% TTM. The loss counts here and not again under ROIC.
- −6Quality of growthQ2 revenue was 3.1m $, unchanged from Q2 2025, and TTM revenue is down 44%. Recurring QCaaS revenue is only 6.4m $ TTM (6.8m $ in 2024); growth in 2025 came from a single system sale. Q2 bookings were only 2.1m $.
- −5Capital allocationQuantum Circuits was bought in January 2026 for 538.5m $ (256m $ in cash and 10.4m shares); 342.6m $ was booked as goodwill. Liquidity fell from 884 to 546m $ in half a year, and P/TBV is 11.1.
Price
Today's multiples against the company's own history and its peers. · 1 finding−34 of −35
- −34Multiples vs own history and peersP/S 473 and EV/Sales 433 TTM are above its entire own history (P/S 16–372 in 2022–2025), and forward P/S is 90 on analysts' 2026 estimate ($42.5m). By comparison IonQ trades at approx. 72 times revenue. The market value is $5.9bn for a business with no profit in sight (2027 EPS estimate −$0.38).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−15 of −35
- −8Cash flow and dilutionThe share count has risen 40% over a year (67% in 2025) after share issuances of $790m in 2025, and FCF is −$119m TTM. Shelf registrations of about $330m have been filed, and the CHIPS deal (8/9) is paid with new shares worth $100m to the Department of Commerce.
- −3Customer concentrationOne customer accounted for 41% of revenue in Q2 2026 and 35% in the first half.
- −2Technology and strategy changeD-Wave has built on quantum annealing, but with the Quantum Circuits acquisition has shifted to also betting on the gate model, where IonQ, IBM and Google are far ahead; the target of 100 logical qubits is only in 2032.
- −2Macro and sentimentThe stock is −52% over 52 weeks with beta 2.2, and 18% of shares are sold short.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Net cashNet cash $498m ($546m in cash and bonds vs $48m debt), approx. 8.5% of the market cap, and no warrant obligations.
- +2Order backlogBookings in the first half of 2026 of $35.5m (+1,120%) and remaining performance obligations (RPO) of $40.7m, up 668%; Forbes Global 2000 customers accounted for 47.7% of Q2 revenue.
Caveats
What the score does not capture, or where the data is weak.
Loss: operating margin −1,373% and FCF USD −119m TTM, so P/E and PEG are meaningless. TTM revenue (USD 12.4m) is low because 2025 contained a one-off system sale (Advantage2 to Florida Atlantic University); revenue is lumpy. The 10-Q for Q2 2026 mentions no active ATM programme (the old ATM programmes were closed in 2025), but there are shelf registrations of approx. USD 330m (January 2026), and shares for USD 100m are being issued to the US Department of Commerce as part of the CHIPS deal. Insider trades have not been examined. The Nordnet list showed a price of USD 0; price from Stockanalysis (USD 15.79 at 6/10).
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