Rankings Tech hardware & optics Quantinuum

Quantinuum

Tech hardware & optics · United StatesRank 728 of 829Prices 2 Nov 2026Model 1.4

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Multiples vs peers and absolute level−34
Margin−12
Quality of growth−5

Strengths

Net cash+4
Order backlog+2

How the score is built

From 100 to 36, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

36Score

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: 30.95 USD
Median analyst target: 94.00 USD
Upside to median: +203.7%
Analysts: 13
Target range: 62.00 – 155.00 USD
52-week change: –
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? · 2 findings−17 of −30

Margin
Adjusted EBITDA was −$127m in the first half on revenue of $13.2m; GAAP operating result was −$632m incl. $447.5m of share-based compensation. GAAP gross margin was −64% in Q2 (adjusted 62%). The loss counts here and not again under ROIC.
sec.gov
−12
Quality of growth
Revenue in the first half fell to $13.2m from $21.2m, and 2026 guidance of $28-32m is on a level with 2025 ($30.9m), of which $16.5m came from hardware sales. Q2's +279% is against a weak Q2 2025 ($2.1m). Revenue is lumpy and depends on individual system sales.
sec.gov
−5

Price

Today's multiples against the company's own history and its peers. · 1 finding−34 of −35

Multiples vs peers and absolute level
EV/Sales 383 and P/S 473 TTM; forward P/S 255 on analysts' 2026 estimate ($30m). That is on par with Rigetti (EV/Sales 322) and D-Wave (433) and 6 times more expensive than IonQ (about 63), IQM (about 45) and Infleqtion (about 48). Market cap $10.9bn for revenue of $30m and no profit in sight (EPS 2026e -$1.41). No own history.
stockanalysis.com
−34

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35

Lock-up and free float
Only about 32m of 263m shares are free float (short 11.5% of float); the lock-up for insiders and existing owners expires in December 2026, shortly after the Q3 report on 17/11, so a large supply of shares could hit the market.
seekingalpha.com
−5
Governance (controlling owner)
Honeywell retains control after the IPO (about 48–49% of votes via Up-C/two share classes) and is at the same time customer and strategic partner, so conflicts of interest in related-party agreements and a later sell-down plan are a risk for minority shareholders.
thequantuminsider.com
−3
Dilution and share-based pay
Share-based pay and related payroll tax of $464.6m in Q2 in connection with the IPO (about 58 times the quarter's revenue) plus warrant liabilities that are revalued. FCF −$290m TTM.
sec.gov
−3
Macro and sentiment
The price is $41.30, i.e. 31% below the IPO price of $60 and about 42% below the peak after listing; RSI 27 and down from about $49 to $41 since the end of September.
stockanalysis.com
−2

Plus

Only documented strengths. · 2 findings+6 of +15

Net cash
Net cash $2.07bn ($2.11bn in cash vs $33m debt) after IPO proceeds of $1.7bn, approx. 19% of the market cap and many years of runway at current burn.
stockanalysis.com
+4
Order backlog
Bookings of $81m year to date (incl. agreements after quarter-end), about 2.7 times guided revenue for 2026, with a target of at least $120m for the full year; management signals over 100% growth in 2027.
nand-research.com
+2

Caveats

What the score does not capture, or where the data is weak.

Listed 4/6 2026 (IPO at $60), so there is no own multiple history: T2 is based on peers (IonQ, D-Wave, Rigetti, IQM, Infleqtion) and absolute level. Up-C structure: 36m A shares + 227m B shares/units; the market cap ($10.9bn) is calculated on all 263m shares, but only about 32m are free float. GAAP figures are distorted by IPO-related share-based pay ($447.5m in H1) and warrant revaluation; adjusted EBITDA −$68m in Q2. Honeywell's exact ownership share (about 48–49% of the votes after the IPO; economic share higher) and the lock-up date in December have not been checked in the prospectus. Quantinuum is regarded as the leader on fidelity (ion traps, Helios), which is why there is no deduction for technology. Customer concentration is not disclosed.