Rankings Tech hardware & optics Quantum Computing Inc.
Quantum Computing Inc.
35
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−20
- Margin−12
- Governance (short reports and lawsuits)−7
Strengths
- Net cash+4
- Order backlog+2
How the score is built
From 100 to 35, 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
- 6.33 USD
- Median analyst target
- 18.00 USD
- Upside to median
- +184.4%
- Analysts
- 6
- Target range
- 10.00 – 32.00 USD
- 52-week change
- −62%
- 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? · 4 findings−25 of −30
- −12MarginThe gross margin has fallen every year: 55% (2022), 45%, 30%, 10% (2025) and −19% TTM; Q2 gave a gross loss of $1.2m on $5.6m revenue. The operating result is −$68.8m TTM (margin −700%), and operating costs rose 114% in Q2. The loss counts here and not again under ROIC.
- −6Quality of growthOrganic revenue was only $0.68m in 2025; the jump to $9.8m TTM comes from the acquisitions of Luminar Semiconductor, NuCrypt and NHanced (which alone is expected to contribute $7–16m in 2026). It is photonics and chip production, not quantum computers, and 70–80% comes from government contracts, mostly as a subcontractor.
- −4Capital allocationAbout $180m in cash spent on three acquisitions in H1 2026; goodwill rose from $55.6m to $181.5m, and NHanced ($73.1m) has an earn-out of up to $72m more. The strategy is drifting from 'quantum computing' towards contract manufacturing of photonics.
- −3Technology and moatThe company's 'entropy quantum computing' (Dirac-3) is a photonic optimisation machine without gate-based or logical qubits and without a roadmap towards fault tolerance; the class action alleges precisely that the capabilities are exaggerated.
Price
Today's multiples against the company's own history and its peers. · 1 finding−20 of −35
- −20Multiples vs own history and peersP/B 1.06 and P/TBV 1.22 are the lowest in the history (P/B 1.0–19.9 in 2021–25), because cash is large. But stripped of cash and investments ($1.32bn), approx. $384m is paid for the operations: EV/Sales approx. 39 TTM and approx. 14 on the 2026 estimate ($28.2m) for a business with negative gross margin and an operating loss of approx. −$89m expected in 2026, which steadily eats book value. Cheaper than IonQ (EV/Sales approx. 63), but not cheap.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−20 of −35
- −7Governance (short reports and lawsuits)Iceberg Research (Nov. 2024) and Capybara Research (Jan. 2025) alleged that the TFLN factory and orders were staged, that the NASA relationship was exaggerated, and that there were undisclosed related-party transactions. A securities fraud class action is pending in the New Jersey court (25-cv-01457).
- −5Cash flow and dilutionThe share count has risen 74% over a year and 75% in 2025 after private placements of about $1.5bn at the peak; FCF −$51.5m TTM and rising (−$83.5m expected in 2026).
- −3Insider tradingThen acting CEO Yuping Huang sold shares for about $14m at $14.42 in September 2025 (largest insider sale in 12 months), and insiders bought no shares. There are several smaller sales in March 2026 at about $7.85.
- −3Macro and sentimentThe stock is −64% over 52 weeks with beta 3.75, and 28.6% of shares are sold short (9.7 days to cover), the highest among the quantum companies examined.
- −2Customer concentrationManagement estimates that 70-80% of the business comes from government contracts, mainly as a subcontractor, which makes revenue dependent on budgets and prime contractors.
Plus
Only documented strengths. · 2 findings+6 of +15
- +4Net cashCash and investments of approx. $1.32bn ($189m cash, $765m short-term, $369m long-term) vs $23m of debt at 30/6, approx. 77% of market cap; interest income ($13m in Q2) covers over half of the operating loss.
- +2Order backlogContract backlog of $42.5m at 30/6, about four times TTM revenue, plus a framework agreement with Planck Dynamics potentially worth over $10m.
Caveats
What the score does not capture, or where the data is weak.
Loss: operating margin −700% and negative gross margin, so P/E and PEG are meaningless. Net income (USD −15m TTM) looks decent because interest income on the cash (USD 13m in Q2) covers most of the operating loss. Stockanalysis' EV (USD 753m) does not include long-term investments of USD 369m; with total cash and investments of USD 1.32bn, EV is approx. USD 384m, and T2 is based on that figure. Revenue growth is predominantly bought (three acquisitions in 2026). The status of the class action (D.N.J. 25-cv-01457) in 2026 was not found, and no insider trades after March 2026 were found.
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