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D-Wave Quantum QBTS Invested capital

Discontinued — last reported Q1 '26

Invested capital at other companies

Lamb Weston logo
Lamb WestonLW
7.2%-1.0pp
Boyd Gaming logo
Boyd GamingBYD
10.9%-2.4pp
Granite Construction logo
Granite ConstructionGVA
12.2%+0.9pp
Conagra Brands logo
Conagra BrandsCAG
13.6%+4.8pp
SSR Mining logo
SSR MiningSSRM
18.7%—
MSA
Mine Safety Appliances CompanyMSA
17.4%-1.9pp

Other financials

Income statement

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Revenue$2.9M-80.9%
Gross profit$1.8M-86.9%
Operating income-$54.7M-385%
Net income-$18.4M-239%
EPS (diluted)-$0.05-150%

Balance sheet

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Cash & equivalents$338.2M+11.1%
Total debt$46.7M+22.5%
Total equity$1.1B+442%
Total assets$1.2B+268%

Cash flow

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Operating cash flow-$45.0M-133%
CapEx$1.1M+147%
Free cash flow-$46.0M-134%

Valuation

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Market cap$9.15B+141%
Enterprise value$8.85B+159%
P/S735×+557×

Profitability

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Gross margin66.3%-17.0pp
Operating margin-1,155.6%-1,938pp
Net margin-2,957.2%-4,019pp
FCF margin-821%-1,451pp

Returns & leverage

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Return on equity-55.3%—
Debt / equity0×-0.1×
Current ratio21.4×+0.7×

Where this comes from

Calculated from D-Wave Quantum’s reported figures.

$46.7Mtotal debt+$1.1Btotal stockholders equity−$338.2Mcash and equivalents=$832.74M

The official record: D-Wave Quantum’s 10-Q, filed May 12, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is D-Wave Quantum's invested capital?
D-Wave Quantum (QBTS) reported invested capital of $832.74M in Q1 2026.
How has D-Wave Quantum's invested capital changed year-over-year?
D-Wave Quantum's invested capital increased by 1515.6% year-over-year, from -$58.83M to $832.74M.
What is the long-term trend for D-Wave Quantum's invested capital?
Over 5 years (2020 to 2025), D-Wave Quantum's invested capital has grown at a 201.0% compound annual growth rate (CAGR), from $1.05M to $260.21M.
What does invested capital mean?
Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).