D-Wave Quantum QBTS Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 66.3%-17.0pp | 82.6%+19.6pp | 82.8%+18.5pp | 82.5%+17.8pp | 83.2%+22.4pp | |
| Operating margin | -1,155.6%-823pp | -408.2%+467pp | -355.2%+425pp | -353.1%+352pp | -332.3%+429pp | |
| Net margin | -2,957.2%-2,339pp | -1,444.1%+186pp | -1,651.8%-869pp | -1,263.9%-600pp | -617.8%+167pp | |
| Returns | ||||||
| Return on equity | -55.3%— | -77.6%— | —— | —— | —— | |
| Efficiency | ||||||
| Asset turnover | 0×-0.1× | 0×0.0× | 0.1×-0.1× | 0×-0.2× | 0.1×-0.1× | |
| Liquidity | ||||||
| Current ratio | 21.4×+0.7× | 42.4×+36.2× | 54.7×+53.3× | 43×+41.9× | 20.7×+17.6× | |
| Leverage | ||||||
| Debt-to-equity | 0×-0.1× | 0.1×-0.6× | 0.1×— | 0.1×— | 0.2×— | |
| Per Share | ||||||
| Book value per share | $3.06+323% | $2.65+714% | $1.96+2,436% | $2.30+1,937% | $0.72+416% | |
| Valuation | ||||||
| Market capitalization | $5.34B+141% | $9.34B+313% | $8.45B+4,895% | $4.68B+2,444% | $2.21B+583% | |
| Price / sales | 429×+325× | 379.7×+124× | 350×+332× | 210×+192× | 103.6×+70.0× | |
| Price / book | 4.7×-5.9× | 11×-25.1× | 12.6×— | 6.7×— | 10.7×— |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- What are D-Wave Quantum's profit margins?
- D-Wave Quantum (QBTS) runs a 66.3% gross margin and a -1155.6% operating margin, with a -2957.2% net margin.
- Where do D-Wave Quantum's ratios come from?
- Every ratio is computed from D-Wave Quantum's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.
