D-Wave Quantum QBTS Ratios & Valuation
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 66.3%-16.3pp | 82.6%-0.2pp | 82.8%+0.4pp | 82.5%-0.8pp | 83.2%+20.2pp | |
| Operating margin | -1,155.6%-747pp | -408.2%-53.0pp | -355.2%-2.1pp | -353.1%-20.8pp | -332.3%+543pp | |
| Net margin | -2,957.2%-1,513pp | -1,444.1%+208pp | -1,651.8%-388pp | -1,263.9%-646pp | -617.8%+1,012pp | |
| EBITDA margin | -1,115.5%-714pp | -401.9%-52.4pp | -349.4%-2.2pp | -347.2%-20.8pp | -326.5%+536pp | |
| Free cash flow margin | -821%-513pp | -308.5%-77.3pp | -231.2%+11.8pp | -243%+5.6pp | -248.6%+270pp | |
| Returns | ||||||
| Return on assets | -48.2%+15.4pp | -63.7%+23.5pp | -87.1%-24.9pp | -62.2%+8.4pp | -70.5%+40.5pp | |
| Efficiency | ||||||
| Asset turnover | 0×0.0× | 0×0.0× | 0.1×0.0× | 0×-0.1× | 0.1×0.0× | |
| Inventory turnover | 1.8×-0.1× | 1.9×+0.2× | 1.8×0.0× | 1.7×-0.2× | 1.9×+0.2× | |
| Liquidity | ||||||
| Current ratio | 21.4×-21.0× | 42.4×-12.3× | 54.7×+11.7× | 43×+22.3× | 20.7×+14.6× | |
| Quick ratio | 21.3×-20.9× | 42.2×-12.2× | 54.5×+11.6× | 42.9×+22.2× | 20.6×+14.5× | |
| Cash ratio | 11.9×-18.1× | 30×-23.9× | 53.9×+11.4× | 42.5×+22.2× | 20.3×+14.4× | |
| Leverage | ||||||
| Debt-to-equity | 0×0.0× | 0.1×0.0× | 0.1×— | —— | —— | |
| Debt-to-assets | 0×0.0× | 0×0.0× | 0×0.0× | 0×-0.1× | 0.1×-0.1× | |
| Interest coverage | -35.5×-10.5× | -25×+56.7× | -81.7×— | —— | —— | |
| Per Share | ||||||
| Book value per share | $3.06+15.3% | $2.65+35.4% | $1.96-14.7% | $2.30+217% | $0.72+122% | |
| Valuation | ||||||
| Market capitalization | $5.34B-42.8% | $9.34B+10.5% | $8.45B+80.7% | $4.68B+111% | $2.21B-2.1% | |
| Enterprise value | $5.05B-42.3% | $8.74B+14.2% | $7.65B+96.4% | $3.9B+100% | $1.95B-8.2% | |
| Price / sales | 429×+49.2× | 379.7×+29.7× | 350×+140× | 210×+106× | 103.6×-152× | |
| Price / book | 4.7×-6.2× | 11×-1.6× | 12.6×— | —— | —— | |
| EV / sales | 405.5×+49.9× | 355.6×+38.6× | 317×+142× | 175×+83.8× | 91.2×-149× | |
| Free cash flow yield | -1.9%-1.1pp | -0.8%-0.2pp | -0.7%+0.5pp | -1.2%+1.2pp | -2.4%-0.4pp | |
| Earnings yield | -6.9%-3.1pp | -3.8%+0.9pp | -4.7%+1.3pp | -6%-0.1pp | -6%+0.4pp |
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.
