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%-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 | |
| EBITDA margin | -1,115.5%-789pp | -401.9%+460pp | -349.4%+420pp | -347.2%+348pp | -326.5%+425pp | |
| Free cash flow margin | -821%-572pp | -308.5%+211pp | -231.2%+416pp | -243%+346pp | -248.6%+374pp | |
| Returns | ||||||
| Return on assets | -48.2%+22.3pp | -63.7%+47.4pp | -87.1%+36.2pp | -62.2%+92.8pp | -70.5%+128pp | |
| Efficiency | ||||||
| Asset turnover | 0×-0.1× | 0×0.0× | 0.1×-0.1× | 0×-0.2× | 0.1×-0.1× | |
| Inventory turnover | 1.8×-0.1× | 1.9×+0.2× | 1.8×+0.1× | 1.7×+0.1× | 1.9×+0.1× | |
| Liquidity | ||||||
| Current ratio | 21.4×+0.7× | 42.4×+36.2× | 54.7×+53.3× | 43×+41.9× | 20.7×+17.6× | |
| Quick ratio | 21.3×+0.7× | 42.2×+36.2× | 54.5×+53.2× | 42.9×+41.8× | 20.6×+17.7× | |
| Cash ratio | 11.9×-8.4× | 30×+24.1× | 53.9×+52.8× | 42.5×+41.6× | 20.3×+17.8× | |
| Leverage | ||||||
| Debt-to-equity | 0×— | 0.1×— | 0.1×— | —— | —— | |
| Debt-to-assets | 0×-0.1× | 0×-0.1× | 0×-0.8× | 0×-0.6× | 0.1×-1.4× | |
| Interest coverage | -35.5×— | -25×— | -81.7×— | —— | —— | |
| 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% | |
| Enterprise value | $5.05B+159% | $8.74B+312% | $7.65B+4,141% | $3.9B+2,033% | $1.95B+429% | |
| Price / sales | 429×+325× | 379.7×+124× | 350×+332× | 210×+192× | 103.6×+70.0× | |
| Price / book | 4.7×— | 11×— | 12.6×— | —— | —— | |
| EV / sales | 405.5×+314× | 355.6×+115× | 317×+298× | 175×+157× | 91.2×+53.0× | |
| Free cash flow yield | -1.9%+0.5pp | -0.8%+1.2pp | -0.7%+35.4pp | -1.2%+31.2pp | -2.4%+16.1pp | |
| Earnings yield | -6.9%-0.9pp | -3.8%+2.6pp | -4.7%+38.9pp | -6%+30.5pp | -6%+17.4pp |
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.
