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D-Wave Quantum QBTS Return on invested capital

Return on invested capital at other companies

International Business Machines logo
International Business MachinesIBM
13.2%+4.1pp
Quantum Computing Inc. logo
Quantum Computing Inc.QUBT
-9%-4.0pp
IonQ logo
IonQIONQ
-63%+22.6pp
Rigetti Computing, Inc. logo
Rigetti Computing, Inc.RGTI
-19%-3.5pp
DXC Technology logo
DXC TechnologyDXC
9%
Alphabet Inc. logo
Alphabet Inc.GOOGL

Other financials

Income statement

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Revenue$3.1M-0.6%
Gross profit$1.7M-13.8%
Operating income-$53.3M-101%
Net income-$48.0M+71.3%
EPS (diluted)-$0.13+76.4%

Balance sheet

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Cash & equivalents$296.6M-63.8%
Total debt$48.0M+20.0%
Total equity$1.1B+56.0%
Total assets$1.2B+37.3%

Cash flow

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Operating cash flow-$28.5M-86.5%
CapEx$4.4M+493%
Free cash flow-$32.9M-105%

Valuation

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Market cap$7.92B+44.2%
Enterprise value$7.68B+62.8%
P/S637.7×+391×

Profitability

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Gross margin64.2%-18.3pp
Operating margin-1,372.9%-2,100pp
Net margin-2,001.6%+2,806pp
FCF margin-958.4%-1,451pp

Returns & leverage

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Return on equity-28%
Debt / equity0.0×
Current ratio20.5×-22.4×

Where this comes from

Calculated from D-Wave Quantum’s reported figures.

Based on trailing twelve months.

The source filing: D-Wave Quantum’s 10-Q, filed November 6, 2025. Open the filing →

Filed
Nov 6, 2025
Fiscal quarter
Q3 FY2025
Calendar quarter
Q3 2025
Accession
0001907982-25-000251

FAQ

What is D-Wave Quantum's return on invested capital?
D-Wave Quantum (QBTS) reported return on invested capital of -1,387.6% in Q4 2023.
What is the long-term trend for D-Wave Quantum's return on invested capital?
Over 2 years (2021 to 2023), D-Wave Quantum's return on invested capital has grown at a 48.8% compound annual growth rate (CAGR), from -626.9% to -1,387.6%.
What does return on invested capital mean?
Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.

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