D-Wave Quantum Inc. (QBTS) Stock Analysis — Fair Value, Risk & Moat Rating
NMS · Technology · Computer Hardware
Is D-Wave Quantum Inc. a safe investment right now?
As of Aug 13, 2026, our estimated fair value (intrinsic value) for D-Wave Quantum Inc. (QBTS) stock is $35.25, versus a market price of $16.21 — Watch — Analyst Anchor. Analyst Consensus (15 analysts) — EPS model not applicable at negative earnings.
D-Wave Quantum Inc.'s Altman Z-Score of 55.38 places it in the safe zone. Our fair value estimate is $35.25 (Watch — Analyst Anchor). Moat rating: 2.9/5 stars.
D-Wave Quantum Inc. is part of the Quantum Computing group in our AI coverage — compare its fair value against every other AI, cloud, and quantum stock through a value investing lens.
Could D-Wave Quantum Inc. go bankrupt? Altman Z-Score analysis
Z-Score of 55.38 is above 3.0, indicating the company is financially healthy by this metric.
- Below 1.8 — Distress Zone (high bankruptcy risk)
- 1.8 to 3.0 — Gray Zone (elevated uncertainty)
- Above 3.0 — Safe Zone (financially healthy)
What drives QBTS's Z-Score?
| Component | Formula | Value | Weight | Contribution |
|---|---|---|---|---|
| A · Working Capital / Total Assets | WC / TA | 0.9555 | 1.2 | 1.15 |
| B · Retained Earnings / Total Assets | RE / TA | -1.0723 | 1.4 | -1.5 |
| C · EBIT / Total Assets | EBIT / TA | -0.3833 | 3.3 | -1.26 |
| D · Market Cap / Total Liabilities | MCap / TL | 94.9507 | 0.6 | 56.97 |
| E · Revenue / Total Assets | Rev / TA | 0.0268 | 1.0 | 0.03 |
How has QBTS's financial health changed over time?
| Year | Z-Score | Zone |
|---|---|---|
| 2022 | 37.3 | Safe |
| 2023 | 28.09 | Safe |
| 2024 | 20.67 | Safe |
| 2025 | 55.38 | Safe |
Source: Calculated from QBTS's latest 10-K filing on SEC EDGAR.
D-Wave Quantum Inc. Fair Value & Intrinsic Value — What Is It Actually Worth?
How we calculated this
| Input | Value | Source |
|---|---|---|
| Predicted EPS (α) | $0.00 | Proprietary blend of reported actuals + analyst consensus, weighted by α |
| Trailing P/E | 0.0x | Current market pricing |
| Fair P/E (β discount) | 0.0x | Trailing PE adjusted by value discount factor β, hard-capped |
| Earnings Trend (γ) | N/A | Directional signal: predicted vs trailing EPS |
Wall Street Reference: Analyst consensus target price is $35.25 (15 analysts). This is shown for reference only and is not used in our valuation model.
Source: Earnings data from SEC EDGAR filings. Market data via Yahoo Finance.
Does D-Wave Quantum Inc. have a durable competitive advantage?
Moat rating: 2.9/5.
What makes up QBTS's moat score?
ROIC Stability
ROIC variability over the past decade. Score: 2/5.
Gross Margin Trend
Gross margin trajectory over the past decade. Score: 4/5.
Switching Costs
Estimated customer lock-in based on margin level. Score: 3/5.
How stable is QBTS's return on invested capital?
| Year | ROIC | Trend |
|---|---|---|
| 2022 | -1288.0% | — |
| 2023 | -207.9% | Rising |
| 2024 | -150.3% | Rising |
| 2025 | -39.5% | Rising |
Source: ROIC calculated from SEC EDGAR filings.
Is D-Wave Quantum Inc.'s dividend safe?
D-Wave Quantum Inc.'s key financial metrics
| Metric | Latest | 1Y Ago | 3Y Ago | Trend |
|---|---|---|---|---|
| Revenue | $0.0B | $0.0B | $0.0B | Rising |
| Net Income | −$0.4B | −$0.1B | −$0.1B | Declining |
| Free Cash Flow | −$0.1B | −$0.0B | −$0.0B | Declining |
| Gross Margin | 82.6% | 63.0% | 59.2% | Rising |
Recent events that affect our QBTS analysis
QBTS earnings report scheduled
Upcoming report. Consensus EPS estimate: $-0.09. Revenue estimate: $4.2M. Our current Fair Value: $35.25 — a significant beat or miss could shift this estimate.
QBTS analyst consensus: 94% bullish (15 of 16 analysts)
1 Strong Buy, 14 Buy, 1 Hold, 0 Sell, 0 Strong Sell. Consensus target: $35.25 (117.5% upside). Compare with our independent Fair Value: $35.25.
QBTS missed EPS estimates by 42.2%
Reported EPS: $-0.13 vs estimate $-0.09. Our Fair Value of $35.25 may face downward pressure if the trend continues.
QBTS filed quarterly report (10-Q)
Quarterly update with interim financials. May signal changes to earnings trajectory and balance sheet health. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS beat EPS estimates by 46.0%
Reported EPS: $-0.04 vs estimate $-0.08. Earnings strength supports our Fair Value of $35.25 (117.5% above current price).
QBTS filed quarterly report (10-Q)
Quarterly update with interim financials. May signal changes to earnings trajectory and balance sheet health. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS missed EPS estimates by 45.9%
Reported EPS: $-0.09 vs estimate $-0.06. Our Fair Value of $35.25 may face downward pressure if the trend continues.
QBTS filed annual report (10-K)
Annual filing with full-year financials. Our Altman Z-Score, Moat, and Fair Value models are derived from this data. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS beat EPS estimates by 24.5%
Reported EPS: $-0.05 vs estimate $-0.07. Earnings strength supports our Fair Value of $35.25 (117.5% above current price).
QBTS filed quarterly report (10-Q)
Quarterly update with interim financials. May signal changes to earnings trajectory and balance sheet health. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS missed EPS estimates by 47.4%
Reported EPS: $-0.08 vs estimate $-0.05. Our Fair Value of $35.25 may face downward pressure if the trend continues.
QBTS filed quarterly report (10-Q)
Quarterly update with interim financials. May signal changes to earnings trajectory and balance sheet health. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS beat EPS estimates by 16.9%
Reported EPS: $-0.03 vs estimate $-0.04. Earnings strength supports our Fair Value of $35.25 (117.5% above current price).
QBTS filed quarterly report (10-Q)
Quarterly update with interim financials. May signal changes to earnings trajectory and balance sheet health. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed annual report (10-K)
Annual filing with full-year financials. Our Altman Z-Score, Moat, and Fair Value models are derived from this data. View on SEC EDGAR →
QBTS missed EPS estimates by 25.0%
Reported EPS: $-0.08 vs estimate $-0.06. Our Fair Value of $35.25 may face downward pressure if the trend continues.
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
QBTS filed 8-K (material event)
8-K filings disclose material events — acquisitions, leadership changes, or guidance revisions that may affect valuation. View on SEC EDGAR →
Common questions about D-Wave Quantum Inc.
What is D-Wave Quantum Inc. stock price today?
D-Wave Quantum Inc. (QBTS) stock price is $16.21 as of the latest market close, traded on the NASDAQ exchange.
What does D-Wave Quantum Inc. do?
D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide. It provides Advantage and Advantage 2 quantum computers; Ocean, a suite of open-source tools; and Leap quantum cloud service, a cloud-based service that provides real-time access to quantum computers and quantum hybrid solvers; and secure access and data protection services, as well as Ocean software development kit (SDK), a Python-based SDK for developers to learn and build applications on company's server.
What is D-Wave Quantum Inc. market cap?
D-Wave Quantum Inc. has a market capitalization of $6.04B, classifying it as a mid-cap stock in the Technology sector.
What sector and industry is QBTS in?
D-Wave Quantum Inc. operates in the Technology sector, specifically within the Computer Hardware industry. It trades on the NASDAQ under the ticker symbol QBTS.
Is QBTS stock overvalued or undervalued?
Based on our valuation model, D-Wave Quantum Inc. trades 54.0% below our fair value estimate — potentially undervalued.
- FairValueLabs Fair Value: $35.25
- Current Price: $16.21
- Valuation Zone: Watch — Analyst Anchor
What is QBTS stock forecast and analyst target price?
Based on 15 Wall Street analysts, the consensus price target for D-Wave Quantum Inc. is $35.25, implying upside of 117.5% from the current price.
- Analyst High Target: $43.00
- Analyst Low Target: $22.00
Note: Analyst targets are shown for reference and are not used in our valuation model.
Is D-Wave Quantum Inc. revenue and earnings growing?
Here are the analyst consensus growth estimates for D-Wave Quantum Inc.:
- Revenue growth (current year est.): 74.9%
- EPS growth (current year est.): -12.3%
- Revenue growth (next year est.): 89.5%
- EPS growth (next year est.): -26.1%
What are D-Wave Quantum Inc.'s key financial metrics?
| Metric | Latest | Trend |
|---|---|---|
| Revenue | $0.0B | Rising |
| Net Income | −$0.4B | Declining |
| Free Cash Flow | −$0.1B | Declining |
| Gross Margin | 82.6% | Rising |
What is QBTS's P/E ratio?
The price-to-earnings ratio measures how much investors pay per dollar of earnings:
- Forward P/E (next 12 months est.): -44.0x
How volatile is QBTS stock?
D-Wave Quantum Inc. has a beta of 2.16, meaning it is significantly more volatile than the broader market. A beta above 1.0 indicates higher price swings relative to the S&P 500, while below 1.0 suggests more stability.
How much cash and debt does D-Wave Quantum Inc. have?
D-Wave Quantum Inc.'s balance sheet shows:
- Total Cash: $546.2M
- Total Debt: $48.1M
- Net Cash Position: $498.1M
A positive net cash position means the company holds more cash than debt, reducing financial risk.
What is D-Wave Quantum Inc.'s free cash flow?
D-Wave Quantum Inc. generated $-73.4M in trailing twelve-month free cash flow (from $-110.9M in operating cash flow). Free cash flow represents the cash available for dividends, buybacks, and debt reduction after all capital expenditures.
Does D-Wave Quantum Inc. pay a dividend?
D-Wave Quantum Inc. does not currently pay a regular dividend to shareholders. The company may be reinvesting all profits back into growth, or it may have suspended its dividend.
Is D-Wave Quantum Inc. at risk of going bankrupt?
D-Wave Quantum Inc.'s Altman Z-Score is 55.38, placing it in the safe zone (above 3.0) — bankruptcy risk is low. The Z-Score uses five balance sheet ratios to predict bankruptcy probability within two years.
Does D-Wave Quantum Inc. have a durable competitive advantage?
D-Wave Quantum Inc. scores 2.9/5 stars (Narrow moat · eroding) in our moat analysis:
- ROIC Stability: 2/5
- Gross Margin Trend: 4/5
- Switching Costs: 3/5
A score above 3.5 suggests meaningful pricing power and a defensible market position.
What is QBTS's return on equity (ROE)?
D-Wave Quantum Inc.'s return on equity is -28.0%. ROE measures how efficiently a company generates profits from shareholder equity. An ROE above 15% is generally considered strong, while below 10% may signal inefficiency.
How do I buy QBTS stock?
QBTS shares can be purchased through any brokerage account that provides access to the NASDAQ. Common steps:
- Open an account with a broker (e.g., Fidelity, Schwab, Interactive Brokers)
- Search for ticker symbol QBTS
- Place a market or limit order for your desired number of shares
This is not investment advice. Always do your own research before buying any stock.
Is QBTS a value stock or speculative?
FairValueLabs classifies D-Wave Quantum Inc. as Pure Speculation. It lacks the financial stability or valuation margin typically required for value investing. This stock is considered high risk.
Who is the CEO of D-Wave Quantum Inc.?
The current CEO of D-Wave Quantum Inc. is Dr. Alan E. Baratz Ph.D..
What is QBTS's earnings per share (EPS)?
Earnings per share measures the company's profit allocated to each outstanding share:
- Trailing EPS (last 12 months): $-0.70
- Forward EPS (next 12 months est.): $-0.37
- Analyst consensus EPS (this year): $-0.29
- Analyst consensus EPS (next year): $-0.37
Other Technology companies analyzed by FairValueLabs
FairValueLabs Disclaimer
All valuations, scores, ratings, and classifications on this page are produced by the FairValueLabs internal valuation system. They do not represent actual market value, guaranteed outcomes, or professional investment advice. These are analytical estimates for educational and research purposes only.
This is not financial advice. All data is sourced from SEC EDGAR public filings. Always consult a qualified financial advisor before making investment decisions.
Last updated: Aug 13, 2026. Data sources: SEC EDGAR (financial statements), Yahoo Finance (market data, analyst consensus). Data may not reflect the most recent quarter.
QBTS analysis methodology: How we calculate fair value, Z-Scores, and moat ratings