Latest Ratios: P/E Ratio -19.0x · EV/EBITDA N/A · ROE -77.6%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $7.7B | $8.4B | $1.6B | $121M | $172M | $1.2B | $1.1B |
| Enterprise Value | $7.1B | $7.8B | $1.5B | $153M | $208M | $1.3B | $1.1B |
| P/E Ratio → | -18.97 | — | — | — | — | — | — |
| P/S Ratio | 314.58 | 341.62 | 182.83 | 13.87 | 24.02 | 196.03 | 221.40 |
| P/B Ratio | 7.94 | 9.86 | 25.76 | — | — | — | 34.91 |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 317.55 | 167.02 | 17.45 | 28.93 | 200.80 | 218.17 |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 82.6% | 82.6% | 63.0% | 52.8% | 59.3% | 72.1% | 82.3% |
| Operating Margin | -408.2% | -408.2% | -874.8% | -919.7% | -828.9% | -620.3% | -609.8% |
| Net Profit Margin | -1444.1% | -1444.1% | -1630.0% | -944.5% | -748.7% | -652.5% | -425.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -77.6% | -77.6% | -754.0% | — | — | -570.1% | -67.1% |
| ROA | -63.7% | -63.7% | -111.0% | -191.7% | -190.4% | -106.5% | -46.3% |
| ROIC | -82.1% | -82.1% | — | -957.4% | -514.3% | -211.4% | — |
| ROCE | -18.9% | -18.9% | -70.9% | -273.0% | -397.4% | -142.9% | -88.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.61 | — | — | — | 0.14 |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.69 | -2.23 | — | — | — | -0.51 |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -87.48 | -87.48 | -35.92 | -38.37 | -22.00 | -9.21 | -3.24 |
Net cash position: cash ($635M) exceeds total debt ($43M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 42.38 | 42.38 | 6.14 | 4.18 | 0.87 | 1.53 | 3.45 |
| Quick Ratio | 42.25 | 42.25 | 6.08 | 4.00 | 0.73 | 1.33 | 3.24 |
| Cash Ratio | 41.82 | 41.82 | 5.90 | 3.67 | 0.44 | 0.91 | 1.78 |
| Asset Turnover | — | 0.03 | 0.04 | 0.15 | 0.27 | 0.21 | 0.11 |
| Inventory Turnover | 1.54 | 1.54 | 1.94 | 1.99 | 1.33 | 0.83 | 0.36 |
| Days Sales Outstanding | — | 69.48 | 58.72 | 68.85 | 54.91 | 120.33 | 1144.87 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.5% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.5% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $321M | $192M | $138M | $120M | $125M | $110M |
Unsustainable Operating Burn Rate
Based on reported figures, QBTS trades at a price-to-sales ratio of 339.98, which, according to recent market data, significantly exceeds the valuation multiples of its quantum hardware peers, suggesting that investors are pricing the company based on long-term terminal value rather than current fundamental performance metrics.
The extreme P/S multiple indicates that the market is assigning significant option value to the company's proprietary annealing technology. Investors should monitor whether this premium can be sustained as the company transitions from experimental pilot programs to scalable, recurring commercial revenue streams.
As reported in financial statements, the company's ROIC has consistently remained in negative territory, reaching -7.5% in 2026Q1, which indicates that the firm is currently destroying shareholder capital rather than compounding it through its heavy investments in superconducting processor fabrication and research.
The persistent negative returns on invested capital highlight the challenge of scaling a capital-intensive hardware business before achieving a critical mass of commercial utilization. This trend warrants further investigation into whether future generations of the Advantage processor can sufficiently lower unit costs to improve capital efficiency.
According to quarterly data, the cash conversion cycle has fluctuated significantly, peaking at 373 days in 2026Q1, which suggests that the company faces substantial challenges in managing its receivables and inventory turnover relative to its current operational scale and customer payment terms.
The extended CCC appears to be driven by high inventory levels and volatile DSO, reflecting the difficulty of aligning hardware production cycles with project-based service revenue. This inefficiency may indicate that the company lacks sufficient leverage over its supply chain or customer base at this stage of development.
Based on the provided financial snapshot, the current ratio of 21.41 in 2026Q1 appears unusually high, yet this figure warrants extreme caution as it may be distorted by recent capital raises or reporting discrepancies that mask the underlying cash burn rate of the business.
While the headline liquidity ratios appear robust, the company's persistent negative free cash flow suggests that these reserves are being depleted rapidly to fund R&D and operating losses. Investors should verify these cash balances against official SEC filings to ensure the company maintains a sufficient runway to reach commercial viability.
The most commonly misapplied metric for QBTS is the price-to-sales ratio, which fails to account for the lumpy, project-based nature of the company's professional services revenue and the significant portion of income that is not yet recurring in nature.
Using P/S to value this business obscures the underlying quality of revenue, as it treats one-time service contracts the same as high-margin cloud subscriptions. Analysts should instead focus on the growth of recurring Leap subscription revenue and the conversion rate of pilot projects into long-term production agreements.
Includes 30+ ratios · 6 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying QBTS stock.
D-Wave Quantum Inc.'s current P/E ratio is -19.0x. This places it at the 50th percentile of its historical range.
D-Wave Quantum Inc.'s return on equity (ROE) is -77.6%. The historical average is -72.4%.
Based on historical data, D-Wave Quantum Inc. is trading at a P/E of -19.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
D-Wave Quantum Inc. has 82.6% gross margin and -408.2% operating margin.