QBTS vs SMCI: D-Wave Quantum and Super Micro Computer compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Super Micro Computer is the larger company, worth $24.0B, about 5.3 times D-Wave Quantum.
- Super Micro Computer grew revenue faster over the last year (+93.2% vs -0.6%).
- Super Micro Computer keeps more of each dollar of revenue as operating profit (7.1% vs -1372.9%).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | QBTS | SMCI |
|---|---|---|
| Market cap | $4.6B | $24.0B |
| Share price | $14.57 | $41.86 |
| Revenue (last fiscal year) | $25M | $39.1B |
| Free cash flow (last fiscal year) | -$76M | -$7.0B |
| Revenue growth, last year | -0.6% | +93.2% |
| Revenue growth per year, last 5 fiscal years | +40.7% | +65.6% |
| Operating margin | -1372.9% | 7.1% |
| Net margin | -2001.6% | 5.7% |
| Return on equity | -23.0% | 15.4% |
| P/E (trailing) | — | 21.0x |
| Price / free cash flow | — | 15.7x |
| EV / EBITDA | — | 10.5x |
| FCF growth the price implies | — | — |
| Dividend yield | — | — |
| Debt / equity | 0.07x | 1.07x |
| Fundamental grade | F | C |
| Superinvestors holding it | 2 | 4 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
D-Wave Quantum
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6M | -$37M | -620.3% |
| 2022 | $7M | -$46M | -828.9% |
| 2023 | $9M | -$61M | -919.7% |
| 2024 | $9M | -$45M | -874.8% |
| 2025 | $25M | -$76M | -408.2% |
Super Micro Computer
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $5.2B | -$486M | 6.5% |
| 2023 | $7.1B | $627M | 10.7% |
| 2024 | $15.0B | -$2.6B | 8.1% |
| 2025 | $22.0B | $1.5B | 5.7% |
| 2026 | $39.1B | -$7.0B | 7.1% |
Where the revenue comes from
D-Wave Quantum · by products, 2025
System sales$16M66%
QCaaS$6M22%
Professional services$3M11%
Other revenue$168,0001%
Super Micro Computer · by products, 2025
Server and storage systems$21.3B97%
Subsystems and accessories$660M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open QBTS in InvestinglyQuestions
Which is bigger, D-Wave Quantum or Super Micro Computer?
Super Micro Computer (SMCI), at $24.0B against $4.6B.
Which grows faster, QBTS or SMCI?
Super Micro Computer: revenue grew +93.2% over the last year, against -0.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.