D-Wave Quantum (QBTS)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from QBTS's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from D-Wave Quantum's 10-K filings. Ten years of the full income statement, balance sheet and cash flow.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6M | $7M | $9M | $9M | $25M |
| Net income | -$41M | -$54M | -$83M | -$144M | -$355M |
| Free cash flow | -$37M | -$46M | -$61M | -$45M | -$76M |
| EPS (diluted) | -$0.33 | -$0.45 | -$0.60 | -$0.75 | -$1.11 |
| Operating margin | -620.3% | -828.9% | -919.7% | -874.8% | -408.2% |
Where the revenue comes from
Revenue by products, fiscal 2025. Every breakdown, year by year.
Superinvestors who own QBTS
From each investor's latest 13F filing (what a 13F shows). 2 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Hersh Cohen ClearBridge Investments |
New position | $35M | 0.03% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $2M | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by D-Wave Quantum's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
Are D-Wave Quantum insiders buying the stock?
No open-market insider purchases of QBTS in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own D-Wave Quantum?
2 of the superinvestors Investingly tracks hold QBTS in their latest 13F, including Hersh Cohen, Cliff Asness.
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Prices and ratios as of Oct 11, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.