D-Wave Quantum Inc. (QBTS)
NEUTRAL基本面
38
价格
$19.43
市值
$7.14B
第一部分 · 这家公司值多少
概览
D-Wave builds quantum computers that use a physical technique called quantum annealing, tuned for optimization problems — finding the best arrangement among a huge number of possibilities, such as scheduling or routing. Customers reach the machines mostly over the cloud rather than buying one outright, though some research institutions and government labs do buy systems for on-site use. In January 2026 the company agreed to acquire Quantum Circuits to add a second, gate-model quantum computing approach.
盈利方式
Revenue comes from three sources: cloud subscription access to its quantum computers through the Leap platform, professional services helping customers build quantum applications, and outright sales of on-premises Advantage2 systems to research institutions and government buyers. System sales are large but infrequent, so revenue is described as lumpy — a single contract can move a quarter's results — rather than a smooth recurring stream.
护城河
专利与许可 · 狭窄D-Wave describes itself as the first company to deliver commercial-grade annealing quantum computing and the only vendor offering both annealing and, after the Quantum Circuits deal, gate-model systems. That head start is backed by patents, but the company itself lists patent validity and third-party infringement claims as risks, and warns that global competition — from both quantum and classical computing rivals — is intense.
需求驱动因素
周期性Much of the revenue comes from large, infrequent system sales and multi-year research or government contracts rather than steady recurring usage, so results swing with the timing of a handful of deals. The company itself has flagged that if even one expected contract slips, it changes the picture for that period, making revenue more lumpy than tied to a broad economic cycle.
主要风险
- History of losses — The company states it has a history of losses and expects significant expenses and continuing losses for the foreseeable future as it builds out its technology and commercial base.
- May need more capital sooner than planned — The company warns it may need additional financing sooner than expected and cannot guarantee it will be available on acceptable terms.
- Intense global competition — The industry is competitive on a global scale from both quantum computing rivals and classical computing alternatives that can solve some of the same problems.
- Unproven market adoption — Cloud-based quantum computing is a relatively new and unproven market, and the company cannot be certain that demand will develop as expected.
- Intellectual property protection — The company may be unable to obtain, maintain or defend its patents, and third parties could bring infringement claims that are costly to fight regardless of outcome.
看多理由
Buyers argue that being first to commercial-grade annealing quantum computing, now paired with a gate-model capability through the Quantum Circuits acquisition, gives D-Wave a technology lead just as government and enterprise interest in quantum computing accelerates, and that a fully funded cash position removes near-term financing risk.
看空理由
Sellers fear that revenue still depends on a small number of large, unpredictable system sales and research contracts, that commercial demand for quantum computing remains unproven at scale, and that a long history of losses means the business has yet to show it can fund itself from operations rather than continued equity raises.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$12M
最近12个月（截至2026/6/30）
净利润
$-249M
最近12个月（截至2026/6/30）
自由现金流
$-76M
股东权益合计
$852M
负债合计
$64M
流动比率
20.55
利息覆盖率
25.01
债务/EBITDA
-
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$35.24
当前价格
$19.43
安全边际
+44.8%
公允价值区间
$33.47 - $37.00
估算方法
估值指标
市盈率（P/E）
-
ROE
-41.7%
市净率（P/B）
6.37
P/FCF
-
毛利率
64.2%
ROIC
-11.9%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
-11.9%
WACC
16.4%
ROIC − WACC
-28.3 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
基本面分析标准
通过（9）
- Price CAGR 11.86%
- Gross Margin 64.2%
- Debt/Equity ratio
- Current Ratio
- Interest Coverage
- Revenue Growth 5Y 36.6%
- Analyst Consensus 87% Buy
- Earnings Surprise avg 16.8%
- Piotroski F-Score 5/9
未通过（11）
- EPS shows upward trend
- ROIC -11.9%
- P/B Ratio 6.37
- Operating Margin -1372.9%
- Positive Free Cash Flow
- Return on Tangible Assets
- Low reliance on intangibles
- DCF valuation (Unknown)
- ROE -26.7%
- Share Dilution 66.7%
- Net Margin Trend -2001.6% vs -1263.9%
不可用（7）
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Debt/EBITDA
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
低质量：需深入审查会计处理
股权稀释
正在发行新股，稀释所有权
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Dr. Alan E. Baratz Ph.D. | President, CEO & Director | 70 |
| Mr. John M. Markovich | Executive VP & CFO | 68 |
| Ms. Diane Nguyen | Executive VP, Chief Legal Officer & General Counsel | 40 |
| Mr. Eric Ladizinsky | Co-Founder & Chief Scientist | - |
| Mr. Stanley T. Black CISSP | Executive VP & Chief Information Security Officer | 59 |
| Mr. Kevin M. Hunt | Senior Director of Investor Relations | - |
| Ms. Allison Schwartz | Senior Vice President of Global Government Relations & Public Affairs | - |
| Ms. Michelle Maggs | Senior Vice President of Marketing | - |
| Ms. Sophie C. Ames | Executive VP & Chief Human Resources Officer | 60 |
| Mr. Trevor Lanting | Chief Development Officer | - |
审计风险
2
董事会风险
4
薪酬风险
8
股东权利风险
8
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for QBTS, sourced from Markets Gazette.
- 6/5/2026POSITIVED-Wave CEO Says Quantum Computing Is Moving Into Daily Business Operations After $10 Million Deal With Fortune 100 Firm
D-Wave Quantum Inc. has secured a significant $10 million deal with an unnamed Fortune 100 company, marking a pivotal moment for quantum computing's integration into daily business operations. This agreement is expected to unlock an additional $120 million in active Quantum Computing as a Service (QCaaS) revenue capacity. The deal validates the tangible return on investment (ROI) for quantum computing solutions, signaling a maturation of the technology from theoretical applications to practical enterprise use. Investors should note this development as a key indicator of D-Wave's market traction and the broader potential for quantum computing adoption.
- 5/22/2026NEUTRALD-Wave Vice President Sophie Ames Sells $437,000 Worth Of Shares: QBTS Stock Is Trending Overnight
D-Wave Quantum Inc. (QBTS) saw its shares trending overnight following reports of potential quantum funding from Donald Trump and an insider stock sale. Vice President Sophie Ames sold $437,000 worth of shares. While insider selling can sometimes signal a lack of confidence, the concurrent news of potential government quantum initiatives provides a counterbalancing factor. Investors are weighing the implications of both events, leading to mixed sentiment and increased trading activity.
- 5/13/2026POSITIVED-Wave Quantum Bookings Surge 16x To $32 Million In Q1
D-Wave Quantum Inc. reported a significant surge in Q1 bookings, reaching $32 million, a 16-fold increase. Analyst John McPeake from Rosenblatt maintained a $43 price target, underscoring the company's strong performance. The upcoming Analyst Day on June 1st is also a key event to watch. This substantial growth in bookings indicates strong market demand for D-Wave's quantum computing solutions and suggests positive future revenue potential, which is a key indicator for investors in the high-growth technology sector.
- 2/27/2026NEGATIVEWhy D-Wave Quantum Computing Stock Crashed Today
D-Wave Systems Inc., a pioneer in the quantum computing sector, experienced a significant stock price crash, reflecting growing investor concerns about its financial performance. The company continues to face operational losses and shrinking orders, signals that point to persistent market challenges. Despite the current situation, management has expressed cautious optimism, suggesting that positive free cash flow could be just around the corner. This future outlook, however, was not enough to mitigate the impact of the immediate negative news, prompting investors to liquidate positions. The market now awaits concrete evidence of D-Wave's ability to turn the tide.
- 2/26/2026POSITIVEWhy D-Wave Quantum Stock Popped Thursday Morning
D-Wave Quantum Inc. has kicked off 2026 with a significant boost, securing a substantial $20 million order. This contract, announced Thursday morning, has fueled investor optimism, leading to a notable surge in the stock price. For market participants, an order of this magnitude not only strengthens the company's near-term revenue prospects in the quantum computing sector but also signals growing confidence and adoption of its innovative technologies. This development suggests a solid foundation for future growth and could attract further interest from institutional and retail investors, positioning D-Wave for a promising fiscal year.
- 2/26/2026NEUTRALD-Wave (QBTS) Q4 2025 Earnings Call Transcript
D-Wave (QBTS) has announced the release of the Q4 2025 earnings call transcript. While specific details are not yet available, this event is crucial for investors seeking to delve into the company's financial performance and future outlook within the quantum computing sector. Analyzing such transcripts allows investors to grasp management strategies, challenges faced, and growth opportunities, providing essential insights for evaluating an investment in D-Wave and its competitive positioning in a rapidly evolving market.
- 2/25/2026NEGATIVESoftware Bear Market: Should You Buy the Dip in D-Wave Quantum Stock Right Now?
The software sector is currently experiencing a significant downturn, marked by a historic drop in stock prices. Despite rising artificial intelligence infrastructure budgets and breakthroughs in generative AI models, which might otherwise be seen as positive catalysts, the market is reacting with a broad contraction. This "bear market" environment raises questions about the advisability of buying stocks like D-Wave Quantum Inc. at this time. Investors must carefully assess whether the current decline represents a long-term buying opportunity or a signal of further challenges for the sector, given the ongoing downward pressure.
- 2/23/2026NEGATIVEDown 60%, Should You Buy the Dip on D-Wave Quantum?
Shares of D-Wave Quantum (QBTS), a pioneer in quantum computing, have plummeted by 60%, raising questions about a potential 'buy the dip' opportunity. However, a deeper analysis reveals a complex picture. Even after the dramatic pullback, the stock continues to trade at a 'hefty premium.' This indicates that the company's valuation remains elevated relative to its current fundamentals, suggesting the market had previously priced in extremely optimistic growth expectations. For investors, this serves as a cautionary signal. The steep drop may not be enough to justify an entry, as the risk of further downside remains tangible until the valuation aligns with more realistic prospects. While the technology is promising, the stock's price is still considered too high.
via Markets Gazette