QBTSD-Wave Quantum Inc.
Is the business good?
The checks split: nothing decisive, though margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is QBTS?
D-Wave Quantum Inc. earns −24% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 33 points below what the capital costs: growth destroys value
- Operating margin
- −1373%
Operating margin · Computer Hardware median 0.31% · 12 months to Q2 2026
- Share count, year on year
- +23%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 658%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −610% |
| FY2021 | −620% |
| FY2022 | −829% |
| FY2023 | −920% |
| FY2024 | −875% |
| FY2025 | −408% |
Details›
- Gross margin12 months to Q2 2026
- 64%
- Operating margin12 months to Q2 2026
- −1373%
- Net margin12 months to Q2 2026
- −2002%
- Free cash flow margin
- −958%
- R&D as % of revenue
- 658%
- Revenue, trailing twelve months
- $12M
- Free cash flow, trailing twelve months
- −$119M
- Net income, trailing twelve months
- −$249M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −24%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.