D-Wave Quantum Inc.
QBTSTechnologyNASDAQComputer Hardware · Last scanned Jul 18, 2026
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Daily timeframeD-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide. At a $6.20B market cap, D-Wave Quantum Inc. ranks as a mid-cap company within technology. It provides Advantage and Advantage 2 quantum computers; Ocean, a suite of open-source tools; and Leap quantum cloud service, a cloud-based service that provides real-time access to quantum computers and quantum hybrid solvers; and secure access and data protection services, as well as Ocean software development kit (SDK), a Python-based SDK for developers to learn and build applications on company's server.
Market Cap
$6.20B
Beta
2.10
P/E (TTM)
—
P/E (Fwd)
-42.28
EPS (TTM)
$-1.13
EPS (Fwd)
$-0.40
ROE
-55.3%
ROA
-11.8%
Cash
$588.4M
Total Debt
$46.8M
Free CF
-$63.5M
52W Change
-11.4%
Annual Financials
Cash vs Debt
D-Wave Quantum Inc. holds $588.4M in cash against $46.8M in total debt, giving it a net cash position. This means the company could theoretically pay off all its debt and still have cash remaining. Free cash flow is running at -$63.5M, which bears watching. Negative free cash flow can be acceptable during heavy investment periods but needs to improve over time. ROE of -55.3% points to negative capital efficiency, indicating how much profit the company produces per dollar of shareholder equity. Revenue has grown from $7.2M (2022) to $24.6M (2025), reflecting a 243% increase over the period.
D-Wave Quantum Inc.'s elevated beta suggests the stock experiences more pronounced price movements than the overall market, which increases both upside potential and downside risk. With cash comfortably exceeding debt, QBTS has financial flexibility that may help navigate uncertain periods. Negative free cash flow means the company is currently spending more than it generates, which may require future fundraising or debt if the trend continues. Understanding these risk dimensions helps frame what to watch going forward as conditions evolve for D-Wave Quantum Inc. and its sector.