D-wave Quantum vs Rigetti Computing
D-wave Quantum is the larger business, with $24.6m of revenue in fiscal 2025 against $7.1m for Rigetti Computing (3.5 times as much). D-wave Quantum grew faster (178.5% against -34.3%). D-wave Quantum kept more of each dollar of sales as profit: a net margin of -1444.1% against -3050.4%. Rigetti Computing carries less debt relative to equity (0.0% against 4.2%).
| Latest fiscal year | D-wave QuantumQBTS, 2025 | Rigetti ComputingRGTI, 2025 |
|---|---|---|
| Revenue | $24.6m | $7.1m |
| Revenue growth | 178.5% | -34.3% |
| Net income | −$355m | −$216m |
| Operating margin | -408.2% | -1194.4% |
| Net margin | -1444.1% | -3050.4% |
| Return on equity | -77.6% | -64.3% |
| Free cash flow | −$75.8m | −$77.2m |
| Cash | $635m | $44.9m |
| Total debt | $35.8m | $0 |
| Debt to equity | 4.2% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 388 | 164 |
| Market value | $3.81bn | $3.69bn |
| Price vs our value range | — | — |
| Moat score | 23 (Weak) | — |
| Insider trades, 12 months | 1 buys, 39 sales | 0 buys, 21 sales |