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D-wave Quantum Inc. key statistics and ratios

In fiscal 2025, D-wave Quantum Inc. had return on equity of -77.6%, an operating margin of -408.2%, debt equal to 4.2% of equity and a current ratio of 42.38. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin82.3%72.1%59.3%52.8%63.0%82.6%64.2%
Operating margin−609.8%−620.3%−828.9%−919.7%−874.8%−408.2%<−999%
Net margin−425.7%−652.5%−748.7%−944.5%<−999%<−999%<−999%
Free-cash-flow margin−581.8%−582.5%−636.4%−699.2%−507.0%−308.5%−958.4%
Return on equity−105.7%————−77.6%−25.7%
Return on assets−61.4%−125.6%−190.4%−191.7%−111.0%−63.7%−24.0%
Asset turnover0.140.190.250.200.070.040.01
Current ratio2.471.530.874.186.1442.3820.55
Debt to equity65.6%———48.1%4.2%3.2%
Interest cover (operating income ÷ interest)n/mn/mn/m—n/mn/m—
R&D as % of revenue395.6%404.5%447.5%432.5%399.9%206.3%658.2%
Capital spending as % of revenue14.3%28.3%5.9%6.7%23.9%15.7%66.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 6 checks passed · June 30, 2026
What it owns · $1.2bn
Short-term assets $561mLonger-term assets $598m
What it owes, and who funded it · $1.2bn
Short-term liabilities $27mLonger-term liabilities $48mShareholders' equity $1.1bn
  • Short-term assets cover short-term liabilities $561m of assets due within a year against $27m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $561m short-term assets against $48m of longer-dated liabilities.
  • More cash than debt $297m of cash against $35m of debt.
  • Debt below 40% of shareholders' equity Debt is 3% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$111m of operating cash flow against $35m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From D-wave Quantum Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

23 /100

Weak moat

How hard D-wave Quantum's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -108.7% of total assets over 5 years.

  • Pricing power 12 / 20

    Gross margin has been a median 64.5%, moving by 11.1 percentage points (standard deviation) across 5 years.

  • Durability 10 / 20

    Operating margin has been a median -704.9%; its worst year was -1372.9%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -591.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (28 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: QBTS vs RGTIOWLS vs QBTSHUBC vs QBTS

More: Systems Software stocks compared, Technology sector, rankings of US companies

Figures from D-wave Quantum Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to D-wave Quantum Inc.