D-Wave Quantum Inc. (QBTS) intrinsic value & 10-year financials
D-Wave Quantum Inc. (QBTS) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 7 fiscal years revenue grew 36.6% a year to $24.6M, with an average return on invested capital of -104.6%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $11.78
- Market cap
- $3.8B
- Revenue (FY2025)
- $24.6M
- Revenue growth (7-yr CAGR)
- 36.6%
- ROIC (10-yr avg)
- -104.6%
- Free cash flow (FY2025)
- -$75.8M
QBTS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $24.6M | -$355.1M | -$1.11 | -$75.8M | -408.2% | -111.6% |
| FY2024 | $8.8M | -$143.9M | -$0.75 | -$44.7M | -874.8% | 390.3% |
| FY2023 | $8.8M | -$82.7M | -$0.60 | -$61.2M | -919.7% | -509.9% |
| FY2022 | $7.2M | -$51.5M | -$0.43 | -$45.6M | -828.9% | -176.4% |
| FY2021 | $6.3M | -$31.5M | -$0.25 | -$36.6M | -620.3% | -143.2% |
| FY2020 | $5.2M | -$10.0M | -$0.08 | -$30.0M | -609.8% | -77.1% |
| FY2019 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
D-Wave Quantum Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
D-Wave Quantum Inc. has historically struggled to out-earn its cost of capital, averaging just -55.8% ROIC.
D-Wave Quantum Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, D-Wave Quantum Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-36.87 per share.