D-Wave Quantum Inc. (QBTS) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of D-Wave Quantum Inc. $2.21, price $15.77, upside -86.0%, quality 28 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 28, 2026.
How to read this chart
60‑month range $0.4130 – $44.78 · fair‑value band $1.46 – $2.76 · the $15.77 price screens above the $2.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 28, 2026.
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D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide.
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D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide. 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. The company also provides Leap hybrid solver service that offers a combination of quantum and classical computation resources and advanced algorithms to solve problems of enterprise scale; and D-Wave Launch, a phased approach to identify and build in-production quantum hybrid applications, including training sessions and quantum computing access. In addition, the company offers D-Wave Advantage annealing quantum computing systems; and Ocean developer tools. Its quantum solutions are used in allocation, resource scheduling, factory scheduling, vehicle routing, logistics optimization, drug discovery, industrial construction design, portfolio optimization and maintenance, repair, and overhaul optimization. D-Wave Quantum Inc. was founded in 1999 and is based in Palo Alto, California.
Stock analysis
D-Wave Quantum Inc. (QBTS) currently trades at $15.77, while our model-based Fair Value estimate is $2.21, 86.0% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the evidence level at low.
Scenario range: $1.46 (bear) to $2.76 (bull), the price of $15.77 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 28/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
D-Wave Quantum Inc. reported revenue of $24.6M in FY2025 versus $6.3M in FY2021, a compound +40.7%/yr. Reported net income was −$355M in FY2025.
Our AI-assisted moat analysis scores the competitive advantage at 22 out of 100 (medium confidence).
What moves the price
The share trades about 65% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −21% fair-value upside, at −86%, QBTS screens richer than that median.
Fair Value models
Bear $1.46Fair Value $2.21Bull $2.76
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+178.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+50.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+36.7%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−609.8% (2020) → −408.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Computer Hardware · 203 stocks
Beats the industry median on 1/6 measures
Overall it trails its industry peers.
Valuation
Quality Score34 · Bottom 25%
Fair Value upside−86.7% · Bottom 25%
Profitability
Return on assets−10.7% · Bottom 25%
Growth and dividend
Revenue growth−0.6% · Below median
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Computer Hardware median · lower = cheaper
P/B7.21× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 72
PAST (return on equity)0· sector 33
HEALTH (low debt)98· sector 97
DIVIDEND (yield)0· sector 47
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "D-Wave Quantum Inc. Fair Value". https://www.fairvalue-calculator.com/stock/QBTS
Frequently asked questions
Is D-Wave Quantum Inc. (QBTS) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of $2.21 versus a price of $15.77, about −86% upside (overvalued).
What is the fair value of QBTS?
Our model-based fair value for D-Wave Quantum Inc. is $2.21 (as of Sep 28, 2026), built from audited fundamentals. The current price: $15.77.
What is the quality score of QBTS?
D-Wave Quantum Inc. has a Quality Score of 28/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for D-Wave Quantum Inc. (QBTS)?
Our model-based price target is the fair value of $2.21 (as of Sep 28, 2026) from 1 valuation models. Cautious scenario $1.46, optimistic scenario $2.76. It is a calculation from audited fundamentals, not an analyst target.
What is the D-Wave Quantum Inc. stock forecast for 2026?
Our models put fair value at $2.21, about −86% upside versus a price of $15.77 (overvalued). Cautious scenario $1.46, optimistic scenario $2.76. The calculation is refreshed regularly with new filings.
What is the revenue of D-Wave Quantum Inc. (QBTS)?
D-Wave Quantum Inc. reported trailing-twelve-month revenue of about $12.4M (latest available figure, as of Sep 28, 2026).
What is the intrinsic value of D-Wave Quantum Inc. (QBTS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For D-Wave Quantum Inc. it is $2.21 per share (as of Sep 28, 2026), against a price of $15.77. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is D-Wave Quantum Inc. stock overvalued or undervalued in 2026?
As of Sep 28, 2026, QBTS trades above its calculated fair value: price $15.77, fair value $2.21, a gap of about −86% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of QBTS?
No. The price is what the market pays today ($15.77); the fair value is what the company's own numbers justify ($2.21). For D-Wave Quantum Inc. the two are $13.56 per share apart. That gap is exactly why we show both numbers side by side.
How much is D-Wave Quantum Inc. worth?
The market values D-Wave Quantum Inc. at about $6.6B (market capitalisation, as of Sep 28, 2026). Per share that is $15.77; our models calculate a fair value of $2.21 per share.
What do the bullish and bearish scenarios say about QBTS?
Our models span a range for D-Wave Quantum Inc.: cautious scenario $1.46, base $2.21, optimistic $2.76 per share (as of Sep 28, 2026, price $15.77). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of D-Wave Quantum Inc. (QBTS)?
Balance-sheet figures for D-Wave Quantum Inc. (as of Sep 28, 2026): return on equity −28.0%, debt of 0.04 per unit of equity. They feed the Quality Score of 28/100, which measures business quality independently of the share price.
How far is QBTS from its 52-week high?
D-Wave Quantum Inc. trades at $15.77, about 65% below its 52-week high of $44.78 and 21% above the low of $12.98 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $2.21 is for.
Which stocks are comparable to D-Wave Quantum Inc.?
From the same area (Technology) we also value Dell Technologies Inc, Arista Networks, Inc, Seagate Technology Holdings, Western Digital Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is D-Wave Quantum Inc. stock attractive at the current price?
The data as of Sep 28, 2026: price $15.77, calculated fair value $2.21 (−86%), Quality Score 28/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of QBTS calculated?
We run D-Wave Quantum Inc. through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $2.21, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. D-Wave Quantum Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of D-Wave Quantum Inc. (QBTS)?
The closing price on Oct 2, 2026 was $15.77. Our model-based fair value is $2.21, about −86% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with D-Wave Quantum Inc. right now?
The price sits above even our optimistic bull case ($2.76). The favourable scenario is already priced in. Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($1.46 to $2.76) leaves room in how you read the outcome.
Key figures of D-Wave Quantum Inc.
How large is the market capitalisation of D-Wave Quantum Inc. (QBTS)?
The market capitalisation of D-Wave Quantum Inc. is $6.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of D-Wave Quantum Inc. (QBTS)?
Earnings per share at D-Wave Quantum Inc. are $−0.7000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of D-Wave Quantum Inc. (QBTS)?
The return on equity (ROE) of D-Wave Quantum Inc. is −28.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of D-Wave Quantum Inc. (QBTS)?
On an EBIT basis the return on assets of D-Wave Quantum Inc. is −108% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of D-Wave Quantum Inc. (QBTS)?
The operating margin of D-Wave Quantum Inc. is −1,732% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at D-Wave Quantum Inc. (QBTS)?
Revenue at D-Wave Quantum Inc. is growing −0.6% versus a year earlier (3y avg +50.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does D-Wave Quantum Inc. (QBTS) generate?
The free cash flow of D-Wave Quantum Inc. is −$75.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does D-Wave Quantum Inc. (QBTS) hold?
D-Wave Quantum Inc. holds more cash than debt, $592M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Sep 28, 2026