Forensic Analysis · Technology / Software · as of Aug 9, 2026
D-Wave Quantum Inc. (QBTS)
A forensic read on D-Wave Quantum Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
14.6
Distress distance
Clean
Earnings quality
3
Forensic signals
-28.6
P / E (ttm)
-41.7%
ROE
$7.6B
Market cap
0.00%
Dividend yield
178.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
D-Wave Quantum Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 14.6, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by stock-based comp load.
What the filings flag
92% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 92% of revenue in FY2025 — about $0.07 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 27.3% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-85.2M to FY2025 $+252.7M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +168% over the last 3 years to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +39.0%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$24.6M
Revenue Growth YoY+178.5%
Revenue CAGR (3yr)+50.8%
Net Margin-1444.1%
Free Cash Flow-$75.8M
Return on Equity-41.7%
Debt / Equity0.04x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from D-Wave Quantum Inc.'s actual 10-K/10-Q/8-K filings?