Forensic Analysis · Technology / Software · as of Aug 11, 2026
Quantum Computing Inc. (QUBT)
A forensic read on Quantum Computing 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
Safe
Financial health
16.5
Distress distance
Watch
Earnings quality
6
Forensic signals
-33.4
P / E (ttm)
-1.2%
ROE
$2.0B
Market cap
0.01%
Dividend yield
4797.9%
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.
Quantum Computing Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 16.5, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-4.6%
FY2025
Return on invested capital.Return on invested capital is -4.6% in the latest fiscal year and rising from -33% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
42% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 42% of revenue in FY2025. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 33.4% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
FCF ($22M)
FY2024
Shareholder returns.Returned $215,000 to shareholders (buybacks + dividends) in FY2024, but free cash flow was ($22M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
+187.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +187.2% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply, and much of it is accounted for. The build is led by inventory up +1856% against +6540% in cost of sales and receivables up +1822% against revenue +4798%. That build tracks a +4798% revenue year: net operating assets grew +2936% and receivables +1822%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 3% of net operating assets, diverging from the balance-sheet accrual read.
Key fundamentals
Latest Revenue$20.7M
Revenue Growth YoY+4797.9%
Revenue CAGR (3yr)+433.9%
Net Margin-90.1%
Free Cash Flow-$37.0M
Return on Equity-1.2%
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 Quantum Computing Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Quantum Computing Inc. (QUBT) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed -100% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 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 -83.5%/yr figure isn't a real buyback/dilution read here.
$8M
FY2023–FY2023
Goodwill impairments.Took $8M of goodwill writedowns across 1 year (FY2023 ($8M)). Writedowns mean past acquisitions underperformed what was paid for them.