Forensic Analysis · Technology / Software · as of Jun 27, 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
Altman Z-score
Watch
Earnings quality
6
Forensic signals
-3.5%
ROE
$2.1B
Market cap
0.01%
Dividend yield
Quantum Computing Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 16.5, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+187.2%Accruals ratio.Net operating assets grew +187.2% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by +3% of net operating assets.
278d DSOReceivables vs revenue.Days sales outstanding moved from 26 to 278 days FY2024→FY2025 (receivables +1822% vs revenue +83%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
209dInventory days.Days inventory outstanding moved from 25 to 209 FY2024→FY2025 (against cost of goods sold; inventory +1856% vs +136% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-5%Return on invested capital.Return on invested capital is -5% and rising from -33% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
1270% of revStock-based comp load.Stock-based compensation ran 1270% of revenue in FY2025 — about $52.64 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$8MGoodwill impairments.Took $8M of goodwill writedowns across 1 year(s) (FY2023 ($8M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-2738.1%
Debt / Equity0.01x
Free Cash Flow$-37.0M
Latest Revenue682000.00
Return on Equity-1.2%
Revenue Growth YoY+82.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Quantum Computing Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about QUBT's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown