20 lesser-known publicly traded companies across the full quantum economy. Supply chain enablers, photonics specialists, post-quantum security plays, and global programs most investors haven't discovered yet.

Company

Price & Valuation

FV & Narrative

Valuation

Growth

Analyst Target

LITE

Lumentum Holdings

US$968.90n/a

19.1%7D

8.9%3M

The author hasn't set a fair value for LITE

TER

Teradyne

US$443.14n/a

21.4%7D

37.8%3M

The author hasn't set a fair value for TER

Fabrinet

US$598.58n/a

13.6%7D

-11.7%3M

The author hasn't set a fair value for FN

INFQ

Infleqtion

US$13.41n/a

14.7%7D

26.2%3M

The author hasn't set a fair value for INFQ

IQE

UK£0.51n/a

9.1%7D

58.4%3M

The author hasn't set a fair value for IQE

COHR

Coherent

US$351.22n/a

8.0%7D

-0.7%3M

The author hasn't set a fair value for COHR

TSEM

Tower Semiconductor

US$263.73n/a

4.4%7D

5.0%3M

The author hasn't set a fair value for TSEM

KEYS

Keysight Technologies

US$361.15n/a

7.7%7D

5.0%3M

The author hasn't set a fair value for KEYS

IPGP

IPG Photonics

US$88.10n/a

3.8%7D

-22.3%3M

The author hasn't set a fair value for IPGP

WKEY

WISeKey International Holding

US$6.76n/a

3.0%7D

-19.5%3M

The author hasn't set a fair value for WKEY

BT.A

BT Group

UK£1.98n/a

1.7%7D

-14.6%3M

The author hasn't set a fair value for BT.A

QUBT

Quantum Computing

US$9.05n/a

1.3%7D

-1.8%3M

The author hasn't set a fair value for QUBT

SKYT

SkyWater Technology

US$32.46n/a

0%7D

-7.0%3M

The author hasn't set a fair value for SKYT

AIR

Airbus

€214.25n/a

-0.2%7D

26.7%3M

The author hasn't set a fair value for AIR

HON

Honeywell International

US$229.45n/a

-5.5%7D

-47.2%3M

The author hasn't set a fair value for HON

RTX

US$221.64n/a

-1.1%7D

27.0%3M

The author hasn't set a fair value for RTX

6702

Fujitsu

JP¥3,664.00n/a

-1.5%7D

10.0%3M

The author hasn't set a fair value for 6702

VOW3

Volkswagen

€73.22n/a

-2.9%7D

-16.4%3M

The author hasn't set a fair value for VOW3

6588

Toshiba Tec

JP¥3,115.00n/a

-9.7%7D

0.2%3M

The author hasn't set a fair value for 6588

BTQ

BTQ Technologies

CA$5.32n/a

-13.6%7D

34.7%3M

The author hasn't set a fair value for BTQ

Company

Price & Valuation

FV & Narrative

Valuation

Growth

Analyst Target

LITE

Lumentum Holdings

19.1%7D

8.9%3M

US$968.90

n/a

The author hasn't set a fair value for LITE

PS 28.5x

E 104.4%

US$1,148.30

TER

Teradyne

21.4%7D

37.8%3M

US$443.14

n/a

The author hasn't set a fair value for TER

PE 60.2x

E 21.7%

US$449.80

Fabrinet

13.6%7D

-11.7%3M

US$598.58

n/a

The author hasn't set a fair value for FN

PE 50.9x

E 22.3%

US$732.44

INFQ

Infleqtion

14.7%7D

26.2%3M

US$13.41

n/a

The author hasn't set a fair value for INFQ

PB 5.2x

E -15.5%

US$20.60

IQE

9.1%7D

58.4%3M

UK£0.51

n/a

The author hasn't set a fair value for IQE

PS 6.9x

E 65.0%

UK£0.61

COHR

Coherent

8.0%7D

-0.7%3M

US$351.22

n/a

The author hasn't set a fair value for COHR

PE 89.3x

E 41.8%

US$410.76

TSEM

Tower Semiconductor

4.4%7D

5.0%3M

US$263.73

n/a

The author hasn't set a fair value for TSEM

PE 102.7x

E 50.6%

US$321.32

KEYS

Keysight Technologies

7.7%7D

5.0%3M

US$361.15

n/a

The author hasn't set a fair value for KEYS

PE 57.5x

E 14.8%

US$388.33

IPGP

IPG Photonics

3.8%7D

-22.3%3M

US$88.10

n/a

The author hasn't set a fair value for IPGP

PE 136x

E 55.7%

US$126.21

WKEY

WISeKey International Holding

3.0%7D

-19.5%3M

US$6.76

n/a

The author hasn't set a fair value for WKEY

PS 3x

E 140.2%

n/a

BT.A

BT Group

1.7%7D

-14.6%3M

UK£1.98

n/a

The author hasn't set a fair value for BT.A

PE 18.1x

E 9.7%

UK£2.25

QUBT

Quantum Computing

1.3%7D

-1.8%3M

US$9.05

n/a

The author hasn't set a fair value for QUBT

PB 1.3x

E 59.2%

US$18.33

SKYT

SkyWater Technology

0%7D

-7.0%3M

US$32.46

n/a

The author hasn't set a fair value for SKYT

PE 13.6x

S n/a

US$35.00

AIR

Airbus

-0.2%7D

26.7%3M

€214.25

n/a

The author hasn't set a fair value for AIR

PE 28.6x

E 14.7%

€230.96

HON

Honeywell International

-5.5%7D

-47.2%3M

US$229.45

n/a

The author hasn't set a fair value for HON

PE 8.8x

E -24.0%

US$264.05

RTX

-1.1%7D

27.0%3M

US$221.64

n/a

The author hasn't set a fair value for RTX

PE 38.6x

E 10.3%

US$232.27

6702

Fujitsu

-1.5%7D

10.0%3M

JP¥3,664.00

n/a

The author hasn't set a fair value for 6702

PE 20x

E 9.6%

JP¥4,604.62

VOW3

Volkswagen

-2.9%7D

-16.4%3M

€73.22

n/a

The author hasn't set a fair value for VOW3

PE 7x

E 23.3%

€105.31

6588

Toshiba Tec

-9.7%7D

0.2%3M

JP¥3,115.00

n/a

The author hasn't set a fair value for 6588

PE 35x

E 35.7%

JP¥4,050.00

BTQ

BTQ Technologies

-13.6%7D

34.7%3M

CA$5.32

n/a

The author hasn't set a fair value for BTQ

PB 41.9x

S 146.4%

n/a

Company	Price & Valuation	FV & Narrative	Valuation	Growth	Analyst Target
LITE Lumentum Holdings US$968.90n/aintrinsic discount 19.1%7D 8.9%3M The author hasn't set a fair value for LITE
TER Teradyne US$443.14n/aintrinsic discount 21.4%7D 37.8%3M The author hasn't set a fair value for TER
FN Fabrinet US$598.58n/aintrinsic discount 13.6%7D -11.7%3M The author hasn't set a fair value for FN
INFQ Infleqtion US$13.41n/aintrinsic discount 14.7%7D 26.2%3M The author hasn't set a fair value for INFQ
IQE IQE UK£0.51n/aintrinsic discount 9.1%7D 58.4%3M The author hasn't set a fair value for IQE
COHR Coherent US$351.22n/aintrinsic discount 8.0%7D -0.7%3M The author hasn't set a fair value for COHR
TSEM Tower Semiconductor US$263.73n/aintrinsic discount 4.4%7D 5.0%3M The author hasn't set a fair value for TSEM
KEYS Keysight Technologies US$361.15n/aintrinsic discount 7.7%7D 5.0%3M The author hasn't set a fair value for KEYS
IPGP IPG Photonics US$88.10n/aintrinsic discount 3.8%7D -22.3%3M The author hasn't set a fair value for IPGP
WKEY WISeKey International Holding US$6.76n/aintrinsic discount 3.0%7D -19.5%3M The author hasn't set a fair value for WKEY
BT.A BT Group UK£1.98n/aintrinsic discount 1.7%7D -14.6%3M The author hasn't set a fair value for BT.A
QUBT Quantum Computing US$9.05n/aintrinsic discount 1.3%7D -1.8%3M The author hasn't set a fair value for QUBT
SKYT SkyWater Technology US$32.46n/aintrinsic discount 0%7D -7.0%3M The author hasn't set a fair value for SKYT
AIR Airbus €214.25n/aintrinsic discount -0.2%7D 26.7%3M The author hasn't set a fair value for AIR
HON Honeywell International US$229.45n/aintrinsic discount -5.5%7D -47.2%3M The author hasn't set a fair value for HON
RTX RTX US$221.64n/aintrinsic discount -1.1%7D 27.0%3M The author hasn't set a fair value for RTX
6702 Fujitsu JP¥3,664.00n/aintrinsic discount -1.5%7D 10.0%3M The author hasn't set a fair value for 6702
VOW3 Volkswagen €73.22n/aintrinsic discount -2.9%7D -16.4%3M The author hasn't set a fair value for VOW3
6588 Toshiba Tec JP¥3,115.00n/aintrinsic discount -9.7%7D 0.2%3M The author hasn't set a fair value for 6588
BTQ BTQ Technologies CA$5.32n/aintrinsic discount -13.6%7D 34.7%3M The author hasn't set a fair value for BTQ

The Quantum Undercard

Watching

Watching

Company	Price & Valuation	FV & Narrative	Valuation	Growth	Analyst Target
LITE Lumentum Holdings 19.1%7D 8.9%3M	US$968.90 n/aintrinsic discount	The author hasn't set a fair value for LITE	PS 28.5x	E 104.4%	US$1,148.30
TER Teradyne 21.4%7D 37.8%3M	US$443.14 n/aintrinsic discount	The author hasn't set a fair value for TER	PE 60.2x	E 21.7%	US$449.80
FN Fabrinet 13.6%7D -11.7%3M	US$598.58 n/aintrinsic discount	The author hasn't set a fair value for FN	PE 50.9x	E 22.3%	US$732.44
INFQ Infleqtion 14.7%7D 26.2%3M	US$13.41 n/aintrinsic discount	The author hasn't set a fair value for INFQ	PB 5.2x	E -15.5%	US$20.60
IQE IQE 9.1%7D 58.4%3M	UK£0.51 n/aintrinsic discount	The author hasn't set a fair value for IQE	PS 6.9x	E 65.0%	UK£0.61
COHR Coherent 8.0%7D -0.7%3M	US$351.22 n/aintrinsic discount	The author hasn't set a fair value for COHR	PE 89.3x	E 41.8%	US$410.76
TSEM Tower Semiconductor 4.4%7D 5.0%3M	US$263.73 n/aintrinsic discount	The author hasn't set a fair value for TSEM	PE 102.7x	E 50.6%	US$321.32
KEYS Keysight Technologies 7.7%7D 5.0%3M	US$361.15 n/aintrinsic discount	The author hasn't set a fair value for KEYS	PE 57.5x	E 14.8%	US$388.33
IPGP IPG Photonics 3.8%7D -22.3%3M	US$88.10 n/aintrinsic discount	The author hasn't set a fair value for IPGP	PE 136x	E 55.7%	US$126.21
WKEY WISeKey International Holding 3.0%7D -19.5%3M	US$6.76 n/aintrinsic discount	The author hasn't set a fair value for WKEY	PS 3x	E 140.2%	n/a
BT.A BT Group 1.7%7D -14.6%3M	UK£1.98 n/aintrinsic discount	The author hasn't set a fair value for BT.A	PE 18.1x	E 9.7%	UK£2.25
QUBT Quantum Computing 1.3%7D -1.8%3M	US$9.05 n/aintrinsic discount	The author hasn't set a fair value for QUBT	PB 1.3x	E 59.2%	US$18.33
SKYT SkyWater Technology 0%7D -7.0%3M	US$32.46 n/aintrinsic discount	The author hasn't set a fair value for SKYT	PE 13.6x	S n/a	US$35.00
AIR Airbus -0.2%7D 26.7%3M	€214.25 n/aintrinsic discount	The author hasn't set a fair value for AIR	PE 28.6x	E 14.7%	€230.96
HON Honeywell International -5.5%7D -47.2%3M	US$229.45 n/aintrinsic discount	The author hasn't set a fair value for HON	PE 8.8x	E -24.0%	US$264.05
RTX RTX -1.1%7D 27.0%3M	US$221.64 n/aintrinsic discount	The author hasn't set a fair value for RTX	PE 38.6x	E 10.3%	US$232.27
6702 Fujitsu -1.5%7D 10.0%3M	JP¥3,664.00 n/aintrinsic discount	The author hasn't set a fair value for 6702	PE 20x	E 9.6%	JP¥4,604.62
VOW3 Volkswagen -2.9%7D -16.4%3M	€73.22 n/aintrinsic discount	The author hasn't set a fair value for VOW3	PE 7x	E 23.3%	€105.31
6588 Toshiba Tec -9.7%7D 0.2%3M	JP¥3,115.00 n/aintrinsic discount	The author hasn't set a fair value for 6588	PE 35x	E 35.7%	JP¥4,050.00
BTQ BTQ Technologies -13.6%7D 34.7%3M	CA$5.32 n/aintrinsic discount	The author hasn't set a fair value for BTQ	PB 41.9x	S 146.4%	n/a