D-Wave Quantum Inc.

NYSE:QBTS Stock Report

Market Cap: US$647.4m

D-Wave Quantum Valuation

Is QBTS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of QBTS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate QBTS's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate QBTS's fair value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for QBTS?

Key metric: As QBTS barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for QBTS. This is calculated by dividing QBTS's market cap by their current book value.
What is QBTS's PB Ratio?
PB Ratio-35.8x
Book-US$16.91m
Market CapUS$647.40m

Price to Book Ratio vs Peers

How does QBTS's PB Ratio compare to its peers?

The above table shows the PB ratio for QBTS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average4.2x
DMRC Digimarc
10.2x13.0%US$721.6m
PGY Pagaya Technologies
1.7x114.7%US$773.4m
DJCO Daily Journal
3.1xn/aUS$808.6m
RSKD Riskified
2x66.6%US$769.4m
QBTS D-Wave Quantum
n/a1.2%US$647.4m

Price-To-Book vs Peers: QBTS has negative equity and a Price-To-Book Ratio (-35.8x) compared to the peer average (4.2x).

Price to Book Ratio vs Industry

How does QBTS's PB Ratio compare vs other companies in the US Software Industry?

33 CompaniesPrice / BookEstimated GrowthMarket Cap
ETWO E2open Parent Holdings
0.7x75.4%US$957.43m
API Agora
0.8x43.0%US$437.80m
CMCM Cheetah Mobile
0.5xn/aUS$149.12m
XNET Xunlei
0.4xn/aUS$119.81m
QBTS is unprofitableIndustry Avg. 3.7xNo. of Companies36PB03.26.49.612.816+
33 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: QBTS has negative equity and a Price-To-Book Ratio (-35.8x) compared to the US Software industry average (3.7x).

Price to Book Ratio vs Fair Ratio

What is QBTS's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

QBTS PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio-35.8x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate QBTS's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst QBTS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$2.70
US$2.96
+9.6%
25.1%US$4.50US$2.25n/a6
Nov ’25US$1.04
US$2.29
+120.4%
23.9%US$3.00US$1.50n/a6
Oct ’25US$0.92
US$2.39
+160.1%
23.6%US$3.00US$1.50n/a7
Sep ’25US$1.01
US$2.39
+136.9%
23.6%US$3.00US$1.50n/a7
Aug ’25US$0.97
US$3.00
+210.7%
15.4%US$4.00US$2.50n/a7
Jul ’25US$1.08
US$3.00
+177.8%
16.7%US$4.00US$2.50n/a6
Jun ’25US$1.35
US$3.00
+122.2%
16.7%US$4.00US$2.50n/a6
May ’25US$1.41
US$3.17
+124.6%
19.7%US$4.00US$2.50n/a6
Apr ’25US$1.99
US$2.90
+45.7%
22.9%US$4.00US$2.00n/a5
Mar ’25US$1.72
US$2.55
+48.3%
48.2%US$5.00US$1.75n/a5
Feb ’25US$0.92
US$2.55
+177.2%
48.2%US$5.00US$1.75n/a5
Jan ’25US$0.88
US$2.70
+206.8%
43.2%US$5.00US$2.00n/a5
Dec ’24US$0.94
US$2.70
+185.9%
43.2%US$5.00US$2.00n/a5
Nov ’24US$0.81
US$4.20
+420.8%
27.8%US$6.00US$3.00US$1.045
Oct ’24US$0.96
US$4.20
+335.3%
27.8%US$6.00US$3.00US$0.925
Sep ’24US$1.12
US$4.20
+275.0%
27.8%US$6.00US$3.00US$1.015
Aug ’24US$2.70
US$3.50
+29.6%
55.7%US$6.00US$1.00US$0.975
Jul ’24US$2.09
US$1.90
-9.1%
34.9%US$3.00US$1.00US$1.085
Jun ’24US$1.51
US$1.90
+25.8%
34.9%US$3.00US$1.00US$1.355
May ’24US$0.48
US$2.00
+314.5%
31.6%US$3.00US$1.00US$1.415
Apr ’24US$0.66
US$6.20
+833.6%
35.9%US$10.00US$4.00US$1.995
Mar ’24US$0.67
US$6.20
+825.4%
35.9%US$10.00US$4.00US$1.725
Feb ’24US$1.22
US$7.00
+473.8%
28.6%US$10.00US$4.00US$0.925
Jan ’24US$1.44
US$8.60
+497.2%
17.4%US$10.00US$6.00US$0.885
Dec ’23US$2.35
US$8.60
+266.0%
17.4%US$10.00US$6.00US$0.945
Nov ’23US$2.98
US$14.40
+383.2%
19.9%US$20.00US$12.00US$0.815

Analyst Forecast: Target price is less than 20% higher than the current share price.

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