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The Screen · Technology · Computer Hardware
D-Wave Quantum Inc
QBTS · the NYSE · USD · Market cap $6.1B · 382 employees
D-Wave Quantum Inc.
FAIL · Does not pass the screen
16.49 USD
At the last full screen 2026-09-02
Screened 2026-09-02 · the tape above runs as of 05:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markdown label.
D-Wave Quantum Inc holds its Markdown at $16.49. Consolidating, no directional conviction, held for 36 days.
As held on the ledger · 2026-09-02
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 36 days
Price at the screen
$16.49
Valuation
N/A trailing · -44.71 forward price to earnings
Values screen
FAIL· score 70.0
Beta
2.16
The Workings
Five Screens, Shown in Full
Does not pass. Accounts receivable
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
4.75%
Below 33%
Interest-bearing debt is just 4.7% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.26%
Below 33%
Cash held in interest-bearing accounts and securities is 0.3% of assets, under the one-third limit.
Pass
Receivables
69.55%
Below 49%
Money owed to the company is 69.5% of assets, above the 49% limit.
Fail
Revenue purity
98.08%
Below 5%
98.1% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-02 screen. The gold marker is the market price at the same screen. A 100.0% margin of safety to the base estimate.
Third-party analyst targets: 16 covering, consensus Strong Buy. The average target sits +118% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-02 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Quantum hype collides with shrinking revenue and losses
Picture a startup promising computers that solve impossible problems while the bills pile up faster than the breakthroughs arrive. D-Wave shows exactly that picture right now, with revenue down 81 percent, zero profit margin and return on equity at minus 55 percent. The narrow moat and negative forward earnings multiple tell us the business is still burning cash rather than scaling into something durable, even though analysts keep a strong buy call and a 40 dollar median target.
We pass because the opportunity rating is none. A 100 percent margin of safety to our 33.46 dollar fair value looks attractive only if the company can stop the revenue slide and turn losses into cash flow, yet nothing in the current numbers suggests that turn is near.
The honest risk is that quantum remains a long research bet dressed up as a product story. Currency moves, dilution or slower-than-expected adoption could push the shares lower before any payoff appears. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
QBTS trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-10Markdown · changed$16.49-8.3%Entry 5
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 8.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 38%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (15 analysts) rates it strong buy, with a mean price target of $37.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 23.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 38%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (15 analysts) rates it strong buy, with a mean price target of $37.
2026-07-18Markup$23.37+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 38%. Our forward projection puts the odds of a 10% gain over the next month near 48%. The street (15 analysts) rates it strong buy, with a mean price target of $37.
2026-07-03Markup$23.37+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$23.37Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.