Positioning no disclosures inside 60 days, left as found
Options put/call open interest 2.70, read 2026-11-02
Ethical does not pass the values gate
Price10.38 USD
Fair value24.06Our model only; the analyst targets sit too far from the price to cross-check it.
Ethical score70.0/100
Value readUndervaluedas of 4 Nov 2026
Our investment reviews on this name
2026-10-11Read Markdown14.60-28.9% to today ✓Accumulation gives way to Markdown after a 15% slide in 9 days
2026-10-02Read Accumulation17.11-39.3% to today Markdown gives way to Accumulation while volume is distributing
2026-09-10Read Markdown16.49-37.1% to today ✓Distribution gives way to Markdown after an 8% slide in 5 weeks
2026-08-09Read Distribution17.98-42.3% to today ✓Markup gives way to Distribution after a 23% slide in 5 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
D-Wave Quantum Inc holds its Markdown at $10.38. Consolidating, no directional conviction, held for 57 days.
As held on the ledger · 2026-11-04
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 57 days
Price at the screen
$10.38
Valuation
N/A trailing · -30.56 forward price to earnings
Values screen
FAIL· score 70.0
Beta
2.17
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.
The Ethical Read
Why It Falls Short, in Plain English
D-Wave Quantum's business is fine, but its receivables are about 70% of its assets, well over the ~49% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our model only; the analyst targets sit too far from the price to cross-check it.
Our analysis reads Undervalued vs our fair value, as of 4 Nov 2026: it trades at roughly a 50% discount to our $24.06 fair value, narrow competitive moat.
Fair value range in USD, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. A 56.9% discount to the base estimate.
Where our models see it going: fair-value estimate $24.06, with a range of $18.36 to $24.06, dated to the 2026-11-04 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.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
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
2026-11-05Markdown$10.38+0.1%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.1% 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 D. Technically it is sitting below its long-term trend line with momentum reading oversold. 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. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-04Markdown$10.37-2.6%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.6% 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 D. Technically it is sitting below its long-term trend line with momentum reading oversold. 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. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Markdown$10.65+0.0%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% 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 D. Technically it is sitting below its long-term trend line with momentum reading oversold. 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. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Markdown$10.65-11.5%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 11.5% 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 D. Technically it is sitting below its long-term trend line with momentum reading oversold. 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.
2026-10-25Markdown$12.03+0.0%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% 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 D. Technically it is sitting below its long-term trend line with momentum reading oversold. 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.
2026-10-18Markdown$12.03-17.6%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 17.6% 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 C. 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.
2026-10-11Markdown · changed$14.60-14.7%Entry 7
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 14.7% 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 markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.8% 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.
2026-09-10Markdown · 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.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.