D-Wave Quantum Inc. (QBTS) - Net Assets
Based on the latest financial reports, D-Wave Quantum Inc. (QBTS) has net assets worth $1.12 Billion USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($1.20 Billion) and total liabilities ($75.56 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check QBTS goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $1.12 Billion |
| % of Total Assets | 93.7% |
| Annual Growth Rate | 91.94% |
| 5-Year Change | N/A |
| 10-Year Change | N/A |
| Growth Volatility | 708.24 |
D-Wave Quantum Inc. - Net Assets Trend (2020–2025)
This chart illustrates how D-Wave Quantum Inc.'s net assets have evolved over time, based on quarterly financial data. See QBTS defensive asset coverage days to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for D-Wave Quantum Inc. (2020–2025)
The table below shows the annual net assets of D-Wave Quantum Inc. from 2020 to 2025. For live valuation and market cap data, see QBTS market cap.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $852.23 Million | +1260.39% |
| 2024-12-31 | $62.65 Million | +355.90% |
| 2023-12-31 | $-24.48 Million | +16.91% |
| 2022-12-31 | $-29.46 Million | -60.51% |
| 2021-12-31 | $-18.36 Million | -156.08% |
| 2020-12-31 | $32.73 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to D-Wave Quantum Inc.'s total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 68827900000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $35.00K | 0.00% |
| Other Comprehensive Income | $-9.02 Million | -1.06% |
| Other Components | $1.84 Billion | 216.28% |
| Total Equity | $852.23 Million | 100.00% |
D-Wave Quantum Inc. Competitors by Market Cap
The table below lists competitors of D-Wave Quantum Inc. ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Oshkosh Corporation
NYSE:OSK
|
$8.83 Billion |
|
MITSUIO.S.K.LINES ADR/1/2
F:MIL
|
$8.83 Billion |
|
Tempus AI, Inc. Class A Common Stock
NASDAQ:TEM
|
$8.83 Billion |
|
KT Corporation
NYSE:KT
|
$8.84 Billion |
|
GEA GROUP
XETRA:G1A
|
$8.82 Billion |
|
Campbell’s Co
NYSE:CPB
|
$8.81 Billion |
|
Wisetech Global Ltd
AU:WTC
|
$8.80 Billion |
|
Xero Ltd
AU:XRO
|
$8.80 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in D-Wave Quantum Inc.'s equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 62,646,000 to 852,230,000, a change of 789,584,000 (1260.4%).
- Net loss of 355,062,000 reduced equity.
- Share repurchases of 37,787,000 reduced equity.
- New share issuances of 574,528,000 increased equity.
- Other comprehensive income increased equity by 1,489,000.
- Other factors increased equity by 606,416,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $-355.06 Million | -41.66% |
| Share Repurchases | $37.79 Million | -4.43% |
| Share Issuances | $574.53 Million | +67.41% |
| Other Comprehensive Income | $1.49 Million | +0.17% |
| Other Changes | $606.42 Million | +71.16% |
| Total Change | $- | 1260.39% |
Book Value vs Market Value Analysis
This analysis compares D-Wave Quantum Inc.'s book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 9.31x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 82.79x to 9.31x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2020-12-31 | $0.30 | $24.69 | x |
| 2021-12-31 | $-0.15 | $24.69 | x |
| 2022-12-31 | $-0.25 | $24.69 | x |
| 2023-12-31 | $-0.18 | $24.69 | x |
| 2024-12-31 | $0.33 | $24.69 | x |
| 2025-12-31 | $2.65 | $24.69 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently D-Wave Quantum Inc. utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -41.66%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -1444.10%
- • Asset Turnover: 0.03x
- • Equity Multiplier: 1.07x
- Recent ROE (-41.66%) is above the historical average (-56.41%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2020 | -67.12% | -425.72% | 0.11x | 1.45x | $-25.24 Million |
| 2021 | 0.00% | -652.54% | 0.21x | 0.00x | $-39.14 Million |
| 2022 | 0.00% | -748.67% | 0.27x | 0.00x | $-50.76 Million |
| 2023 | 0.00% | -944.45% | 0.15x | 0.00x | $-80.27 Million |
| 2024 | -229.67% | -1629.99% | 0.04x | 3.19x | $-150.14 Million |
| 2025 | -41.66% | -1444.10% | 0.03x | 1.07x | $-440.29 Million |
Industry Comparison
This section compares D-Wave Quantum Inc.'s net assets metrics with peer companies in the Computer Hardware industry.
Industry Context
- Industry: Computer Hardware
- Average net assets among peers: $1,125,111,749
- Average return on equity (ROE) among peers: -88.12%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| D-Wave Quantum Inc. (QBTS) | $1.12 Billion | -67.12% | 0.07x | $8.82 Billion |
| AGM Group Holdings Inc Class A (AGMH) | $8.12 Million | 48.04% | 2.05x | $2.33 Million |
| AstroNova Inc (ALOT) | $53.82 Million | 5.14% | 0.20x | $66.45 Million |
| Touax SCA (ALPWG) | $67.19 Million | 2.22% | 0.77x | $39.37 Million |
| AMC Robotics Corporation (AMCI) | $70.93 Million | -0.11% | 0.00x | $97.86 Million |
| Arista Networks (ANET) | $7.22 Billion | 28.91% | 0.38x | $171.79 Billion |
| Braiin Limited Common Stock (BRAI) | $-1.13 Million | 0.00% | 0.00x | $587.35 Million |
| BTC Digital Ltd. (BTCT) | $36.58 Million | -1050.71% | 23.21x | $12.09 Million |
| Canaan Inc (CAN) | $3.46 Billion | 56.77% | 0.63x | $238.15 Million |
| Cricut Inc (CRCT) | $121.14 Million | 32.37% | 1.62x | $237.52 Million |
| Corsair Gaming Inc (CRSR) | $216.78 Million | -3.87% | 3.89x | $842.23 Million |
About D-Wave Quantum Inc.
D-Wave Quantum Inc. engages in the development and delivery of quantum computing systems, software, and services worldwide. It provides Advantage and Advantage 2 quantum computers; Ocean, a suite of open-source tools; and Leap quantum cloud service, a cloud-based service that provides real-time access to quantum computers and quantum hybrid solvers; and secure access and data protection services,… Read more