D-Wave Quantum Inc. — Earnings Quality Grade F
QBTS · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 24 days, change -35 days YoY
AR growth 11.8% vs revenue growth 178.5%
Revenue grew 178.5% but CFFO declined -68.8%
Expense Quality
Inventory growth 64.7% far exceeds COGS 31.2%, margin rising. Fraud signal
CapEx growth 79.8% vs revenue 178.5%. Normal
SG&A/Gross Profit = 344.4%, exceeds 70%
Gross margin swung +19.6pp (63.0% → 82.6%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.1B)
Accruals ratio = -30.9%. Low accruals
Cash $0.9B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Interest coverage = -25.0x (<2x). Financial stress
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles surged 87% YoY
Manipulation Score
M-Score = -2.93 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25