Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
D-Wave Quantum Inc. Common Stock
Physical assets are 1.9% of total assets, a light footprint. Capex is 1.67x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -85.03x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 1.71x.
Physical asset ratio
1.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.71x
Revenue per dollar of the physical asset base.
Capex / D&A
1.67x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.65
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.44x
Price $11.78.
Fixed-charge coverage
-85.03x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.6%
Latest free cash flow divided by current market cap ($4.76B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -6.99x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2020 | 17.6% | 0.88x | 0.29x | $0.30 | -2.68x | -$30.08M | — | -5.39x |
| 2021 | 47.3% | 0.53x | 0.77x | -$0.15 | -8.51x | -$36.80M | — | -3.29x |
| 2022 | 50.6% | 0.63x | 0.21x | -$0.25 | -11.19x | -$45.72M | — | -5.20x |
| 2023 | 21.7% | 0.81x | 0.34x | -$0.18 | -31.90x | -$61.28M | — | -7.48x |
| 2024 | 6.5% | 0.77x | 1.09x | $0.32 | -33.02x | -$44.75M | — | -6.78x |
| 2025 | 1.9% | 1.71x | 1.67x | $2.65 | -85.03x | -$75.84M | — | -6.99x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $14.36M
Inventory: $2.78M
Total assets: $915.81M
Goodwill: $0.00
Intangibles: $915.00K
Liabilities: $63.58M
Tangible book: $851.32M
Shares: 321,202,025
Revenue: $24.59M
Capex: $3.86M
D&A: $2.31M
EBITDA: -$348.74M
Interest: $4.01M
Short-term debt: $134.00K
Free cash flow: -$75.84M
Operating income: -$100.37M
Invested capital: $11.21M
Tax rate: —