<div id="readability-page-1">Money Markets QBTS Stock Outlook: After 168% Gains, What’s Next?  ByTrefis Team ,  Contributor.  Forbes contributors publish independent expert analyses and insights. Building a platform to do the job of 1 million analysts for  Great Speculations Follow Author Dec 04, 2025, 12:44pm EST Dec 04, 2025, 01:21pm EST Share Save Comment  QBTS Stock surges in 2025 as quantum computing gains investor momentum. SOPA Images/LightRocket via Getty Images D-Wave Quantum (QBTS) stock has declined by 24.2% over the past 21 trading days. This recent downturn underscores renewed worries regarding D-Wave’s speculative valuation along with ongoing operating losses. However, significant drops like this often prompt a more challenging inquiry: is this weakness a temporary issue, or is it indicative of deeper flaws in the company’s situation?  Before evaluating its downturn resilience, let’s examine D-Wave Quantum’s current standing.  Size: D-Wave Quantum is valued at $7.7 billion, with $24 million in revenue, currently trading at $25.08.  Fundamentals: It recorded a revenue growth of 156.2% over the last 12 months and has an operating margin of -355.2%.  Liquidity: The company possesses a Debt to Equity ratio of 0.0 and a Cash to Assets ratio of 0.97.  Valuation: D-Wave Quantum stock is presently trading at a P/E multiple of -21.2 and a P/EBIT multiple of -21.3.  These figures indicate a strong, along with a strong valuation — branding the stock as strong. For additional information, please see Buy or Sell QBTS Stock .  This leads us to a crucial factor for investors concerned about this decline: how resilient is QBTS stock if the markets take a downturn? This is the point at which our downturn resilience framework is applicable. If QBTS stock drops another 20-30% to $18 — can investors maintain their positions without concern? It appears that the stock has performed significantly worse than the S&amp;P 500 index during various economic downturns, based on (a) the extent of the stock’s decline, and (b) the speed of its recovery. Below, we explore each of these downturns in greater detail.  2022 Inflation Shock QBTS stock fell 96.7% from a high of $12.40 on August 9, 2022, to $0.41 on May 12, 2023, compared to a peak-to-trough decline of 25.4% for the S&amp;P 500.  However, the stock completely recovered to its pre-crisis peak by May 19, 2025.  Since then, the stock has risen to a high of $44.78 on October 15, 2025, and now trades at $25.08.  QBTS Trefis Feeling uneasy about QBTS stock? Think about a portfolio approach.  Portfolios Over Individual Stock Picks MORE FOR YOU Individual stocks can be volatile. A well-structured portfolio enables you to stay invested, mitigates downside risks, and offers potential for upside gain.  The Trefis High Quality (HQ) Portfolio , which consists of 30 distinct stocks, has a history of consistently outperforming its benchmarks, which include the S&amp;P 500, S&amp;P mid-cap, and Russell 2000 indices. Why is this the case? Collectively, HQ Portfolio stocks have delivered superior returns with lower risk compared to the benchmark index; leading to a less erratic investment experience, as shown in HQ Portfolio performance metrics .  Editorial Standards Reprints &amp; Permissions LOADING VIDEO PLAYER... FORBES’ FEATURED Video</div>

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<p>QBTS stock surged 168% in 2025 due to quantum computing interest but recently declined by 24.2%. Analysts debate its future stability amid speculative valuation and operating losses. Despite past recovery from significant downturns, concerns remain about its resilience in potential market declines. Investors are advised to consider portfolio diversification to mitigate risks.</p>

QBTS Stock Outlook: Can Quantum Gains Hold in 2026?