3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
D-Wave Quantum's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was -292.55%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for D-Wave Quantum's 3-Year ROIIC % or its related term are showing as below:
MEX:QBTS's 3-Year ROIIC % is ranked worse than 96.75% of 2371
companies
in the Hardware industry
Industry Median: 2.35
vs MEX:QBTS: -292.55
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
D-Wave Quantum 3-Year ROIIC % Related Terms
D-Wave Quantum 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for D-Wave Quantum's 3-Year ROIIC % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:QBTS vs RGTI, QUBT, BRAI: 3-Year ROIIC % Comparison
For the Computer Hardware subindustry, D-Wave Quantum's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
D-Wave Quantum 3-Year ROIIC % vs Hardware Industry
For the Hardware industry and Technology sector, D-Wave Quantum's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where D-Wave Quantum's 3-Year ROIIC % falls into.
D-Wave Quantum's 3-Year ROIIC % for the quarter that ended in Dec. 2025 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( -1807.196 (Dec. 2025) - -1159.193 (Dec. 2022) )
/
( 617.397 (Dec. 2025) - 395.867 (Dec. 2022) )
=
-648.003
/
221.53
=
-292.51%***
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
D-Wave Quantum (MEX:QBTS) has a 3-Year ROIIC % of -292.55 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on D-Wave Quantum and its competitors. According to the industry distribution chart, D-Wave Quantum ranks #2294 out of 2371 companies in the Hardware industry, placing it in the top 96.8%.
Is D-Wave Quantum's 3-Year ROIIC % too high?
D-Wave Quantum's current 3-Year ROIIC % is -292.55. Based on the distribution chart, D-Wave Quantum ranks #2294 out of 2371 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, D-Wave Quantum has a GF Score™ of 39/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does D-Wave Quantum's 3-Year ROIIC % compare to RGTI and QUBT?
According to the Hardware industry distribution chart, D-Wave Quantum ranks #2294 out of 2371 companies for 3-Year ROIIC %. This places D-Wave Quantum in the lower half of its industry. The industry median 3-Year ROIIC % is 2.35. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for a Hardware company?
The median 3-Year ROIIC % among Hardware companies is 2.35, based on 2,371 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on D-Wave Quantum and its competitors. For the Hardware industry, the median 3-Year ROIIC % is 2.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. D-Wave Quantum's current 3-Year ROIIC % is -292.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is D-Wave Quantum stock overvalued right now?
Based on GuruFocus' analysis, D-Wave Quantum (MEX:QBTS) is currently considered Significantly Overvalued. The stock's GF Value™ is MXN42.82, compared to a current price of MXN416.50 — trading 872.7% above its estimated fair value. The current 3-Year ROIIC % is -292.55. D-Wave Quantum's overall GF Score™ is 39/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For D-Wave Quantum (MEX:QBTS), the current 3-Year ROIIC % is -292.55 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is D-Wave Quantum (MEX:QBTS) Overvalued in 2026?
Based on GuruFocus' analysis, D-Wave Quantum stock appears to be overvalued.
The current stock price of MXN416.50 is trading 872.7% above its estimated GF Value™ of MXN42.82.
GuruFocus considers D-Wave Quantum to be Significantly Overvalued.
Key valuation signals for MEX:QBTS:
3-Year ROIIC %: -292.55
GF Value™: MXN42.82 vs. price of MXN416.50 (872.7% above fair value)
No single metric tells the full story. See the MEX:QBTS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
D-Wave Quantum Inc is in the development and delivery of quantum computing systems, software, and services, and it is the commercial supplier of quantum computers and the only company building both annealing quantum computers and gate-model quantum computers. It delivers customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. Its annealing quantum computers are accessible through the company's LeapTM cloud service.
39GF Score
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