ARM
Arm Holdings plc American Depositary Shares
ARM's fundamentals are strong: revenue grew 24% and it turned 22% of its revenue into free cash flow, though its operating margin fell 3 points to 17%. At 227x earnings, it's trading right at its usual valuation. Analysts expect that strong growth to continue.
QBTS
D-Wave Quantum Inc.
There isn't enough reported data to score QBTS yet.
ARM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
ARM's revenue, profitability, cash flow and balance sheet are all currently healthy.
QBTS Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Weak | |
| Unavailable |
QBTS's revenue, profitability and cash flow are currently under pressure. There isn't enough data to rate its balance sheet.
ARM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 167x | $147 | -27% |
| Fair | 224x | $197 | -1.4% |
| Current | 227x | $200 | — |
| Expensive | 361x | $317 | +59% |
Historical ranges are pointers, not guarantees.
ARM's PE is in its fair range at 227x.
QBTS PE Valuation
QBTS has no meaningful PE right now: it lost money over the past year.
ARM Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for ARM, with profitability improving.
QBTS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses steady | |
| Strong growth | |
| -- | |
| Limited | |
| Low |
Analysts expect QBTS's revenue to grow, with its earnings and profitability holding steady. However, they disagree widely on these estimates.
ARM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.88 | +13% |
| Q2 2026 | $0.98 | +48% |
| Q1 2026 | $0.85 | +13% |
| Q4 2025 | $0.75 | -1.3% |
| Q3 2025 | $0.78 | +30% |
| Q1 2025 | $0.75 | +159% |
| Q4 2024 | $0.76 | +850% |
| Q3 2024 | $0.60 | +233% |
ARM has the edge over QBTS in the latest year-over-year earnings comparison.
QBTS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.44 | +$0.97 |
QBTS is still losing money, but far less than before: $0.44 per share over the past year, against $1.41 at its worst in late 2025.
ARM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +27% |
| Q2 2026 | $1.3B | +22% |
| Q1 2026 | $1.5B | +20% |
| Q4 2025 | $1.2B | +26% |
| Q3 2025 | $1.1B | +34% |
| Q2 2025 | $1.1B | +12% |
| Q1 2025 | $1.2B | +34% |
| Q4 2024 | $983M | +19% |
ARM has the edge over QBTS on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | -0.4 points |
| Q2 2026 | 7.1% | -3.8 points |
| Q1 2026 | 29% | -3.6 points |
| Q4 2025 | 15% | -2.9 points |
| Q3 2025 | 14% | +6.8 points |
| Q2 2025 | 11% | -8.5 points |
| Q1 2025 | 33% | +31 points |
| Q4 2024 | 18% | +1.5 points |
ARM has the edge over QBTS on profitability, with a higher operating margin.
QBTS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.5M | +21% |
| Q2 2026 | $3.1M | -0.6% |
| Q1 2026 | $2.9M | -81% |
| Q4 2025 | $2.8M | +19% |
QBTS's revenue is recovering but still below its 2025 peak: $5M last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -1732% | -876 points |
| Q1 2026 | -1915% | -1840 points |
| Q4 2025 | -1266% | -390 points |
| Q3 2025 | -742% | N/A |
| Q2 2025 | -856% | N/A |
| Q1 2025 | -75% | N/A |
| Q4 2024 | -876% | N/A |
QBTS's operating margin was −1732% last quarter, down 876 points from the same quarter a year ago.
ARM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $135M | -69% |
| Q2 2026 | $705M | +296% |
| Q1 2026 | $186M | +1.1% |
| Q4 2025 | $186M | -48% |
| Q3 2025 | $429M | +$476M |
| Q2 2025 | $178M | +$497M |
| Q1 2025 | $184M | -72% |
| Q4 2024 | $360M | +25% |
ARM generated $1.2B in free cash flow over the past year, up 5.3% from the year before.
QBTS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$32.9M | -$16.9M |
| Q1 2026 | -$46M | -$26.3M |
| Q4 2025 | -$20M | -1977% |
QBTS and ARM do not have enough comparable growth data to identify a winner.
ARM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +1M shares |
| 1 year | +0.9% | +10M shares |
| 3 years | +5.2% | +53.7M shares |
ARM has the edge over QBTS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
QBTS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.9% | +3.4M shares |
| 1 year | +23% | +68.6M shares |
QBTS has 371M diluted shares, up 23% from a year ago.
ARM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2023 | -1.6x | Net Cash |
ARM has more cash than debt.
QBTS Net Leverage
QBTS's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
ARM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 11.0 | Oversold |
ARM's weekly RSI is 43 (neutral) and its Stochastic is 11 (oversold).
QBTS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.7 | Neutral |
| Stochastic | 10.0 | Oversold |
QBTS's weekly RSI is 32 (neutral) and its Stochastic is 10 (oversold).
ARM PE vs Technology Sector
| Metric | ARM | Sector median | Relative |
|---|---|---|---|
| PE | 227x | 28x | 715% above |
| PE % | 51 | 23 | 28 pts above |
ARM is trading at 227x earnings, a 715% premium to the Technology sector's median of 28x.
QBTS PE vs Technology Sector
QBTS has no meaningful PE right now: it lost money over the past year.
ARM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $237.8 | 16% below |
| 20 week MA | $257.3 | 22% below |
| 50 week MA | $213.9 | 6.6% below |
| 100 week MA | $176.5 | 13% above |
ARM has stronger trend alignment. ARM is above 1 of 4 weekly averages versus QBTS above 1 of 5.
QBTS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.8 | 23% below |
| 20 week MA | $16.3 | 40% below |
| 50 week MA | $19.9 | 50% below |
| 100 week MA | $17.6 | 44% below |
| 200 week MA | $9.46 | 4% above |
QBTS has fallen below most of its moving averages, though it's still 4% above its 200-week average.
ARM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $60.8 | $75.2 | +24% |
| 2024 | $75.2 | $129.2 | +72% |
| 2025 | $129.2 | $110.3 | -15% |
| 2026 YTD | $110.3 | $199.8 | +81% |
ARM has the edge over QBTS on returns for 2026, with the stronger performance.
QBTS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.2 | $10.5 | +3.4% |
| 2021 | $10.5 | $9.79 | -6.8% |
| 2022 | $9.79 | $1.70 | -83% |
| 2023 | $1.70 | $0.88 | -48% |
| 2024 | $0.88 | $9.91 | +1026% |
| 2025 | $9.91 | $25.3 | +155% |
| 2026 YTD | $25.3 | $9.84 | -61% |
QBTS's yearly returns have swung widely, from +1026% in 2024 to −83% in 2022. It's down 61% so far in 2026.