PANW
Palo Alto Networks, Inc.
PANW's fundamentals are mixed, but it looks expensive: trading at 807x earnings, about seven times its usual 119x. Its downside scenario is about six times its upside.
QBTS
D-Wave Quantum Inc.
There isn't enough reported data to score QBTS yet.
PANW Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Strong | |
| Strong |
PANW's revenue, cash flow and balance sheet are currently strong, and its profitability is stable.
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.
PANW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 48x | $19.37 | -94% |
| Forward | 74x | $323 | — |
| Fair | 117x | $46.90 | -85% |
| Expensive | 344x | $138 | -57% |
| Current | 807x | $323 | — |
Historical ranges are pointers, not guarantees.
PANW's PE is in its expensive range at 807x. If earnings grow as analysts expect, today's price would be 74x next year's earnings, in its cheap range.
QBTS PE Valuation
QBTS has no meaningful PE right now: it lost money over the past year.
PANW Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Strong growth | |
| Weakening | |
| Moderate | |
| High |
Analysts expect earnings and revenue growth for PANW, but weaker profitability.
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.
PANW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.34 | +985% |
| Q3 2026 | $0.40 | -75% |
| Q2 2026 | $1.21 | -32% |
| Q1 2026 | $1.80 | +0.6% |
| Q4 2025 | $1.57 | -59% |
| Q3 2025 | $1.60 | -56% |
| Q2 2025 | $1.77 | -49% |
| Q1 2025 | $1.79 | -44% |
| Q4 2024 | $3.85 | +333% |
PANW 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.
PANW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.4B | +34% |
| Q2 2026 | $3B | +31% |
| Q1 2026 | $2.6B | +15% |
| Q4 2025 | $2.5B | +16% |
| Q3 2025 | $2.5B | +16% |
| Q2 2025 | $2.3B | +15% |
| Q1 2025 | $2.3B | +14% |
| Q4 2024 | $2.1B | +14% |
PANW has the edge over QBTS on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5% | -15 points |
| Q2 2026 | -6.1% | -16 points |
| Q1 2026 | 15% | +4.7 points |
| Q4 2025 | 12% | -0.9 points |
| Q3 2025 | 20% | +8.7 points |
| Q2 2025 | 9.6% | +0.7 points |
| Q1 2025 | 11% | +7.9 points |
| Q4 2024 | 13% | +1.9 points |
PANW 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.
PANW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +34% |
| Q2 2026 | $788M | +41% |
| Q1 2026 | $384M | -25% |
| Q4 2025 | $1.7B | +15% |
| Q3 2025 | $934.5M | +101% |
| Q2 2025 | $560.4M | +14% |
| Q1 2025 | $509.4M | -22% |
| Q4 2024 | $1.5B | -1.6% |
PANW's free cash flow has been positive every quarter for seven years: $4.1B over the past year, up 19% 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 PANW do not have enough comparable growth data to identify a winner.
PANW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -4.6% | -37M shares |
| 1 year | +7.7% | +54.7M shares |
| 3 years | +12% | +79.4M shares |
| 5 years | +32% | +186M shares |
| Available history | +32% | +184M shares |
PANW has the edge over QBTS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | $500M |
| Q1 2024 | — |
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.
PANW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.6x | Net Cash |
| Q2 2026 | -1.5x | Net Cash |
| Q1 2026 | -2.3x | Net Cash |
| Q4 2025 | -1.9x | Net Cash |
| Q3 2025 | -1.4x | Net Cash |
| Q2 2025 | -1.8x | Net Cash |
| Q1 2025 | -1.8x | Net Cash |
| Q4 2024 | -2.2x | Net Cash |
PANW 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.
PANW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.6 | Neutral |
| Stochastic | 18.8 | Oversold |
PANW's weekly RSI is 50 (neutral) and its Stochastic is 19 (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).
PANW PE vs Technology Sector
| Metric | PANW | Sector median | Relative |
|---|---|---|---|
| PE | 807x | 28x | 2,795% above |
| PE % | 89 | 35 | 54 pts above |
PANW is trading at 807x earnings, a 2795% 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.
PANW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $365.2 | 12% below |
| 20 week MA | $355.8 | 9.3% below |
| 50 week MA | $260.9 | 24% above |
| 100 week MA | $225.6 | 43% above |
| 200 week MA | $182.3 | 77% above |
PANW has the edge over QBTS on trend strength, trading above more of its moving averages.
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.
PANW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $38.9 | $61.2 | +57% |
| 2021 | $61.2 | $93.6 | +53% |
| 2022 | $93.6 | $70.6 | -25% |
| 2023 | $70.6 | $147.4 | +109% |
| 2024 | $147.4 | $186.2 | +26% |
| 2025 | $186.2 | $188.5 | +1.2% |
| 2026 YTD | $188.5 | $322.7 | +71% |
PANW 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.