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Side-by-side financial comparison of CLARIVATE PLC (CLVT) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
CLARIVATE PLC is the larger business by last-quarter revenue ($617.0M vs $2.8M, roughly 224.2× D-Wave Quantum Inc.). CLARIVATE PLC runs the higher net margin — 0.5% vs -1538.0%, a 1538.5% gap on every dollar of revenue. On growth, D-Wave Quantum Inc. posted the faster year-over-year revenue change (19.2% vs -6.9%). CLARIVATE PLC produced more free cash flow last quarter ($89.2M vs $-20.0M). Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (5.7% CAGR vs -0.3%).
Clarivate Plc is a British-American publicly traded analytics company that operates a collection of subscription-based services, in the areas of bibliometrics and scientometrics; business and market intelligence, and competitive profiling for pharmacy and biotech, patents, and regulatory compliance; trademark protection, and domain and brand protection. Clarivate calculates the impact factor of scientific journals, using data from its Web of Science product family, that also includes services...
D-Wave Quantum Inc. is a quantum computing company with locations in Palo Alto, California and Burnaby, British Columbia. D-Wave claims to be the world's first company to sell computers that exploit quantum effects in their operation. D-Wave's early customers include Lockheed Martin, the University of Southern California, Google/NASA, and Los Alamos National Laboratory.
CLVT vs QBTS — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $617.0M | $2.8M |
| Net Profit | $3.1M | $-42.3M |
| Gross Margin | 66.8% | 64.8% |
| Operating Margin | 6.7% | -1266.0% |
| Net Margin | 0.5% | -1538.0% |
| Revenue YoY | -6.9% | 19.2% |
| Net Profit YoY | 101.6% | 50.8% |
| EPS (diluted) | $0.00 | $-0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $617.0M | $2.8M | ||
| Q3 25 | $623.1M | $3.7M | ||
| Q2 25 | $621.4M | $3.1M | ||
| Q1 25 | $593.7M | $15.0M | ||
| Q4 24 | $663.0M | $2.3M | ||
| Q3 24 | $622.2M | $1.9M | ||
| Q2 24 | $650.3M | $2.2M | ||
| Q1 24 | $621.2M | $2.5M |
| Q4 25 | $3.1M | $-42.3M | ||
| Q3 25 | $-28.3M | $-140.0M | ||
| Q2 25 | $-72.0M | $-167.3M | ||
| Q1 25 | $-103.9M | $-5.4M | ||
| Q4 24 | $-191.8M | $-86.1M | ||
| Q3 24 | $-65.6M | $-22.7M | ||
| Q2 24 | $-304.3M | $-17.8M | ||
| Q1 24 | $-75.0M | $-17.3M |
| Q4 25 | 66.8% | 64.8% | ||
| Q3 25 | 65.0% | 71.4% | ||
| Q2 25 | 67.2% | 63.8% | ||
| Q1 25 | 65.1% | 92.5% | ||
| Q4 24 | 65.7% | 63.8% | ||
| Q3 24 | 66.2% | 55.8% | ||
| Q2 24 | 67.2% | 63.6% | ||
| Q1 24 | 64.9% | 67.3% |
| Q4 25 | 6.7% | -1266.0% | ||
| Q3 25 | 7.1% | -741.8% | ||
| Q2 25 | 1.1% | -856.3% | ||
| Q1 25 | -3.5% | -75.3% | ||
| Q4 24 | -9.4% | -876.2% | ||
| Q3 24 | 3.5% | -1103.5% | ||
| Q2 24 | -36.9% | -863.0% | ||
| Q1 24 | 0.8% | -710.6% |
| Q4 25 | 0.5% | -1538.0% | ||
| Q3 25 | -4.5% | -3743.9% | ||
| Q2 25 | -11.6% | -5406.4% | ||
| Q1 25 | -17.5% | -36.1% | ||
| Q4 24 | -28.9% | -3727.9% | ||
| Q3 24 | -10.5% | -1214.5% | ||
| Q2 24 | -46.8% | -814.4% | ||
| Q1 24 | -12.1% | -702.3% |
| Q4 25 | $0.00 | $-0.13 | ||
| Q3 25 | $-0.04 | $-0.41 | ||
| Q2 25 | $-0.11 | $-0.55 | ||
| Q1 25 | $-0.15 | $-0.02 | ||
| Q4 24 | $-0.27 | $-0.43 | ||
| Q3 24 | $-0.09 | $-0.11 | ||
| Q2 24 | $-0.46 | $-0.10 | ||
| Q1 24 | $-0.14 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $329.2M | $884.5M |
| Total DebtLower is stronger | $4.3B | — |
| Stockholders' EquityBook value | $4.8B | $852.2M |
| Total Assets | $11.1B | $915.8M |
| Debt / EquityLower = less leverage | 0.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $329.2M | $884.5M | ||
| Q3 25 | $318.7M | $836.2M | ||
| Q2 25 | $362.6M | $819.3M | ||
| Q1 25 | $354.0M | $304.3M | ||
| Q4 24 | $295.2M | $178.0M | ||
| Q3 24 | $388.5M | — | ||
| Q2 24 | $376.4M | — | ||
| Q1 24 | $361.8M | — |
| Q4 25 | $4.3B | — | ||
| Q3 25 | $4.4B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $4.6B | — | ||
| Q1 24 | $4.6B | — |
| Q4 25 | $4.8B | $852.2M | ||
| Q3 25 | $4.9B | $670.6M | ||
| Q2 25 | $5.0B | $694.3M | ||
| Q1 25 | $5.0B | $207.4M | ||
| Q4 24 | $5.1B | $62.6M | ||
| Q3 24 | $5.5B | $-16.9M | ||
| Q2 24 | $5.6B | $-21.5M | ||
| Q1 24 | $5.9B | $-37.0M |
| Q4 25 | $11.1B | $915.8M | ||
| Q3 25 | $11.2B | $865.8M | ||
| Q2 25 | $11.4B | $843.6M | ||
| Q1 25 | $11.5B | $325.6M | ||
| Q4 24 | $11.5B | $199.9M | ||
| Q3 24 | $12.0B | $49.6M | ||
| Q2 24 | $12.1B | $61.8M | ||
| Q1 24 | $12.5B | $48.6M |
| Q4 25 | 0.89× | — | ||
| Q3 25 | 0.90× | — | ||
| Q2 25 | 0.90× | — | ||
| Q1 25 | 0.90× | — | ||
| Q4 24 | 0.88× | — | ||
| Q3 24 | 0.84× | — | ||
| Q2 24 | 0.83× | — | ||
| Q1 24 | 0.79× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $159.9M | $-18.4M |
| Free Cash FlowOCF − Capex | $89.2M | $-20.0M |
| FCF MarginFCF / Revenue | 14.5% | -727.9% |
| Capex IntensityCapex / Revenue | 11.5% | 60.3% |
| Cash ConversionOCF / Net Profit | 51.58× | — |
| TTM Free Cash FlowTrailing 4 quarters | $365.3M | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $159.9M | $-18.4M | ||
| Q3 25 | $181.1M | $-19.0M | ||
| Q2 25 | $116.3M | $-15.3M | ||
| Q1 25 | $171.2M | $-19.3M | ||
| Q4 24 | $141.3M | $2.0M | ||
| Q3 24 | $202.9M | $-18.1M | ||
| Q2 24 | $126.2M | $-14.5M | ||
| Q1 24 | $176.2M | $-12.1M |
| Q4 25 | $89.2M | $-20.0M | ||
| Q3 25 | $115.5M | $-20.1M | ||
| Q2 25 | $50.3M | $-16.0M | ||
| Q1 25 | $110.3M | $-19.7M | ||
| Q4 24 | $59.1M | $1.1M | ||
| Q3 24 | $126.3M | $-18.4M | ||
| Q2 24 | $60.3M | $-15.0M | ||
| Q1 24 | $111.8M | $-12.4M |
| Q4 25 | 14.5% | -727.9% | ||
| Q3 25 | 18.5% | -536.5% | ||
| Q2 25 | 8.1% | -518.1% | ||
| Q1 25 | 18.6% | -131.4% | ||
| Q4 24 | 8.9% | 46.2% | ||
| Q3 24 | 20.3% | -982.8% | ||
| Q2 24 | 9.3% | -687.7% | ||
| Q1 24 | 18.0% | -504.0% |
| Q4 25 | 11.5% | 60.3% | ||
| Q3 25 | 10.5% | 27.2% | ||
| Q2 25 | 10.6% | 24.2% | ||
| Q1 25 | 10.3% | 2.9% | ||
| Q4 24 | 12.4% | 41.1% | ||
| Q3 24 | 12.3% | 16.4% | ||
| Q2 24 | 10.1% | 25.0% | ||
| Q1 24 | 10.4% | 12.4% |
| Q4 25 | 51.58× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLVT
| Academia Government Group | $312.3M | 51% |
| Re Occurring Revenues | $114.1M | 18% |
| Life Sciences And Healthcare Group | $98.3M | 16% |
| Transactional Revenues | $97.1M | 16% |
QBTS
Segment breakdown not available.
