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Side-by-side financial comparison of DBV Technologies S.A. (DBVT) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
DBV Technologies S.A. is the larger business by last-quarter revenue ($2.8M vs $2.8M, roughly 1.0× D-Wave Quantum Inc.). DBV Technologies S.A. runs the higher net margin — -1195.5% vs -1538.0%, a 342.5% gap on every dollar of revenue. On growth, DBV Technologies S.A. posted the faster year-over-year revenue change (158.8% vs 19.2%). D-Wave Quantum Inc. produced more free cash flow last quarter ($-20.0M vs $-32.6M). Over the past eight quarters, DBV Technologies S.A.'s revenue compounded faster (12.4% CAGR vs -2.7%).
DBV Technologies SA is a publicly owned French biopharmaceutical firm headquartered in Bagneux, France. DBV Technologies is known for developing "Viaskin" technology for administering allergens or antigens to intact skin while avoiding any transfer to the blood. Viaskin Peanut clinical development has received Fast Track designation from the US Food and Drug Administration.
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.
DBVT vs QBTS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $2.8M |
| Net Profit | $-33.2M | $-42.3M |
| Gross Margin | — | 64.8% |
| Operating Margin | -1235.7% | -1266.0% |
| Net Margin | -1195.5% | -1538.0% |
| Revenue YoY | 158.8% | 19.2% |
| Net Profit YoY | -8.9% | 50.8% |
| EPS (diluted) | $-0.24 | $-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 | — | $2.8M | ||
| Q3 25 | $2.8M | $3.7M | ||
| Q2 25 | $1.5M | $3.1M | ||
| Q1 25 | — | $15.0M | ||
| Q4 24 | — | $2.3M | ||
| Q2 24 | $1.2M | $2.2M | ||
| Q1 24 | $1.4M | $2.5M | ||
| Q4 23 | $8.9M | $2.9M |
| Q4 25 | — | $-42.3M | ||
| Q3 25 | $-33.2M | $-140.0M | ||
| Q2 25 | $-41.9M | $-167.3M | ||
| Q1 25 | — | $-5.4M | ||
| Q4 24 | — | $-86.1M | ||
| Q2 24 | $-33.1M | $-17.8M | ||
| Q1 24 | $-27.3M | $-17.3M | ||
| Q4 23 | $134.3M | $-16.0M |
| Q4 25 | — | 64.8% | ||
| Q3 25 | — | 71.4% | ||
| Q2 25 | — | 63.8% | ||
| Q1 25 | — | 92.5% | ||
| Q4 24 | — | 63.8% | ||
| Q2 24 | — | 63.6% | ||
| Q1 24 | — | 67.3% | ||
| Q4 23 | — | 67.7% |
| Q4 25 | — | -1266.0% | ||
| Q3 25 | -1235.7% | -741.8% | ||
| Q2 25 | -2806.2% | -856.3% | ||
| Q1 25 | — | -75.3% | ||
| Q4 24 | — | -876.2% | ||
| Q2 24 | -2914.9% | -863.0% | ||
| Q1 24 | -2029.7% | -710.6% | ||
| Q4 23 | -134.3% | -569.2% |
| Q4 25 | — | -1538.0% | ||
| Q3 25 | -1195.5% | -3743.9% | ||
| Q2 25 | -2858.4% | -5406.4% | ||
| Q1 25 | — | -36.1% | ||
| Q4 24 | — | -3727.9% | ||
| Q2 24 | -2852.4% | -814.4% | ||
| Q1 24 | -1943.5% | -702.3% | ||
| Q4 23 | 1512.8% | -551.1% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | $-0.24 | $-0.41 | ||
| Q2 25 | $-0.31 | $-0.55 | ||
| Q1 25 | — | $-0.02 | ||
| Q4 24 | — | $-0.43 | ||
| Q2 24 | $-0.34 | $-0.10 | ||
| Q1 24 | $-0.28 | $-0.11 | ||
| Q4 23 | $-0.11 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $69.8M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $52.9M | $852.2M |
| Total Assets | $110.5M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $884.5M | ||
| Q3 25 | $69.8M | $836.2M | ||
| Q2 25 | $103.2M | $819.3M | ||
| Q1 25 | — | $304.3M | ||
| Q4 24 | — | $178.0M | ||
| Q2 24 | $66.2M | — | ||
| Q1 24 | $101.5M | — | ||
| Q4 23 | $141.4M | $41.3M |
| Q4 25 | — | $852.2M | ||
| Q3 25 | $52.9M | $670.6M | ||
| Q2 25 | $86.2M | $694.3M | ||
| Q1 25 | — | $207.4M | ||
| Q4 24 | — | $62.6M | ||
| Q2 24 | $79.1M | $-21.5M | ||
| Q1 24 | $111.7M | $-37.0M | ||
| Q4 23 | $140.2M | $-24.5M |
| Q4 25 | — | $915.8M | ||
| Q3 25 | $110.5M | $865.8M | ||
| Q2 25 | $143.4M | $843.6M | ||
| Q1 25 | — | $325.6M | ||
| Q4 24 | — | $199.9M | ||
| Q2 24 | $114.2M | $61.8M | ||
| Q1 24 | $145.9M | $48.6M | ||
| Q4 23 | $183.0M | $59.4M |
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 | $-32.4M | $-18.4M |
| Free Cash FlowOCF − Capex | $-32.6M | $-20.0M |
| FCF MarginFCF / Revenue | -1173.5% | -727.9% |
| Capex IntensityCapex / Revenue | 4.2% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-138.3M | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-18.4M | ||
| Q3 25 | $-32.4M | $-19.0M | ||
| Q2 25 | $-33.9M | $-15.3M | ||
| Q1 25 | — | $-19.3M | ||
| Q4 24 | — | $2.0M | ||
| Q2 24 | $-35.1M | $-14.5M | ||
| Q1 24 | $-34.7M | $-12.1M | ||
| Q4 23 | $-13.7M | $-14.7M |
| Q4 25 | — | $-20.0M | ||
| Q3 25 | $-32.6M | $-20.1M | ||
| Q2 25 | $-33.9M | $-16.0M | ||
| Q1 25 | — | $-19.7M | ||
| Q4 24 | — | $1.1M | ||
| Q2 24 | $-35.8M | $-15.0M | ||
| Q1 24 | $-36.0M | $-12.4M | ||
| Q4 23 | $-14.0M | $-15.2M |
| Q4 25 | — | -727.9% | ||
| Q3 25 | -1173.5% | -536.5% | ||
| Q2 25 | -2316.5% | -518.1% | ||
| Q1 25 | — | -131.4% | ||
| Q4 24 | — | 46.2% | ||
| Q2 24 | -3084.0% | -687.7% | ||
| Q1 24 | -2560.6% | -504.0% | ||
| Q4 23 | -158.2% | -522.4% |
| Q4 25 | — | 60.3% | ||
| Q3 25 | 4.2% | 27.2% | ||
| Q2 25 | 2.2% | 24.2% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 41.1% | ||
| Q2 24 | 63.0% | 25.0% | ||
| Q1 24 | 94.9% | 12.4% | ||
| Q4 23 | 4.0% | 15.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | -0.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DBVT
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
