Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Quantum Computing Inc.QUBT · business equipment | |
|---|---|
| Grade |  Bsecond fifth of 497 graded peers; percentile 26.8, sampling error 2.2 points; lower is stronger |
| Rank | 134 of 497 |
| Profitability | Epercentile 91.4 |
| Solvency | Apercentile 1.2 |
| Growth and financing | Bpercentile 32.7 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $1.6B[1] |
| Standard universe | outsiderevenue above $1M and assets above $10M[1-2] |
| Warnings | dilutionnot computable: fortress balance sheet |
| Inputs computable | 8 of 14 |
| Graded from | filings received through Mar 2, 2026221 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $7.452026-10-08; market equity $1.7B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 2, 2026; the document on sec.gov.
computational performance in information processing. The recent emergence of artificial intelligence (“AI”), large language models (“LLMs”), and machine learning (“ML”) algorithms has added to the need for efficient processing of vast volumes of data. Classical computers, or the computers that are currently used in home and office settings, that use silicon microprocessors are understood to have performance limitations in solving certain classes of computational problems, in particular, large-scale optimization problems. Optimization deals with finding the best solution to a problem according to a defined criteria from a set of possible solutions.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 91.4 | |||||||
| Gross profitability | 0.00% | [1,5] | 28.5% | 95.7 | 558 | 2025-12-31 | |
| Return on invested capital | not computable | 10.9% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | 1.3% | [1,6-8] | (7.4%) | 87.1 | 621 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.4 pts | |||||
| five annual gross margins are required; found 4 | |||||||
| Solvency, sleeve percentile 1.2 | |||||||
| Twelve-month failure probability | 0.02% | 0.05% | 3.0 | 101 | 2026-06-30 | ||
| Altman Z double-prime | 85.14 | [1,9-14] | 2.18 | 0.0 | 566 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.11x | |||||
| one or more required annual facts are missing | |||||||
| Interest coverage | not computable | 3.77x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 102.38x | [9-10] | 2.02x | 0.6 | 666 | 2025-12-31 | |
| Growth and financing, sleeve percentile 32.7 | |||||||
| Revenue growth, three-year compound | 71.2% | [2,15-17] | 6.4% | 3.7 | 538 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 17.2% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 14.3% | |||||
| one or more required annual facts are missing | |||||||
| Asset growth, three years | 174.2% | [1,8,18-19] | 5.0% | 0.7 | 563 | 2025-12-31 | |
| Net share issuance, one year | 63.6% | [3-4] | 0.5% | 93.6 | 407 | 2026-02-27 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.188; sampling error 2.2 percentile points on 497 peers.
Among 497 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 129 | Varonis Systems Inc. (VRNS) Varonis Systems Inc. (VRNS) Bsecond fifth; percentile 25.8 Nasdaq · Services-Prepackaged Software market equity $5.6B; last close $48.88 No active warnings; 8 of 14 inputs | 25.8 | B | |
| 130 | Odysight.ai Inc. (ODYS) Odysight.ai Inc. (ODYS) Bsecond fifth; percentile 26.0 Nasdaq · Services-Computer Integrated Systems Design market equity $43.2M; last close $2.57 No active warnings; 8 of 14 inputs | 26.0 | B | |
| 131 | Diebold Nixdorf, Inc. (DBD) Diebold Nixdorf, Inc. (DBD) Bsecond fifth; percentile 26.2 NYSE · Calculating & Accounting Machines (No Electronic Computers) market equity $2.1B; last close $62.92 No active warnings; 7 of 14 inputs | 26.2 | B | |
| 132 | Cytek Biosciences, Inc. (CTKB) Cytek Biosciences, Inc. (CTKB) Bsecond fifth; percentile 26.4 Nasdaq · Laboratory Analytical Instruments market equity $696.7M; last close $5.38 No active warnings; 8 of 14 inputs | 26.4 | B | |
| 133 | Epam Systems, Inc. (EPAM) Epam Systems, Inc. (EPAM) Bsecond fifth; percentile 26.6 NYSE · Services-Computer Programming Services market equity $5.9B; last close $113.86 Warnings: fortress balance sheet; 9 of 14 inputs | 26.6 | B | fortress balance sheet |
| 134 | Quantum Computing Inc. (QUBT) Quantum Computing Inc. (QUBT) Bsecond fifth; percentile 26.8 Nasdaq · Services-Prepackaged Software market equity $1.7B; last close $7.45 Warnings: dilution; 8 of 14 inputs | 26.8 | B | dilution |
| 135 | Inspired Entertainment, Inc. (INSE) Inspired Entertainment, Inc. (INSE) Bsecond fifth; percentile 27.0 Nasdaq · Services-Prepackaged Software market equity $92.8M; last close $3.51 Warnings: late filer; 7 of 14 inputs | 27.0 | B | late filer |
| 136 | IonQ, Inc. (IONQ) IonQ, Inc. (IONQ) Bsecond fifth; percentile 27.2 NYSE · Services-Computer Integrated Systems Design market equity $15.0B; last close $39.46 Warnings: dilution; 7 of 14 inputs | 27.2 | B | dilution |
| 137 | Alkami Technology, Inc. (ALKT) Alkami Technology, Inc. (ALKT) Bsecond fifth; percentile 27.4 Nasdaq · Services-Prepackaged Software market equity $1.5B; last close $14.33 Warnings: fortress balance sheet; 8 of 14 inputs | 27.4 | B | fortress balance sheet |
| 138 | Trane Technologies plc (TT) Trane Technologies plc (TT) Bsecond fifth; percentile 27.6 NYSE · Auto Controls For Regulating Residential & Comml Environments market equity $103.4B; last close $470.23 No active warnings; 11 of 14 inputs | 27.6 | B | |
| 139 | Intellicheck, Inc. (IDN) Intellicheck, Inc. (IDN) Bsecond fifth; percentile 27.8 Nasdaq · Services-Prepackaged Software market equity $46.4M; last close $2.29 No active warnings; 9 of 14 inputs | 27.8 | B |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | B | 27.8 | 2204 |
| sector peers, equal sleeves (the grade) | B | 26.8 | 497 |
| same exchange, equal sleeves | B | 25.5 | 1219 |
| sector peers, equal inputs | A | 14.9 | 497 |
Each letter is one fifth of the 497 graded peers, about 99 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (55.3%) | 2.2% | 9 | hotter than 9 of 100 peers |
| Distance from 52-week high | (65.8%) | (30.0%) | 14 | closer to its high than 14 of 100 peers |
| EBIT to enterprise value | not computable | 1.5% | required accounting or market input is missing | |
| Free cash flow yield | (2.2%) | 2.7% | 20 | pricier than 80 of 100 peers |
| Book value to price | 0.94 | 0.23 | 87 | pricier than 13 of 100 peers |
| Sales to price | 0.00 | 0.30 | 0 | pricier than 100 of 100 peers |
| Composite equity issuance, five years | not computable | 3.9% | five-year total-return history is required | |
| Relative strength against the sector, log excess return | (1.09) | (0.26) | 9 | ahead of 9 of 100 peers |
Inputs: market equity $1.7B; EBIT -$51.1M; free cash flow -$37.0M; book equity $1.6B; sales $682,000; cash $189.2M[20].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (12.2%) | ✗ fail[6,8] |
| Operating cash flow above zero | -$30.3M | ✗ fail[7] |
| Return on assets improved | 80.0 pts | ✓ pass[6,8,18,21] |
| Operating cash flow exceeds net income | -$11.6M | ✗ fail[6-7] |
| Long-term leverage fell | n/a[1,8,18] | |
| Current ratio improved | 8,501.5 pts | ✓ pass[9-10,22-23] |
| No new shares issued | 63.6% | ✗ fail[3-4] |
| Gross margin improved | (20.2 pts) | ✗ fail[2,5,15,24] |
| Asset turnover improved | (0.1 pts) | ✗ fail[2,8,15,18] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $189.2M[25] |
| Operating cash flow, four quarters | -$43.1M[7,25-29] |
| Months of runway | 52.7 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 60 |
| 10-Q received Aug 10, 2026 | |
| Median daily dollar volume | $62.7M |
| 63 sessions | |
| Days since newest grade input | 221 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $1.6B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $682,000 | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 3 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 224,538,254 | 2026-02-27 | 2026-03-02 | 10-K | filing · viewer · series |
| 4 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 137,244,545 | 2025-03-18 | 2025-03-20 | 10-K | filing · viewer · series |
| 5 | gross profit | us-gaap:GrossProfit | $67,000 | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 6 | net income | us-gaap:NetIncomeLoss | -$18.7M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 7 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$30.3M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 8 | assets | us-gaap:Assets | $153.6M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 9 | current assets | us-gaap:AssetsCurrent | $1.1B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 10 | current liabilities | us-gaap:LiabilitiesCurrent | $11.1M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 11 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$219.2M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 12 | operating income | us-gaap:OperatingIncomeLoss | -$51.1M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 13 | book equity | us-gaap:StockholdersEquity | $1.6B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 14 | liabilities | us-gaap:Liabilities | $20.7M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 15 | revenue | us-gaap:Revenues | $373,000 | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:Revenues | $358,000 | 2023-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:Revenues | $136,000 | 2022-12-31 | 2024-09-11 | 10-K/A | filing · viewer · series |
| 18 | assets | us-gaap:Assets | $74.4M | 2023-12-31 | 2025-03-20 | 10-K | filing · viewer · series |
| 19 | assets | us-gaap:Assets | $78.5M | 2022-12-31 | 2024-09-11 | 10-K/A | filing · viewer · series |
| 20 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 226,346,861 | 2026-08-07 | 2026-08-10 | 10-Q | filing · viewer · series |
| 21 | net income | us-gaap:NetIncomeLoss | -$68.5M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 22 | current assets | us-gaap:AssetsCurrent | $79.2M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 23 | current liabilities | us-gaap:LiabilitiesCurrent | $4.6M | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 24 | gross profit | us-gaap:GrossProfit | $112,000 | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 25 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $189.2M | 2026-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$23.3M | 2026-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$9.4M | 2026-03-31 | 2026-05-11 | 10-Q | filing · viewer · series |
| 28 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$19.3M | 2025-09-30 | 2025-11-14 | 10-Q | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$10.5M | 2025-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 26.8 is 6.8 points from the nearest band edge; sampling error is 2.2 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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