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The Moat Index

Quantum Computing Inc.

QUBT · Technology · $1.7B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

25/ 100
No moat

The four filters

Pricing power35

Median gross margin 37.6% over 4y, variable.

Returns on capital0

Median ROIC -31.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -786x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$7.80
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

Quantum Computing Inc. booked $682000 of revenue in FY2025 in the Technology sector and kept 9.8% of it as gross profit — a thin-margin business by that measure. After every other cost, −2738.1% of each revenue dollar reached the bottom line.

It earned −4.7% on invested capital in FY2025, with a median of −31.7% across 4 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $1.9M of total debt in FY2023. Balance-Sheet Safety scores it 28/100.

The share count rose 23653.0% between FY2017 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Capital Discipline is the strongest of the four filters (44/100) and Returns on Capital the weakest (0/100), which is how QUBT lands at 25/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2017–FY2025 · 9 fiscal years, normalized from QUBT’s SEC filings

RevenueSales, as filed$682000 FY2025
$0$250000$5000002017202020232025
Gross marginRevenue kept after cost of goods9.8% FY2025
0%20%40%2017202020232025
Return on invested capitalOperating profit on the capital employed−4.7% FY2025
−50%0%2017202020232025
Owner earningsCash an owner could take out−$18.7M FY2025
−$50M−$25M$02017202020232025

Gaps in a line mean that item isn’t in QUBT’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale24.9 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — QUBT has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#454 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #452XMTR Xometry, Inc.25.8No moat
  2. #453MVIS MICROVISION, INC.25.0No moat
  3. #455FKWL FRANKLIN WIRELESS CORP.24.8No moat
  4. #456POWW Outdoor Holding Company24.5No moat

Compare QUBT with its nearest peers →All Technology companies on the Index →

Common questions about QUBT

Does Quantum Computing Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Quantum Computing Inc. (QUBT) 24.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 35, returns on capital 0, balance-sheet safety 28, capital discipline 44.
How has QUBT's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 24.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell QUBT. See the disclaimer.

Quantum Computing Inc. (QUBT) Moat Score — The Moat Index · Buy Like Buffett