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Technology · Equity Analysis
Quantinuum Inc. (QNT) Stock Analysis - DCF Valuation & AI Disruption Risk
By Anton Ladnyi, CFA · ex-Goldman Sachs · ex-J.P. MorganPublished Updated
QNT — Quantinuum trades near $55 (~$14.0B market cap, ~470x FY2026 revenue guidance) after its $15.7B June 2026 Nasdaq debut; Q2 revenue grew 279% YoY to $8.0M and the Oracle/OCI Helios deal adds a hyperscaler anchor customer, but a $597M GAAP net loss from IPO-related items and Honeywell's retained control leave the stock priced almost entirely on the technology roadmap, not current revenue.
Quantitative model rating — not individualized investment advice.
How Is This Rating Calculated?
A.L. Capital Advisory Equity Composite model · calculated 2026-08-26. Four calculation steps, in order — steps 1, 2 and 4 are rules-based; step 3 is a disclosed qualitative analyst overlay mapped to a fixed numerical scale:
1. Margin of safety → quantitative grade
QNT's margin of safety is +46.30% (base case $99 vs. price $53.03). Margin of safety here is defined as (fair value − price) / fair value — this is the formula the quant grade below is actually assigned from. It is not the same figure as the gauge's "Upside to Base" pill above, which uses (fair value − price) / price and will read a larger number for the same inputs. The standalone EPS-based DCF is not shown as a margin-of-safety figure here because it is not economically meaningful for QNT at the current earnings level: EPS is negative ($-1.60), so an EPS-based DCF cannot produce a meaningful intrinsic value — the rating below is based on analyst consensus only, where available — the blended figure above is weighted 100% to analyst consensus for this reason, not by the standard coverage-depth tier.
Blended valuation margin-of-safety bands
Margin of safety
Quant grade
Score
MOS > 20.00%
Strong Buy
5.0
10.00% < MOS ≤ 20.00%
Buy
4.0
−10.00% < MOS ≤ 10.00%
Hold
3.0
−20.00% < MOS ≤ −10.00%
Reduce
2.0
MOS ≤ −20.00%
Avoid
1.0
2. Auto fundamental penalty
No fundamental red flags triggered · total: +0.0
Automatic fundamental-penalty rules
Rule
Threshold
Penalty
P/E extreme
Forward (or trailing) P/E > 80x
−1.0
P/E elevated
Forward (or trailing) P/E 50–80x
−0.5
Earnings deterioration, significant
Earnings growth < −20%
−1.0
Earnings deterioration, mild
Earnings growth −5% to −20%
−0.5
Stagnant top-line
Revenue growth < 3%
−0.5
Unsustainable dividend
Payout ratio > 120%
−0.5
Rules are cumulative (multiple can fire on the same ticker) and purely mechanical — no analyst judgment is involved in step 2.
3. Thesis conviction modifier
Analyst conviction: medium · modifier: +0.00. This is a qualitative analyst judgment on the written thesis, mapped to a fixed numeric modifier below — it is not algorithmically derived from a measurable indicator.
Analyst-conviction modifier scale
Conviction level
Modifier
Very High
+1.00
High
+0.60
Medium
+0.00
Low
-0.60
Very Low
-1.00
General guidance for the assigning analyst (not an algorithmic rule — conviction is assigned by editorial judgment on the written thesis, not computed): Very High/High — multiple thesis pillars confirmed by the most recent reported quarter, no unresolved red flags. Medium — mixed evidence, or a thesis not yet differentiated enough to lean either direction. Low/Very Low — one or more thesis pillars deteriorating, or a material data-quality concern. Assigned and reviewed each time the underlying thesis is updated (see the thesis "last updated" date on this page).
This is the exact formula the model runs — not a post-hoc explanation. Source: composite_grade.py, A.L. Capital Advisory Equity Composite.
QNT Price Target & Rating
QNT's quantitative grade is Strong Buy, with significant tail risk (CVaR -46.1%). Quantinuum Inc. (QNT) trades at $53.03 with a Strong Buy composite rating: a blended fair-value range of $78–$155 suggesting a +46% margin of safety.
What Is QNT's DCF Intrinsic Value and Blended Fair Value Range?
QNT's blended fair-value range is $78–$155 (base case $99), against a current price of $53.03.
QNT blended fair-value gauge — bear case $78, base case $99, bull case $155, current price $53.03.
Price & DCF data as of
How Does QNT's Margin of Safety Change as the Price Moves?
Drag to simulate QNT's price moving between the blended bear ($78) and bull ($155) fair-value anchors — left for a price fall, right for a rise — and see how the margin of safety vs A.L. Capital Advisory's $99 blended base-case fair value changes. Starting point: the page's as-of price of $53.03 on 2026-08-26.
DCF Assumptions
Two-stage earnings-based DCF on forward EPS of $-1.60 (Yahoo Finance forwardEps: provider-aggregated next-fiscal-year consensus estimate, not a fixed trailing-12-month window): explicit 5-year forecast at the stage-1 growth rate below, discounted at the CAPM cost of equity, plus a Gordon Growth terminal value at the terminal growth rate, also discounted at the CAPM cost of equity. This model discounts projected EPS — an equity-level metric — directly, not free cash flow, so the cost of equity is the theoretically correct discount rate; this is not a debt-weighted WACC (no cost of debt or capital-structure weighting is applied). Source: A.L. Capital Advisory DCF engine (api.py).
DCF assumptions by scenario
Input
Bear
Base
Bull
Stage-1 (near-term) growth
6.30%
14.00%
21.00%
Terminal growth
3.00%
3.00%
3.00%
CAPM cost of equity (discount rate)
10.97%
10.16%
9.35%
Forecast horizon
5 years
5 years
5 years
CAPM cost of equity = risk-free rate (4.66%, a live 10-year Treasury yield (Yahoo Finance ^TNX) fetched at page-generation time, 2026-08-26T16:11:06+00:00 UTC) + beta (1.00) × 5.5% equity risk premium, floored at 6% and capped at 18%. Stage-1 growth is a sector-level base rate (bear/bull apply 0.45x/1.50x multipliers); terminal growth is held constant across scenarios. Bear/bull cost of equity applies a ±8% relative adjustment to the base rate, clamped to the same 6–18% band.
The DCF output above is not the final intrinsic value shown elsewhere on this page. It is blended with the Wall Street analyst consensus price target to avoid extreme single-model divergence, weighted by analyst coverage depth (12 analysts covering this stock → 0.00% DCF / 100.00% consensus). The blended figure is the intrinsic value used for margin-of-safety and the composite rating.
DCF-to-intrinsic-value blend by scenario
Scenario
Pure DCF value
Analyst target used
Blended intrinsic value (displayed)
Bear
$0.00
$78.00
$78.00
Base
$0.00
$98.75
$98.75
Bull
$0.00
$155.00
$155.00
Blended value = (0.00% × pure DCF) + (100.00% × analyst target). Bear/bull scenarios blend against the analyst low/high target rather than the mean.
Analyst-coverage-to-consensus-weight tiers
Analyst coverage
Weight
0–1 analysts
0.00% consensus / 100.00% DCF
2–4 analysts
40.00% consensus / 60.00% DCF
5–19 analysts
65.00% consensus / 35.00% DCF
20+ analysts
75.00% consensus / 25.00% DCF
The consensus weight is a fixed step function of analyst coverage depth (above), not adjusted for target age, dispersion, or outliers — the mean/low/high analyst targets are used as reported by the data provider with no filtering.
DCF applicability gate triggered: the pure DCF figures in the table above are shown for transparency only and are not economically meaningful — EPS is negative ($-1.60), so an EPS-based DCF cannot produce a meaningful intrinsic value — the rating below is based on analyst consensus only, where available. The blend weight above is therefore forced to 100% analyst consensus regardless of the standard coverage-depth tier.
Key Takeaways
Valuation: Strong Buy grade — blended fair-value range $78–$155 implies +46% margin of safety
Catalyst: Q3 2026 earnings (~mid-November 2026) — first read on RPO conversion toward the >$120M FY bookings target and any incremental disclosure on Oracle/OCI revenue timing ahead of the early-2027 recognition.
Bear catalyst: Bookings growth stalls well short of the $120M FY target, the Oracle/OCI revenue timeline slips further into 2027, or Honeywell's controlling stake is used in a way that visibly disadvantages minority shareholders.
Main riskSignificant tail risk — CVaR -46.1% on a one-month horizon
Tail riskCVaR -46.1% over one month at the 95th percentile
Blended fair-value range$78–$155 blended fair-value range; margin of safety +46%
Best useCore large-cap Technology holding — not a source of diversified sector exposure
Next watchEarnings delivery and valuation re-rating catalysts
How Does QNT Score on the Five-Factor Quantitative Model?
QNT's composite five-factor score is 3.0/5, led by Value (3.0/5) and weakest on Value (3.0/5).
QNT five-factor radar — Value 3.0, Quality 3.0, Momentum 3.0, Volatility 3.0, Size 3.0 (out of 5).
Value
3.0 / 5
Quality
3.0 / 5
Momentum
3.0 / 5
Volatility
3.0 / 5
Size
3.0 / 5
QNT Five-Factor Quantitative Scores
Factor
Score
Value
3.0 / 5
Quality
3.0 / 5
Momentum
3.0 / 5
Volatility
3.0 / 5
Size
3.0 / 5
What Is QNT's AI-Era Durability and Disruption Risk?
Multiple-Dependent
QNT's AI-Era Durability Score is 1.0/5 (Multiple-Dependent) on a 1-5 scale where higher is better: 5 (AI Tailwind) means growth is structurally underwritten by a durable megatrend; 1 (Multiple-Dependent) means the current valuation relies on cyclical multiple expansion rather than durable growth. A.L. Capital Advisory's assessment of how much of Quantinuum Inc.'s current growth and margin profile is underwritten by a durable structural tailwind versus cyclical or generic multiple expansion. Components: thematic tailwind 1.0/2.0, revenue growth durability 0.0/1.5, margin/quality trend 0.0/1.0, core moat 0.0/0.5. QNT sits in a sector (Technology) thematically adjacent to A.L. Capital Advisory's covered megatrends, though it is not a direct constituent of a named thematic report. Analysis by Anton Ladnyi, CFA (ex-Goldman Sachs, ex-J.P. Morgan) · A.L. Capital Advisory.
Key Metrics
QNT Key Metrics — Quantinuum Inc. 2026
Metric
Value
Current Price
$53.03
Forward P/E
-33.2x
P/S Ratio
607.8
EV/EBITDA
-3.5
Debt/Equity
1.1%
CVaR (95%, 1M)
-46.1%
Market Cap
$14.0B
1-Month CVaR Methodology
The 1M CVaR-95 figure shown in Key Metrics, the peer comparison table and this page's hero card is computed as follows:
Lookback: most recent 1 year of daily prices.
Return input: daily log returns on dividend/split-adjusted close prices.
Confidence level: 95% (worst 5% of the resulting rolling-month observations).
Quantile convention: floor-based cutoff — the worst floor(N × 0.05) rolling-month observations (minimum 1), not a rounded or interpolated percentile.
CVaR: arithmetic mean of that worst-5% tail, expressed as a percentage.
Corporate actions: reflected via adjusted-close pricing (dividends and splits are accounted for).
1M CVaR-95 by lookback window
Method
1M CVaR-95
Trailing 1-year historical
-46.1%
Trailing 3-year historical
-46.1%
Trailing 5-year historical
-46.1%
The 1-year figure is what appears elsewhere on this page. Because it is built from overlapping 21-day windows over a single year, it reflects roughly the last ~11 non-independent tail events and is sensitive to the specific market regime of that year — treat it as a trailing-window historical estimate, not a structurally stable long-run risk parameter. The 3- and 5-year figures use the same methodology over longer, more regime-diverse histories.
This is a separate calculation from the 1-Day VaR/CVaR shown in the Tail Risk Profile chart below, which uses raw (non-overlapping) daily returns rather than rolling monthly sums — see that chart's own methodology note for the daily-horizon convention.
Analyst View
Anton Ladnyi, CFA · A.L. Capital AdvisoryUpdated 2026-08-26
Rating Rationale
QNT — Quantinuum trades near $55 (~$14.0B market cap, ~470x FY2026 revenue guidance) after its $15.7B June 2026 Nasdaq debut; Q2 revenue grew 279% YoY to $8.0M and the Oracle/OCI Helios deal adds a hyperscaler anchor customer, but a $597M GAAP net loss from IPO-related items and Honeywell's retained control leave the stock priced almost entirely on the technology roadmap, not current revenue.
Investment Thesis
↑ Bull Case
$8.0M Q2 2026 revenue grew 279% YoY and beat the $7.6M consensus; FY2026 guidance was raised toward the $32M top end, with 2027 revenue growth guided above 100% off that base.
$2.1B cash and short-term investments (incl. $1.7B gross IPO proceeds) against a ~$68.3M quarterly adjusted EBITDA loss implies roughly 30 quarters of disclosed runway — the longest of any of the five pure-play quantum names on this page, per company disclosure.
The Oracle/OCI partnership announced alongside Q2 earnings places a Helios system directly inside OCI's AI data centers — the first hyperscaler-anchored commercial deployment among quantum pure-plays, even though bulk revenue recognition isn't expected until early 2027.
Near-five-nines (99.999%) logical qubit fidelity demonstrated on Helios with a novel QEC code family (announced, not yet peer-reviewed) would, if independently validated, extend Quantinuum's lead — Helios already holds the highest disclosed two-qubit gate fidelity (99.921%) among commercially available systems.
YTD bookings of ~$81M (including post-quarter deals) against an FY bookings target of $120M+, with RPO of ~$74M expected to rise materially in Q3, gives forward revenue visibility beyond the current $28-32M guide.
↓ Bear Case
At a ~$14.0B market cap against $28-32M FY2026 revenue guidance, QNT trades near 450-500x forward sales — even richer than IonQ's ~60x, pricing in a technology lead that is Company Disclosure (not yet independently peer-reviewed) as of this writing.
GAAP net loss of $597M in the first quarter as a public company (vs. $57M a year earlier) was driven by one-time IPO-related non-cash items — real, but it underscores how much of the balance-sheet picture is still being shaped by the IPO transition rather than steady-state operations.
Honeywell retains controlling interest post-IPO, meaning minority shareholders don't have full governance control even as the market prices QNT as a standalone growth story.
Sell-side targets have already diverged meaningfully post-earnings — BofA and Jefferies cut targets to $85 from $90-100 while Rosenblatt held at $155 and Bernstein initiated at Hold with a $78 target — a wide dispersion signaling genuine disagreement on how to value a single-quarter-old public company, not just noise.
What Changes the Rating
↑Catalyst:RPO grows into triple digits, the Oracle/OCI deal produces a second disclosed hyperscaler or enterprise anchor customer, and the five-nines fidelity claim receives independent peer review.
↓Model downgrade conditions:Bookings growth stalls well short of the $120M FY target, the Oracle/OCI revenue timeline slips further into 2027, or Honeywell's controlling stake is used in a way that visibly disadvantages minority shareholders.
Anton’s personal note
The model points to a strong buy and the DCF math backs it — there is real margin of safety here, which is rare at this stage of the cycle. The DCF gap is striking — the model sees 86% upside, and market consensus is not pricing it. I watch for the catalyst that closes that gap: an earnings beat that resets forward estimates, a sector re-rating, or a margin inflection. Without a visible catalyst, valuation gaps can stay wide longer than logic suggests they should. If the thesis holds across the next two quarters, I would be comfortable carrying this at a meaningful weight. If not — specifically, if margins disappoint or the earnings beat streak breaks — I would reduce before the market fully reprices.
— Anton Ladnyi, CFA
Earnings History
QNT Earnings History — EPS Surprise Rate 2026
Quarter
EPS Est. (consensus)
EPS Actual (adjusted, consensus basis)
Surprise
Q2 2026
$-0.26
$-0.28
-8.2% ✗
Q1 2026
$-0.52
$-0.48
+7.7% ✓
Q4 2025
$-6.38
$-5.86
+8.2% ✓
Q1 2025
$-0.96
$-0.88
+8.4% ✓
EPS Actual is on the same adjusted/non-GAAP basis as the consensus estimate it is compared against (excludes one-time items, consistent with how Wall Street EPS estimates are typically constructed) — it will generally differ from the company's GAAP diluted EPS as reported in its official financial statements. Verify the GAAP figure against the issuer's original earnings release if that basis is what you need.
How Has QNT Performed vs. Wall Street EPS Estimates?
QNT quarterly EPS — estimate vs. actual.
Earnings Projections
QNT Forward EPS Consensus Estimates 2026
Quarter
EPS Est.
YoY EPS
Analysts
Q3 2026
$-0.35
+94.0%
11
Q4 2026
$-0.38
+93.5%
11
Q1 2027
~$-0.39
+18.8%
11
~ Estimated from annual consensus — not a direct analyst survey
What Are Wall Street's EPS Estimates for QNT?
Wall Street's next-quarter consensus EPS estimate for QNT is $0.00.
QNT consensus EPS estimates, next quarter $0.00, 4 quarters shown.
Composite rating: Strong Buy • CVaR from one-year daily history · historical simulation
Editorial Analyst Scenarios
Revenue growth × exit multiple (editorial, not mechanically reproducible from disclosed inputs) · hover each scenario for detail · current price $53.03
▼
Bear Case
$35
-34.0%
Implied NTM P/E: — (target ÷ next-4Q consensus EPS — distinct from the exit multiple below, which is applied to a later-year EPS estimate)
50% revenue CAGR · 250x Rev exit multiple
◆
Base Case
$85
+60.3%
Implied NTM P/E: — (target ÷ next-4Q consensus EPS — distinct from the exit multiple below, which is applied to a later-year EPS estimate)
100% revenue CAGR · 400x Rev exit multiple
▲
Bull Case
$155
+192.3%
Implied NTM P/E: — (target ÷ next-4Q consensus EPS — distinct from the exit multiple below, which is applied to a later-year EPS estimate)
150% revenue CAGR · 550x Rev exit multiple
How Correlated Is QNT With Its Sector Peers?
3 of 10 peer pairs correlated above 0.60, indicating meaningful historical diversification across the selected names, although all remain exposed to common equity, sector and macro factors.
QNT pairwise correlation heatmap across 5 peers — 3 of 10 pairs above 0.60.
3 of 10 peer pairs correlated above 0.60, indicating meaningful historical diversification across the selected names, although all remain exposed to common equity, sector and macro factors.
Extended Analysis — Buy, Hold or Sell? Risk Factors. Portfolio Fit.
Is QNT a buy, hold, or sell?
QNT carries a quantitative grade of Strong Buy. Our two-stage, EPS-based DCF model produces a pure model range of $0–$0. After blending with Street consensus targets, the displayed fair-value range is $78–$155 — implying a +46% margin of safety vs. blended base fair value at the current price of $53.03. The width of the range reflects genuine uncertainty in the terminal growth rate assumption: the correct framework is a probability-weighted distribution over scenarios, not a single point estimate. See the DCF valuation framework for full methodology.
The most recent quarter missed by an 8.2% earnings surprise. Analyst estimate revisions are trending downward.
What are QNT's key risk factors?
The 95th-percentile CVaR of -46.1% on a one-month horizon should inform position sizing directly: at a 10% portfolio weight, this standalone tail outcome corresponds to approximately 4.6% of portfolio value before accounting for correlations with other holdings — not a marginal portfolio CVaR contribution, which depends on the full covariance structure. The balance sheet is conservatively leveraged at 1% debt-to-equity.
A put/call ratio of 0.99 indicates roughly balanced sentiment in the options market. Insider transactions show net buying of $24.7M over the disclosed transactions from 2026-06-03 to 2026-07-17, a signal often associated with management confidence. Short interest stands at 7.6% of float, a moderate level.
How does QNT fit in a diversified portfolio?
The appropriate weight for QNT within a portfolio is not a function of conviction alone, but of the full covariance structure across all holdings. See the Ledoit-Wolf covariance framework for the methodology behind these calculations.
Among closely correlated names, QNT shows the strongest co-movement with RGTI (0.54), QBTS (0.52), IONQ (0.52). Investors seeking diversification should note these correlation dynamics when constructing multi-asset portfolios.
True portfolio risk is a function of the full covariance structure across all holdings — not individual stock metrics. The Portfolio Health Check quantifies this at the portfolio level: it surfaces hidden concentration, marginal CVaR contributions, and the degree to which your overall allocation deviates from an optimal risk-adjusted mandate. The QNT analysis here is a single node in that larger structure.
For the portfolio construction framework underpinning QNT’s position sizing and conviction rating — including IPS guardrails, Black-Litterman allocation, and CVaR constraints — see: Investment Policy Statement Framework →
Investor FAQ
What is QNT's AI-Era Durability & Disruption Risk Score?
QNT's AI-Era Durability Score is 1.0/5 (Multiple-Dependent) on a 1-5 scale where higher is better: 5 (AI Tailwind) means growth is structurally underwritten by a durable megatrend; 1 (Multiple-Dependent) means the current valuation relies on cyclical multiple expansion rather than durable growth. A.L. Capital Advisory's assessment of how much of Quantinuum Inc.'s current growth and margin profile is underwritten by a durable structural tailwind versus cyclical or generic multiple expansion. Components: thematic tailwind 1.0/2.0, revenue growth durability 0.0/1.5, margin/quality trend 0.0/1.0, core moat 0.0/0.5. QNT sits in a sector (Technology) thematically adjacent to A.L. Capital Advisory's covered megatrends, though it is not a direct constituent of a named thematic report. Analysis by Anton Ladnyi, CFA (ex-Goldman Sachs, ex-J.P. Morgan) · A.L. Capital Advisory.
What is QNT's intrinsic value and DCF price target?
A.L. Capital Advisory's model produces a blended fair-value range (0% pure DCF, 100% analyst consensus) of $78 (bear case) to $155 (bull case) for Quantinuum Inc. (QNT). At $53.03, the margin of safety vs. blended base case is +46% (positive = discount to fair value; negative = premium). The bear-to-bull spread reflects genuine sensitivity to the two dominant DCF inputs: the terminal growth rate and the CAPM cost of equity (this model discounts EPS, an equity-level metric, so the cost of equity rather than a debt-weighted WACC is the applicable discount rate). Terminal value typically accounts for 60-80% of total intrinsic value in most equity DCF models, which is why a range is more analytically sound than a point estimate. The central analytical question is not what the DCF outputs as a single number but which growth trajectory the current market price already discounts. All DCF analysis follows CFA Institute standards and is conducted by Anton Ladnyi, CFA (ex-Goldman Sachs, ex-J.P. Morgan) · A.L. Capital Advisory. Full methodology: DCF Valuation Framework →
Is QNT a buy or sell in 2026?
Quantinuum Inc. (QNT) carries a Strong Buy quantitative rating from A.L. Capital Advisory, set by Discounted Cash Flow margin-of-safety band with no analyst-conviction overlay applied. Five-factor model scoring (Value, Quality, Momentum, Volatility, Size) and CVaR tail risk measurement are shown separately on the page. At $53.03, the margin of safety vs. blended base fair value is +46% (blended fair-value range: $78 bear – $155 bull). That places the current price in the Value zone of A.L. Capital Advisory's DCF framework, which sets the quantitative grade component that determines this rating. Composite factor score: 3.0/5. Strongest factor: Value (3.0/5). Weakest factor: Value (3.0/5). Analysis by Anton Ladnyi, CFA (ex-Goldman Sachs, ex-J.P. Morgan) · A.L. Capital Advisory. Full methodology: Rating Methodology (this page) →
What is the average analyst target price for QNT?
Wall Street consensus target for QNT: $98.75 (+86.2% upside from the current price of $53.03). The analyst target range spans $78.00 (most bearish) to $155.00 (most bullish). Consensus recommendation: None. Note that analyst price targets typically reflect a 12-month forward horizon and are derived from a blend of DCF, comparable-company, and sum-of-the-parts analysis. A.L. Capital Advisory's Strong Buy composite rating is calculated from the blended margin-of-safety grade, applicable automatic fundamental penalties, and a disclosed qualitative analyst-conviction overlay — not from five-factor scores or CVaR, which are supporting diagnostics shown elsewhere on this page. The displayed blended fair value combines the standalone DCF output with Street consensus for well-covered names (see the DCF Assumptions box for the exact blend weight), so it does not track Street consensus mechanically, but it is not fully independent of it either. When the composite rating and the Street consensus recommendation diverge, the divergence itself is informative: it can reflect differences in time horizon, valuation methodology, or the degree to which the current price already discounts the consensus case. Analysis by Anton Ladnyi, CFA (ex-Goldman Sachs, ex-J.P. Morgan) · A.L. Capital Advisory. Full methodology: Data & Sources (this page) →
How does QNT score on Value, Quality, Momentum, Volatility, and Size?
QNT five-factor scores (A.L. Capital Advisory, 1–5 scale): Value 3.0/5 (neutral) — measures the trailing P/E multiple versus the sector median (not the DCF or blended fair-value range, which are separate metrics on this page); Quality 3.0/5 (neutral) — captures profitability metrics including return on equity — sustained above-peer ROE and margins are the model's proxy for economic moat and pricing power; Momentum 3.0/5 (neutral) — reflects recent price trajectory and earnings surprise consistency; Volatility 3.0/5 (neutral) — inverse measure derived from beta, where lower historical volatility earns a higher score; Size 3.0/5 (neutral) — market capitalisation rank (mega-cap $1T+ scores 5/5). Composite: 3.0/5. Factor scores above 4.0 signal a tailwind in that dimension; below 2.0 signals a material headwind. Analysis by Anton Ladnyi, CFA (ex-Goldman Sachs, ex-J.P. Morgan) · A.L. Capital Advisory.
What is QNT's tail risk and CVaR?
The 95th-percentile Conditional Value at Risk (CVaR) for QNT on a one-month horizon is -46.1%. CVaR represents the expected average loss in the worst 5% of monthly outcomes — a more conservative tail risk measure than standard VaR, which only marks the loss threshold. For reference, a diversified S&P 500 ETF carries a one-month CVaR of roughly -8% to -12% in normal market conditions; individual equity CVaR is higher due to idiosyncratic risk. At the portfolio level, what matters is the marginal CVaR contribution of each holding — not its standalone figure. The A.L. Capital Advisory Portfolio Health Check quantifies each position's marginal tail-risk contribution across your entire holdings. Analysis by Anton Ladnyi, CFA (ex-Goldman Sachs, ex-J.P. Morgan) · A.L. Capital Advisory. Full methodology: CVaR & Tail-Risk Methodology →
What would trigger a rating upgrade or downgrade for QNT?
Higher-conviction trigger: Continued earnings momentum, improving factor scores, and a wider margin of safety would reinforce the current Strong Buy rating. Downgrade trigger: a sustained reversal in the Quality and Momentum factor scores for two or more consecutive quarters. These triggers are reassessed each time the underlying fundamentals, price, or earnings data refresh — the current Strong Buy rating is not held on a fixed review calendar. Analysis by Anton Ladnyi, CFA (ex-Goldman Sachs, ex-J.P. Morgan) · A.L. Capital Advisory. Full methodology: Rating Methodology (this page) →
What quantitative methodology does A.L. Capital Advisory use to analyse QNT?
A.L. Capital Advisory analyses Quantinuum Inc. (QNT) using a four-part quantitative research framework grounded in CFA Institute standards (not all four parts feed the composite rating formula directly — see below). (1) DCF Valuation: a two-stage earnings-based DCF that projects EPS (not free cash flow) under bear and bull assumptions, discounts at the CAPM cost of equity (the applicable rate for an equity-level metric like EPS, not a debt-weighted WACC) to produce an intrinsic value range with margin-of-safety calculation. (2) Five-Factor Scoring: each equity is scored 1–5 on Value, Quality, Momentum, Volatility, and Size. (3) CVaR Tail Risk: 95th-percentile Conditional Value at Risk from historical simulation of daily returns on a one-month horizon. (4) Earnings Surprise Analysis: quarterly beat rate and magnitude, shown for context alongside the factor scores. The current Strong Buy composite rating for QNT is calculated separately from this broader framework: it consists of a Strong Buy quantitative grade, any automatic fundamental penalty, and a disclosed qualitative analyst-conviction overlay — see this page's Rating Methodology section for the exact formula. Five-factor scoring, CVaR and earnings surprise analysis below are supporting research diagnostics shown separately on this page; they are not direct numerical inputs into this specific composite-rating calculation. Analysis by Anton Ladnyi, CFA (ex-Goldman Sachs, ex-J.P. Morgan) · A.L. Capital Advisory. Full methodology: DCF Valuation Framework → · CVaR & Tail-Risk Methodology →
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Retrieved 2026-08-26T16:11:06+00:00 (UTC); see per-quarter analyst counts in Earnings Forecast; individual target ages/dates are not disclosed by the data provider
Most recent exchange settlement date on file with the data provider (exact settlement date not exposed by the provider's API; retrieved 2026-08-26T16:11:06+00:00 UTC)
[6] DCF valuation, five-factor model & composite rating
Calculated 2026-08-26T16:11:06+00:00 (UTC); see Rating Methodology above for the exact formula
Hand-authored thesis commentary (bull/bear case, catalysts, AI-Era Durability Score narrative) is cross-checked against the company's own investor-relations disclosures at time of writing; figures presented as A.L. Capital Advisory estimates are proprietary forecasts, not company guidance, unless explicitly attributed to the issuer.
Market-session status above is derived from the page's UTC generation time using standard NYSE hours (9:30am–4:00pm ET regular session); it does not account for US market holidays and may be inaccurate on those dates.
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This analysis is produced using a systematic quantitative framework applied to market data and does not constitute investment advice. Prose commentary is AI-assisted and generated from structured quantitative inputs. All data and metrics are as of 2026-08-26 and are point-in-time estimates subject to revision without notice. CVaR figures are based on historical simulation and do not guarantee future outcomes. DCF ranges and upgrade/downgrade triggers are forward-looking statements based on current assumptions and may not materialise. Past performance does not guarantee future results. This analysis does not account for individual circumstances, tax position, or investment objectives — consult a qualified financial advisor before making investment decisions. This content is intended for informational purposes only and does not constitute regulated investment advice under MiFID II or FCA guidelines. This content is not intended for US persons or residents of jurisdictions where its distribution would be contrary to local law or regulation. This service is not directed at residents of Finland, Sweden, Norway, Denmark, Iceland, or Poland. The author may hold long or short positions in securities mentioned in this analysis. Nothing on this page represents a solicitation to buy or sell any security. A.L. Capital Advisory is an independent private advisory practice and is not affiliated with Quantinuum Inc.
CFA Portfolio Advisory — QNT
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