Arqit Quantum

ARQQ on Nasdaq. Prepackaged software. Market value $428m.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to September 2024.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

We can't pin down how many shares it has, so we don't rank it.

The latest annual report is over 15 months old, so we don't rank it.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

We could not check all its numbers, so it is not on our list.

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

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Cash yield

annual report to September 2024

n/a

We could not compute this from the filings.

Price to profit

annual report to September 2024

n/a

The filings do not give us enough to work this out.

Return on capital

five annual reports to September 2024

n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

$23.43 a share, 103% above its 1-year low

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a

2021202220232024

Revenue
Revenue	n/a	n/a	n/a	n/a
Operating margin
Operating margin	n/a	n/a	n/a	n/a
Debt to equity
Debt to equity	n/a	n/a	n/a	n/a
Shares outstanding
Shares outstanding	n/a	n/a	0.16bn	0.01bn

Health checks

Free cash flow positiveNot enough data
Accounting looks honest (Beneish)Not enough data
Financial strength (Piotroski)Not enough data
Profit backed by cash (accruals)Not enough data
DebtUnknown
Revenue growth, five yearsUnknown

Dates

Next results (estimated): n/a
Last annual report (10-K): 9 December 2025
Next quarterly (estimated, 10-Q): n/a

Who owns it

None of the long-term investors we follow own it. 63 funds in all.

Jun '25

Dec '25

Jun '26

Largest holders overall

Penserra Capital Management
$151m
Added
Defiance ETFs
$147m
Added
UBS Group AG
$16m
Added
Legal & General Group
$8m
Added
National Bank of Canada
$6m
Added
Mirae Asset Global Etfs Holdings
$6m
Cut
Kessler Investment Group
$5m
Cut
Bank of New York Mellon
$3m
Added
Raymond James Financial
$3m
Added
Millennium Management
$2m
Added

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

Manfredi Lefebvre d'Ovidio
at least 38.6%−3.2 pts
(filed with 2 related holders)
Since 21 May 2026
What they said
Item 4 of the Schedule 13D is amended by adding the following information: This Amendment No. 9 is being filed to update the aggregate number of Ordinary Shares and percentage of Ordinary Shares of Arqit beneficially owned by the Reporting Persons due to the dilution caused by…
Read the filing
M Management S.A.
Passive investor
at least 35.8%
(filed with 1 related holder)
Since 27 May 2025
What they said
Item 4 of the Schedule 13D is amended by adding the following information: This Amendment No. 4 is being filed to update the aggregate number of Ordinary Shares and percentage of Ordinary Shares of Arqit beneficially owned by the Reporting Persons due to (a) the dilution caused…
Read the filing
Notion Capital III LP
Passive investor
10.0%
Since 26 June 2026
Williams David John
Passive investor
at least 5.8%
(filed with 2 related holders)
Since 11 December 2024
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: D2BW and Mr. Bestwick sold Ordinary Shares on the dates and in the amounts as follows: D2BW 12/11/24: 50,000 12/12/24: 83,229 12/13/24: 6,380 12/16/24: 45,492 12/17/24: 50,000 Mr. Bestwick 12/13/24: 45,805…
Read the filing
The Evolution Technology Fund II SCSP
Passive investor
at least 3.1%
(filed with 1 related holder)
Since 30 September 2024
Millennium Management LLC
Passive investor
Sold down below 5%
Since 16 June 2026

Holder	Stake	Since
Manfredi Lefebvre d'Ovidio	at least 38.6%−3.2 pts (filed with 2 related holders)	21 May 2026	What they said Item 4 of the Schedule 13D is amended by adding the following information: This Amendment No. 9 is being filed to update the aggregate number of Ordinary Shares and percentage of Ordinary Shares of Arqit beneficially owned by the Reporting Persons due to the dilution caused by… Read the filing
M Management S.A. Passive investor	at least 35.8% (filed with 1 related holder)	27 May 2025	What they said Item 4 of the Schedule 13D is amended by adding the following information: This Amendment No. 4 is being filed to update the aggregate number of Ordinary Shares and percentage of Ordinary Shares of Arqit beneficially owned by the Reporting Persons due to (a) the dilution caused… Read the filing
Notion Capital III LP Passive investor	10.0%	26 June 2026
Williams David John Passive investor	at least 5.8% (filed with 2 related holders)	11 December 2024	What they said Item 4 of the Schedule 13D is hereby amended and supplemented as follows: D2BW and Mr. Bestwick sold Ordinary Shares on the dates and in the amounts as follows: D2BW 12/11/24: 50,000 12/12/24: 83,229 12/13/24: 6,380 12/16/24: 45,492 12/17/24: 50,000 Mr. Bestwick 12/13/24: 45,805… Read the filing
The Evolution Technology Fund II SCSP Passive investor	at least 3.1% (filed with 1 related holder)	30 September 2024
Millennium Management LLC Passive investor	Sold down below 5%	16 June 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 9 sold $3m.

Willcocks Patrick
General Counsel
Sold
Date
2 October 2026
Shares
557
Price
$24.47
Value
$13,632
Wilder Ben Simon
Chief Operating Officer
Sold
Date
2 October 2026
Shares
221
Price
$24.47
Value
$5,409
Ritchie Garth
Director
Sold
Date
2 October 2026
Shares
121
Price
$24.47
Value
$2,961
Nilan Nicholas William
General Manager-US
Sold
Date
2 October 2026
Shares
494
Price
$24.47
Value
$12,090
Leaver Andrew
Chief Executive Officer
Sold
Date
2 October 2026
Shares
2,818
Price
$24.47
Value
$68,969
Feenan Paul
Chief Revenue Officer
Sold
Date
2 October 2026
Shares
506
Price
$24.47
Value
$12,384
Willcocks Patrick
General Counsel
Sold
Date
2 July 2026
Shares
2,009
Price
$25.20
Value
$50,632
Ritchie Garth
Director
Sold
Date
2 July 2026
Shares
439
Price
$25.20
Value
$11,064
Leaver Andrew
Chief Executive Officer
Sold
Date
2 July 2026
Shares
9,893
Price
$25.20
Value
$249,329
Wilder Ben Simon
Chief Operating Officer
Sold
Date
2 July 2026
Shares
769
Price
$25.20
Value
$19,381

Date	Who	Did	Shares	Price	Value
2 October 2026	Willcocks Patrick General Counsel	Sold	557	$24.47	$13,632
2 October 2026	Wilder Ben Simon Chief Operating Officer	Sold	221	$24.47	$5,409
2 October 2026	Ritchie Garth Director	Sold	121	$24.47	$2,961
2 October 2026	Nilan Nicholas William General Manager-US	Sold	494	$24.47	$12,090
2 October 2026	Leaver Andrew Chief Executive Officer	Sold	2,818	$24.47	$68,969
2 October 2026	Feenan Paul Chief Revenue Officer	Sold	506	$24.47	$12,384
2 July 2026	Willcocks Patrick General Counsel	Sold	2,009	$25.20	$50,632
2 July 2026	Ritchie Garth Director	Sold	439	$25.20	$11,064
2 July 2026	Leaver Andrew Chief Executive Officer	Sold	9,893	$25.20	$249,329
2 July 2026	Wilder Ben Simon Chief Operating Officer	Sold	769	$25.20	$19,381

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Arqit Quantum doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

What the business is worth, as a range, and the margin of safety at today’s price
Prices to start buying, buy, and buy hard
The three things that would make this a mistake
Every number footnoted to the filing it came from

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.