IONQ
IonQ, Inc.
Technology • CIK: 0001824920
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Market Cap
$15.26B
P/E (TTM)
-11.5x
Rev Growth (TTM)
+113.1%
Net Margin (TTM)
-1836.3%
FCF Yield (TTM)
-1.7%
FCF Margin (TTM)
-324.8%
Cash Flow Health
Free Cash Flow0/8 positive
TTM$-259M
Q3 '25
$-127M-137%
Q2 '25
$-54M-52%
FCF Margin
TTM-324.8%
Q3 '25-319.1%-23%
Sector: 14.5%Below Avg
OCF Margin-310.8%
OCF/NI0.17x
CapEx Coverage-22.1x
FCF Yield-1.7%
FCF Growth (2Y)–
Cash Conversion Cycle
68 days
DSO: 68+DIO: –−DPO: –
Capital Allocation & Returns
Total Shareholder Yield
TTM0.0%
Div Yield0.0%
Insufficient data
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-259.3M
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-190.4%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
-596.5%
8Q: -679.7%
Asset Turnover
0.06x
8Q: 0.06x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: -37.2% ≈ -190.4% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
1.29x
8Q:–
Invested Cap Turn
0.32x
8Q:–
CapEx Intensity
4.5%
8Q:–
CapEx/Depreciation
0.24x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $79.8M | $39.9M↑92.6% | $20.7M↑173.5% | $7.6M↓35.4% | $11.7M↓5.6% | $12.4M↑9.0% | $11.4M↑50.1% | $7.6M↑24.2% | $6.1M |
Operating Income | $-482.6M | $-168.8M↓5.1% | $-160.6M↓112.2% | $-75.7M↑2.4% | $-77.5M↓45.9% | $-53.1M↓8.6% | $-48.9M↑7.4% | $-52.9M↑2.9% | $-54.4M |
Net Income | $-1.5B | $-1.1B↓496.6% | $-176.8M↓448.3% | $-32.3M↑84.0% | $-202.0M↓284.8% | $-52.5M↓39.8% | $-37.6M↑5.1% | $-39.6M↑5.5% | $-41.9M |
Operating Cash Flow | $-248.1M | $-123.1M↓134.1% | $-52.6M↓59.2% | $-33.0M↑16.2% | $-39.4M↓105.2% | $-19.2M↑27.7% | $-26.6M↓29.9% | $-20.5M↑23.2% | $-26.6M |
Free Cash Flow | $-259.3M | $-127.2M↓136.6% | $-53.8M↓52.2% | $-35.3M↑17.9% | $-43.0M↓87.2% | $-23.0M↑32.5% | $-34.1M↓44.3% | $-23.6M↑30.1% | $-33.8M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
-11.5x
Valuation Lenses
Earnings
-11.5x
vs – sector
Cash Flow
-33.7x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: -190.4%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$15.26B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
-493/100
Below Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
-1.6%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-1.9%
8Q:–
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: -596.5%
Asset Turnover: 0.06x
Earnings Quality
Cash Conversion
0.17x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin100.0%
Capital Efficiency
Invested Capital Turnover0.32x
Working Capital
Cash Conversion Cycle68 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
70/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
113.1%
OpInc Growth YoY
-217.7%
EPS Growth YoY
-554.9%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
100.0%
Operating
-604.5%
Below Avg in sector
Net
-1836.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+1511.5 pts
FCF: -324.8% | Net: -1836.3%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.09B
Interest Coverage
–
+Net cash position: $1.09B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis