US · NYSE · IONQ
IonQ (IONQ) stock analysis: valuation and financials
Technology · EDP Services
$34.80 -4.0% Price as of Oct 13, 2026
Hypergrowth quantum platform (+202% FY2025 revenue to $130M) with $2.1B net cash but no profits, 53% customer concentration; 45.2x EV/sales makes all scenarios downside-led.
- Market cap
- $13.3B
- P/E
- —
- EV/Sales
- 45.2x
- FCF yield
- -3.6%
- 52-week range
- $26.59 – $82.09
- Next earnings
- Nov 4, 2026
Research as of Oct 14, 2026
Business quality scorecard
- Growth50
- Profitability0
- Cash flow0
- Balance sheet100
- Capital allocation14
- Innovation100
- Valuation0
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
IonQ sells specialized quantum computing hardware plus QCaaS access, consulting and satellite data services to enterprises, governments and cloud partners; hardware is the largest stream at 53.8% of FY2025 revenue, but no business is profitable (FY2025 operating margin -487.4%, net loss $510.4M).
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | $2.1M | $1.2B | $22.0M | $43.1M | $130.0M |
| Revenue growth | — | +58737.5% | -98.2% | +95.4% | +201.9% |
| Operating margin | -1843.1% | -6.9% | -715.7% | -539.7% | -487.4% |
| Net income | -$106.2M | -$48.5M | -$157.8M | -$331.6M | -$510.4M |
| Free cash flow | -$34.3M | -$54.0M | -$92.5M | -$123.7M | -$299.6M |
| FCF margin | -1635.1% | -4.4% | -419.7% | -287.1% | -230.4% |
Amounts in USD · What is free cash flow?
Margins Gross margin fell to 40.4% in FY2025 from 52.2% in FY2024, and to 25.0% in Q2 FY2026 from 59.9% a year earlier, as hardware delivery costs outgrew revenue; operating margin stayed deeply negative at -487.4% FY2025 and -408.2% TTM.
- Cash flow ConcernOperating cash flow has been negative in every year shown: -$283.2M FY2025 and -$452.4M TTM against net losses of -$510.4M and -$1,364M; free cash flow -$483.9M TTM, a -196.3% FCF margin.
- Debt LowNo borrowings disclosed: debt-to-equity of 0 and net cash of $2,119M TTM, comprising $1,236M cash and $883M short-term investments; net debt/EBITDA is not meaningful given EBITDA of -$852M.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- $2.1B
- Total debt
- —
- Net cash
- $2.1B
- Current ratio
- 10.7x
As of Jun 30, 2026 · Amounts in USD · How to read a balance sheet
Management and track record
- Management WeakCumulative five-year free cash flow -$604.1M; FY2025 FCF -$299.6M on $130.0M revenue; share-based comp $527.9M over five years, 182.6% of TTM revenue.
- Credibility HighRevenue beat the guided midpoint in five consecutive quarters: Q2 FY2026 $80.1M vs $65–68M guided, Q1 FY2026 $64.7M vs $48–51M, Q4 FY2025 $61.9M vs implied range.
Of 4 guided figures checked: 4 beat, 0 in range, 0 missed.
Valuation range
Implied value per share · Price when researched: $34.80
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.