IonQ, Inc.(IONQ) - Stock detail

IonQ, Inc.

US
IONQ
IonQ, Inc.(Listing date: 01/04/2021)

IonQ, Inc. is a company incorporated as a Delaware corporation on September 14, 2020. The company is developing quantum computers and networks aimed at solving some of the world's most complex problems and making business, society, and the planet better. The company believes that its proprietary technology, architecture, and the technology it has exclusively obtained through license agreements will provide advantages in research and development, as well as the commercial value of its expected product offerings. Today, the company sells specialized quantum computing and networking hardware, along with related maintenance and support. It also sells access to quantum computers with several different qubit capacities and is researching and developing technologies for quantum computers with increasing computing power.

AI Value AnalystHold
Overall Rating4.7/10
Generated at:2026-03-06 16:41:09
Analysis based on 5 financial reports: 2025-09-30, 2025-06-30, 2025-03-31, 2024-12-31, 2024-09-30. Data covers comprehensive financial metrics including liquidity, leverage, profitability, and valuation indicators. Data completeness is good with multiple quarterly periods analyzed.
Overview

IonQ is a quantum computing company in early growth phase with exceptional revenue growth but significant losses and high cash burn. The company demonstrates strong commercial traction in an emerging market but faces valuation concerns and funding requirements typical of pre-profitability technology firms.

Valuation
3/10
Profitability
5/10
Financial health
6/10
Operation Advice
  • Hold position with price target of $42-48 for 12-18 month horizon, implement stop-loss at $28-30 for risk management.
  • Position sizing should be appropriate for risk tolerance given high volatility and emerging market characteristics.

Valuation

P/E TTM
-10.45
P/E LYR
-46.19
P/B MRQ
6.19
P/S TTM
--
AI Analysis
  • Extremely elevated Price/Sales multiple at 163.67x reflects premium pricing for growth expectations, with negative P/E ratios due to losses. Current price represents decline from highs but finding stabilization floor, with base case price target of $42-48 representing 20-35% upside potential.
  • Price/Sales ratio of 163.67x TTM indicates extremely elevated multiple for growth expectations
  • Price/Book ratio of 6.19x reflects premium to book value for intangible assets not captured in accounting
  • Negative P/E ratios (-46.19 dynamic, -10.45 TTM) are not meaningful due to losses but trending less negative
  • Current price $35.73 represents significant decline from December 2025 highs around $54
  • Stock finding valuation floor in $35-40 range after recent declines
  • No direct public comparables in quantum computing sector
  • Base case price target: $42-48 (20-35% upside)
  • Bear case: $28-32 (10-20% downside) if growth slows
  • Bull case: $55-65 (50-80% upside) if quantum adoption accelerates
Valuation trend

Profitability

ROE TTM
-24.40%
Net margin
-393.89%
Gross margin
40.40%
Total revenue
130.02M
AI Analysis
  • Exceptional 117.22% YoY revenue growth with improving gross margins to 50.25%, but significant and widening losses reflect heavy R&D investment. Negative ROE and ROA confirm capital-intensive growth phase with negative returns on invested capital.
  • Exceptional revenue growth with 117.22% YoY growth in Q3 2025
  • 95.41% growth in 2024 demonstrating strong commercial traction
  • Improving gross margin to 50.25% in Q3 2025 from 42.97% in Q1 2025
  • Significant and widening losses: -$1.26B net income in Q3 2025 versus -$129.65M in Q3 2024
  • Negative ROE of -143.32% and ROA of -90.16%
  • Revenue growth (117.22%) outpaces cost growth (116.50%), suggesting operating leverage benefits
  • Reflects company prioritizing growth over near-term profits
  • Typical profitability profile for disruptive technology companies in land-grab phase
Profitability
2024Q42025Q12025Q22025Q32025Q4
ROE TTM---5.61%-27.06%-95.14%-24.40%
Earnings
2024Q42025Q12025Q22025Q32025Q4
Total revenue43.07M7.57M28.26M68.13M130.02M

Financial health

Debt/Asset
41.96%
Current ratio
15.50
Quick ratio
--
Cash ratio
15.50
AI Analysis
  • Excellent short-term liquidity with current ratio of 8.73 and moderate debt usage at 47.03%, but consistent losses indicate high cash consumption typical for pre-revenue growth companies in cutting-edge technology sectors.
  • Excellent short-term liquidity with current ratio of 8.73
  • Moderate debt usage at 47.03% suggesting balanced financing
  • Strong liquidity metrics imply substantial cash reserves relative to current liabilities
  • Consistent losses (negative net income across all reported periods) indicate high cash consumption
  • High cash burn rate typical for pre-revenue growth companies in cutting-edge technology
  • Financial structure characteristic of early-stage technology firms
  • Strong liquidity to fund operations but reliant on external financing due to negative cash flows
Leverage
2024Q42025Q12025Q22025Q32025Q4
Debt/Asset24.49%10.00%12.49%47.03%41.96%
Liquidity
2024Q42025Q12025Q22025Q32025Q4
Current ratio10.5013.177.768.7315.50